Once you’ve conducted your product research, the next step is to identify your competition so you know what you’re up against. It is critical that you understand your competitors’ strengths and weaknesses in comparison to your own so you’ll have the upper hand when selling against them.
The easiest way to find your top competition is to search for similar products using your root keyword. For new and experienced Amazon sellers alike, it’s important to take the time to conduct a detailed competitor analysis before launching any product. Doing so will serve as an outline when performing your listing optimization, and will give you insight into making your products stand out.
Here are a few competitor analysis tips that will help you create an optimization framework for better conversions from your listings.
Evaluate Competitor Keywords
Find out what keywords your competitors rank for. This will help you determine which terms are most likely to drive sales for your product. The best way to do this is by using a trusted keyword research tool; popular choices include Helium 10, Jungle Scout, and MerchantWords.
By focusing on the targeted keywords of your competitors, you can evaluate their keyword strategy and discover their keyword pattern – whether it’s specific keywords, evergreen keywords, or trending keywords. You can then make changes to your listings for improved product visibility.
Track Competitors’ Prices
Since the cost can be a deal breaker for many customers, pricing on Amazon is multifaceted and one of the most critical competitor metrics. Most customers compare the costs of similar products when making a purchase decision, so be sure to offer competitive prices. Monitor competitor pricing strategies and gain insights on how to improve your conversion rates.
Use Reviews and Q&As to Spot Competitors’ Weaknesses
Including reviews as a part of your Amazon competitor analysis will give you knowledge into the merits, demerits, strengths, and weaknesses of competitor products. Use these customer insights to improve your product – make description changes and address the pain points found in customer reviews.
Read through customer reviews and Q&A sections to identify ways you can cater to customers’ pain points. Make sure you also provide answers to any questions your competitors haven’t. Remember – the longer a customer has to spend researching your product, the greater the risk of losing to competitors. Take care to address any potential stumbling blocks in your listing.
Product reviews are also a great way to find new keywords by discovering how your target customers speak about your product.
Know the PPC Strategy of Your Competitors
Take the time to study the ad campaigns of your competitors and observe their structure. You can keep track of their keyword choices and optimize them for different ad groups.
Analyze Competitors’ Product Pages
Focus on 5–10 competitor listings that are ranking for most of your keyword searches and take a closer look at the following:
Note the keywords that are included in the titles of top-performing listings. While a competitor may rank well simply because they have the lowest price, shoppers looking for quality products will be drawn to listings that effectively highlight their benefits and attributes in the title.
Bullet Points and Descriptions
Pay attention to the language your competitors use, the product features they highlight, and other supplemental information they include. This will help you structure your listing and provide better, more informative, persuasive descriptions.
Having the right images is key to winning sales. Check the types of images your competitors use – if you find that the average quality is poor, this is your chance to stand out with high-resolution, compelling images that drive conversions.
Work With a Professional Digital Marketing Company
If you’re feeling overwhelmed or too busy to perform an Amazon competitor analysis yourself, you can enlist the help of a professional digital marketing service like Rank N Bank. Let us help you conduct a thorough competitive analysis to accelerate your product sales and brand growth.
Gain an edge over your competitors and set your business up for success – book a call with us today!