Markets like Amazon, where ecommerce is becoming increasingly complex and competitive, pose ever larger challenges for sellers. You must keep an eye on the pulse of the market constantly. How can you find out how your competitors are rethinking their strategies? Are you aware of potential ways of standing out in a crowded market? You want to stand out amongst all the other brands in the market. What is the best way to accomplish this?
The purpose of this article will be to address all of these questions. Here we’ll explain what “market intelligence” is, how to gather market information, how to leverage that information, and how to guide your market intelligence strategy as an Amazon seller. If you need more help with market intelligence or, contact us at Urtasker.
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What is the significance of Amazon Market Intelligence?
Data gathered about the position of a brand or product in the market is called market intelligence. Data that drives business decisions is called market intelligence.
Market intelligence on Amazon will let you know how a product ranks organically for a particular search term, amongst other data points. You might also consider what products or services your competitors are offering, how your offerings stack up against theirs and how your Amazon PPC management strategy will. It is possible to leverage market intelligence both during the launch and during growth phases of a product.
Intelligence about the launch market
The first time a seller launches a product or brand online, they need market intelligence. To find out who your competitors are and whether your product is in high demand, you need to research the market. A successful launch strategy will be guided by all the data gathered in order to activate the flywheel and propel product sales in the marketplace.
Growing your business with market intelligence
When you’ve successfully established your products on marketplaces such as Amazon or and are looking for incremental growth opportunities, you also need market intelligence to remain competitive.
The Process of Gathering Market Intelligence
It is imperative that you track the pertinent metrics for your business. Your business’s performance should not only be viewed on an absolute basis, but also in context with the immediate competition and the broader market. The growth opportunity and the market share opportunities for your company are shown here. Contact an Amazon PPC services provider to get better knowledge of what data should be gathered for your campaign and how to do it.
Market intelligence research will help you identify your competition, determine their strengths and weaknesses, so you know what they are like and how they differ from you. Next, compare their offerings with your product and evaluate its performance. Concentrate your efforts on gathering data that you can turn into action.
The data sources
Gathering market intelligence is a multifaceted process for ecommerce sellers. Research can be done manually or through platforms that provide reports, as well as tools provided by third parties, both free and paid. When you source data, make sure the data is of high quality. Manually running a search on a platform will be impacted by various factors such as where you are and the time of day.
Keeping track of organic rankings manually
Count where the product lands on the marketplace and record in a spreadsheet where it appears. You can track your organic ranking very manually by conducting regular Amazon searches for your product. Despite this, keep in mind that your location and search history will continue to influence the results.
The reverse of the ASIN/SKU/Product
You can find competitor products that rank on the keywords you seek ranking on by manually searching the keywords you seek to rank on. By entering a competitor’s ASIN/SKU/product, you can discover other keywords they’re ranking for that you may wish to target.
Reports on the marketplace
You may be able to download downloadable spreadsheets and dashboards with data from your Amazon central. Alternatively, you can use an API to access marketplace data.
How to Utilize Market Intelligence
You cannot measure the value of market intelligence unless you use the information to make business decisions. To launch products, grow your business, and overcome challenges, you can utilize market intelligence data. You should directly alter your advertising strategy based on market intelligence data. An overview of ways to use market intelligence can be helpful in gaining market share, protecting your brand, expanding to new markets, and diagnosing performance problems.
Share of the market increase
Gaining market share and outperforming your competitors will be easier with market intelligence.
In a separate campaign, you can bid aggressively on key terms for your products for which you are not ranking high. By using this strategy, you can increase market share without wasting time and money on keywords for which you are already ranking.
Market intelligence is a valuable tool that established brands have access to to ensure they don’t lose market share to competitors. In order to maintain your product’s page one placement, it is vital to understand how your ranking has changed over time. By doing so, you can determine if and where you need to invest in advertising. Brands may need to allocate more spend to sponsored brands and brand terms to protect themselves.
Expansion into new markets
As you prepare to expand to new markets, the intelligence you gather can assist you in determining which marketplaces will best suit your products, and how to formulate your launch strategy. This method works whether you are expanding internationally, say from Amazon U.S. to Amazon Mexico, or from one platform to another, like from Amazon to Walmart.
Comparing search volumes and competition between markets where you already know what are the dynamics and how that market works. This is where you are assessing opportunities will allow you to compare these two marketplaces using market intelligence.
Troubleshoot performance issues
Sometime or another, every seller sees their key metrics trending downward. When you know why performance is going down, you can turn it around with the tools at your disposal.
If your sales are declining, it could be an indication that your competitors are pursuing the same keywords that you used to rank for. By looking at the amount of voice data they’re claiming, you will see how they’re claiming market share. In either case, you could either increase the volume of your bids on your terms, or, if the costs are prohibitive, you could pull back from them and focus on keywords with more potential.
Managing an ecommerce business is like managing an octopus with eight arms simultaneously, pulling data from various sources, downloading, modifying, and re-uploading spreadsheets. With market intelligence combined with inventory, ad performance, and financial data, you become more powerful and agile. You can decide on smart business tactics based on the aggregated data, since it enables you to take into account how the tactic will impact other aspects of your business.
Check us out, at Urtasker if you need professional opinion or help with market intelligence for Amazon. We have helped more than 200 sellers to establish their business through our Amazon PPC management services.