Retail Brands Are Planning Fewer Discounts This Prime Day - Episode 245
DESCRIPTION
In today’s podcast, Kiri shares the poll results around what brands are planning for Prime Day and projections on this year’s event.
Amazon’s Prime Day has been set for July 12 and 13th 2022, giving brands a short window to put in place the best advertising strategies to boost sales and support their brands.
Consumer demand will be dampened this year, and the current inflation rate, as well as macroeconomics, will possibly impact the demand on this year’s Prime Day.
Make sure you tune in to find out more!
“Consumers have come to expect great deals on Prime Day, marketers can satisfy the need without sacrificing margin by promoting overstock and discontinued items and delivering a great brand experience to their consumers.”
KEY TAKEAWAYS
According to the Bobsled poll results, many brands will be easing up on their discounting and promotional activity this year with 22% of brands saying they will be discounting less than in 2021.
The research also reveals that retail brands’ top concerns around Prime Day 2022 are related to the macro economy.
The research also shows sustained support for advertising with 54% of marketers polled saying they intend to increase their spend vs 2021, while 42% intend to spend the same.
Kiri recommends a three-part strategy which she calls the promo sandwich. Run a pre-Prime Day promotion, a large promotion on Prime Day with discounts of 20% or more (anything lower will not spur conversions), and a smaller follow-on promotion for halo traffic and shoppers who missed out.
In addition to pre-Prime Day promotions, Kiri says advertisers need to run display ads on those products through Amazon’s Demand Side Platform and its Sponsored Display and Sponsored Brand Video off-site platforms.
MENTIONED IN THIS EPISODE
Connect with Kiri Masters on LinkedIn or via email
Learn more about Bobsled Marketing, an Acadia Company
