When you’re launching a new product, it’s easy to get caught up in the excitement of just getting it out the door and into the hands of customers. But once that product is out there, your mindset should shift from “Should I sell this product?” to “Should I continue to sell this product?”
Measuring Amazon product launch metrics is something you should start even before you launch – and keep up with through launch and beyond. Fortunately, Scope can help you do this easily, with some valuable metrics to watch over time.
Benchmark Amazon Product Launch Metrics Wisely
Before you click “buy” from that offshore manufacturer for your first shipment of wares, be sure you’ve benchmarked the product you’re launching for at least a few weeks – or if it’s truly a completely new product, something complementary.
For any product you’re tracking, you can get a good estimation of metrics like estimated monthly sales and estimated revenue. Start reviewing these early – and keep an eye on the number of sellers, too.
But in addition to researching your product’s viability, there’s a lot of great information to benchmark in Scope to help you plan your launch offers and promos, as well as understand whether you succeed with the product over time.
Use Scope for Amazon-Wide Product Performance Metrics
As your products are out the door, measuring should become an even more important part of your job. Keeping an eye on your products’ performance and profitability within Quantify: Financials & Analysis, not to mention its ACoS in Ignite: Amazon PPC Advertising should be something you’re doing every day.
But Scope offers you some other interesting metrics that will show you a grander view outside of your business. Especially if you’re not the only seller of a product, Scope helps you keep up with competitors and the market at a higher level.
Price History
One of the most important metrics to benchmark and track is the historical price of your product. This is critical to monitor if you’re competing with others because if you’re not winning the Buy Box, price changes could be why.
Sales Rank
Compare the price history with sales rank for a clear picture of how buyers behave. Does a price change precede a drop or spike in the sales rank for your product? If so, you can see how price adjustments will help or hinder you in your pricing strategy.
Review Count History
We all know how important reviews are for a product’s success. Though Scope gives you a good historical view, Feedback Genius has the market cornered with email automation for getting product reviews and seller feedback.
Review Rating
Like review count, this metric gives you a good historical view of your product and it’s rating over time. But, you’re not helpless here – make sure you have a strong review solicitation strategy as part of your product launch. Feedback Genius: Amazon Product Reviews can help you execute on that strategy.
Keep an Eye on All Your Amazon Business Trends
Once your product has been launched and is in the hands of your adoring customers, your work isn’t done. From asking for product reviews, advertising, analysis, and profitability, make sure you check out Seller Labs Pro’s full suite of Amazon Seller tools to get a deeper understanding of your business’s health.
