Prioritize Your Amazon Advertising Budget & Product Promotion Efforts with Quantify: Inventory & Financials Promote Report
- Jennifer Dare
- On August 26, 2019
Your Amazon advertising budget is precious, but if you have a product that people love, it’s worth spending to get more traffic. Use Quantify’s Inventory & Financials Promote report to find the products that need that extra boost.
If you’ve been following Seller Labs for a while, you probably know we’re based in a small town called Athens, in the state of Georgia. Home of the University of Georgia, it’s a music hotspot that has birthed mega-groups the likes of R.E.M. and the B-52s.
But did you know we also have an office in Charleston, South Carolina? That’s where I’m based and the beautiful beaches, historic city, and delicious food all contribute to its well-earned reputation as the #1 city in the US for tourists. Thing is, it wasn’t always as well-known. At some point word got out – journalists started writing about it, magazines started photo spreads, and suddenly here we are, bursting at the seams in the summer.
A lot of Amazon products have a similar dilemma. You can launch a product with all of the right features, that really solves a buyer’s problem or delights a buyer with its quality. It may be that anyone who lands on the page tends to buy. But especially if you sell a lot of products, it can be difficult to know where to spend your time and money on promotion.
That’s why Quantify’s Inventory & Financials Promote report is so helpful. This report is a gem if you want to know where to spend your time and budget on promotion because it highlights your products that convert.
Answering the Question: What Products Should I Advertise and Promote?
Last month, I talked quite a bit about conversion rate and what it means. You can calculate the conversion rate for a product with some simple division but you don’t have to since Quantify lets you quickly see it on the Product Detail page under the Performance tab.
But the Promote report is more prescriptive. This report bubbles up your products with high conversion rates but needs more traffic. This shows you the low-hanging fruit – if you can just get more eyeballs on these listings, you’ll likely have a hit on your hands.
When you run this report, it will show you the basic details of your products, along with some interesting data points. The ones I suggest you look at are:
- Sales rate: How many units you sell per day, on average for the period. Benchmark this number if you’re going to promote the product.
- Session Conversion %: The number of purchases relative to the number of views. This is the key to the report – a product showing up on this report has a high enough conversion that you should easily sell more product and increase sales rate with more sessions.
- Average Net Profit Margin: While this number isn’t related to sales per se, it’s important to keep in mind. Because while you may have a product that is a hot item when someone sees it – if the margin is tiny, moving more product might not be the right strategy for you right now. So make sure you take a peek at that margin before you invest in promotion.
How to Promote the Products that are the Best Opportunities
This report is called the Promote report for a reason: it’s showing you the products that you need to spend a little more time on from a marketing and advertising perspective. So what are the things you absolutely need to do?
- Optimize. Make sure that you’ve done everything you can to ensure the listing is primed for organic search. Need help? Check out Scope for keyword research, or contact our team for optimization help from the pros.
- Increase reviews. If you’re not using Feedback Genius or something similar now to automate buyer feedback and reviews, get started today. Reviews are more and more important every day to organic traffic and a sustained high conversion.
- Advertise! This is the key step you probably need to take. If you’re advertising already, great – but once you’ve peeked at this report, you need to evaluate your campaigns. Consider moving budget to focus on the products that show up on this report, because they’re the best opportunities in your product catalog to drive ACoS down and grow your business.
Need help advertising, optimizing, or analyzing?
If you’re using Quantify today and want a more comprehensive suite of tools to help with product reviews, advertising, keywords, and more, check out Seller Labs Pro: a full suite of Amazon seller tools to help you better understand and grow your Amazon business.