Amazon’s Market Basket Analysis provides a wealth of data that the smartest of sellers use to understand their customers and to learn how to attract them to make purchases. It’s all about getting as many people to click “add to cart” as possible, and MBA shows you the data on how to make it happen.
Understanding the crucial, data-driven insights, available to any seller with access to Brand Analytics (this means no resellers), will help you to dynamically improve the performance of your Amazon advertising and overall ability to generate revenue.
Seller Tip: Don’t forget to select “My Products Only” when generating all of your data in Market Basket Analysis - this will allow you to take advantage of the strategies outlined in this article.
Product Bundles do not replace the individual products, but for shoppers considering a multi-product purchase, having a bundle available makes a higher value purchase an “easy sell.”
You want to provide shoppers with the fewest number of steps to purchase at the highest possible dollar value, and bundles do just that.
Another simple trick that can massively increase cross-product visibility is to use your A+ Content. Don’t forget, Market Basket Analysis is showing you the products that are statistically proven to be purchased together, giving you a list of which products and variations are likely to result in a winning cross-sell. Plant the seed of additional purchases by showing products side by side in A+ Content.
MBA quickly tells you if your products are being purchased at the same time. Knowing this, you can encourage this same behavior in shoppers by creating a promotion that offers a discount when those same products are purchased together.
This is a great, simple way to expose customers to more of your products and expand your Brand Halo.
Creating a “Frequently Bought Together” or “Gift” tab or tile on your storefront is another way to increase the value of customer purchases by gently encouraging adding multiple products (or bundles) to the customer’s cart.
Brand products that are frequently purchased together as a “product line,” and then highlight this product line in your images or bullet points to create instant awareness of other products that your audience may want, but be unaware of.
Showing an image of products together has the potential to jumpstart the discovery of multiple products a customer may want to purchase – all you need to do is make them aware of what you offer in a location they’ll already be visiting.
Instead of guessing what your audience may be interested in, Market Basket Analysis shows you exactly which products are likely to be paired together. If a customer is likely to purchase another product, but it didn’t quite make it into the basket the first time, an insert showing products frequently purchased together can create a returning customer.
Using Product Targeting to ensure a complimentary product takes up ad space on another of your listings is just plain awesome. Not only are you creating awareness based on actual data, but you’re boxing out competition on your listing at the same time.
Sponsored Brands are a high-impact way of leveraging your Market Basket Analysis data because they let you create ads that will show complimentary products literally side by side. You don’t get much better than that when building an ad around these types of data points.
Seller Tip: Make sure point #4 on this list is done before you ramp up Sponsored Brands. A good store front will drastically improve your conversion rate.
The placements available when using Sponsored Display are fantastic for leveraging Market Basket Analysis data. Using Sponsored Display’s Product Targeting, you can self-target and show an ad for complimentary products right below the Buy Box.
Mastering Amazon marketing is built upon a thorough understanding of your customer base. Knowing the customer that has already purchased from you allows you to infer certain things about the needs of prospective customers. The greater your knowledge of your customer’s psychology and buying habits, the higher the ROAS.
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