How To Conduct Your Amazon Competitor Analysis In 2023
Performing a competitor analysis on Amazon can be a challenging and time-consuming task for many sellers, while it can be a game-changer for their businesses if done correctly. We all know conducting good competitor analysis can be a goldmine. But with a vast amount of information available, it can be difficult to know how to start. Fortunately, there is an excellent Amazon seller tool -Tool4seller which can help you gain insights to improve your marketing strategy and keep your business always on the track.
The main objective of conducting an Amazon competitor analysis is to identify any areas where your marketing strategy can be improved to effectively benefit your business. Essentially, competitor analysis involves examining the strategies of other sellers on Amazon that sell similar or related products to yours. By analyzing their tactics, you can refine your own approach and stand out in a crowded marketplace.
Benefits of Amazon Competitor Analysis
Conducting competitor analysis for Amazon sellers can be a challenging and tedious task, which may lead to doubts about its value. However, the truth is that this research is essential and offers numerous benefits. By analyzing your competitors on Amazon, you can gain important insights that allow you to:
How To Identify Your Amazon Competitors
When it comes to conducting research for your Amazon business, it's essential to keep a close eye on the competition posed by other sellers offering similar products. However, Determining your primary rivals can be a challenging endeavor, particularly if you're uncertain about their identity.
To locate your competitors effectively, you can use the easiest method that involves performing a search for your product ideas on Amazon. Enter into a broad keyword and examine what will show in the search results. As you refine and specify your search queries, you can potentially reduce the level of competition and find fewer direct competitors. These remaining contenders are the ones that you should focus on and gain insight from.
How To Analyze Your Competitors on Amazon
If you have really identified your competitors on Amazon, then you should keep track of all these following parts and find ways to make you outperform those competitors.
Track Monthly Sales
Keeping an eye on your competitors' sales performance can provide you with valuable insights into the demand and profitability of the market you're interested in. By tracking their monthly sales, you can gain a better understanding of the products that are selling well and the ones that aren't. This information can help you make informed decisions about which products to offer in your own business and how much inventory to stock.
Moreover, monitoring your competitors' monthly sales can give you a sense of the overall health of the market currently. If the monthly sales is high, that means the product is currently in great demand and prefered by many customers. Or if it is low, that means people dislike this kind of product and you may not consider to sell it. Usually, monthly sales over 1000 is recommended.
You can use Tool4seller's Product Research Extension. It provides your competitor's monthly sales and inventory information. You can also use this extension to know your competiors' true profit. Thie extention can help you make more informed decisions about your Amazon business and stay ahead of the competition.
Find Profitable Keywords
Keywords are important because they are the words or phrases that people use to search for products on Amazon. Incorporating highly relevant keywords into your listing can increase the chances that your products appear in customers. If not, you may lose your products' exposure before public and the chance of big sales.
To successfully outperform your competitors, you should use Tool4seller's ASIN Keyword Insights. It can find out what keywords all your competitors are using with data provided, including rank, monthly search volume, Amazon search trends, etc. You can know the gaps between you and your competitors or select the high-converting keywords with low competition to improve your own listings.
Enhancing your product's visibility on Amazon and boosting sales can be achieved by conducting comprehensive research on relevant keywords and analyzing competitor listings. By effectively targeting the keywords that potential customers are searching for, you can optimize your listing and increase the likelihood of converting visitors into buyers. This approach allows you to position your product strategically and stay ahead of the competition in the highly competitive Amazon marketplace.
Analyze Customer Reviews
One effective way to gain valuable insights into your competitors' business is by analyzing their customers' reviews. This approach can provide you with valuable information about the strengths and weaknesses of your competitors, as well as help you identify areas where your own business can improve.
You can use tool4seller. Its Review Insights offers a sophisticated solution for classifying positive and negative reviews of your competitors and provides you with the most commonly used phrases by customers. Then you can easily discover what customers like and dislike about your competitors' products. It also provides performance metrics for different ASINs and customer experiences over different time periods. All these allow you to adopt effective strategies to improve your own product listings.
You can also explore how your competitors address any issues that arise. This can help you refine your own product offerings, fill gaps in the market, and stand out from the competition. Furthermore, leverage this competitive analysis to identify areas that your competitors may be neglecting. For example, if they don't offer a certain feature that customers value, you can consider adding it to your product or service offerings to attract more customers.
In Web Version, you can take advantage of tool4seller's AI Review Analysis to quickly understand product's pros and cons. Help you define winning products and get critical keywords from buyer reviews to optimize listings, shopping experience, and customer service.
Monitor Your Competitor's Daily Changes
It is crucial to keep a close eye on your competitors' daily updates as this enables you to remain aware of their latest strategies, product range, marketing methods, and customer interactions. By comprehending your competitors' changes, you can position your own Amazon business more effectively and make well-informed choices to maintain your lead in the industry.
Taking advantage of Tool4seller's Competitor Tracking can help sellers get ASIN change notification and track product changes. In the top navigation includes Change Log, Historical Price Trends and Historical Rating Trends. If you want to see the changes in your competitor's buy box price, lightning deal, and promotion, you can select these three and the results will be displayed to you. You can also compare all the data listed below to make you clearly see all changes of your competitors.
Once you analyze the historical data, you will be updated on any changes in your competitors' product changes so that you can respond quicker and smarter.
Conducting thorough competitor analysis and tracking your Amazon competitors is essential for any eCommerce business looking to succeed on the platform. By staying up-to-date on your competitors' sales, keywords, reviews and marketing strategies, you can make informed decisions that give you a competitive advantage, and ultimately lead to increased sales and revenue. Remember, the key to success on Amazon is not just having a great product, but also understanding the competitive landscape and leveraging that knowledge to make data-driven decisions.