Did you buy anything from Amazon on Prime Day? It seems like at least half the internet did!
Don’t get me wrong: I’m definitely a huge proponent of supporting small businesses. But as a business strategist, I’m also here to tell you there’s a ton to be learned from Amazon.
In fact, here are 5 things you can learn from Amazon Prime Day to apply to your own business.
#1 Pay attention to your competitors.
Other retailers like Target, Nordstrom and Nike also hosted big sales aligned with Prime Day. You can have a summer sale anytime, but there’s a reason brands planned sales for that specific time: They knew people would be ready to spend money on Prime Day, and they wanted to compete for where people were spending that money.
#2 Give yourself enough time between launches or sales.
Make sure you give yourself enough time to build a community, create brand awareness, and prepare your audience between launches or promos. Amazon strategically planned Prime Day to be several months before Black Friday, allowing people to feel that they can spend big now and still come back and buy again in a few months when more great deals pop up.
#3 Have a launch strategy that targets different buyer types.
Amazon uses many different marketing tactics to connect with people who have different buying styles. Lightning deals cause those with a fear of missing out to invest quickly, while partnering with influencers to promote certain products targets buyers who rely on social proof to make purchases, and there are highlighted options in every category for those looking to simply buy the best-seller quickly.
#4 Don’t be afraid to talk about your offers. You may have seen commercials for Prime Day while watching the Kardashians, you saw your favorite influencers talking about it on YouTube, you saw ads on Instagram, and Amazon has sent numerous emails and push notifications to your phone in recent days to let you know about the sale. They’re not worried about annoying you because they know you’re interested in what they have to offer.
#5 Stick to your brand values. Not that long ago, Amazon was just an online bookstore. But now, they carry everything under the sun, plus a super popular membership and its own product lines. As Amazon expanded and offered more items, they stuck to the brand values people knew them for (fast shipping, accessibility, and affordability), and they were able to create numerous new revenue streams while maintaining and growing a loyal audience.
Whether you own a multibillion dollar company or an Etsy store, the principles and strategies of creating success remain the same. It’s simply a matter of learning how to take these strategies and personalize them to your values, needs, wants, and goals as a business owner.
If you’re ready to ditch the cookie-cutter business strategies you saw on Instagram and instead focus on personalized strategies to scale your business without sacrificing your personal life, I got you.