With more sellers jumping on the bandwagon, it’s hard to ignore the budding competition on Amazon. Just because the marketplace is crowded, doesn’t mean you can’t find a way to increase your visibility. The key trick is constant learning. The more you learn, the better you find ways to scale your business. And one of the significant ways to grow your business is by doing competitor analysis. In any business, learning competitor moves is essential to get ahead of the game. Besides, doing competitor keyword research helps you optimize your listings to maximize your effectiveness.
Today, I’m going to provide you with a few tips that’ll help you with your competitor analysis. By the end of this article, you’ll know the exact strategies to find competitors’ keywords and use them for your advantage.
Why do you need competitor analysis?
Have you created a product listing and don’t know what to do next? Or do you think you have hit the maximum daily sales target for your product?
These are the situations where you need to do a competitor analysis. By analyzing your competitors, you’ll understand what products your customers are interested in buying, what are their pain points, gaps in your market, and you can find potential keywords to rank high.
All these insights will help you to develop a competitive advantage, optimize your pricing strategies, track your overall profitability.
While doing competitive analysis, there are a few areas that you need to consider:
- Advertising strategy
- Sales data
These areas will help you analyze your competition. In the next section, let’s learn more about competitors’ keywords.
If you are eager to know about the competitor strategies to increase your sales, watch this video below.
Keyword research is a crucial part of your competitor analysis. Once you have optimized listings for your relevant high-volume keywords, the higher your chances of increasing sales. Then, comes the competitor analysis part.
To start with, make a list of your competitor’s products, and see what and how the keywords are placed in the listings.
How do you find your competitors?
Well, there are two ways to go about it. First, if you’ve been running Sponsored ads for your products, the direct approach would be to download Amazon search terms reports from your seller central account. Sort the ‘Total 7-day sales’ from high to low. This will give you insights on search terms/ASINs that are generating sales. This data clearly shows that you’ve grabbed a piece of your competitor’s market share.
Another way is to find the competitors with similar keywords and the products need to be extremely similar to yours. If you want to target these listings, you need to have a competitive advantage in terms of pricing, product, packaging, or reviews.
So, what’s next?
Once you have your competitors’ list, you need to find out the keywords that are driving high organic traffic to their listings. Use SellerApp’s Reverse ASIN tool to dig into your competitors’ keywords. Using a reverse ASIN tool is the best way to extract the keywords from your competitors’ listings along with the keywords for which they’re indexing. You can filter the short and long-tail keywords based on search volume, and CPC, and target them in your listings foar better visibility.
Having superior knowledge about your competitors can definitely add an edge to your sales. Don’t just track their keywords, but also their pricing strategies, product line, packaging, search ranking, and PPC strategies tool. Overall, the best way to acquire new sales is to target your direct competitors. So, go ahead and find potential competitors to grab a larger part of the market share.