Sun Tzu was a general of ancient, Imperial China. He teaches us, if you know your enemies and knows yourself, you can win a thousand battles without a single loss. Absolutely, whatever work you are doing, analyze your competitors is curial. As Amazon sellers, we must know who are our competitors, what products they are selling, and others. Know more about your competitors can help you understand their business strategies. Moreover, you can get more ideas on how to choose products and better run your Amazon business. Hence today let’s take a look at how to do Amazon competitor analysis.
Ways to do Amazon competitor analysis
1. Target your competitors
Firstly, you have to find your competitors. Just like if you have an idea of what to sell on Amazon, the next thing you need to do is to find more than ten or twenty excellent listings. You can find your competitors via the Best Seller list, product keywords, and related recommendations.
If you are using the Captain BI product research tool, you will find it is easy for you to know the product market. It shows the price distribution, review rating distribution, brand distribution, price & review distribution, launched time, and word frequency of the product with clear Graphs.
2. Know the data of competitors
Secondly, after you have found out about your competitors, you need some data to support your decision. In this way, you can get support via some software just like Captain BI. It will provide you the price, buy box price, sales volume, reviews, star ratings, BSR, and other information about the product.
Generally, these data will make you know some basic information about the product.
- Selling price: From the selling price range you can know the competitors’ price strategy. Maybe it will give you some ideas on how to reprice your products.
- Sales: You can estimate the sales of your product via competitors’ product estimated sales. And you can know which brands and products sell well.
- Star rating: Provides you a way to analyze the customer feedback level of the entire industry or the feedback of a single product.
- Title: Use word frequency to find core keywords, attribute words, long-tail words, etc.
3. Analyze the product of competitors
After you have got the data of competitors’ products, you can conduct deep research on the competitors’ products. You can make a detailed analysis of the following aspects.
Product Title: You can check which keywords are used by competitors and summarize them effectively. In this way, you can use it to help improve the relevance and ranking of your listings.
Product Description: Analyze the product description and bullet points of the competitors’ products, you can know the advantages and selling points of the competitors’ products. Based on these, you can upgrade your own products.
Product Price: Analyze the price range of competitors’ products to determine their own pricing.
Product Review: The review analysis of competitors’ products is especially important, especially the negative reviews of products. Because it allows us to see the needs of buyers in overseas markets well, and then analyze them. After analyzing the negative reviews, you can try your best to solve the problem mentioned in the negative reviews.
Product History Information: When analyze the competitors’ products, we need to dig for more information. Only then can you know the strategy of your competitors. For example, the historical pricing range of competitors’ products. Generally, the top-ranked products have a period of low price, so do not look at the current prices of competing products when analyzing competitors’ products. You can take Captain BI product monitoring tool to help you check all dynamics of the competitors’ products.
4. Check competitors’ traffic source
The main aim to research competitors is to supercharge your business, is that right? Therefore, the next thing you need to know is the source of your competitors’ traffic. Through analysis, we can clarify which channel the competitors’ products are promoted through. It can save time for us, we can start our work on it.
Here are the main traffic sources for Amazon product, you can recognize which one is your competitors’ products the main traffic source.
4.1 Amazon organic traffic
To observe how competitors optimize their product detail page descriptions, pictures, etc.
4.2 Amazon paid traffic
In general, there are 3 types of paid traffic for Amazon products.
- Advertising: To discover which competitors’ products conduct product ads and which competitors’ products always occupy the first rank of core keywords.
- Lighting Deals: To observe whether there are Lighting Deals for competitors’ products, how effective it is, whether this type of product is suitable for SD, and more.
- Coupon: Check the product discount, and whether it appears on the recommendation page.
4.3 External free traffic
You can find out whether there are related product topics in Quora and Reddit, and whether there are competitors’ products. Also, you can find vertical forums to see if there are competitors’ products.
In addition, you can check Facebook, Twitter, and other social media to know if your competitors’ products promote on these platforms.
4.4 External paid traffic
- Brand official website: If you have an official website, you can use SEO tools, such as Ahref, Semrush, Similarweb tools to check traffic distribution, keywords, content, popular pages, etc.
- Deal sites: you can go to Slickdeal, jumpsend, and other websites to directly check whether there are competitors’ products that have done similar promotions and observe the effect.
- Content marketing: Use Ahref to check authoritative links or DP links to see if any evaluation websites have done content marketing. Which channels are effective and whether they can be directly borrowed.
Final
If we can have a clear understanding of the industry before entering the market, and make a good response to the operation and products of competing products, it will undoubtedly increase our success rate in occupying the market.
Amazon Competitor Analysis is a process, you need to observe more, figure out more, summarize more. Maybe the difference between a character or an icon you see will bring you great ideas.