21 August, 2023
Last updated on 30 October, 2023
Written by Content Team
Market Research- The Most Important Process In Promoting a Business.
The dynamic industries of today have made market research a prerequisite for growing any business. Check out our blog to learn about market research tools and ways to exploit them.
Today's market has shifted its focus from supplier- to customer-oriented. Thus, to expand their market share, all businesses must inculcate market research into their business strategies. They need to analyze customer trends, preferences, and utility and study their competition to stay relevant and proactive.
Since the Covid times, online shopping has gained a lot of impetus, and Amazon has emerged as the most popular medium. It caters to both the customers and the sellers in different ways. For sellers, it has a tool called Amazon Brand Analytics which helps them identify not only the competition but also the current and potential customers, their search queries, purchases, and patterns. This provides valuable insight and gives the sellers enough data to make various strategic decisions.
In order to derive the benefit of an effective market research tool such as Amazon Brand Analytics, one must fulfill the following criteria:
1. The person must be the owner of the brand.
2. The brand owner must also be an Amazon Brand Registry Program member. After being incorporated into the program, he can use this tool for free.
3. He sells the products of the same brand of which he is the owner.
4. The brand has a registered and active trademark.
1. After logging into the Amazon Seller Central Account, go to the navigation menu and select the option “Reports.”
2. From the drop-down menu displayed, select “Brand Analytics” to access Amazon Brand Analytics.
This ECommerce Analytics can help you generate five kinds of reports:
1. Demographics Report: Understanding the buying patterns based on age, education, gender, marital status, annual income of the customers, etc.
2. Market Basket Analysis Item Comparison & Alternate Purchase Behaviour: This is an important tool for comparing with the competition. This tool enables the seller to see the top three products bought by the customers through Amazon instead of their own products. It also reveals the frequency a customer compares the sellers' products with others available on Amazon.
3. Market Basket Analysis Report: Unlike the above report, this one generates the database of the purchased products along with the seller's products.
4. Repeat Purchase Behaviour Report: As the name suggests, this report provides insight into the products repeatedly purchased by the customer. This helps the seller determine the most popular product amongst his entire portfolio.
5. Amazon Search Terms Report: Just like Google, Amazon's search engine displays results based on the criteria provided by the user. This report is used to enlist the terms that lead the customers to come across the seller's product. It also mentions the number of orders manifested when the customer searches for certain keywords. It displays the search term, frequency, click share, and conversion share.
Amazon Brand Analytics is undoubtedly a game changer, and when used judiciously, it can provide immeasurable benefits to brand owners. Its extensive database provides in-depth knowledge to the sellers and proves proficient in helping them with market research. Let us briefly discuss how this tool would add value to the sellers.
1. Marketing Strategies: Data is one of the most important tools in formulating strategies for the business. From customer behaviors to popular preferences, anything and everything can be analyzed with the right kind of data. Amazon Brand Analytics provides brand owners with the kind of information that helps them formulate the right strategies for their businesses that would facilitate them in product manufacturing, outsourcing, marketing, logistics management, and so on.
2. Potential Keywords: Amazon Brand Analytics strives to make the seller's job easier by displaying a report of the terms generally used by customers when looking for their products. By including such keywords in the product descriptions, the sellers can increase the traffic on their products, which improves the product's organic rankings.
3. Shopping Behaviour of Customers: Apart from providing some vital detail about the competitors, this tool also helps the sellers to identify customers' shopping patterns. It generates the top searched keywords, looking at which a seller can determine the latest market trends and the customers' requirements.
4. Insights about the product: By getting a hand on the most searched term of the product, a seller can gain important insight as to what matters most to a customer about his product. He can exploit this information to formulate his manufacturing strategies.
5. User-Friendly: One of the most underrated benefits of this Amazon Seller Insights tool is its easy use. Anyone with basic computer skills can access this tool and generate reports. All the information is at the user's fingertips without much effort.
Today's business model needs to evolve with time. Things like competitor research and analysis, product performance analysis, and customer behavior tracking cannot be ignored. These provide valuable information to help a brand owner elevate his product sales dramatically. Thus, this database should be used to the best of its potential.
Q. Is Amazon Brand Analytics free?
A. Yes, once you register as an Amazon Brand Registry Program member, Amazon Brand Analytics is free.
Q. How much time does it take for brand approval on Amazon?
A. After submitting the necessary documentation, the entire approval process takes about two weeks.
Q. How long does it take a brand to be recognized?
A. Brands grow gradually and organically over time, and it can take up to 2 months to one year or 3 years for a brand to be recognized on Amazon.
Q. How can one assess the success of a brand?
A. Generally, the success of a brand can be determined by the number of positive reviews and comments left by the customers.
Q. What factors affect the brand?
A. Generally, a brand is affected by the utility a consumer derives by using it, his awareness and loyalty towards it, the brand image, and brand association.
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