How to Analyze Your Competition on Amazon

Being successful on Amazon depends on your ability to outplay and outpace your competition. You need to be agile and react to your competitors’ moves. Essentially, you need to analyze them, learn from them, and beat them.

Amazon Competitor analysis gives you the information you need to make better business decisions that boost your bottom line. It also helps you identify gaps in your strategies. In short, it is a vital part of the Amazon selling process.

So, how can you effectively analyze your competition on Amazon? Let’s take a look.

Find Your Competitors

The first thing you need to do is identify the competition. These are the factors you need to consider:

• Product similarity
• Price range
• Messaging and branding
• Target audience
• Market share
• Customer overlap

If there is overlap in most of these factors, then they are direct competitors. For instance, Nike and Adidas are direct competitors. They have similarly priced products, there is overlap in their target customers, and the messaging is very similar. Both Nike and Versace sell t-shirts. However, they are not direct competitors because there is very little overlap in price range and target customer.

Analyze Competitors’ Amazon Product Listings

You need to do some digging around. Your competitors’ product listings can be a great source of useful information. So, make a list of all your competitors’ listings and analyze each of them.

Here’s a list of the elements you need to pay attention to:

• Product title: A good title is information-rich, clear, and skimmable. You need to ask the following questions. What are the product elements that your competitors highlight? What keywords do they use in the title? Answering these questions will help you improve your listing and keyword targeting.
• Product bullet points and description: Follow the same steps used for analyzing the product title. Check the features and benefits highlighted by the competition.
• Product image: Analyze competitors’ listing images to find the feature they focus on. Plus, if you notice unique and engaging product images, you could recreate them for your product! It is a great way to get some solid ideas.
• Customer questions and answers: This is an often-ignored segment of the product listing. However, it is one of the most important when it comes to competitor analysis. Consumers often have very poignant questions and queries about products. These questions are there because the listing is inadequate or does not offer a solution. Analyzing this segment will help you find out exactly what customers want to know. You can use the information to make your product listings more informative!

Check out this video to drive more sales using amazon competitor strategies:

Audit Customer Reviews

You know how customer feedback can impact your sales and organic ranking. But, have you ever thought about utilizing your competitors’ customer reviews to gather critical information? Honest feedback can be utilized to discover the strengths and weaknesses of a product. There is plenty to learn from amazon reviews, whether it is for your product or your competitors’.

Keep in mind that this is a time-consuming process.

• Negative reviews: This is how you find gaps in your competitors’ products. Analyze each negative review. This will allow you to gauge whether your product has the same problem or whether it doesn’t. If it does, you can take corrective measures to solve the problem. If it doesn’t, you can highlight that fact in your product listing. It could even turn out to be your product’s new USP.
• Positive reviews: Find out what customers love about your competition. If the features highlighted are present in your product, you can try to highlight them in your messaging.
• Competitors’ responses: Most sellers will respond to honest criticism. You need to pay close attention to how your competitors respond to negative feedback. This could help you learn a few tips and tricks to handle an unhappy customer.
• Keywords: Finding the perfect set of keywords is about experimenting with variations and putting yourself in the shoes of the customer. That is why reviews are a great way to discover relevant keywords. Analyze how customers describe a product and pay close attention to the keywords that they use. Once you discover relevant keywords, you need to identify their search volume. You can do that using SellerApp’s Amazon Keyword Research tool.

Utilize Competitors’ Keywords

With SellerApp’s Chrome extension, you can dissect competitors’ keyword strategies without leaving the Amazon product page.

First, you need to track the product using the extension. SellerApp’s algorithms will then scan and extract relevant information about the product. Once that process is finished, navigate to Product Keywords.

You will find all the relevant keywords that your competitors use along with information about where they are found — whether they are in the product title or bullet points. Along with this information, you will get reliable data on search volume and cost-per-click (CPC) for each relevant keyword.

Analyzing your competitors’ keywords is a great way to find new keywords for your listings and your Amazon PPC campaigns. You could even add them to your backend keywords to ensure that they are indexed for your product.

Dig into their numbers

After you track a product, you also get access to its trends over the last 30 days. All you need to do is navigate to the Historical Data section. You will get reliable data on the following metrics:

• Price: The selling price of the product. You can monitor their pricing strategies to find when they are most successful. You can use this information to create counter-strategies.
• BSR: The best selling rank (BSR) of the product. A lower BSR corresponds to higher sales and demand.
• Orders: The number of units ordered by customers in a day. It indicates the demand for the product.
• Revenue: The estimated revenue generated by the product. Remember that revenue does not equal profits. Lower prices could bring in more sales and revenue but at the cost of your margins.

All this data will help you find your competitors’ market share and help you identify opportunities!