Have you heard about Amazon’s new measurement solution? It’s a necessity for anyone selling their products on Amazon!
If you are an Amazon seller or Amazon vendor, keep reading for some important and exciting information that could help you get to know your customers better and improve your sales.
What are Amazon Brand Metrics?
According to Amazon, Brand Metrics quantifies opportunities for your brand at each stage of the customer journey in Amazon’s store. This new tool helps brands understand the value of different shopping engagements that impact stages of that journey.
Using this tool, Amazon store owners can quantify the number of customers in the awareness and consideration marketing funnel stages.
With these predictive and causal links to purchase, you’ll be able to:
- Understand brand performance by analyzing your Amazon shopper behavior.
- Measure how your upper and mid-funnel campaigns perform. This will give you insight into how shoppers interact with your brand during all stages of their purchase journey.
- Evaluate what awareness and consideration campaigns performed well. You’ll be able to see the sales generated over a 12 month lookback period to see what value was added to your overall Amazon ad
- Optimize all marketing efforts in order to grow your brand presence, keep shoppers engaged, and grow your sales numbers.
- Monitor how your business is performing in your respective category on Amazon at each stage of the customer purchase journey.
Who Can Use Amazon Brand Metrics?
Currently, Brand Metrics (Beta) is only available to eligible seller brand owners and vendors. To qualify, you must have at least one month of sales that meet a minimum number of orders per month.
This feature is also only available to sellers in the United States, Canada, Germany, Spain, France, Italy, the United Kingdom, and Japan.
If you’re eligible, you’ll be able to access it through your advertising console.
How Can Brand Metrics Be Used to Benefit Amazon Store Owners?
One of the best features of Amazon Brand Metrics is that it’s built to scale. It measures all shopping engagements involving your brand, not just those attributed to ads. This will allow you to get a full picture of how your store is performing, something insights on ad performance cannot achieve.
Brand Metrics also breaks out its data to show key shopping engagements at each stage of the customer shopping journey. Doing it this way allows you to measure the return on engagement at each level.
How they designed Amazon metrics enables you to measure the historical sales following each event or purchase. Doing this allows you to see what is and isn’t working at each step.
How Can You Compare Your Brand’s Performance to Your Competitors?
Brand Metrics also allows you to measure your brand’s performance to that of your competitors in each of your product categories.
By clearly visualizing the impact of your mid and upper-funnel tactics, you can see how shoppers move through your purchase funnel. Analyzing their movement through your funnel will reveal what part of your strategy is working to increase your sales. You’ll also gain insight into what needs to be improved upon.
Once you have the insights into what your customers are responding to, you can use that information to better optimize your marketing and advertising efforts both on and off the Amazon platform. Tailoring your marketing efforts to the likes of your customers will increase shopper engagement, brand identity and awareness, and your bottom line.
What Insights Can You Access Through Brand Metrics?
According to Amazon, Brand Metrics can help you measure, evaluate, optimize, and monitor your customer’s journey through the marketing funnel.
Brand Metrics also reveal a variety of insights, including:
- Shopper Engagement Rate: The percentage of shoppers in the selected category who completed a consideration event or purchase
- Customer Conversion Metric: The total number of shoppers who converted after completing one of the following actions: detail page view, brand search, or Add to Cart
- New-to-Brand Sales: The percentage of purchasers who are new to your brand in the last 12 months
- Branded Searches: The total number of shoppers who have researched your brand name but have not purchased from you
- Awareness Index and Consideration Index: These insights are benchmarks calculated using dozens of shopping engagements that have causal links to consideration or sales
- Purchase Segment: The total number of shoppers who are: 1. Brand customers, 2. Those who have purchased from your brand that week but may not purchase again or 3. The top 10% of your sale drivers or those who use Subscribe & Save for products in your store
All of these insights have the potential to increase your brand awareness and product sales in their own way. You can use these Amazon metrics individually or collectively to benefit your Amazon business.
How Can You Apply Brand Metrics to Your Marketing Funnel?
You can use the insights you learn through the Amazon metrics through all stages of your marketing funnel.
Amazon broke these insights down into these three major categories: Awareness, Consideration and Purchase.
- Awareness: This table shows you the number of brand searches you received compared to other brands. If your awareness is low, that means a lot of shoppers aren’t aware of your store or brand. Use this insight to increase brand awareness of your store if you are at or below the 50th percentile.
- Consideration: This will show you how many people even considered purchasing from your store. Amazon derives this information from detailed page views, brand searches, and add-to-carts. If this number is low, brainstorm ways you can increase the shopper’s movement from consideration to purchase.
- Purchase: This insight considers the top 10% of your shoppers, as well as those who use Subscribe & Save for your products and those who shop specifically for your brand (“brand customers”). You can use this data to see how your store compares to your competitors in terms of repeat customers.
Pro-Tip: you can look at the data derived from these categories individually or collectively. You can then use different techniques, such as a Sponsored Brand Video, Sponsored Display, or Amazon Live, to increase your brand awareness, consideration, and purchase rates.
If, for example, your brand is above the median awareness but still below the top-performing brands, check out what those brands are doing and consider incorporating some of their strategies into your marketing efforts.
Wrapping it Up with Amazon Brand Metrics
If you have an Amazon store, Brand Metrics are going to increase your advertising effectiveness and increase your sales, if used correctly.
I highly suggest heading over to your advertising console to see if you’re eligible for this new tool!
FAQs on Amazon Brand Metrics
1. What are Amazon Brand Metrics?
Amazon Brand Metrics is a new tool that Amazon recently unveiled for some of its store owners.
2. How will Amazon Brand Metrics help me?
Amazon Brand Metrics will help you measure how your shoppers are interacting with your brand, evaluate the value that these engagements are providing, help you optimize your marketing and advertising efforts, and monitor your performance in relation to the performance of your competitors.
3. Can every Amazon store owner access Amazon Brand Metrics?
At this time, no. To be eligible for this Amazon metrics tool, you need to be a seller brand owner or vendor with at least 1 month of sales that meets a minimum order per month requirement.
4. Where can I get more information on Amazon Brand Metrics and how to use this new tool?
Amazon has a great informational video on its site. You can access it by clicking this link.
