Welcome to another episode of Selling on Giants, the podcast where we explore the cutting-edge strategies that help eCommerce brands succeed on major marketplaces. Today, we’re diving into the world of Amazon data analytics with Sreenath Reddy, the Founder and CEO of Intentwise. Intentwise is an advertising optimization and analytics platform for brands and agencies operating on Amazon and Walmart. Sreenath brings over 20 years of experience in digital advertising and data analytics, making him the perfect guest to guide us through how brands and agencies can maximize their profits by leveraging the wealth of data that Amazon provides.
In this episode, we’ll explore the specific types of data Amazon is now sharing, how to effectively utilize this data to optimize your business strategies, and the evolving role of AI in PPC optimization. We’ll also discuss common challenges brands face when dealing with data and how to overcome them. By the end of this episode, you’ll have actionable insights to take your Amazon strategy to the next level. Now, let’s dive into these key takeaways with Sreenath Reddy.
Key Takeaways:
Importance of Defining Critical Questions
- Brands need to define critical questions that data must answer. This sharpens focus on issues that truly affect growth and strategy.
- Ownership of data is crucial; brands should ensure their data is collected, organized, and accessible without reliance on third-party providers.
- Combining advertising and retail data provides a comprehensive view of product performance, which is essential for decision-making.
- The growing role of AI in analyzing unstructured data, like customer reviews, can lead to deeper insights into marketing trends.
- These foundational elements are seen as essential for brands to remain competitive in today’s eCommerce environment.
Evolution of eCommerce Data
- Insights on the shift from traditional online advertising to Amazon’s model, where brands have less control over the customer’s full shopping experience.
- The evolution of data availability on Amazon is highlighted, with enhanced access to advertising data, Seller Central data (now called Selling Partner API), and real-time data streams.
- Significant advancements have been made in the last two to three years, leading to a wealth of data that was previously inaccessible or difficult to manage.
- Amazon now provides a variety of data sets, including operational data, real-time analytics, and granular shopper-level data through Amazon Marketing Cloud.
- This shift in data accessibility allows brands to create a more detailed narrative regarding their investments and performance metrics.
Structuring Questions for Data Insights
- Sellers and brands are encouraged to create a list of ten essential questions that they want to answer regarding their business growth and performance.
- These questions fall into three categories: operational, diagnostic, and strategic.
- Operational questions focus on basic metrics like ad spend and profitability at the product level. Examples include tracking inventory and aligning it with advertising spend.
- Diagnostic questions aim to analyze performance dips and changes, such as fluctuations in ACoS. For example, brands must investigate why ACoS rises unexpectedly.
- Strategic questions encompass aspects like identifying actual competition at the product level rather than brand level, thus providing a clearer competitive landscape for brands.
Ownership and Visualization of Data
- It is important for brands to ensure they have ownership of their data to avoid complications when changing service providers.
- Data visualization is essential; reports and visual dashboards should evolve as brands ask more sophisticated questions.
- Brands should start with foundational reporting tantamount to their key questions, gradually advancing to more complex insights as their sophistication grows.
- Standard tools for visualization include Google Data Studio, Power BI, and Tableau, each with different capabilities and costs.
- Visualizing data helps to simplify complex information and provide clarity about growth and performance metrics. This aids decision-making processes and supports strategic planning.
Key Takeaways and Future Steps
- Effective data management is an ongoing process that requires continuous refinement and adaptation to new challenges and insights.
- The conversation encourages brands to maintain an iterative approach to data analysis, constantly evolving their visualization tools and metrics based on emerging questions and findings.
- The importance of seeking expert advice from agencies or experienced professionals like Intent Wise is emphasized for brands looking to enhance their data strategies.
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Links:
- LinkedIn – Personal: https://www.linkedin.com/in/sreenathkreddy/
- Branded – Linkedin: https://www.linkedin.com/company/intentwise/posts/?feedView=all