Is Amazon Prime Day all about big sales and purchases? Actually, no. It’s a master strategy to boost the flywheel behind a brand's business.
If you are an entrepreneur and want to convince people to make a purchase with your brand, one thing that never fails is to offer them good discounts and offers. While many know and understand this, other entrepreneurs need to learn that exclusivity is something that is loved and appreciated by masses across the globe.
In order to engage the existing consumers from all across the nation and globe, Amazon designed a strategy for satisfying the masses that loves shopping three years ago. This strategy was globally termed as ‘Amazon Prime Day', which features a large number of discounts and offers exclusively for Amazon Prime subscribers. In fact, even non-prime users could sign up for a day and enjoy different benefits of this annual shopping holiday.
But, is Amazon Prime Day all about big sales and purchases? Actually, no. It’s a master strategy to boost the flywheel behind a brand's business. Let's have a deep dive on the strategy and understand what other entrepreneurs and franchisors could learn from this strategy.
A Strategy to Create a Flywheel of Subscribers
Amazon Prime Day is all about enticing people who aren't Prime subscribers to enjoy this limited opportunity. In fact, this annual shopping holiday will continue to grow and dominate until its Prime household penetration reaches around 100 per cent.
As per reports, Amazon is believed to have 63 million Prime subscribers where 44 per cent of them plan to purchase something during the Prime Day offer. While 42 per cent remains undecided, 10 per cent of non-Prime users are believed to sign up on Prime Day, just to enjoy different lucrative offers available for them.
Franchisors and franchisees could adopt a similar strategy that could increase sales in their businesses. Brands could introduce lucrative offers and discounts in their businesses that could excite both their existing and non-existing customers. All that needs to be done is to create such exciting offers that are almost impossible to miss from a consumer's point of view. If you succeed in doing this, congratulations, you are on the right track.
A Big Advertisement Opportunity
Without a doubt, Amazon Prime Day could be considered as one big advertising opportunity in today's time. Amazon is offering free one-day Prime delivery on more than 9 million products. What is notable here is that this strategy might be acting as one great advertising campaign that can help the brand to increase its bandwidth in terms of new customers.
Similarly, franchisors and franchisees could create such a strategy, keeping their products and services in mind. For example, if you are operating a F&B franchise, you might plan to introduce great discounts and offers on different food and beverages, along with removing the delivery charges for a couple of days or so.
This might result in getting new customers who would eventually end up purchasing with you in the future if the service and quality are met respectively.
A Chance for Broadening your Presence as a Brand
This year's Amazon Prime Day is a bit different from the remaining ones, which make it worth noticing. Earlier, the deals used to revolve around Amazon's brands and services. This year, Amazon is attempting to sell more top-tier brands. This approach might help the brand in positioning itself as a broader retailer.
Similarly, franchisors and franchisees could collaborate for a day or so with different brands or segments in order to increase their bandwidth in terms of customers and sales. This initiative might allow you to grow as a brand along with creating a specific brand image, which you desire as an entrepreneur.
Thus, strategies like Amazon Prime Day might help businesses grow their sales, generating a good amount of money. While the trend is at its peak, it might be the right time to introduce something like this and experience success, both individually and as a business.