Not all Amazon businesses succeed, but if yours is one of those that are doing well, it’s only natural you will want to take it to the next level. That next step, however, can be a precarious one, and you need to go about taking it the right way.
As you already think you know your business inside out, it might be tempting to just go with gut instinct on where to invest your time and effort, but that might not be the best course of action. You also have the option of looking at your business through the lens of the data you have accumulated and making purely data-driven decisions. This might seem like extra effort, but it can cast some light on important areas that are more than likely to affect your bottom line.
#1 Using Data Analysis of Your Product Range
You might think you already know what your most profitable products are, but by crunching the numbers, you will know for sure. After all, what sells most often isn’t necessarily what adds the most to your bottom line. You also need to look at costs, the amount of cash you have tied up in that stock, and the cost of any further logistics so you know which are your most profitable products.
Armed with that data, you can start to thoroughly research products that fit those same criteria whilst also being congruent to your niche.
#2 Using Your Data for Marketing Purposes
By looking at who is buying, you can also find your target market and promote more products to them. While this information is useful to you, it will be of more use if you hand it over to a specialist Amazon marketing agency like Nuanced Media, which can do the hard work for you. Specialist Amazon marketing agencies know how to promote effectively through keyword research and paid advertising and can achieve better results faster than you might at less cost.
This will free up your time to look at other areas of your business where the data has shown you can make improvements.
#3 Look at Customer Feedback
Another area where data analysis is critical is customer feedback. This will give you clear signposts as to where you are going right and, more importantly, where you are going wrong. As many similar products on Amazon will be very similarly priced, one area where you can stand out is with the service you provide, from the point of order until they have the package in their hands, in one piece and on time. Making sure you are analysing the data to fill any gaps in your process can mean the difference between success and failure.
Final Thoughts
You might think you know your Amazon business, but the numbers don’t lie and can give you some important insights into where you can improve, or at least which areas to improve first. This can be vitally important when it comes to your product range, the money you spend on marketing, and how you are perceived by those who buy from you. Getting it right can give you the advantage you need in a very competitive marketplace.
The post Why Data Science Is Vitally Important to the Growth of Your Amazon Business first appeared on BusinessMole.
