Seeing your sales slow down, decrease, or fail to gain traction can be scary.
However, there are several things you can do to try to increase your sales. These include optimizing your listings and then increasing your ad spend and giveaways.
If this does not work you may consider walking away from the product by liquidating your inventory and using that money to invest in a new product.
Question #1: Are Your Sales Slowing Down or Declining ?
Have you recently seen your sales slow down or start to decline? Are you spending too much money on PPC ads, only to break even when you make a sale?
Are you having to give away most of your inventory at cost to barely increase your rank? And when you are able to increase your rank do you see very few sales?
This can be pretty scary and, in some cases, downright devastating. However, this actually happens quite often. Many sellers have gone through this with a number of products.
The key question is now, can you salvage this product and increase sales, or is this just a product you need to liquidate and move on from.
Don’t give up right away. Below are several ways you can try to increase your sales. Try a few of these tricks before you decide to move on from this product.
Question #2: Is This a Good Product?
The first thing you may be asking yourself is, “is this really a good product”, or, “did I do my product research wrong”.
We have asked ourselves these questions several times when our product sales started to slow down or simply failed to gain traction.
But in fact, looking at your product and your previous research to determine why there is a slow down in sales is a good place to start.
Is your product seasonal?
This may explain your dip in sales; your product could just be entering the slow season.
This means that you can anticipate a spike in sales during peak season, at which time you could decide to sell off your remaining inventory, not reorder any stock, and move on from this product.
Or you may accept the seasonality of your product and continue selling it.
You could even consider adding another product that has its peak season during this product’s slow season to offset any slowdown in sales.
Does your product niche have depth?
Sometimes the niche you are in does not have enough sales to go around.
Sure the first few products on the first page of your main product keyword may have a large number of sales, but what about the other products on the first and second page?
Do they have high sales volume?
If the only products in this niche that are selling well are the first few products on the first page of your main keyword, then there may not be enough sales depth in your niche.
This means that the only way you would be able to sell a large number of your product is to rank in those top few spots, which might be very difficult.
If your niche does not have depth, you may want to cut ties with this particular product.
However, just because your niche does not have any depth does not mean you have to give up.
You may want to make it your mission to break into the top 3-4 rank for your main keyword. which would lead to higher sales. It may be difficult, but it can be done.
Question #3: Are You Testing Your Listing?
Are your sessions low?
Make sure your listing is optimized for your best keywords.
Check your Amazon ad PPC and see which keywords you are running have the highest impressions. Then make sure your listings are optimized with these keywords.
Also, make sure you test your listings to find out which keyword will bring you highest impressions/sessions.
Try to change your lead picture. Your lead picture is usually the first thing potential customers see in their search results.
A good lead picture will catch customers’ eyes and persuade them to click on your product. Test several lead images to make sure you have the one drawing the highest sessions.
Try to change your title. Make it eye catching so that potential customers gravitate to it.
Next to the lead image, titles are what potential customers see and read. Test several titles to find the one that has the highest sessions.
Are your Conversions low?
Test your content to optimize it for conversion. Try
- shortening your title
- making your product features clearer
- changing the wording of your product description
- highlighting different benefits
- writing clearly and in the active voice.
Make sure you images are of high quality. Test several image sets to find the ones that lead to the most conversions.
Find your optimal selling price. Maybe you are pricing your item too high and need to lower the price to drive more sales.
Maybe you need to increase your product’s perceived value while marketing it as a luxury brand. Test both ways.
How many reviews do you have? Do you only have 10-20 while your competition has over 100? What are the quality of your reviews? Are they all poorly written, short form reviews? Does your competition have high quality, well written reviews along with video and picture reviews?
If so, work to get more reviews. Also focus on the quality of the reviews. Do more promotions and giveaways if needed.
Question #5: Are You Budgeting and Promoting Properly?
Go through your data and do the above to optimize your listing. Then you should increase your Amazon Ad budget and giveaways.
You may be thinking to yourself that you have already given away a lot of products and spending a lot on Amazon ads but
- Your listing was not optimized until you actually tested it, and
- You may be in a competitive niche that requires you to sell more products before Amazon increases your rank.
Think about it, Amazon is not going to increase your rank when your giveaways, promotions and ads sold only 50 products a day, but your competition is selling 100 products a day.
Why would Amazon rank your product which is selling less over a product that is selling more.
Therefore, you may need to sacrifice and break even on more products before you can see the benefit of increased rank.
Question #6: Is It Time to Walk Away?
One of my favorite songs, The Gambler by Kenny Rogers, said it best:
- You’ve got to know when to hold ’em
- Know when to fold ’em
- Know when to walk away
- And know when to run
Sometimes you have to know when to walk away, or in some cases run, from a product.
If you tried the above tips and you are:
- continually spending a lot of money on Amazon Ads without seeing much of a return,
- continually losing money or breaking even on giveaways and promotions, and
- your rank and sales have not increased,
…then it might be time to walk away.
Do your best to liquidate your remaining inventory and use that money to source another product.
If your sales have slowed down, stopped, or just can’t seem to gain traction, try to optimize your listing as much as possible.
Test…Test…Test… Test…everything to make sure your listing is optimized for the most sessions and conversions.
Once you have optimized your listing, try to increase your ad budget, promotions and giveaways to boost rank. If none of these tactics work, you may need to walk away from this product. However, make sure you try to do the above, because you may just be on the verge of making huge sales.