The process of analyzing the listings of competitors to get all positive and negative points called competitor analysis. It can be performed with the different steps

 

1. Audit Product Listings

 

Compile a list of your opponent’s products; for starters. Create a Google sheet you can also grade every feature of a product listing, from the title and description to the images. Try focusing on specific areas such as:

 

Product Title: Compare product titles in Amazon’s recommended format- brand + model + product type. In addition to this, look at the product title from the perspective of a shopper. Make sure it is informative and free of promotional messages.

 

Product Features: View the product features next, I am talking to the right of a product’s photos. Check out the unique selling points (USP), especially the ones which are highlighted by your competition. And how can your business counter these points?

 

Product Description: Check out what additional information does the seller leave out or what it provides on the product? Does the seller deliver the information in an easy-to-read, original format?

 

Product Q & A: Walk further to the questions and answer section (Q & A). Check whether the seller takes an active role in responding to shopper questions. And even better what kinds of questions do shoppers ask or how can you apply that to your product listing?

 

Product Images: What product picture does the listing feature, and what is their quality? Do they feature product images that you could recreate, like showcasing the uses of your product?

 

2. Research

Look at the tone and language used in the product description, features, and Q&A. Also, evaluate the angle and approach used in the product images, research about the product packaging design, labeling, and don’t forget to analyze the enhanced brand content.

 

Try spending 15 to 20 minutes studying your competitors so that you can develop a good idea of their brands. Chances are there that your branding may align with your competitors’ or have an entirely different take.

 

3. Check the Reviews

 

Keep a close eye on aspects such as quantity and quality. Quality as in, Amazon wants to have reviewed with substance and detail. So go through a good bunch of reviews and check if they provide any detailing why a user likes or dislikes the product?

 

Quantity Amazon balances the quality of reviews with the number of reviews. Ideally, Amazon algorithms prefer products with high-quantity, high-quality reviews. How many reviews does each of your competitor’s products have, and how do they compare to yours?

 

4. Competitors’ Targeted Keywords

 

One of the most critical steps while conducting Amazon’s competitor analysis is researching your competitor’s keyword strategies. It highly depends on your product listing audit; you probably have an idea of what keywords your competitors use. However, in most cases, sellers include their primary keyword right in their product title.

 

5. Estimate your Competitor’s Price and Monthly Sales

 

Price has a tremendous influence on shoppers to buy your product from another seller. That’s why assessing the competitors’ prices is also a crucial part of an Amazon competitor analysis. Parallels it’s important that you make a profit. so, use your competitor’s prices as a reference, not a standard.

Similarly, monthly sales estimation of a competitor can boost your competitive analysis. You can estimate how much they’re earning if you find out how much inventory your competitor moves each month.

 

Thus, you can improve your sales strategy by your competitor’s price and sales analysis and estimate how much you can profit by accelerating your sales.