Amazon’s large platform makes tracking advertising metrics a daunting task. But Amazon recently introduced new-to-brand metrics for display, video, and Sponsored Brands advertisers so campaign performance metrics are clear and easier to understand.
The new set of metrics are now part of Amazon’s measurement suite and help advertisers develop strategies that drive customer acquisition and efficient business growth. The metrics’ key function is to identify whether a buyer is an existing customer or a customer that’s new to a brand, with no purchases of the brand’s products made on Amazon within the last year.
New-to-brand measures total new-to-brand purchases and sales, new-to-brand purchase rate, and cost per new-to-brand customer, among other campaign performance metrics. These metrics make it easier to calculate the approximate cost of acquiring new customers on Amazon, as well as determine which advertising channels and strategies will deliver optimal campaign performance. They also help advertisers identify areas where they can optimize strategies for maintaining brand loyalty with existing customers.
How to access Amazon’s New-to-Brand Metric?
Here are some specific steps on how to use Amazon’s new-to-brand metric:
- Go to your Amazon Seller Central account.
- Click on the Reports tab.
- Select the New-to-Brand Metrics report.
- The report will show you the total new-to-brand purchases, new-to-brand purchase rate, and new-to-brand customer acquisition cost for your products.
- You can use this information to track the performance of your products and identify opportunities to improve your customer acquisition strategy.
How Can Amazon’s New-to-Brand Metrics Help Drive Customer Acquisition?
Amazon’s new-to-brand metrics can help businesses drive customer acquisition in a number of ways.
Identifying high-performing products
By using the metric of total new-to-brand purchases, businesses can pinpoint which products are drawing in new customers. With this knowledge, they can concentrate their marketing efforts on these products and generate even higher sales.
Targeting new customers with advertising
Businesses can use the new-to-brand purchase rate metric to effectively direct their advertising efforts toward potential customers who are more inclined to be new to the brand.
Amazon’s advertising platform enables ad agencies to target advertisements based on demographics, interests, and previous purchase behavior.
Optimizing product listings
Businesses can use the new-to-brand customer acquisition cost metric to optimize their product listings to make them more appealing to new customers. This can be done by adding clear and concise product descriptions, high-quality images, and relevant keywords.
Running promotions and discounts
Providing discounts or promotions to new customers is an effective strategy to grab their attention and motivate them to make a purchase. By utilizing new-to-brand metrics, businesses can monitor the impact of these promotions and discounts and make necessary modifications.
Tips for using Amazon’s New-To-Brand Metrics Effectively
- Track your results over time: Tracking your results over time is crucial to determining the effectiveness of your campaigns. Doing so lets you identify what’s working and what’s not, and make necessary adjustments accordingly.
- Experiment with different strategies: You can utilize several techniques to attract more customers on Amazon. It would be beneficial to try out various approaches to determine which ones are most effective for your enterprise.
- Be patient: Seeing results from a marketing campaign requires patience. It’s essential to keep track of your progress to determine if you’re making any headway.
- Compare your results to industry benchmarks. There are a number of industry benchmarks available for new-to-brand metrics. By comparing your results to these benchmarks, you can better understand how your business is performing.
- Get help from a professional. If you struggle to use Amazon’s new-to-brand metrics effectively, you can get help from a professional. There are a number of agencies and consultants who specialize in helping businesses use Amazon’s advertising platform.
Limitations of New-to-Brand Metrics
Amazon’s New-to-Brand Metrics are a valuable tool for businesses that want to drive customer acquisition on Amazon. However, business entities should be aware of some limitations to these metrics.
The new-to-brand metrics are based on Amazon’s own data, which may not always be accurate. For example, if a customer purchases a product from a brand for the first time, but then returns the product, the purchase may still be counted as a new-to-brand purchase.
Furthermore, the new-to-brand metrics measure the number of new customers who purchase a product. They do not take into account other factors that can affect customer acquisition, such as the price of the product, the quality of the product, or the customer’s experience with the product.
Finally, it’s worth noting that sellers who have enrolled in Amazon’s Brand Registry program can only access the new-to-brand metrics. Any businesses not enrolled in this program will be unable to view these metrics.
Using Amazon’s new-to-brand metrics, business entities can gain valuable insights into their products’ performance and identify opportunities to drive customer acquisition. Therefore facilitating enterprises to grow their business and reach a wider audience.
These new metrics are just one of the resources Amazon is dishing out to advertisers. For advertisers who want to see how their Amazon ads measure up against those on rival sites, Amazon is currently testing an attribution pixel.
What are Amazon’s New-to-Brand Metrics?
Amazon’s New-to-Brand Metrics is a set of data points businesses can use to track the performance of their products on Amazon. These metrics include:
- Total new-to-brand purchases
- New-to-brand purchase rate
- New-to-brand customer acquisition cost
How can Amazon’s New-to-Brand Metrics help drive customer acquisition?
Businesses can use Amazon’s New-to-Brand Metrics to identify opportunities to drive customer acquisition. For example, businesses can:
- Target their advertising to shoppers who are more likely to be new to the brand.
- Offer discounts or promotions to new customers.
- Improve their product listings and descriptions to make it easier for shoppers to find and buy their products.
How do I mitigate the limitations of Amazon’s New-to-Brand Metrics?
Here are some tips for mitigating the limitations of Amazon’s New-to-Brand Metrics:
- Use other metrics to get a more complete picture of customer acquisition.
- Track your results over time.
- Experiment with different strategies.
- Get help from a professional.