August 20, 2024 • 27 mins
Ready to unlock the secrets to skyrocketing your market share? Today on Brand Fortress HQ's Tactics Tuesday, we promise you'll gain essential strategies for leveraging Amazon Insights like never before. Join us as we reveal personal tales from the pool industry during the COVID-19 boom, showcasing how even soaring sales require vigilant market share monitoring. Understand how shifts in market dynamics can alter sales and rankings, and why distinguishing niche markets from the broader industry is crucial for your success. Learn how to adapt your sales and advertising strategies in response to post-pandemic changes in search volume with tools like Amazon's Product Opportunity Explorer.
Ever wondered how small tweaks can lead to significant gains in customer satisfaction? We'll share real-life examples of how analyzing sales data and customer feedback can maintain market share, especially during the off-season. With insights into geo-ranking and geo-targeting, discover how to capture market share in states with year-round pool usage. Hear how simple enhancements like adding instructional stickers or creating detailed guides dramatically reduce negative reviews and return rates by addressing common customer issues. This episode emphasizes understanding customer experiences from their perspective to maintain a competitive edge and enhance overall satisfaction.
Think labeling a product as "BPA free" is inconsequential? Think again. We'll show you how this tiny change led to a sales surge and discuss the importance of strategic product positioning to outshine competitors. Learn the critical need for regular market performance tracking and how to exploit aggressive competitors' ad spend to boost your own positioning. Finally, explore the Product Opportunity Explorer's potential not just for launching new products but for gaining insights into existing ones, helping you identify and capitalize on competitive advantages. Listen in to stay ahead of the curve and optimize your market growth strategies.
🚀 Transform your brand on Amazon by building a powerful customer list with the After Purchase Funnel Blueprint course. Click here to get the full course for free.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to another episode of Brand Fortress HQ.
This is our Tactics Tuesday andtoday.
What we're going to be talkingabout is maximizing market share
and Amazon Insights so that wayyou can maximize that market
share.
So we are also doing this onLinkedIn Live as well today.
So if you're interested inasking your questions live,
we're going to be over there onLinkedIn.
We try to make it every Tuesday, so come check it out.
(00:22):
And with that we're going tostart this conversation, and
this is, I think, a reallyimportant conversation,
especially as Amazon has changedover the last couple of years
to really understand your marketshare.
So with that, mike, I'm goingto actually turn it over to you,
because I know that this issomething you've thought quite a
bit about with your brand inthe pool space.
Speaker 2 (00:48):
Yeah, I think you know it became fairly relevant,
I guess you know, through COVID,because the thing that we
noticed and that I, quitefrankly, hadn't really paid a
whole lot of attention topreviously, we had always been
pretty top of category in thepool space, you know, ever since
we started back in 2014, 15.
So I never really paid a lot ofattention, as long as we had
good ranking, you know, I waspretty pleased.
(01:12):
But the problem that I wasrunning into was, you know, I
was seeing that our sales wereremaining steady and actually
were increasing, but our rankingwas decreasing, and so there
was kind of this mismatch.
It didn't make sense to me.
And so then I started seeingarticles that were coming out,
you know, talking about how theswimming pool space essentially
was growing as a market becauseof COVID, because there were so
(01:35):
the e-commerce sector, becausein the past there were a lot of
pool owners who, of course,would go down to the local pool
store to buy most of their items.
Now, during COVID, they didn'thave that option and so a lot of
them were forced into thate-commerce space.
(01:56):
Obviously, then the market wasgrowing even more because of
that, and so I was seeing thismismatch.
And so, as I started to researchfurther into it, what became
very obvious was that the marketas a whole was growing in leaps
and bounds but we were notkeeping up with that growth.
So in essence, we were losingmarket share in that space to
(02:20):
competitors.
Now, to some degree it wasinevitable because many of the
new players in that space thatwere coming in were very low
price competitors selling at athird of our price.
So there's the question of as awhole, in the pool market as a
whole, we were losing ground.
But then the question becameokay, yeah, but within our
(02:42):
market, which isn't the entirepool space, it's a very specific
you know pool owner within thatspace that has an in-ground
pool, that is a you know fairly,you know kind of higher income
type individual that are buyingthose higher price products.
You know where were we in thatspace.
And, of course, you know ourmarket share within that
particular niche was still solid.
(03:03):
But within the, you know, butwithin the industry as a whole,
we were losing market share.
But we would have never knownthat because our sales were
going up.
So if you're not payingattention to it and you're not
looking at the numbers from allsides, you wouldn't know that
you're losing that market shareand in some cases that could be
a very important thing to know.
Speaker 1 (03:22):
Yeah, and I think it's important to know that that
also works in reverse, in thesense of so, if you're looking
at why your sales are down, someof what that boils down to is
understanding how much of thatmarket share you have,
especially when you start kindof niching down this market
share where it could be that youhave as much, if not more,
market share than what you had ayear ago.
(03:43):
It's just that there's lesssearch volume for your
particular keywords.
I think we saw this quite a bitcoming out of the pandemic,
where there were certainkeywords that had spiked because
everybody was at home andbuying habits had changed pretty
considerably, and then the yearafterwards there was a lot of
brands that were reallyfrustrated with the fact that
(04:04):
their sales were down in thosecategories.
Well, if you look at it, a lotof that can be connected to what
the search volume is on thosemain keywords that were driving
your sales from the year before.
And that's where it's importantto know.
Hey, if you know, it's becausethere's just not as many
opportunities out there,especially from an ad and
strategy standpoint.
(04:24):
That tells you kind of whereyou want to put your efforts, as
far as ramping up or increasingyour ads isn't necessarily
going to solve your problem.
It might be an issue of needingto expand your market or expand
your offerings to a differentcustomer segment.
Speaker 2 (04:40):
Checking, maybe there's other keywords that are
increasing, whereas the onesthat you've been targeting are
decreasing.
So there may be opportunitiesout there, but you wouldn't know
to look at them.
You know, or look for them ifyou're not paying attention.
Speaker 3 (04:52):
One of the things that I wasn't prepared for in
the barbecue accessory space.
I knew, obviously, that summerwas a big time, but like that
first year, I didn't.
I don't, there wasn't as manytools like product
opportunityity Explorer, forexample is, by the way, I think,
one of the best ways todetermine the market size and
(05:12):
how big the actual market is ata point in time and historically
that didn't exist back when Iwas starting in this category.
So while I did know that summerwas a big part of it, I thought
that was my only season.
I had no real way because Ididn't have any data I wasn't
selling in that category yetthat actually there's a lot of
gifting that happens around theholiday season for barbecue
(05:34):
accessories and I wasn'tprepared for that that first
year.
So had there been a productopportunity explorer or a tool,
something like that, I couldhave checked seasonality before.
I mean, maybe there was and Ijust wasn't privy to it.
But that's why, in going thereverse, when sales are down,
understanding and looking atdata in the market, as opposed
(05:54):
to just what your sessions arein a vacuum, is a lot more
important now and easier to dothan it was before.
Speaker 1 (06:02):
Yeah, I think that's an important point, and so some
of that data was availablebefore and we'd look at it via
Helium 10.
Now it's not nearly as,especially when we're talking
about seasonal products.
Now I'll say and this is not aknock on Helium 10.
I think there's a lot of thingsthat they do great, but it
wasn't as rich as what we get inProduct Opportunity Explorer
(06:22):
looking at 365 days, looking at90 days.
And then the other thing isthat, of course, helium 10 does
a great job of identifying whatthat data is within an 80% to
90% accuracy, but they're usingother things in order to figure
out what those trends look like,whereas when we look at Product
Opportunity Explorer, that datais coming directly from Amazon.
(06:45):
So you know that data is goingto be as accurate as it gets
when it comes to what does thatlook like, for you know, 360
days, 65 days versus 90 days,and I think you know, matt, you
touched on something that'sreally important there, which is
, if you have a business and Ithink, to a certain extent, a
lot of brands are like thiswhere you know you have a high
(07:08):
season and a low season I thinkthat really helps also identify,
okay, if our sales during lowseason are down 40% but search
is only down 20%, that tells mesomething is off, that I'm not
getting there's more marketshare to be had, and actually
what I'm doing is I'm losingmarket share.
And again it goes back to thatconversation of now.
(07:30):
The first thing is to identifythe problem, and that's usually
50% of the solution and what youdo about that.
There's a number of differentthings you can take from there,
but once you identify that, Ithink there's a lot more options
that you can take andstrategies that you can
implement.
Speaker 2 (07:44):
Well, and it's interesting because that
specific scenario that you justoutlined, which is kind of that
okay, I'm a seasonal product.
Let's take the pool market, forinstance.
We're very seasonal.
We sell the majority of ourproducts in about a three to
four month period during theyear, but in the off season we
still sell a fair amount ofproduct because there are
(08:06):
individuals who have their poolsopen year round Florida,
southern California, texas.
So there's still sales to behad.
But let's take that scenario.
Let's say that as a rule, themarket is cut in half during the
off season but for whateverreason, you as a seller in that
category, your sales drop by 70%or 80% in that off season.
(08:31):
If you're paying attention andyou see that data, what that
likely would tell you and ofcourse again, if you're not
watching the data, you wouldn'tknow but what that would likely
tell you is that in those stateswhere the pools are still open,
you don't have very goodcontrol of the market share.
You have control of the marketshare as a whole, maybe you know
, over the entire US, but inthose states where the pools
(08:53):
remain open you don't have goodmarket share there.
So then you come intogeo-ranking and geo-targeting,
because at that point then itbecomes relevant.
I need to start targetingFlorida, texas and California,
to start boosting my marketshare there so that in the off
season I'm ready for that andI'm maintaining, you know, that
market share in those in thoseStates.
So something to pay attentionto, you know, when you're
(09:14):
looking at that data, lookingfor kind of those anomalies,
yeah, absolutely Well, and Ithink you know.
Speaker 1 (09:19):
the other thing that I want to make sure that we
touched on here is, you knowwe've talked about a market
share from just a search volumeperspective, but there's other
aspects of this, especially whenwe're looking at Product
Opportunity Explorer that Ithink really gets lost in the
conversation typically, which iswhen you're talking about
market share, it's not justabout search terms and that type
of stuff.
It's also about the quality ofthe product, your return rate
(09:41):
and that type of stuff.
And I really encourage people,if you haven't spent some time
in Product Opportunity Explorer,put in your ASIN, put in your
significant keywords it's notgoing to have every keyword, but
the ones that it does have youcan actually dive into not only
related keywords but also whatare those competitor products
and how much of the market shareare they taking.
And then what I really findinteresting is there's a lot of
(10:04):
data in there on reviews.
As far as hey, what are the toppositive comments and also what
are the top negative commentsand return issues that you're
having with your competitors,which is incredibly valuable
data when you think about how doI and sometimes it's not a
matter of changing your product.
(10:25):
It's just a matter of changingyour messaging in order to
reduce that return rate or thosenegative comments, in order to
gain that market share.
Speaker 2 (10:35):
Well, interesting that you mentioned that, john,
because one of the things thatwe just discovered recently and
although we didn't find it inthe data, we found it in another
way, but I kicked myself thatwe didn't know this sooner
because we really have causedourselves a problem in this area
and that is we sell pool nets,and one of the things that just
(10:58):
blew my mind within the lastcouple of months was determining
.
We started going after UGCcontent really hard, and what we
found was we're sending thesesamples out to pool owners and
having them use our poll and ournet and then recording that UGC
video and stuff.
The number of those individualsthat were using our net upside
(11:19):
down was ridiculous, and eventhough it works technically that
way, if you're trying to cleanthe bottom of your pool with our
net upside down, it does notwork very well at all, and so I
can never figure out why we hadso many negative reviews that
were like hey, I can't scoop theleaves off the bottom of my
(11:41):
pool.
Now I know why they're using thenet upside down, and when I
look at it, it seems socompletely obvious that this is
the way it is.
Clearly, that's not true forcustomers, so now we need to
start putting a sticker on therethat tells them the site is up,
you know, so that they know howto use the net.
I think that's going toactually have a huge effect on
our review profile and we didn'teven know it.
You might have, you know,somebody might have found that
(12:02):
if they were investigating, youknow, into the product
opportunity explorer and thingslike that, you know, to
establish just that one littlething, you know, put a sticker
on the top of the net and all ofa sudden here's one big problem
that you've solved.
Speaker 3 (12:14):
Yeah, one of the tools that they I think I found
that about six or seven monthsago is that they're actually a
lot more specific.
Amazon's giving you a lot moreinformation about negative
reviews and what customers aresaying, and then they actually
use AI to summarize a lot ofthat for you.
So once I started to dig intoexactly why I mean, that's a
(12:36):
great example and how awesomethat you found that out through
just analyzing UGC.
But that's another one of thethings to pay attention to is
looking and analyzing your ownreviews.
To make sure, I had one of ourproducts.
I got a bunch of bad reviews aswell, and it was.
I found out later that it wasthe customers putting it back
together after they cleaned theproduct is what was causing the
(12:58):
problems, and I couldn'tunderstand why they couldn't get
the product to work.
But it wasn't getting it towork the first time, it was
after they put it back together.
They just weren't so like forus.
What we did is we included anentire module in a plus content
on how to put it back togetherafter cleaning, which again like
your point.
To me, it was obvious how toput it back together, but for
them it wasn't.
(13:19):
It doesn't matter what'sobvious to us as the brand owner
, because we're so intimatelyfamiliar with that product.
What matters is what what theconsumer deals with on their
side.
Speaker 1 (13:27):
Well, and I think that's you know.
You know what the consumerdeals with on their side.
Well, I think that's.
Mike.
You gave a really good exampleof that side, of how do you fix
it from You're the brand owner.
But think about how valuable ofan insight that would be if you
found that for one of yourcompetitors as well.
I mean because we do this allthe time as we look at review
insights using Helium 10 andProduct Opportunity Explorer,
(13:49):
and we'll find something wherepeople have complained about
that product and if there's away that we can solve it better,
we make sure to highlight that,even if there isn't a big
difference between the productthat we're working with or our
client's product versus theircompetitor, because obviously
what we see out of that is thatcustomers, there's a certain
(14:11):
aspect of it they do care aboutand they don't want to go
through that particular pain orsomething's not working properly
for them.
And by addressing that, that'sa huge advantage that we see for
that brand in order to takemarket share.
Speaker 2 (14:24):
Well, and I think that's such a great point, is
that there's a guy that I knowin the space and he was speaking
at a mastermind that I was at,and one of the things that he
talked about was in a categorywhere it was these water bottles
, I think it was, andessentially in that category
nobody was mentioning that theirbottles were BPA free, even
(14:49):
though virtually all of thebrands in that category were BPA
free.
They didn't have it in theirlisting.
Brands in that category wereBPA free.
They didn't have it in theirlisting.
So he put it in their listingto say we're BPA free, and all
of a sudden their sales withinthat market, you know,
skyrocketed because everybodywanted BPA free but none of the
competitors were actuallylisting it as that.
And of course, eventually yourcompetitors are going to catch
(15:11):
on to that and they're going to,you know, put that in.
So you know.
So the messaging only lasts forso long before somebody else
catches up, but in the meantimeyou get to grab those sales and
grab that market share andhopefully, if you make some
adjustments over time, you cankeep it.
Yeah, well.
Speaker 1 (15:25):
I think that's such an important point too is that
market share is one of thosethings that it depends on how
competitive your category is.
Maybe you don't need to belooking at it every day or every
week, but it's something thatshould be on your regular
checklist, depending on howcompetitive your category is,
because I think it gives you areally good idea of you know how
you're doing within your niche,because otherwise you might
(15:48):
wake up one day and you'll seethat your sales are down 50% and
you don't know why.
And it's you know withouthaving some sort of pulse on, or
your thumb on the pulse of yourniche, you can easily have
competitors sneak up on you and,using those insights that we've
talked about already, Well, andthe bad thing is is that on
Amazon it's 10 times worse.
Speaker 2 (16:10):
You're like, if this is happening to a DTC site and
you're losing some market shareout through Google search and
you know, search and brandawareness out there, it's
rectifiable in the sense that ifyou notice it, okay, now here
we are and we can start movingright, whereas on Amazon
everything's a flywheel.
But if you're not payingattention to it regularly, by
(16:33):
the time you do notice it thatyou've lost market share.
If you weren't paying attention, chances are that means you
lost a lot and that's why younoticed it.
And now that you've lost that,you're already on a downward
spiral on Amazon by the time yousee it, and so rectifying the
ship and getting yourself backto where you were might actually
be impossible at that point onAmazon because of that flywheel
effect.
Speaker 1 (16:54):
Yeah, or at least very expensive, yeah, at that
point on Amazon because of thatflywheel effect, yeah, or at
least very expensive, yeah forsure.
Well, I think the other thingyou know, just thinking about
that that you know we've done inthese cases where you know we
were the bigger brands, that Ithink also just gives another
opportunity is is that, you know, depending on your niche again,
you'll you will see.
You know, very aggressivecompetitors come in, especially
(17:14):
from China, where they'll spenda ton on ads for a few months or
whatever.
Well, in order to get thatsales velocity.
The nice thing about that isthat if you've got a decent
review profile and you've gotyour brand kind of set up pretty
well, those are greatopportunities in order to
competitively target them,because they're paying a ton of
money for all that additionaltraffic and if you've got a
(17:37):
strong product that you know cancompete against theirs.
We used to look at that and seewho was really coming up in the
rankings.
If we were in first, second,third, who's really coming up in
the rankings of seven, eight,nine?
And then we target themaggressively because we can see
that they're spending a lot onads and external traffic to try
(17:59):
and gain traction and we canbenefit off that as well.
Speaker 2 (18:02):
Yeah, it's much cheaper to siphon their their
traffic off than to pay for thetraffic at the top end.
Yeah for sure.
Speaker 3 (18:09):
Yeah, one of the ways that I I personally I love
looking at the search results ofmy top Like I do that that's
part of my SOPs is just lookingat the search results of my top
Like I do that that's part of mySOPs is just look at the search
results Cause, like like yousaid, like watching who's coming
up in the rankings, but I likewatching who's spending.
So like I will take ascreenshot of who are, who has
the sponsored brand headline ad,who has a sponsored brand video
(18:30):
ad, who has some of those moreexpensive ad placements and pay
attention to that week over weekand see, because a lot of those
challenger brands, especiallyif they know what they're doing,
they're increasing their top ofsearch to be at the very, very
top of page one for that 30 to45 first days.
So paying attention to not onlythe rankings and who's in those
rankings and some of thesetools, but also just looking at
(18:51):
search results and who'sspending money on advertising.
That maybe wasn't just a coupleof weeks ago.
Speaker 1 (18:55):
Yeah, and I think those are good clues too as far
as we start looking at.
How do you maintain thatposition?
And then also if you're thatchallenger brand of who to
target, maybe you don't want togo after the big kahuna right
out of the gate, but targetingwhoever is in four, five, six
can make a lot of sense,especially if they're out of
sync with the market as far astheir review profile or their
(19:18):
pricing or something else thatyou can take advantage of.
Speaker 2 (19:22):
Well, the other thing to come back to as well, I
think it's I just wrote up apaper for pool pros for trying
to help them kind of build theirbusinesses, and I think one of
the things that I focused onthere was looking at the
difference between grabbing areally large portion of a
(19:44):
smaller market versus a verysmall percentage of a much
larger market, and, number one,how much easier it is to do that
and number two, how much moreeffective it can be to do that.
So you know, looking at it asso what I was saying was like,
in a local sense for these poolpros, you know much better to
grab.
You know 75% of a small, youknow pool owner market of maybe
(20:08):
you know 200 people.
So you've got 150 peoplelocally that fit this very
specific you know demographicand customer avatar, whereas
maybe in the entire communitythere might be 2000 pools.
But if you can only grab youknow 5% of those because you're
not really targeting, then youhave much fewer you know overall
within the market.
(20:28):
I think that's true of anymarket that you're in, whatever
it is that you're selling,especially if you're at the
front end of that.
You know if you're enteringinto a market or something like
that, but is niching down andthen grabbing all of that niche.
You may end up with a largershare of the whole market by
taking all of this little marketwithin it and then you can
always expand beyond that laterpotentially.
(20:49):
But grabbing a really hugeshare of that small portion of
the market, getting that reallydialed in customer avatar, I
think, is, you know, it's goingto be a much better approach.
Speaker 1 (20:59):
Yeah, and I think that's so smart and I just I
think brands are listening tothis really just need to to
double click on what that meansfor them.
Because what I see a lot,especially you know kind of the
initial consults from a lot ofbrands is they'll come in and
they'll be like, hey, we want tohave that.
You know, sell this to mom,dads, aunts, uncles, you know,
brothers, mothers and the wholenine yards and they want to put
(21:21):
all those keywords you know intotheir title and their bullets
and try to speak to them intheir secondary listings.
And the problem is is that whenyou peanut butter spread that
across everything that you lose.
You know all that power ofbeing really focused and
understanding.
You know kind of that.
You know let's call it thesmallest, most viable niche that
(21:43):
you have and you can alwaysexpand on that later, because
the you know the truth of it isis that you know we're not
Coca-Cola, that we, you know,are the right fit for everybody.
You know we're more like RCCola where it takes, you know, a
very specific fit for everybody.
You know we're more like RCCola where it takes, you know, a
very specific taste for someoneto be like yep, that is
definitely my jam, that's thebrand that speaks to me and
that's what I want, right, allright.
(22:04):
So, as we kind of wrap thisconversation on market share,
matt and Mike, do you guys havea couple of action items that
you would leave our listenerswith?
Speaker 3 (22:13):
Yeah, yeah, actually I think that product opportunity
we talked about productopportunity explorer, which a
lot of people, just by the name,think that it's looking at what
kind of products to sell andsee if it's viable.
But there's so much informationand so much data in that
product opportunity explorerthat I think the first thing
that is actionable right now isgo, take a go, take a peek and
(22:37):
explore the new things and youknow there's new data in that
every single time I look at it.
So I think using the productopportunity explorer more
frequently and looking to seethe type of data that it's
giving you is something that youcan do today and you're going
to learn a lot about not justyour category but how you're
doing in that category.
Speaker 2 (22:56):
Yeah, I would say that's absolutely true.
I mean, even for myself, forthe longest time, I didn't even
open Product OpportunityExplorer, because that's what I
thought it was was exploring fornew products, and we already
had so many products we knew wewanted to release.
It's like I wasn't reallyinterested.
I was like I've already gotthis line of products that I
want to move on, so I didn'teven look at it.
So it's kind of misnamed.
So make sure you take advantageof it.
(23:17):
I think the only other thingthat I would say is just don't,
don't sleep on this.
You know like, again, Amazonoperates on a flywheel, so
everything that happens good orbad as soon as it starts, it's
already on either a downwardspiral or an upward spiral, and
if you don't catch it early,you're going to miss it.
(23:38):
And so, when it comes to marketshare, you need to know what
your market share is.
So make sure that you'refinding the data, whether that's
product opportunity explorer orwhether that's some third party
service that you're using.
Just recognize that if it'sthird party, like Helium 10 or
something like that, a lot of itis estimations and calculations
, and they may be pretty goodestimates, but they're not the
(23:58):
same as first party data fromAmazon.
So product opportunity explorerand something like that is
going to be a much better way ofdetermining just how much
market share you've got.
But also make sure that whenyou're trying to calculate that,
recognize what is your actualmarket.
You know I'm not selling toevery pool owner, so if I'm
comparing myself and trying tofind out what is my market share
(24:19):
of that market, you know that'sa very different thing than
calculating how much marketshare do I have among this
specific demographic that is myactual customer avatar and these
search terms that actuallyrelate to my product
specifically.
Speaker 3 (24:32):
So maybe pay attention to both, but really
dial in on that one that's verymuch more specific to your brand
I want to add one more thing towhat you just just said Not
only are you not selling toevery pool owner, but you're
also not competing against everyother product that's selling
the same thing in your category.
That's another really importantthing to note in there.
Speaker 1 (24:51):
Yeah, and I'll leave it with this just to build off
that product opportunityexplorer piece of it is, think
about how you can use that,especially the negative reviews
that you get in the return data,in order to lower your return
rate, because return rates, youknow, also drive one-star
reviews and you know we'vetalked about it before.
Eliminating, you know, aone-star review is 10 times more
(25:14):
powerful.
We all love five-star reviews,but really eliminating that
one-star review is 10 times morepowerful and there's a lot that
can be done just bycommunication and messaging
within your listing and withinyour brand in order to do that.
One example that kind of cameto the top of my head as we were
talking about this is justlooking at, I have a client who
(25:35):
sells automotive accessories andhe's got ones that are
specifically for Ford and onesthat are specifically for Chevy.
Well, putting that very plainlyin the images, in the title, in
the bullet points, and makingit as obvious as possible, even
if we can reduce that returnrate by 1% and reduce the
(25:56):
negative reviews by 1%, that isa massive win for that brand.
So, yeah, look at that data forand think about how you can
reduce either your negativereviews and or your return rate
by using that data for yourproducts and product opportunity
explorer For sure.
Fantastic.
Well, guys, I think this was agreat episode on market share.
(26:18):
I think you know listeners outthere.
I would definitely say that thebiggest takeaway is get into
that product opportunityexplorer.
It's not just about launchingnew products.
There's a lot you can learnabout your products and also
some competitive advantages inorder to take market share from
the other sellers that are outthere.
And yeah, check it out.
And we'll be here again foranother Tactics Tuesday.
Welcome to another episode of Brand Fortress HQ.
This is our Tactics Tuesday andtoday.
What we're going to be talkingabout is maximizing market share
and Amazon Insights so that wayyou can maximize that market
share.
So we are also doing this onLinkedIn Live as well today.
So if you're interested inasking your questions live,
we're going to be over there onLinkedIn.
We try to make it every Tuesday, so come check it out.
(00:22):
And with that we're going tostart this conversation, and
this is, I think, a reallyimportant conversation,
especially as Amazon has changedover the last couple of years
to really understand your marketshare.
So with that, mike, I'm goingto actually turn it over to you,
because I know that this issomething you've thought quite a
bit about with your brand inthe pool space.
Speaker 2 (00:48):
Yeah, I think you know it became fairly relevant,
I guess you know, through COVID,because the thing that we
noticed and that I, quitefrankly, hadn't really paid a
whole lot of attention topreviously, we had always been
pretty top of category in thepool space, you know, ever since
we started back in 2014, 15.
So I never really paid a lot ofattention, as long as we had
good ranking, you know, I waspretty pleased.
(01:12):
But the problem that I wasrunning into was, you know, I
was seeing that our sales wereremaining steady and actually
were increasing, but our rankingwas decreasing, and so there
was kind of this mismatch.
It didn't make sense to me.
And so then I started seeingarticles that were coming out,
you know, talking about how theswimming pool space essentially
was growing as a market becauseof COVID, because there were so
(01:35):
the e-commerce sector, becausein the past there were a lot of
pool owners who, of course,would go down to the local pool
store to buy most of their items.
Now, during COVID, they didn'thave that option and so a lot of
them were forced into thate-commerce space.
(01:56):
Obviously, then the market wasgrowing even more because of
that, and so I was seeing thismismatch.
And so, as I started to researchfurther into it, what became
very obvious was that the marketas a whole was growing in leaps
and bounds but we were notkeeping up with that growth.
So in essence, we were losingmarket share in that space to
(02:20):
competitors.
Now, to some degree it wasinevitable because many of the
new players in that space thatwere coming in were very low
price competitors selling at athird of our price.
So there's the question of as awhole, in the pool market as a
whole, we were losing ground.
But then the question becameokay, yeah, but within our
(02:42):
market, which isn't the entirepool space, it's a very specific
you know pool owner within thatspace that has an in-ground
pool, that is a you know fairly,you know kind of higher income
type individual that are buyingthose higher price products.
You know where were we in thatspace.
And, of course, you know ourmarket share within that
particular niche was still solid.
(03:03):
But within the, you know, butwithin the industry as a whole,
we were losing market share.
But we would have never knownthat because our sales were
going up.
So if you're not payingattention to it and you're not
looking at the numbers from allsides, you wouldn't know that
you're losing that market shareand in some cases that could be
a very important thing to know.
Speaker 1 (03:22):
Yeah, and I think it's important to know that that
also works in reverse, in thesense of so, if you're looking
at why your sales are down, someof what that boils down to is
understanding how much of thatmarket share you have,
especially when you start kindof niching down this market
share where it could be that youhave as much, if not more,
market share than what you had ayear ago.
(03:43):
It's just that there's lesssearch volume for your
particular keywords.
I think we saw this quite a bitcoming out of the pandemic,
where there were certainkeywords that had spiked because
everybody was at home andbuying habits had changed pretty
considerably, and then the yearafterwards there was a lot of
brands that were reallyfrustrated with the fact that
(04:04):
their sales were down in thosecategories.
Well, if you look at it, a lotof that can be connected to what
the search volume is on thosemain keywords that were driving
your sales from the year before.
And that's where it's importantto know.
Hey, if you know, it's becausethere's just not as many
opportunities out there,especially from an ad and
strategy standpoint.
(04:24):
That tells you kind of whereyou want to put your efforts, as
far as ramping up or increasingyour ads isn't necessarily
going to solve your problem.
It might be an issue of needingto expand your market or expand
your offerings to a differentcustomer segment.
Speaker 2 (04:40):
Checking, maybe there's other keywords that are
increasing, whereas the onesthat you've been targeting are
decreasing.
So there may be opportunitiesout there, but you wouldn't know
to look at them.
You know, or look for them ifyou're not paying attention.
Speaker 3 (04:52):
One of the things that I wasn't prepared for in
the barbecue accessory space.
I knew, obviously, that summerwas a big time, but like that
first year, I didn't.
I don't, there wasn't as manytools like product
opportunityity Explorer, forexample is, by the way, I think,
one of the best ways todetermine the market size and
(05:12):
how big the actual market is ata point in time and historically
that didn't exist back when Iwas starting in this category.
So while I did know that summerwas a big part of it, I thought
that was my only season.
I had no real way because Ididn't have any data I wasn't
selling in that category yetthat actually there's a lot of
gifting that happens around theholiday season for barbecue
(05:34):
accessories and I wasn'tprepared for that that first
year.
So had there been a productopportunity explorer or a tool,
something like that, I couldhave checked seasonality before.
I mean, maybe there was and Ijust wasn't privy to it.
But that's why, in going thereverse, when sales are down,
understanding and looking atdata in the market, as opposed
(05:54):
to just what your sessions arein a vacuum, is a lot more
important now and easier to dothan it was before.
Speaker 1 (06:02):
Yeah, I think that's an important point, and so some
of that data was availablebefore and we'd look at it via
Helium 10.
Now it's not nearly as,especially when we're talking
about seasonal products.
Now I'll say and this is not aknock on Helium 10.
I think there's a lot of thingsthat they do great, but it
wasn't as rich as what we get inProduct Opportunity Explorer
(06:22):
looking at 365 days, looking at90 days.
And then the other thing isthat, of course, helium 10 does
a great job of identifying whatthat data is within an 80% to
90% accuracy, but they're usingother things in order to figure
out what those trends look like,whereas when we look at Product
Opportunity Explorer, that datais coming directly from Amazon.
(06:45):
So you know that data is goingto be as accurate as it gets
when it comes to what does thatlook like, for you know, 360
days, 65 days versus 90 days,and I think you know, matt, you
touched on something that'sreally important there, which is
, if you have a business and Ithink, to a certain extent, a
lot of brands are like thiswhere you know you have a high
(07:08):
season and a low season I thinkthat really helps also identify,
okay, if our sales during lowseason are down 40% but search
is only down 20%, that tells mesomething is off, that I'm not
getting there's more marketshare to be had, and actually
what I'm doing is I'm losingmarket share.
And again it goes back to thatconversation of now.
(07:30):
The first thing is to identifythe problem, and that's usually
50% of the solution and what youdo about that.
There's a number of differentthings you can take from there,
but once you identify that, Ithink there's a lot more options
that you can take andstrategies that you can
implement.
Speaker 2 (07:44):
Well, and it's interesting because that
specific scenario that you justoutlined, which is kind of that
okay, I'm a seasonal product.
Let's take the pool market, forinstance.
We're very seasonal.
We sell the majority of ourproducts in about a three to
four month period during theyear, but in the off season we
still sell a fair amount ofproduct because there are
(08:06):
individuals who have their poolsopen year round Florida,
southern California, texas.
So there's still sales to behad.
But let's take that scenario.
Let's say that as a rule, themarket is cut in half during the
off season but for whateverreason, you as a seller in that
category, your sales drop by 70%or 80% in that off season.
(08:31):
If you're paying attention andyou see that data, what that
likely would tell you and ofcourse again, if you're not
watching the data, you wouldn'tknow but what that would likely
tell you is that in those stateswhere the pools are still open,
you don't have very goodcontrol of the market share.
You have control of the marketshare as a whole, maybe you know
, over the entire US, but inthose states where the pools
(08:53):
remain open you don't have goodmarket share there.
So then you come intogeo-ranking and geo-targeting,
because at that point then itbecomes relevant.
I need to start targetingFlorida, texas and California,
to start boosting my marketshare there so that in the off
season I'm ready for that andI'm maintaining, you know, that
market share in those in thoseStates.
So something to pay attentionto, you know, when you're
(09:14):
looking at that data, lookingfor kind of those anomalies,
yeah, absolutely Well, and Ithink you know.
Speaker 1 (09:19):
the other thing that I want to make sure that we
touched on here is, you knowwe've talked about a market
share from just a search volumeperspective, but there's other
aspects of this, especially whenwe're looking at Product
Opportunity Explorer that Ithink really gets lost in the
conversation typically, which iswhen you're talking about
market share, it's not justabout search terms and that type
of stuff.
It's also about the quality ofthe product, your return rate
(09:41):
and that type of stuff.
And I really encourage people,if you haven't spent some time
in Product Opportunity Explorer,put in your ASIN, put in your
significant keywords it's notgoing to have every keyword, but
the ones that it does have youcan actually dive into not only
related keywords but also whatare those competitor products
and how much of the market shareare they taking.
And then what I really findinteresting is there's a lot of
(10:04):
data in there on reviews.
As far as hey, what are the toppositive comments and also what
are the top negative commentsand return issues that you're
having with your competitors,which is incredibly valuable
data when you think about how doI and sometimes it's not a
matter of changing your product.
(10:25):
It's just a matter of changingyour messaging in order to
reduce that return rate or thosenegative comments, in order to
gain that market share.
Speaker 2 (10:35):
Well, interesting that you mentioned that, john,
because one of the things thatwe just discovered recently and
although we didn't find it inthe data, we found it in another
way, but I kicked myself thatwe didn't know this sooner
because we really have causedourselves a problem in this area
and that is we sell pool nets,and one of the things that just
(10:58):
blew my mind within the lastcouple of months was determining
.
We started going after UGCcontent really hard, and what we
found was we're sending thesesamples out to pool owners and
having them use our poll and ournet and then recording that UGC
video and stuff.
The number of those individualsthat were using our net upside
(11:19):
down was ridiculous, and eventhough it works technically that
way, if you're trying to cleanthe bottom of your pool with our
net upside down, it does notwork very well at all, and so I
can never figure out why we hadso many negative reviews that
were like hey, I can't scoop theleaves off the bottom of my
(11:41):
pool.
Now I know why they're using thenet upside down, and when I
look at it, it seems socompletely obvious that this is
the way it is.
Clearly, that's not true forcustomers, so now we need to
start putting a sticker on therethat tells them the site is up,
you know, so that they know howto use the net.
I think that's going toactually have a huge effect on
our review profile and we didn'teven know it.
You might have, you know,somebody might have found that
(12:02):
if they were investigating, youknow, into the product
opportunity explorer and thingslike that, you know, to
establish just that one littlething, you know, put a sticker
on the top of the net and all ofa sudden here's one big problem
that you've solved.
Speaker 3 (12:14):
Yeah, one of the tools that they I think I found
that about six or seven monthsago is that they're actually a
lot more specific.
Amazon's giving you a lot moreinformation about negative
reviews and what customers aresaying, and then they actually
use AI to summarize a lot ofthat for you.
So once I started to dig intoexactly why I mean, that's a
(12:36):
great example and how awesomethat you found that out through
just analyzing UGC.
But that's another one of thethings to pay attention to is
looking and analyzing your ownreviews.
To make sure, I had one of ourproducts.
I got a bunch of bad reviews aswell, and it was.
I found out later that it wasthe customers putting it back
together after they cleaned theproduct is what was causing the
(12:58):
problems, and I couldn'tunderstand why they couldn't get
the product to work.
But it wasn't getting it towork the first time, it was
after they put it back together.
They just weren't so like forus.
What we did is we included anentire module in a plus content
on how to put it back togetherafter cleaning, which again like
your point.
To me, it was obvious how toput it back together, but for
them it wasn't.
(13:19):
It doesn't matter what'sobvious to us as the brand owner
, because we're so intimatelyfamiliar with that product.
What matters is what what theconsumer deals with on their
side.
Speaker 1 (13:27):
Well, and I think that's you know.
You know what the consumerdeals with on their side.
Well, I think that's.
Mike.
You gave a really good exampleof that side, of how do you fix
it from You're the brand owner.
But think about how valuable ofan insight that would be if you
found that for one of yourcompetitors as well.
I mean because we do this allthe time as we look at review
insights using Helium 10 andProduct Opportunity Explorer,
(13:49):
and we'll find something wherepeople have complained about
that product and if there's away that we can solve it better,
we make sure to highlight that,even if there isn't a big
difference between the productthat we're working with or our
client's product versus theircompetitor, because obviously
what we see out of that is thatcustomers, there's a certain
(14:11):
aspect of it they do care aboutand they don't want to go
through that particular pain orsomething's not working properly
for them.
And by addressing that, that'sa huge advantage that we see for
that brand in order to takemarket share.
Speaker 2 (14:24):
Well, and I think that's such a great point, is
that there's a guy that I knowin the space and he was speaking
at a mastermind that I was at,and one of the things that he
talked about was in a categorywhere it was these water bottles
, I think it was, andessentially in that category
nobody was mentioning that theirbottles were BPA free, even
(14:49):
though virtually all of thebrands in that category were BPA
free.
They didn't have it in theirlisting.
Brands in that category wereBPA free.
They didn't have it in theirlisting.
So he put it in their listingto say we're BPA free, and all
of a sudden their sales withinthat market, you know,
skyrocketed because everybodywanted BPA free but none of the
competitors were actuallylisting it as that.
And of course, eventually yourcompetitors are going to catch
(15:11):
on to that and they're going to,you know, put that in.
So you know.
So the messaging only lasts forso long before somebody else
catches up, but in the meantimeyou get to grab those sales and
grab that market share andhopefully, if you make some
adjustments over time, you cankeep it.
Yeah, well.
Speaker 1 (15:25):
I think that's such an important point too is that
market share is one of thosethings that it depends on how
competitive your category is.
Maybe you don't need to belooking at it every day or every
week, but it's something thatshould be on your regular
checklist, depending on howcompetitive your category is,
because I think it gives you areally good idea of you know how
you're doing within your niche,because otherwise you might
(15:48):
wake up one day and you'll seethat your sales are down 50% and
you don't know why.
And it's you know withouthaving some sort of pulse on, or
your thumb on the pulse of yourniche, you can easily have
competitors sneak up on you and,using those insights that we've
talked about already, Well, andthe bad thing is is that on
Amazon it's 10 times worse.
Speaker 2 (16:10):
You're like, if this is happening to a DTC site and
you're losing some market shareout through Google search and
you know, search and brandawareness out there, it's
rectifiable in the sense that ifyou notice it, okay, now here
we are and we can start movingright, whereas on Amazon
everything's a flywheel.
But if you're not payingattention to it regularly, by
(16:33):
the time you do notice it thatyou've lost market share.
If you weren't paying attention, chances are that means you
lost a lot and that's why younoticed it.
And now that you've lost that,you're already on a downward
spiral on Amazon by the time yousee it, and so rectifying the
ship and getting yourself backto where you were might actually
be impossible at that point onAmazon because of that flywheel
effect.
Speaker 1 (16:54):
Yeah, or at least very expensive, yeah, at that
point on Amazon because of thatflywheel effect, yeah, or at
least very expensive, yeah forsure.
Well, I think the other thingyou know, just thinking about
that that you know we've done inthese cases where you know we
were the bigger brands, that Ithink also just gives another
opportunity is is that, you know, depending on your niche again,
you'll you will see.
You know, very aggressivecompetitors come in, especially
(17:14):
from China, where they'll spenda ton on ads for a few months or
whatever.
Well, in order to get thatsales velocity.
The nice thing about that isthat if you've got a decent
review profile and you've gotyour brand kind of set up pretty
well, those are greatopportunities in order to
competitively target them,because they're paying a ton of
money for all that additionaltraffic and if you've got a
(17:37):
strong product that you know cancompete against theirs.
We used to look at that and seewho was really coming up in the
rankings.
If we were in first, second,third, who's really coming up in
the rankings of seven, eight,nine?
And then we target themaggressively because we can see
that they're spending a lot onads and external traffic to try
(17:59):
and gain traction and we canbenefit off that as well.
Speaker 2 (18:02):
Yeah, it's much cheaper to siphon their their
traffic off than to pay for thetraffic at the top end.
Yeah for sure.
Speaker 3 (18:09):
Yeah, one of the ways that I I personally I love
looking at the search results ofmy top Like I do that that's
part of my SOPs is just lookingat the search results of my top
Like I do that that's part of mySOPs is just look at the search
results Cause, like like yousaid, like watching who's coming
up in the rankings, but I likewatching who's spending.
So like I will take ascreenshot of who are, who has
the sponsored brand headline ad,who has a sponsored brand video
(18:30):
ad, who has some of those moreexpensive ad placements and pay
attention to that week over weekand see, because a lot of those
challenger brands, especiallyif they know what they're doing,
they're increasing their top ofsearch to be at the very, very
top of page one for that 30 to45 first days.
So paying attention to not onlythe rankings and who's in those
rankings and some of thesetools, but also just looking at
(18:51):
search results and who'sspending money on advertising.
That maybe wasn't just a coupleof weeks ago.
Speaker 1 (18:55):
Yeah, and I think those are good clues too as far
as we start looking at.
How do you maintain thatposition?
And then also if you're thatchallenger brand of who to
target, maybe you don't want togo after the big kahuna right
out of the gate, but targetingwhoever is in four, five, six
can make a lot of sense,especially if they're out of
sync with the market as far astheir review profile or their
(19:18):
pricing or something else thatyou can take advantage of.
Speaker 2 (19:22):
Well, the other thing to come back to as well, I
think it's I just wrote up apaper for pool pros for trying
to help them kind of build theirbusinesses, and I think one of
the things that I focused onthere was looking at the
difference between grabbing areally large portion of a
(19:44):
smaller market versus a verysmall percentage of a much
larger market, and, number one,how much easier it is to do that
and number two, how much moreeffective it can be to do that.
So you know, looking at it asso what I was saying was like,
in a local sense for these poolpros, you know much better to
grab.
You know 75% of a small, youknow pool owner market of maybe
(20:08):
you know 200 people.
So you've got 150 peoplelocally that fit this very
specific you know demographicand customer avatar, whereas
maybe in the entire communitythere might be 2000 pools.
But if you can only grab youknow 5% of those because you're
not really targeting, then youhave much fewer you know overall
within the market.
(20:28):
I think that's true of anymarket that you're in, whatever
it is that you're selling,especially if you're at the
front end of that.
You know if you're enteringinto a market or something like
that, but is niching down andthen grabbing all of that niche.
You may end up with a largershare of the whole market by
taking all of this little marketwithin it and then you can
always expand beyond that laterpotentially.
(20:49):
But grabbing a really hugeshare of that small portion of
the market, getting that reallydialed in customer avatar, I
think, is, you know, it's goingto be a much better approach.
Speaker 1 (20:59):
Yeah, and I think that's so smart and I just I
think brands are listening tothis really just need to to
double click on what that meansfor them.
Because what I see a lot,especially you know kind of the
initial consults from a lot ofbrands is they'll come in and
they'll be like, hey, we want tohave that.
You know, sell this to mom,dads, aunts, uncles, you know,
brothers, mothers and the wholenine yards and they want to put
(21:21):
all those keywords you know intotheir title and their bullets
and try to speak to them intheir secondary listings.
And the problem is is that whenyou peanut butter spread that
across everything that you lose.
You know all that power ofbeing really focused and
understanding.
You know kind of that.
You know let's call it thesmallest, most viable niche that
(21:43):
you have and you can alwaysexpand on that later, because
the you know the truth of it isis that you know we're not
Coca-Cola, that we, you know,are the right fit for everybody.
You know we're more like RCCola where it takes, you know, a
very specific fit for everybody.
You know we're more like RCCola where it takes, you know, a
very specific taste for someoneto be like yep, that is
definitely my jam, that's thebrand that speaks to me and
that's what I want, right, allright.
(22:04):
So, as we kind of wrap thisconversation on market share,
matt and Mike, do you guys havea couple of action items that
you would leave our listenerswith?
Speaker 3 (22:13):
Yeah, yeah, actually I think that product opportunity
we talked about productopportunity explorer, which a
lot of people, just by the name,think that it's looking at what
kind of products to sell andsee if it's viable.
But there's so much informationand so much data in that
product opportunity explorerthat I think the first thing
that is actionable right now isgo, take a go, take a peek and
(22:37):
explore the new things and youknow there's new data in that
every single time I look at it.
So I think using the productopportunity explorer more
frequently and looking to seethe type of data that it's
giving you is something that youcan do today and you're going
to learn a lot about not justyour category but how you're
doing in that category.
Speaker 2 (22:56):
Yeah, I would say that's absolutely true.
I mean, even for myself, forthe longest time, I didn't even
open Product OpportunityExplorer, because that's what I
thought it was was exploring fornew products, and we already
had so many products we knew wewanted to release.
It's like I wasn't reallyinterested.
I was like I've already gotthis line of products that I
want to move on, so I didn'teven look at it.
So it's kind of misnamed.
So make sure you take advantageof it.
(23:17):
I think the only other thingthat I would say is just don't,
don't sleep on this.
You know like, again, Amazonoperates on a flywheel, so
everything that happens good orbad as soon as it starts, it's
already on either a downwardspiral or an upward spiral, and
if you don't catch it early,you're going to miss it.
(23:38):
And so, when it comes to marketshare, you need to know what
your market share is.
So make sure that you'refinding the data, whether that's
product opportunity explorer orwhether that's some third party
service that you're using.
Just recognize that if it'sthird party, like Helium 10 or
something like that, a lot of itis estimations and calculations
, and they may be pretty goodestimates, but they're not the
(23:58):
same as first party data fromAmazon.
So product opportunity explorerand something like that is
going to be a much better way ofdetermining just how much
market share you've got.
But also make sure that whenyou're trying to calculate that,
recognize what is your actualmarket.
You know I'm not selling toevery pool owner, so if I'm
comparing myself and trying tofind out what is my market share
(24:19):
of that market, you know that'sa very different thing than
calculating how much marketshare do I have among this
specific demographic that is myactual customer avatar and these
search terms that actuallyrelate to my product
specifically.
Speaker 3 (24:32):
So maybe pay attention to both, but really
dial in on that one that's verymuch more specific to your brand
I want to add one more thing towhat you just just said Not
only are you not selling toevery pool owner, but you're
also not competing against everyother product that's selling
the same thing in your category.
That's another really importantthing to note in there.
Speaker 1 (24:51):
Yeah, and I'll leave it with this just to build off
that product opportunityexplorer piece of it is, think
about how you can use that,especially the negative reviews
that you get in the return data,in order to lower your return
rate, because return rates, youknow, also drive one-star
reviews and you know we'vetalked about it before.
Eliminating, you know, aone-star review is 10 times more
(25:14):
powerful.
We all love five-star reviews,but really eliminating that
one-star review is 10 times morepowerful and there's a lot that
can be done just bycommunication and messaging
within your listing and withinyour brand in order to do that.
One example that kind of cameto the top of my head as we were
talking about this is justlooking at, I have a client who
(25:35):
sells automotive accessories andhe's got ones that are
specifically for Ford and onesthat are specifically for Chevy.
Well, putting that very plainlyin the images, in the title, in
the bullet points, and makingit as obvious as possible, even
if we can reduce that returnrate by 1% and reduce the
(25:56):
negative reviews by 1%, that isa massive win for that brand.
So, yeah, look at that data forand think about how you can
reduce either your negativereviews and or your return rate
by using that data for yourproducts and product opportunity
explorer For sure.
Fantastic.
Well, guys, I think this was agreat episode on market share.
(26:18):
I think you know listeners outthere.
I would definitely say that thebiggest takeaway is get into
that product opportunityexplorer.
It's not just about launchingnew products.
There's a lot you can learnabout your products and also
some competitive advantages inorder to take market share from
the other sellers that are outthere.
And yeah, check it out.
And we'll be here again foranother Tactics Tuesday.
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