Shark Tank: An Entrepreneur’s Dream
For many entrepreneurs, inventors, and aspiring business owners, having a shot at making a deal with a “shark” can be a game-changing opportunity. As of 2017, the sharks have invested over $100 million into the selected entrepreneurs. But how can a popular ABC show affect your Amazon business? Let’s find out!
Brand awareness is one of the main benefits of making an appearance on the show. Often when these small businesses are featured, they are in the beginning stages of business and are startups with little to no brand following. Shark Tank averages around 6 million viewers per episode, and we saw that this exposure has a direct correlation to traffic on Amazon, with the night of the episode premiere producing a skyrocketing number of impressions and clicks. Before Shark Tank, our client’s product ads averaged 5,000 daily impressions, but within 1 hour of the episode, impressions jumped to over 50,000.
With this increased number of customers searching for our client’s product, we also saw a massive increase in sales but also an increase in ACoS (Advertising Cost of Sales). The show drove traffic with lower purchase intent, resulting in a lower conversion rate than average. After watching the pitch, viewers went to Amazon to learn more about the product and brand, but did not immediately convert to a sale.
This appearance made our client’s product top of mind for customers and a target for competitors. Weeks following, the cost per click for our branded keywords increased as the competition started bidding against us, which made us aware of how crucial it is to have a brand defense strategy in place. The existing brand defense strategy allowed us to maintain and defend our top branded terms as awareness from competitors increased.
After being highlighted on Shark Tank, another Amazon feature is being part of the Launch Pad’s Shark Tank page. This exclusive page highlights all the Shark Tank Products that have sealed the deal. This page is an added way to keep brand awareness even after the show.
Overall, this highly sought-after airtime on a Shark Tank episode can be a game changer for these one-of-a-kind businesses. From an increase in sales and impressions to competitors targeting your brand name. Shark tank can make your business a big fish in the endlessly-big pond of Amazon.
Are you interested to see how your brand is being defended or targeted on Amazon? Reach out to one of our Amazon Advertising specialists for a free Amazon audit!