Prism: The New Era of Market-Aware Advertising
Franz Jordan, October 26, 2022
With the release of Prism, we move into a new era of empowerment for online advertisers. Today marks the beginning of a journey toward the ad management of the future: market-aware advertising that considers market developments and competitive dynamics when setting advertising strategies, optimizing ads, and reporting on ad performance.
Retail media has grown at a tremendous rate in recent years. According to an analysis published by Insider Intelligence, ad spend on digital retail media in the United States rose from $20.5 billion in 2020 to an estimated $31.5 billion in 2021, a year-over-year increase of more than 53%. This growth in investment signals the huge opportunity brands see in the retail ad space.
However, to set up and run retail ads most brands rely on data about their own products. We think this is misguided. Because retail platforms are extremely competitive, your advertised product is always displayed side by side with competing products. To win sales, you need to outperform the competition; to outperform the competition you need data to find out what they’re doing, and how they’re doing it.
Our industry has ignored the market around the advertiser for too long. Making high-impact advertising decisions on a hyper-competitive platform like Amazon requires full market awareness because the future of advertising will be defined by how well brands understand the environment in which they operate.
What is market-aware advertising?
Market-aware advertising is about including market and competitive dynamics when setting an advertising strategy, optimizing ads, and reporting on ad performance.
For example, consider reporting. If your brand's sales have grown 10% year over year, at first glance that may seem like a good thing. But if you look at the larger market and see that sales have improved by 30% among other brands in your category over the same time period, then 10% growth is underperforming the market.
Seeing what’s happening in the market is the first step. Understanding why another brand is doing well or poorly is the second. Have they lowered their prices? Have they introduced a new product? Or are they targeting a new set of keywords? Knowing the change driver behind another brand’s performance numbers will guide the market-aware advertiser in identifying strategies to adopt or discard.
In this way, with lessons gleaned from competitors in mind, the market-aware advertiser understands their performance in context and can identify where their greatest strategic opportunities lie. But to capitalize on these insights you need the right tool—that’s where Prism comes in.
Prism: competitive intelligence fully integrated with Perpetua to make advertising market-aware
Prism is Perpetua’s market and competitive intelligence tool. It gives users instant insight into how they’re performing relative to other brands on Amazon, and it allows them to translate those insights into action immediately to drive revenue.
You can use this tool to:
Create custom markets and benchmark your KPIs to understand how your performance compares to brands in your niche.
Track and analyze competitor data by sales volume, price, units sold, ratings, reviews, and more.
Identify success factors of competitors and apply those learnings to your own ad strategy.
Because Prism is fully integrated with Perpetua’s best-in-class advertising software, you are able to incorporate the market and competitive data into your ad management seamlessly. There are three key areas where Prism’s insights will be able to guide your advertising campaigns.
Goal setting, planning, and forecasting: Accurately predict the impact of your ad spend and understand what outcomes you can expect. This means the days of trial and error are over. Knowing what is happening in the market around you, you will be able to forecast instead of guess about the results of your next $10,000 in ad spend.
Advertising optimization: Learn from competitors (for example, what keywords they are using that you are not using). And react to changes in the competitive landscape (for example, double down on a product when the top competitor product goes out of stock).
Reporting: See your KPIs relative to the market to understand how you’re really performing.
It is with tremendous excitement that we introduce this ground-breaking tool. By combining performance data and market intelligence with Perpetua’s advertising software, Prism gives brands unparalleled power to grow. Join the next generation of market-aware advertisers: book a demo today.
To get started or learn more about how Perpetua can help you scale your Amazon Advertising business