Gearing up for Amazon Prime Day could be the difference between a sales bonanza and a missed opportunity.

For entrepreneurs Julie Stott and Jo Baar, co-founders of the jewelry company Honeycat, last year's Prime Day sales generated 500 percent more revenue than a typical two-day period, setting a new record for the company. Total Prime Day sales for Amazon's third-party sellers reached $3.5 billion in 2020, up nearly 60 percent year-over-year. Stott and Barr are hoping to break records again for this year's Prime Day, which takes place on June 21 and 22.

"We've been preparing for Prime Day for months," Stott says, adding that the company has been sending its jewelry to the Amazon warehouses and setting up a Prime exclusive discount of 20 percent off.

If you haven't started planning for Prime Day yet, there's still time, according to Yoni Mazor, a former Amazon seller turned e-commerce consultant. In 2016, Mazor co-founded Getida, a company that helps Amazon sellers get reimbursed if there are issues with products sent to Amazon's fulfillment program, Fulfillment by Amazon.

Here are three of his tips for preparing for Prime Day.

1. Save your marketing budget for day-of sales.

Mazor advises against spending heavily on advertising during the days leading up to Prime Day. "It's the quiet before the storm," he says. "When the storm comes, then you really capitalize on the momentum." Prepare your pay-per-click (PPC) budget for heavy advertising spend on Amazon once Prime Day starts, he says, as it's crucial to spend on promoting your product listing to get more eyes on your page.

2. Promote on other sites.

To get a better rank in Amazon's search algorithm, it's "very powerful" to get traffic to your store's page that's redirected from other websites, Mazor says. "You can't rely on one source of traffic for this," he says. Advertise your sales across social media and your own website, and consider marketing campaigns to add links to popular blogs and influencers' sites. The more diverse the websites people are coming from, he says, the better your chances of your product being at the top of the page of search results.

3. Don't bet only on Amazon's promotional programs.

Some small businesses get drafted by Amazon for extra promotion after joining Amazon Launchpad, its program designed to help startups, Mazor says. As an incentive for joining, some businesses can be picked for promotion in featured videos on Amazon's homepage or listed on its small-business pages for promotion during Prime Day. Mazor advises small-business owners to "take that opportunity with a grain of salt," as there's a cost to joining Launchpad--Amazon charges businesses a 5 percent premium for all sales associated with your account. That may not be worth the extra promotion.