For a long time now Google has been the king of ads. However, new research reveals that this phenomena may be changing. According to CNBC, top media execs are citing that Google's monopoly on ads may be on the brink of change.
Their replacement? You guessed it, Amazon.
The media giant is poised to offer a better ROI on ad dollars, and many companies are beginning to take note. So aside from the fact that you may want to look into shuffling more money into Amazon ads, what else can entrepreneurs learn from this?
Give Amazon ads a chance even if you're profitable on Google.
It's a basic scientific principle: when we encounter a change in our environment, we must either adapt to this new change, move to a new environment, or stay stagnant and face the consequences.
Businesses need to understand that sometimes things change. Being rigid isn't helpful, and in fact, can really hurt.
Need convincing? Just ask Blockbuster how they feel about going under in a Netflix world. As entrepreneurs, we can start doing things that are ahead of the curve, once we notice a trend. These are the early adopters. This is proactive and is called adapting.
This is what many companies are currently experiencing by redoubling their ad strategies by switching to Amazon. Some early adopters have gone so far as to start creating entirely separate products that are optimized for Amazon's ad platform.
However, most companies will be middle of the road adopters. Meaning, that they don't adapt, they just migrate over to the new thing once the cat's out of the bag. The last camp won't change, and as a result, they will die. They didn't jump on board in time, and now it's too late.
Focus on getting great reviews of your product.
Reviews are the lifeblood of product sales. When people are purchasing products, they read the reviews. If you have a lot of great reviews, then keep them coming by asking customers to review your product. A 5-star product with 50 reviews will sell less product than a 5-star product with 500 reviews.
If you're getting bad reviews, then consider figuring out why that's happening. It doesn't matter how great your marketing is or how big your Amazon ad spend is, a badly reviewed product is public for your potential customers to see and they will continue looking for different solutions to their needs even if what you have is perfect for what they need.
The best product research can be done by looking at reviews of similar products.
Personally, I have two books on Amazon and I use ads heavily to promote my books which generates more opportunities for me. When I was looking up titles or topics for my books, I looked at the comments of other similar books on Amazon to see what the feedback was.
Look at each review and see where your product can succeed, use this content as an opportunity for you to make a better product.
Especially in today's ad and marketing world it is important to focus on new opportunities, because the faster you adapt, the quicker you could (potentially) be rewarded. Sometimes, you will lose, but that's the risk of entrepreneurship.
However, this concept also applies to everything else in business. The more you are able to seize opportunities, the more you will get out of the risks you take--it's just part of the game.
Sometimes, you need to take risks in order to grow, but the fact remains you should always use your best judgment.