The Sleeper Strategy to Boost Conversions Overnight

Matt Kostan.m4a Hey, my name is Matt Costan, and we are at Market Masters here in Austin, and I'm happy to present to you today the sleeper strategy to boost your conversions overnight. I'm the CEO of Product Pinion, and happy to give you some insights on what's working today to get those conversions up so first I wanted to ask: do you love Costco? And everyone there is probably saying 'yes', we love Costco. We have the membership, but have you ever thought, why, why do you love Costco? Just before we get into that, what if I told you you could actually bottle up what Costco has and actually apply it to Amazon? That's what we're going to be talking About today, so here is how you actually do it, but just before that I wanted to bring up the actual problem. So there was a Stanford University study that basically said that people with more choices were often less willing to decide to buy anything at all; they'd rather just not buy something when there's too many choices than pick something from a select few. This is a really key, important point to make things happen when we're selling on Amazon. Now, here's the issue: when you're searching on Amazon and say you're looking for toothpaste, holy jeez! We got 10, 000 results just for toothpaste, right? Uh, talk about being overwhelmed. And the issue is, especially today shoppers are super finicky. Uh, they want to be in and out when they're shopping; they don't want to deal with looking for candy. But they know that they're going to stay open all year long, and a lot of people and wait and see immediately. So you can get that important result for toothpaste. Amazon actually published a study in 2022 and said that you only have three minutes to basically make that first impression and capture the sale: 28% of Amazon purchases are are actually done in three minutes, and in 15 minutes, over half of them are done. Right? That's it; so you need to get that attention, get your Message across very quickly so your goal as a seller is to make it as quick and easy for people to choose your product. They see you, they choose you, they're good to go, and you get the conversion. And where this comes into play is understanding something called cognitive load, which is basically the mental effort that people have to process information. Here's the trick: and it's so simple but not a lot of people do this-less effort you put on people the more sales you make. And I'll show you how this actually works with some examples. Amazon knows this exceptionally well; they've actually said, like, 'The purpose of Rufus is to' Help people get away from that cognitive load and actually get a personalized recommendation, so instead of going through 10,000 search results, hey Rufus, what toothpaste do you recommend for sensitive teeth? And it gives you like two-three options right? And they do this because they know you're more likely to convert when you have a couple options in front of you versus the page of 10,000. Costco knows this exceptionally well too and they're all about reducing this cognitive load to make an efficient search result, and that is exactly what we are doing here in the streamlined shopping experience. So you know what you're getting at Costco. You go in, it's bare bones, it's a warehouse, and obviously great, great prices as well. Costco has less than 4,000 products in each of their stores. When you compare that to Walmart, there's 150,000 products per store. So much easier to make buying decisions at Costco than it is at Walmart. So again, less thinking translates to more sales. Costco online is no different. They're very, very smart with how they sell online. If you've ever bought a TV, you might have found something like this. So instead of diving into the products, like typical best practice is show the products first, right? Get people clicking into the products. They're going to convince you on why are you buying a TV from Costco first? So they tell you all the benefits up front, the status, standard shipping, the two-year warranty, the room of choice, all the extras that Costco gives you, which reduces your cognitive load. Now the decision isn't where I'm buying, where am I going to buy the TV? You know you're buying it from Costco because straight up they're telling you why you should buy from Costco. Don't make people think, right? Give them the information that's going on in their subconscious brain and you'll get the conversion that way. Tell me exactly why I should buy from you. Sounds good. Great, Matt. Yeah, fantastic. But how do I actually apply that to Amazon? Well, takeaway number one, tell shoppers why they should buy from you, why you're the best. And how do you do this? Where do you do this? It's in your secondary images and in your A-plus content. So just for example, you can do something like this where you literally tell people what they're thinking. So in this particular category, it's a luggage lock. It's a very expensive luggage lock. And I'm basically trying to get people to understand why are these more expensive? Why are these more expensive? Why are these more expensive? Why are they worth it? I don't want them to have to think too much. So I literally tell them, hey, here are the five reasons why it's worth it. A similar idea for this product, five reasons why you'll love this product. You list them one through five and you're just basically simplifying the listing to get people to be like, okay, this is the product I want. In and out, I'm good to go. I don't have to hit back and look through the 10,000 other search results. Costco does this on their product detail pages as well. So that was a category page. So I'm going to go ahead and look at this. This is the first page we just saw. This is right on the product page. So you don't even see any product specs or details or the description. They're literally still just convincing you why Costco is the best to be shopping at. And this is what we should be doing as well. Why our brands are the best. The other takeaway that you should be thinking about with your listings is simplifying them. So way too many sellers fall into the trap to try to squeeze all the information in thinking, yeah, more info is better. It's not. You actually want to do the exact opposite. Anchor knows this better than anyone else. They sold a billion dollars on Amazon. And what they did was do some consumer insights, which you know I'm all about. And they figured out that speed and portability for their batteries were the number one thing. So what they do is make their listings dead simple. So portability fits into any space. High-speed charging for the MacBook Pro, it's super fast. That's all they're getting across. That's it. A similar idea with this product, you know, one kind of topic per image. That's what gets people to understand it. They get the information. They're more likely to convert and buy. So again, one to two highlights per image. Keep it simple to consume the information and you're more likely to get the conversion. This works so well that Amazon's rolling out something where they'll actually do this for you. So this was a preview where basically Amazon's creating these topical things that appear on top on secondary images. And they're basically, they're callouts, right? Like basically saying, hey, this is why the product is amazing. It's called product highlights. And in fact, it's that they were testing it. Now it's actually, they're still testing it, but it's now becoming more widespread. So you actually probably have seen these now on the listings where they're generating these topics, these points, because they know, that it helps with conversions. Called product highlights, it's new plus, new A plus content appearing and above the fold images. But okay, sounds good. Does this actually work? Like show me the results, show me the money. So one of the case studies that I can show you is this face painting kit. It was done by Unit Six and we had some consumer insights done by ourselves. This was the before. So this is what a lot of listings look like. It's a lot of stuff going on. And this is the after. Big difference, free step-by-step guide, easy to apply and remove. You keep it dead simple. And the results are dramatic. So live on Amazon results, they went from a 10% click-through conversion rate to almost a 13 and a half conversion rate. It's almost a 40% increase in conversions. That's what the graph looks like, right? So you can obviously see right after they updated the listing, line goes up to the right. That's what we want. Another case study from EcomSeat. This was for a barbecue basket accessory for barbecues. This was the before. So not bad, but obviously there's a lot of things going on there like removable handle, easy lock lid, three points at the bottom, the dimensions there, right? So again, change it up. No large gaps, your food stays put. They did some insights that the number one reason for this product or the concern was, does the food fall out, right? So you want to answer that. Answer the subject, answer the question, answer the question, answer the question, answer the question, answer the subconscious thing that's going in, in someone's mind. Secure latch, not going to fall out when you grab it on the grill, that sort of thing. And of course they had really good results. They had 35% increase in sales once they launched that. So again, takeaway, simplicity sells, reduce that cognitive load, get more sales. I also have a bonus tip for you, which I don't see a lot of sellers using. So Amazon launched something called Next Gen Selling. And what it is, is basically a dashboard that you can build. You go to sellercentral. amazon. com slash Amazon sell, simple URL, and it allows you to build a module dashboard. So you can actually put your conversion rate on a dashboard there and you can watch it go up. Once you implement this, you'll see your conversion rate go up. They have a whole bunch of other things as well, too. Returns, shipments, you name it, you can make some cool dashboards. But I feel a lot of sellers don’t know that this exists. It’s somewhat new. And now you know about it. You can also, it also will give you recommendations on what to do as well. So create AB experiments, which we know are all about as well. So again, next gen selling, that's the URL. One more bonus tip before we wrap it up. If you want to see how Amazon's interpreting your AI images, we made a free tool. It’s imagecheck. com. It’s one-to-one with Amazon’s recognition, so we don’t put anything in between it. And you can actually kind of see how Amazon interprets the images, which is really important when it comes to getting recommendations from Rufus. What is the information that they're grabbing off the image? So all you do is upload the image. You can get it to detect the items. You can get it to detect the avatar. So it can tell you the demographics of the person in your lifestyle images. This is super cool because if you ask Rufus, hey I need a gift for my so-and-so who's this age and that sort of thing Rufus can actually or Amazon's AI can actually read the demographic details of that person and it could be another data point for your listing if you're doing that correctly and then it can also read what text and image that you have as as well so as an example here you know we load the product here is a is a cover for strollers but it thinks it's an e-scooter whoops right so it might be something you want to change maybe gray out the rest of the scooter thing so that the most prominent thing is actually the cover for this for the for the scooter so that's what I have for you again email Matt at product pinion calm and happy to happy that you've been you went through it and I want I'd love to hear if you you know increase the conversions by reducing cognitive load thank you so much Cheers.