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Locking in Success: A Journey to Boosting Sales in the Hardware Market

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Profit Whales Team on May 16, 2024 in Case Studies

Introduction:

In today’s dynamic e-commerce landscape, adapting and innovating to boost sales and increase market presence is crucial. This case study delves into the journey of a unique brand specializing in antique-style skeleton keys and lock-picking hardware. The brand’s diverse product line includes keys crafted from materials like solid brass and die-cast zinc, with various finishes for aesthetic appeal. Operating in the Hardware category, specifically under the Keys & Locks subcategory, the brand offers products ranging from keys for doors to secure locking mechanisms for safes, cabinets, and other enclosures. Despite its diverse offerings, the brand faced challenges in elevating its weekly sales beyond a certain threshold.

 

The Problem:

Despite a steady sales rate, the brand struggled to boost its weekly sales beyond the $22k mark. Several key issues contributed to this stagnation:

  • Uneven Sales Distribution: Some products in the lineup were generating significantly fewer sales than others, indicating a need for a comprehensive strategy to revitalize the entire product line.
  • Advertising Campaign Control: The existing advertising campaigns lacked precise targeting, resulting in ineffective keyword strategies and limited visibility. This led to missed opportunities and suboptimal conversions.
  • Low Targeting Control: The campaigns had limited control over the specific placements and listings, hindering the effectiveness of advertising efforts and leading to diluted sales.

 

Actions Taken:

To address these challenges and unlock new growth, several strategic measures were implemented:

  1. Advertising Enhancement: The advertising framework was revamped to include new relevant keywords and automated campaigns. This aimed to identify search terms outside the controlled structure and direct traffic toward high-conversion placements, thereby improving sales performance across specific keywords. This new approach also allowed for better control over advertising campaigns, ensuring that resources were allocated effectively.
  2. Competitor Targeting: New advertising campaigns were launched to protect listings from competing ASINs and sponsored ads, while also targeting competitor listings. This dual strategy aimed to sustain conversions on the brand’s listings and redirect potential customers from competitors, reinforcing the brand’s market position.
  3. Niche Analysis: A comprehensive niche analysis was carried out to evaluate market capacity, average price, competitor landscape, and the brand’s strengths and weaknesses against leading competitors. The analysis provided insights into the brand’s market share, allowing for strategic adjustments. Based on this analysis, a slight price increase was implemented, enhancing profitability without compromising competitive edge.
  4. Discount Campaign: To drive conversions, a discount was introduced with prominent red figures displayed next to the price. This approach attracted customers looking for value deals, leading to an increase in sales across various products.
  5. Ongoing Campaign Management: The management of advertising campaigns continued, involving close monitoring of product performance relative to the niche and competitors. Opportunities for improvement were identified, leading to the development of new marketing strategies to sustain growth and reinforce the brand’s position.

 

Results:

These strategic actions led to substantial improvements:

  • Brand Recognition: The brand saw a significant increase in impressions, sessions, and page views, highlighting its growing market presence. This improvement reflected the effectiveness of the new advertising strategies and niche analysis.
  • Sales Growth: Weekly sales surpassed the $34k mark, reflecting a notable increase in revenue and successful implementation of the new strategies. The balanced approach to advertising, targeting, and pricing strategies proved effective in driving sustainable growth.

Conclusion:

This case study demonstrates the effectiveness of a well-rounded strategy in revitalizing a brand’s sales and market presence. By enhancing the advertising framework, implementing competitive targeting, and carrying out niche analysis, the brand achieved substantial growth. The ongoing management and strategic adjustments further contributed to its success. This journey serves as a testament to the power of strategic planning and innovation in achieving sustainable business growth.

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