To combat imminent competition, it is critical that you revisit your ads strategy to drive more impressions. Consider bidding more aggressively on the most relevant keywords starting now to increase your organic ranking by Prime Day. Make use of dynamic bidding – up and down strategy for more likely conversions, and focus on top of search placement to get the right kind of visibility for your products.
Actively monitor your Ad Spend during the build-up period to Prime Day and of course, on the actual event days. Use Sponsored Brand ads to direct shoppers to a brand-centric environment. Work on your ad creatives to tell your brand story through the use of A+ Content and Amazon Stores. You can also design a Prime Day specific landing page and list tailored offerings that are found to be more popular on such days.
The idea is to plan for a full-funnel advertising strategy well in advance, so that you do not waste even a penny of your advertising budget on underperforming campaigns. In the run up to Prime Day, go for Display Ads to increase your visibility. Also, ensure that you deploy Sponsored Product/ Sponsored Display Ads targeting competitor ASINs (primarily the ones that are not offering very high discounts), so as to better your chances of conversion.
At the same time, stay on top of shopper trends and search behavior, to identify the intent of the buyer and target those keywords. Get creative and go beyond what you think your product is meant for. There is a wealth of resources you can use to get a pulse on what products have had an upward trend and projections for the near future.