IMPORTANCE OF NOT COMPARING YOURSELF TO OTHER SELLERS

We may be inspired by so many articles and anticipate what lies ahead for our businesses or we may have a different reaction and destroy our fourth-quarter sales.

We may begin comparing ourselves to other sellers.

The comparison trap can easily ruin your Q4 sales. Comparison is the fastest way to harm your Q4 earnings. The comparison trap might not cause you to lose income today or tomorrow, but it will have a long-term influence on your mental state and company.

Negative emotions can quickly build up when we compare ourselves to others and start feeling bad. We'll notice that our entire perspective has changed after a while. We might be inclined to give up if we don't feel adequate as a vendor. Alternatively, we may make poor buying decisions for our company.

It's critical all year, but especially in Q4, to remember what you don't know when you see Facebook posts about great sales or large RA hauls:

We have no information about how much profit other vendors are making.

If someone claims to have made $100,000 in sales, we can't take that to be true. After paying for inventory, supplies, and other charges, the seller might only make $15,000 of their $100k. We don't know how much time they spent purchasing and preparing their inventory. For all we know, they're only making minimum wage for their time.

We have no idea how other sellers are paying their inventory.

We have no information about whether they run a cash-only company or if they borrow money to make enormous purchases.

We never know if someone is making terrible judgments, taking out huge loans, and utilizing numerous credit cards to finance Q4 inventory. This is a very dangerous position to be in. Amazon may close someone's account at any time for anything they've done or not done, leaving them with the debt but no Amazon disbursement. They might be making poor purchasing decisions thinking that they need to make a lot of money on inventory before December 10 to optimize Q4, but what if their product doesn't sell as anticipated? They may pay for everything using cash and make a lot of sales in January before buying a new vehicle. Both situations may be true when you view those postings on the internet. The point is that we just don't know.

I'm not suggesting that everyone who creates these kinds of Facebook posts gives an incorrect picture. On the other hand, many vendors post these messages for a variety of reasons, including to inspire others or as a method of expressing oneself within a community. What I'd like to stress is that we should all think about how we are reacting to this material. If I'm receiving it in a negative light and comparing myself to others, then I have a problem.

When we're comparing ourselves to other sellers, we may experience two sorts of negative consequences:

We may become discouraged.

I fail to consider all of the years of experience (some successful, some otherwise) the other seller has had if I'm comparing my Chapter 2 to someone else's Chapter 12. When we compare ourselves in this manner, we might lose our momentum and motivation to succeed as a vendor. In the worst-case scenario, we may decide to stop.

We may look at other businesses' sales and get all worked up.

I can get conceited, filled with pride, and take risks when I compare Chapter 12 to someone else's Chapter 2. It is said that "pride goes before the fall" in Proverbs. The comparisons have the potential to lead to faulty thinking once again.

So, what should we be comparing?

We should be comparing our results to our objectives.

For any company to succeed, management must set goals. It's a good time for us as a team to start looking back and seeing if we met our objectives in Q4 and for the year. I strongly urge you to make annual or quarterly goals if not every four weeks. Setting goals is the greatest method for me to push my business. I'd rather compare my sales to my objectives than to those of another person. I want to evaluate my targets for the year and see how successful I was. Did I reach them? If not, what can I do to modify them for next year? What are you going to do to increase your earnings even more next year?

Don't get caught up in looking at other people's sales statistics. Don't be fooled by the comparison trap. Concentrate on where you are now and how you can accomplish your objectives.

#AmazonConsultingExperts