We're diving RIGHT IN this week!
We have a watercooler channel in Incrementum’s company Slack where the team shares memes, family updates, funny tik toks, and everything in between. Consequently, we’re adding this segment to the newsletter to share a bit of the #watercooler-hangout culture with all of you! This week’s funniest Amazon review goes toooooo….
After seeing a gap in the Amazon content niche, Liran spent the last decade building a community of Amazon sellers who exchange stories, resources, and some of the most valuable advice available to new entrepreneurs in the space. Last week Liran posted the question: experienced Amazon sellers, what advice would you give to sellers just starting out? The post got over 150 comments from a network of sellers accounting for billions in revenue on Amazon, and the advice is much too valuable not to share with the Amazonians that read this newsletter. So without further adieu...?
- It’s a marathon, not a sprint.?
- Invest time learning this business inside out, don’t be fooled by “coaches” that don’t even sell on Amazon and be ready to work hard.
- Keep your receipts when selling inventory to Amazon.?
- Start. Take action. You’ll figure it out as you go.?
- Always focus on quality and profit margin.?
- Don’t forget to add a line item for returns/refunds/scratch inventory and removal fees
- Budget 3x whatever anyone tells you.
- Do not start with 2 products especially if you are a beginner
- Don’t start with private label.
- Start with retail arbitrage! As you grow scale to private label 1 product at a time
- Build an audience and find the cheapest source of advertising for your products.
- Successful sellers are no different to you. All they’ve done is launch a product that the customers wanted more than others. So double down on your product research, validation and focus hard on developing USP with your offer.
- Have Patience. Collect a Few Reviews. PPC is Must.
- Have a ruthless focus on solving a problem that doesn’t currently exist.
- It's all about alignment.. it's about understanding the goals Amazon has in regards to serving their customers and incorporing those goals into your Amazon business model.
- As fast as you can...RUN!
- That you’ll never own customer data unless you have a team who understands Customer Acquisition tactics in a very restrictive, cut-throat marketplace.
- Watch and read every piece of content Liran puts out.
- Spend money networking, going to Amazon events and visiting with sellers who have been in the game longer than 5 years. The education you receive from other successful sellers is priceless. It’s not the guy giving the presentation that will necessarily help you. It’s the one sitting 2 rows ahead of you selling $5 million a year you probably want to meet.
- Products must have sufficient MARGIN. Know your numbers prior to launching product.
- Study Amazon's TOS...don't break the rules...you can get suspended even if you follow the rules...maximize your safety.
- Study what can go wrong, and learn how to prevent it, fix it, or avoid it.
- Get a coach...shorten the learning curve...they not only teach you what to DO, but what NOT to do.
- Don't waste time on low-margin products
- Realize Amazon is one channel, not the entire business model
- Start with brand strategy (USP, buyer persona, packaging. Your Product > marketing.
- Sell on eBay.
- Get your own real estate from day one. That means, have a website, even if it’s basic to start, and a landing page where you can capture emails.
- Know when to take a time out.?
- Take your time to think your product through and through. Product experience is key.
- Play brand war instead of price war. Work on your strategies.
- know the magic rule -> right product to right audience at the right time creates multiplier effect.
- Just be consistent
- Get acquainted with Quickbooks or another accounting software and get a bookkeeper early on. It’s vitally important you know your numbers before you start throwing more money into the business.
- Spend money on pictures and make sure they are the best pictures in your category.
- Success leaves clues. Study the patterns, look for the outliers. If you're not ready to work smart & hard then get ready.?
- When doing product research, don’t rely on the same data most do, such as h10 and google trends alone. Find out how many of the top sellers are Chinese based, and how many have a solid content marketing engine. Go into the a product category with your eyes wide open. Don’t be emotional about product selection. Follow the data.
- Search for patents first and ALWAYS do the right thing
- Make sure you have the budget to do it right. EVERYTHING is more expensive - from product landed cost, FBA fees, other Amazon fees to ads. And then add a buffer amount to make sure you cover “learning fees” (mistakes that are made). Also don’t forget the software tools that are a necessity to run your business. This all adds up quickly. Things to be aware of during the process.
- Use Amazon as a product testing ground for your brand, and then build a brand as quickly as possible outside of Amazon to protect yourself long-term.
- Find a high 7 or low 8 figure amazon seller that has been selling for 5+ years and ask them if you can work for free 10-20 hours per week in exchange for them mentoring you. Do this for a year and then start. Level-up
- Have a plan!
- Focus on the process and not the outcome. Master The Process. Let the outcome be a natural consequence to the process.
- Remember: The Systems make you Money!
- 80% of your success will come from creating an original and awesome product.
- Study your failure carefully and never make same mistake twice
- Patience is the key to success
- Grow your email list. Design enticing product inserts that will help you collect your customer’s info so that you can post purchase market to them for future product launches, sales, and partner (affiliate) offers.
- Take an accredited course in selling the method you prefer and learn as much as you can + improve your sales skills!
- Product and sourcing both are the backbone of business.
- The more you grow the more your business growths. Mentally, physically and spiritually.
- Don't drive traffic to a listing that doesn't convert. Start from the inside out. First quality differentiated product, then high converting listing, then high quality traffic. Most sellers skip the fundamentals and go straight to the hacks. That's a recipie for misery.
- If I started over I would go for 100 different products that sell 10 units a day instead of a few products that sell 100s a day. The PPC costs to keep a product that high in the search results is insane, eats all the profit.
- Just invest in real estate instead
This year for Mansour’s birthday we couldn’t decide what to send him as a gift, so we left it up to you. It looks like we’ll be spending the next week figuring out how to talk Mansour into adopting the puppy we’re sending over the border!?
Mansour Norouzi | Director of Advertising
Mai Pham | Head of Seller Operations
Join Liran and Mansour TOMORROW for our monthly listing tear down! We're choosing one lucky listing from 5 major brands on Amazon and sharing our thoughts on how they could improve conversion rates and build brand awareness using Amazon's advertising tools. Bring snacks! It's time to lunch & LEARN y'all! Link is in the picture below:
That's all for this week! Thanks for reading & we'll see you soooon!
Partner & Director of Advertising at Incrementum Digital | Amazon Seller | Amazon Advertising
2 年that review is ?? ??