If you’ve started your Amazon business but are struggling to see sustainable sales, here are four reasons why and what to do to achieve the goals you desire.
You have to know your ideal client and focus on marketing to them. Writing your listing like a manufacturer doesn’t promote a real life experience or an emotional benefit, the two main reasons a customer buys. Be your ideal client and write your listing like you are talking to a friend.
People don’t really know what their main keyword is. You need a ranked main keyword, otherwise people won’t find you. What is a main keyword? It’s the word your customers will use to find your product and it’s usually the most simple. If you are selling a red pen, that’s your main keyword, “red pen.”
People don’t invest in a launch and just rely on one trick. A proper launch involves knowing your objectives, sale price and target sales. Everything you do is to reach that sales target.
People don’t use metrics to understand the levers of growth in your business. Amazon is one of the few places that provides instant metrics for your business. You can see how many people are looking at your listing and your conversion rate, how many visitors are actually buying. A strong conversion rate is anything over 20%. The more people visit your listing, the more you’ll convert and, therefore, the more you’ll sell.
If you want to learn how you can take back control of your Amazon business, check out Amazing Accelerators, a program created specifically designed for Amazon sellers, helping to take your business from floundering to prospering.
Amazon is an ever changing platform. What you were doing six months or a year ago doesn’t necessarily apply today to bring you success. If you’re struggling to put money back into your pocket, these 5 reasons could be why. And we’re going to tell what you can do about it to grow your Amazon business and be a success.
The products selected don’t have a great return on investment. Products with a seemingly high profit margin can be deceiving. There could be high minimum orders, which ties up thousands of dollars and delays your profit. You need to focus on your cost of goods, how much stock you need and understand your cost structure.
Financial management usually in disarray. Most people are focused on top line sales but you need to focus on how much profit you make each month. That’s how you get money back into your pocket.
Spending money on things that are not needed. Some subscriptions or services claim they can cure your business, like a keyword or email tool. But after you’ve purchased, are you really using the services? If it’s not building an asset or creating a return, cancel it.
Starting to sell random products. Trying to find that one product that will make you a millionaire will lead to an inconsistent portfolio in multiple markets. By not selling to the same customer and needing to start over with each product, you’re doubling your time and spending. To be successful on Amazon, you need to focus onwhoyou are selling to and not what you’re selling.
Not knowing how to properly plan for success. Focus on your goals and engineer your daily tasks in order to achieve those goals. Business is organic and knowing how to combat change is the best way to success.
If you want to learn how to take back control of your Amazon business, check out Amazing Accelerators, a program designed specifically for Amazon sellers to transform your business from floundering to prospering.
Do you remember that amazing feeling, that excitement of when you were first starting your business? That hope that it ignites in you. Of the freedom that you’re going to have when you have your own physical products business up and running.You’re going to be able to do the things that most excite you because finally, you’re going to be happy.
Along the way, challenges arrive. And when they do, it’s so easy to place blame. Blame on someone or something else, but what’s wrong with your business, it’s not some external factor. The source of your success or failure does not rely on being someone else, somewhere else. What I believe in my heart is that you need to take account for what you want.
The difference between running a business and leading a business is the vision. I believe that when you start leading your business and you have a passion behind said vision, that vision isn’t to be rich. That vision is because of what you want to achieve. You’ll have so much passion that you’ll look at those hurdles as nothing but just everyday, easy obstacles. Yeah, you got to deal with them, but you’re happy to jump right over them because your vision is way, way bigger.
To prove this, here are the top 3 reasons why businesses fail.
Starting a business for the wrong reason. If you’re not clear on your “why,” then it’s going to be almost impossible to follow through.
Lack of planning. This could be not understanding the product you’re selling, who the customers are or why they want to buy your product. Businesses succeed because it’s not about caring what the product is but who the customers are and why customers want the product. Knowing what to focus on is key.
Poor management. This includes lacked financial management, managing the plans, and bad hiring.
There are no excuses. Businesses that fail, the top three reasons are because of the business owner.
Your business and your life and going to overlap. Don’t lie to yourself and say, “No, they’re two different things.” You can’t be an evil business person, greedy for money and that not overlapping to your family life. If you’re not honest with yourself about what you want most in life, then how can you lead it? Because you’re going to be confused. You’re going to have no idea why you’re leading.
I believe that with every ounce of my soul that you can gain control of your business. You can feel energized because you’re in sync with the life that you enjoy living. But it all starts with deciding whether you want to continue running your life and running your business or leading it.
The world doesn’t need more runners. It needs more leaders. Leaders that will make an impact on this world. That are going to feed the poor, protect the weak, and love the unlovable. I beg each of you to take this to heart. I know I am not the only person that’s lost a child. But I’m the only person on this stage talking to you right now, so please listen to me. Don’t let it be something like that, that’s going to make you change. You have the power to decide to do that now and lead. You are capable of so much more than you think. You deserve a life that makes an impact on this world. And you can.
Don’t run a life full of regrets and doubts. Instead, lead your life. Lead your business. And let’s make a difference in this world.
We’re going to teach you exactly why focusing on more than one product at a time could be deadly for your business and the three questions you want to ask yourself to know if you can handle selling more than one product at a time.
#1: Are you a beginner, or are you an established seller?
Because if you’re a beginner, you know, your priority is to learn Amazon. There’s a lot of things that come when you’re learning the platform, you’re trying to understand how Amazon works, all the tools Amazon has, and you will find that it’s overwhelming at first. You start missing things and, you know, there’s a lot of terms of services with Amazon as well that you have to be on top of, so if you’re trying to learn this as a beginner, starting with more than one product? That’s a considerable risk.
You need to understand what it is you’re learning, and your priority is getting your product up and selling, and once you get it selling and start to get it established, well, then you get to another level.
It’s a relatively simple business model. Especially with Amazon FBA, they make things so much easier, they take a lot of the equation, versus in the old days, pre Amazon FBA, and you need to give yourself the time to learn these things and adjust and learn the ropes, and that’s why you start with one product, to learn the ropes. Once you start getting better then you can do all kinds of crazy stuff, but until then keep it simple.
#2: What are your budget and capital?
Because you don’t want to tie everything up, because then you have no room for marketing, and the other end of that is inventory, because what happens if you run out of inventory?
Bad things happen, your rankings plummet, and it’s harder to get back to where you were, so you lose traction, it’s like one step forward, two steps backward.
Another thing to think about too is if you’re brand new you’re going to do your best to estimate things like shipping. You’re going to do your best to estimate packaging and all those little things that go into making your listing, photos; you name it. So it’s best to give yourselves a little bit of padding.
#3: How much time do you truly have to focus on this?
Because time is money, time is a resource, you’ve got the money resource, and you’ve got the time resource. Some people have more time than money; some people have more money than time. Chances are if you’re starting this business, you’re probably someone that has a little bit of time, you’re probably working a job trying to get something going, you know, and we all did that.
I remember, what I used to have to do is I’d wait until my family was in bed and then I’d get back up out of bed and work a couple of hours. You try to get that time in there, and you need to be as focused during that time as possible. You want to make sure you shut off all distractions. And if you’re sitting there trying to manage multiple products while trying to learn the new platform, trying to set up marketing for different products, trying to do all of these things, and it’s divided over multiple products, you’re not going to be effective.
We found this product on Amazon in just a few minutes. And this product sells about seventy-six thousand dollars a month right now.
The first step in Amazon Product Research is to jump over to Google and search Amazon Best Sellers. What you can do to start is start digging do these subcategories. And so we’ll click on one of these categories cell phone accessories, for example where we found this then we can go to accessories then car accessories and maybe we’ll stop there.
There are only five things you need to look for when you’re looking for a great product opportunity on Amazon. The first one is the price we wanted to be somewhere between 17 and 70 dollars too low you won’t make enough money too much. It’ll cost too much in your first set of inventory.
The second criteria then are the BSR are bestsellers rank. And that’s how well a product is selling on Amazon. The lower, the better it sells, the higher, the worse it sells. And we like that sweet spot of 400 to 6000 in BSR.
The third criteria, then, would be the weight of the product. We recommend products are only five pounds or less.
The fourth criteria are going to be the number of reviews you find on a product. Our criteria are trying to look for products that have less than 1000 reviews.
Then the fifth criteria is simply making sure that you can build a brand around this product. You can own the brand, and we call that private label potential.
As you can see here, multiple products meet these criteria — this one at the top. We’ve already pulled it up. But this one does about six hundred thousand dollars. And so when you look at a product like this, this is how we initially find opportunities, and this is how we found this one.
We teach people how to optimize our listing. You can check out some other videos on our YouTube channel that’ll show you more about that. These photos are not great. They have a lot of room for improvement. Their bullets aren’t that great. Their title could probably use some work. They have less than 400 reviews, but they’re crushing it.
This one sells for around twenty-nine or thirty dollars thirty-nine dollars. You might think that it’s going to really expensive to get going with this product that your inventory order is going to cost you a lot of money was Matt’s going to film right now the dollar investment to get going for even a product like this is very reasonable.
This is kind of product you could put your brand on then all of sudden you’re one of the products that are ranking over here you’re one of the products that are producing all these sales. And so that is how you tap into that opportunity on Amazon. You know they’re doing hundreds of billions of dollars a year now in revenue, and there are tens of thousands of products out there that you can go out there and sell in the U.S. and some of Amazon’s international platforms.
So this is the first few steps of this business finding a good opportunity than finding a supplier so you can create your brand, which is a critical part of this whole thing. Don’t go out there sell somebody else’s brand. That’s how I started in e-commerce and quickly got away from it fortunately and started selling my brands, and that’s the model Mike’s use to do very well and all the other people that we’ve taught so absolutely want to sell your brand.
This is one product that we found in a matter of a few minutes, and there are thousands of products you can find just as quickly as we did if you want to follow the same system that we’ve used to build our businesses here for sure.