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.
Isaac Kuhlman and Kirsty Verity, two successful Amazon sellers with over $10 million in sales, share the top reasons why you’re struggling to grow your Amazon business and achieving the lifestyle you want. By avoiding these reasons, you’ll be able to make money on Amazon, stop working for someone else and have the lifestyle you desire.
You think you don’t deserve it. The fear of failing is a big obstacle when it comes to selling on Amazon. Stop believing that you don’t deserve the lifestyle you want – start believing that you can. You do deserve the best things for yourself in life.
Thinking it’s impossible to achieve because you have no plan to get there. The adage, “What’s the best way to eat an elephant? One bite at a time,” appies when wanting to sell on Amazon. You need to commit to a plan, so that you have steps to take each day to reach your goal.
You’re too comfortable to push yourself. You might have a great job with a great salary and you don’t necessarily need to start an Amazon business. But if you commit to yourself that this is the thing that you want to do, you can fulfill your dreams.
You can’t commit the time to fulfilling your dream. You tell yourself that when something happens, like your child graduates or you receive your pension, that’s when you’ll start. There’s no time like the present to living the life you deserve.
You know you will make it happen someday. Someday never comes. Take action today and follow the people who have had previous success, like Isaac and Kirsty.
You don’t think you have the talent or experience. You need to be willing to fail, willing to make adjustments and willing to continue to move forward. Perseverance overcomes experience or talent. A strong enough why will lead to success.
The only thing you’re confident about is that you don’t have confidence. Do small things everyday that will bring you closer to your goal. Commit to doing just 1% more every day for 30 days. In that time, you’ll drastically increase your output. This daily action will breed a result, which leads to confidence. Celebrate your little wins each day.
If you want to learn how you can take back control of your Amazon business and achieve the goals you desire, check out Amazing Accelerators, a course designed specifically for Amazing sellers to transform your business from floundering to prospering.
The lovely thing is with Amazon; you don’t need to have hundreds of thousands or tens of thousands. I know plenty of people who started with 700 bucks or something. Now we recommend more, and I think our golden rule we like to use is to have two and a half times the amount of capital you need. So if you put your first inventory order in, let’s say it costs 500 bucks, you want to have two and a half times that amount of capital to account for any contingencies.
#2: You have to have time.
You have to spend a consistent amount, as much as possible. We recommend at least an hour a day if possible, but if you can’t do that, if you find every few days you can only fit in a couple of hours, that’s fine,
Also, you want to be focused during that time. Shut off all your distractions, shut off your phone, don’t be on Facebook, all those kind of things. Focus on growing your business during that time, because you will find the black hole of time happens, and if you only have an hour, it goes by quick, so make sure you’re focusing it as much as possible. Alright, number three.
#3: One product at a time.
It’s probably the best advice we can give, and we get that question all the time, because people are eager, and I get it, I get it. You want to ensure your greatest chance of success, but that is actually by doing one step at a time and one product at a time so that you do things properly. If you’re trying to do five products at the same time when you’re still learning the ropes, trying to figure out all the stuff there is to learn on Amazon; you’re probably going to do five products quite poorly, unfortunately.
#4: Make sure your product’s in demand, and don’t get sucked into following a passion.
Just because you’re really passionate about a product, you really think oh my goodness, this product is going to be the best seller in the world, if you go on Amazon and you see nobody else is even buying a product like that, you can’t find any products like that, don’t start with a product like that.
We know Facebook ads and all these social media platforms, any advertising, is always evolving and changing, and you have to recognize that it’s going to be part of your life. In the old days, we could find products, throw them up on Amazon, and they would do well. Does that still happen? Sure, but it’s an anomaly, I wouldn’t expect that.
#6: Know your math.
I’m talking about knowing your profit, your return on investment, your inventory cost, your shipping cost, and learn to use spreadsheets. Learn to use just basic free ones, like Google Spreadsheet where you learn your math. So vital, the people that succeed on Amazon, they know their numbers.
If you don’t have the right attitude, don’t expect good results. We’ve talked about this before. When we both started these businesses, we’re doing other things, and we’re just squeaking the time, but we had that right mindset. We knew we weren’t going to fail because we were going to put the right effort and the right attitude towards it, and you have to ignore what other people say.
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.