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210 How to Sell Products Online for a High Price with Dana Derricks Part 2 of 2

In today’s interview, we will continue our discussion with Dana. Tune in to see what he had to say about upselling to your customers and using different strategies to teach us how to sell products online.

For our other interview or access to a webinar Dana present, please visit http://amazingfba.com/dana.

Create an amazing offer

An amazing offer would be discounting your product by 50% because most sellers are only just discounting 5 or maybe 10%. Where 50% off is definitely is a big deal to most customers and they will love you for it. Especially if you can show that it is actually selling at that price on Amazon. Getting 50% off would be the best way to create an awesome offer.

Presenting your discount

You should give the customer a coupon inside with the package. When they get to Amazon and get to the right link they will find the product is at full price. To make sure the customer uses their coupon you would charge full price. Then at purchase when they use their coupon that would basically unlock the 50% off making the product cheaper.

Percentages and numbers

You come out ahead when you sell at a discounted price because you don’t have the fee that you would at full price, and most importantly you get a customer off of Amazon. The thing to remember is getting customers off of Amazon is value in and of itself. As far as percentages go your range should be between 5 to 20%.

The thing that is most exciting is once you get your backend build up really well, and you can take customers off of Amazon. Suddenly you don’t have to try and make your money solely off of Amazon.

Another tactic to making big money is to take an existing product and lower your prices that way you can get more people coming through your door, and potentially making a purchase. Combining this tactic with offering coupons is the best way of getting more eyeballs on your product. You’ll get more buys and outsmart your competitors.

How to Sell Products Online

Physical products businesses are cool. Some of the people don’t talk about how much money they require to grow and scale them. because every time you sell out of inventory you need twice as much the next time. The best thing to do is to inject product services into what you’re already selling. One of the things you could do on the front end would be to inject informational products like a how-to.

The next step is to become an affiliate for some of the products people are buying from you. The thinking of most people is that their next dollar only comes from launching their next product. But it is much more important to build it up from front-end to back-end first. Once you have done that just rinse and repeat which is much more important than injecting a new product.

The 80/20 Principal

A great book to read on this principle is written by Perry Marshall on how to sell products online. You’ll find the that 80% of your revenues come from 20% of your fulfillment. So, when you get higher up offers you’re actually spending less time and money, but you making more doing it. Any listeners out there that do not already have these high ticket offers you’re really missing out on your best customers.

Dana’s amazing book

Dana has sold numerous copies of his book at $2,500 because the contents of the book are so valuable. Inside his book, he shows how he’s able to sell most of his books for a whopping $200,000 and even up to $400,000 per copy when other people are selling their book for only $20.00.

He goes through the entire process of how to sell products online and making huge profits in the digital product world. The exciting part is that he is giving away a free copy to all the listeners at his own expense completely free. Stay tuned to get your free copy! Limited time only!

Dana’s Goat Farm Mastermind

Dana’s first go for the Mastermind was a couple months ago which was unbelievable and a really special event. Because it went so well the first time it will be happening again February 2018. This will be a live event. He will be personally working one-on-one with people, but he will also be having other people flying in to share with the community as well. It’s different than most masterminds because it’s at his house and there are only 20 spots available.

Goats will be involved. Doors are now open and several spots have already been taken so don’t wait too long to reserve your spot before February 2018. It is very simple to apply just by going to http://goatfarmmastermind.com. You can check out the success stories over there and if it’s something you’re interested in doing, you can sign up.

For our other interview or access to a webinar Dana present, please visit http://amazingfba.com/dana.

209 How to sell a Product for lots of money with Dana Derricks Part 1 of 2

Dana has always positioned himself as someone that sold stuff at a higher price than most other sellers on Amazon, and now he writes books about how to charge the amount you want for your product and get people to pay that. He evens sell his informational books for way more than what other books are going for. His latest master project is teaching people how to sell their product for what they're actually worth. Today he is going to teach us how to sell a product for lots of money. Read More

147 Social Media Strategy with Manuel Becvar Part 1 of 3

Importance of a Social Media Strategy

Today on the show we have Manuel Becvar of Import Dojo. As Will Tjernlund mentioned during his interview, Amazon wants to increase their own private label operation. As Amazon become a larger competitor, you’ll want to establish your brand off-Amazon. Once you have a strong audience, this will not only help you sell more on Amazon, but give you the leverage you need if you wanted to sell on other channels. An important step to this, is creating a social media strategy.

There are differing opinions on social media. Some people say it’s a complete waste of time while others say it’s the cornerstone of their business. Social media can be a huge driver of traffic for your listings. When creating a brand, it’s important not to overlook the critical component that is social media.

Return on Investment

It’s understandable that people may think that social media is a complete waste of time. You’re not going to get instant results. You won’t see anything in a couple months. However, if you stick with your social media strategy, and keep building your social media presence, you will start to see in impact in a year or two. Manuel Becvar doesn’t run PPC ads anymore because of the success of the success of his social media platform. Now he can take the money he would have spent on ads, and use it on continuing to build on social media, and put it into his products.

You will have to invest in your social media. Whether that’s you putting in time, or paying someone to do it. Either way you decide to do it will still be beneficial. Even if you’re paying someone to put out content every week, you will still make more from sales than you would have if you put that money into ads.

Immediate ROI

If you’re creating a brand, then you might not have the audience for it to make much difference. However, you can always outsource it. There are sites, like Famebit, that will bring you together with influencers. These are people have have very large following on social media. You write up a campaign and get offers from different people. They will then review your product and send it out to there tens of thousands of followers. This can drive 2000 – 3000 people to your Amazon listings. Manuel Bacvar estimates that this led to 60 -70 additional sales in the first week. Well worth the $500 he spent on it because he wouldn’t have gotten that kind of return with PPC.

You could even contact them directly. If you go on social media and look up people that have a large audience and send them a message. This will let you target those that would buy your product.

Long Term Approach

As much as we all love to get a quick turnaround on our investments, you have to understand that your social media strategy takes time. Again, you can outsource this if you’d like. You can hire people to run your social media accounts and they will post new content weekly and maintain it.

There are a few techniques you or your VA can do to help grow your audience. The first step, obviously, is to post regular content. You need to be posting at least once a week on most platforms. Go onto other accounts that target the same audience to post similar content and follow their followers. The idea is that once you follow them, they will look at your content and will be more likely to follow you since they are already following a similar account.

Finding Your Audience

When planning your social media strategy, it’s important to target the right people. One way to do that is to target people that have purchased your products. This way you know they are interested in the category you’re selling in.

Manuel has grown his mailing list to over 800 subscribers in 2 ½ years. It’s very simple. As we all know, we need to put information in the packaging. This way we can encourage buyers to leave a review on Amazon, or to contact us, rather than Amazon, if they have an issue. Manuel goes a bit further and offers an additional 6 month warranty if they signup for his newsletter. His products are all coffee based. So now he has over 800 people that he can market to, who are also willing to buy coffee related products. Keep in mind that it doesn’t have to be a warranty. If you sell kitchen supplies you could offer a recipe ebook. You could simply offer a discount on their next purchase if they subscribe.

Google Trends and Facebook Ads

You can use Google Trends to help you build an audience as part of your social media strategy. You can look up your keywords and find out where they are popular. Then you can buy Facebook ads targeting those locations. So if you’re looking up hiking and you find that people in Manchester search hiking a lot, you can buy Facebook ads targeting Manchester.

Facebook ads are really good at building your audience and a following. They are effective if the user doesn’t have to buy something right away. So they aren’t useful for directing people to your Amazon listing, but if you direct them to your site and have great content, then they will be more likely to buy your product.

#76 Importing to USA, Brand Building & Email followup: Q & A Tuesday No. 12

Q 1 Corinne

First, I am not an American but want to sell [on] Amazon.com

I have sent a few small packages to Amazon FBA.

There was no issue at all until I started sending 15 cartons.

When I sent this 15 cartons, I don’t have Federal tax ID number.

Thereby I needed to spend US$ 500 to have freight forwarder to help me.

Then I tried 8 cartons through DHL which declared $1200 for the customs. However, it is still got rejected by the customs.

It seems FEIN is required if i want to ship my inventory to FBA.

I am not trying to escape any tax issues, but to get a FEIN number, I would need a legal address in US. I am not in US.

How do you guys deal with this?

A freight forwarder isn’t the same as a Customs Broker in the USA. Some companies do both, like Western Overseas Corporation. But it sounds like what you need is a Customs Broker.

You shouldn’t need a US address to get an EIN as a foreign entity (person or company). But if you need one (you do need a returns address for amazon or should at least have one), google. I used myaddressus.com – pretty cheap.

If you send in goods over the value of $2500, it’s a formal import so you’ll need a customs bond etc. At that point, I would use a Customs Broker, at least for the first time. That’s not the case here, but worth flagging up for future reference. 

Q2 Ben

Here is my newbie experience post #3. So I’ve been selling for about 3 weeks in the UK. Where am I?

I picked a great product. It’s flying off the cyber-shelves. I am about ½ way up page 1 for all my main keywords. I told myself to be ‘happy’ with 5 units a day. I was averaging 10-12 units per day, but have increased my price and now average 7-8 units per day. I have had days of 10+ including a day of 16 units. These are not giveaways, all giveaways were done in the first week. So why did I increase the price?

This first ‘test run’ was 500 units. At the current rate, I’m going to run out quickly. So I’m trying to find the balance between maintaining sales, and not running out of inventory. Am still undercutting some competitors at the current price, but also more expensive than some others.

I believe the reasons it’s going well so far are:

1. Branding. My brand is easily one of the coolest, and as I expand I’ll grow as a brand, rather than as “Bob’s generic stuff” which several of my competitors are doing

2. Social media. Many ‘gurus’ say – avoid social media until you are well established on Amazon. This is not a good move, in my opinion. I have an active twitter and Instagram account, and a new facebook page. OK I haven’t got many followers, but t’s growing and I’m getting a bit of engagement.

3. Branding. I said it again because it’s so important. Branding is everything. Cool brands get bought. Generic crap doesn’t.

Comments

Alex  You are doing well, but don’t talk about brand building. People don’t care. You drive them in your page and they just see information, reviews and price. Just set Ppc automatic. If doesn’t work move on.

Suzi I love to hear that you are growing a strong brand, and that you understand and appreciate how important it is. I cringe so hard when I hear people say your branding doesn’t matter…nothing can be further from the truth. Have you had any issues with counterfeits hopping on your listing(s)?

My response: it depends! 

If you just want to make sales on Amazon short-term (say next 6 months), I think it’s true that brand doesn’t matter much. Initially, customers will not have heard of your brand yet, and they mostly go with good images and price. Also, it is not realistic to expect Amazon to cross-sell your products even if they are in the same niche.

However, if you want to create a defensible business to later sell, you definitely need to create a brand. Also, even if you’re never planning to sell, if you want to create a Shopify store, to diversify and lower the risk of Amazon controlling your business,  you will need to develop a focussed suite of products. If you have multiple niches, you can develop multiple brand sites, but each one needs some unity for credibility.

Also if you do well, medium term even on Amazon, people can start searching for your brand or pay slightly higher prices for it, as long as you have lots of reviews by that stage.

Q3 David

EMAIL OPTIMIZATION: Hey Everyone…just a quick question regarding your post-purchase email autoresponder sequences. I am currently getting 8% and 9% conversion rates for feedback and reviews, respectively. I would like to increase this and was thinking of shortening each email to make more mobile friendly. Have any of you tested the length of copy an how this alters conversions? Thanks!

First of all, if you’re getting 8-9% conversion, you’re doing well. Average for most people I’ve spoken to about this (which was a while ago) was 5%, as it was for me last time I checked.

Regarding testing, I don’t know whether for example Feedback Genius or Salesbacker will do this for you automatically. I use a different system so I don’t think I have that option.

If you want to do it manually, then make sure you test a significantly statistically meaningful number. So I would be inclined to run three variations, one shorter and one longer, and I would try each of them for about 100 sales each.

Re. email follow-up sequences more broadly, I use three emails. Currently the 1st only offers help and a PDF and says thanks/please get in touch if any issues although Kevin King asks “why did you buy the product” which I may change to going forward.

The 2nd, after ben Cummings’s approach, asks the buyer to just hit REPLY and let me know why s/he bought the product. Similar to Kevin King but after the product has arrived. Only a small %age do but you do get replies in my experience.

THe 3rd then asks for Seller Feedback, which I can then follow up on and ask to be changed to review if it ends up being about the product. It’s a filtering mechanism.

THe point of the 2nd email is that if someone replies to that, they feel more obliged to follow through after the 3rd and actually write a review.

In David’s case, I’d be inclined not to mess with what is working too much but tweak it eg longer/shorter.

Or you could change the 1st email in the sequence. Or the 3rd. Test both variations and let us know!