Product Launch Archives - Amazing FBA - Expert Info for British Amazon Sellers

Archive

Category Archives for "Product Launch"

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.

Start selling on amazon? – why NOT to start with private label! (Episode #206)

How to start selling on amazon?

Want to start selling on Amazon?  Where to start?

The standard answer for a few years has been – by plunging straight into private label.

As that’s how I started myself – and eventually succeeded, until recently I taught that myself.

I’m no longer convinced

But after 18 months of mentoring people trying to start selling on amazon, and a year of masterminds mostly focussed on those, I’ve seen the struggles up close. I’ve seen inside too many businesses and too many minds. It’s a hard way to start.

All business has challenges starting. That’s a given. You need a tough mindset. I just happen to think that in late 2017, the old model just isn’t cutting for those who are trying to start selling on Amazon now.

Are you still focussed on Private Label?

Yes I am. I believe private label on Amazon is still a big opportunity.  I have many friends making loads more money than me to back that up. It’s not theory.

So I believe that Private label – and even better, developing unique products -works on Amazon.

However, when it comes to how to start selling on Amazon, that’s a different kettle of fish.

I think the irony is that by prematurely plunging into private label, many sellers actually miss out on properly executed private label. How can that be true?

It’s simple really. They  blow their budget on the first budget. They  bust their confidence in the business model, and indeed in themselves. And then they quit too early – and miss out on $10s or even hundreds of thousands of dollars of revenue per month

I’m not talking about what the overall goal is – rather,  it’s about how we GET there!

Start selling on amazon upwards graph on 3 gold bars

Whatever Works is good

Also I’m increasingly happy with whatever WORKS rather than being puritanical about business models.

As I’ve talked over the past two years to many Amazon experts, it’s clear from the sharper people (especially the master himself, Will Tjernlund )  that there are several models that can work. And you don’t have to start with private label.

Focus is good and learning a particular set of skills-  but so is PROGRESSION:

from simple to advanced; from low-risk to higher risk; from quick wins to projects that take months to come to fruition.

There is  a natural progression in terms of risk in the various business models available to ecommerce sellers in general, and ways to start selling on Amazon in particular.

chimp scratching head- Start selling on amazon

Real learning versus the the Art of Aping…

It’s like my old job of piano teaching.

Sure, I can teach little Johnny to seem like an accomplished pianist by teaching him or her three specific pieces and about 10 scales. You get a certificate, you look good, the parents are happy. 


Trouble is, he doesn’t know his way round a piano, he can’t read the music, he can’t play by ear, he doesn’t understand what he’s playing or why…in short, he’s not becoming any kind of real musician. Or any kind of real pianist. 

He’s aping the real thing. But he’s basically little more than a trained monkey.
Put him in any situation that demands real understanding of music, or real control of a piano, and he is finished.

My experience with Amazon sellers who try to learn  how to start selling on Amazon with Private label is remarkably similar.

Indeed, it mirrors my own journey as an Amazon seller myself. And it also mirrors my journey as a piano student/musician to a frighteningly similar degree too.

Vested interests trump real learning

That’s not surprising. There are a lot of vested interests in trying to “pre-package” business building skills and mindset. Same as there were in pretending you can become a pianist, with 20 minutes’ practice a day and three pieces at a time, with some bullshit “grades” scale.

(By the way, I have 7 years’ higher education in classical music, I’m engaged to a pianist – so this is not the ranting of an amateur. On the contrary. It’s the ranting of an ex-professional).

Both things, I’m afraid, while much better than doing nothing in terms of progressing, are basically based on a totally false premise. The false premise being that you can learn the piano by aping much better pianists’ external results – or by aping the actions of advanced Amazon sellers.

Instead, what I’ve seen overwhelmingly is that all of us entrepreneurs need to develop the right mindset and skills. And those come from experience.

Start selling on amazon

Experience is the best teacher (no surprise there)

The truth is that there is no substitute for learning overall business strategies and tactics. Nor is a substitute for learning by experience.

You need to learn to understand what you see in the data; to READ the data. You need to learn the landscape of a marketplace. Everyone has to learn how the mechanics of production, freight and amazon work. You need to get familiar with Amazon’s internal processes.

All this takes time and practice. It doesn’t need however to be a painful, high-risk, uncertain gain experience, like that of the big private label approach.

Practice makes you better. Planning for months, selling nothing, then sending half your life savings across the world suddenly…well, that is NOT such a great way to practise becoming a better online seller. Nor to start selling on Amazon specifically.

15 reasons  to start selling on amazon with something other than private label

BIG RISKS -AT THE TIME OF LOWEST COMPETENCE! 

  1. when you start out, you know little and have little experience. That’s fine. That’s also not the time to take big risks!

    MOQs and freight costs from China –

  2. these nearly always make for a rather unpalatable large upfront order. It’s all relative of course. If you have £10-20K to invest, you might get away with a budget of £2-3K per order plus some giveaway money. Not for any serious product in the USA, though. And for most people, that’s about half their money for Amazon, in my experience.

    Cashflow

  3. It usually takes months to get a decent private label product off the ground. The fastest I’ve personally done it was four months, with a business partner – so we had a combined 4 years of Amazon experience at the time and access to some very experienced people. It’s still challenging enough.
  4. That means no money coming in at all for months.
  5. AND a large lump sum out a few months in.

    TIME TILL YOU START SELLING

  6. It takes months to get a PL product off the ground.
  7. Meanwhile you’re not learning from the marketplace directly – you’re an outsider attempting to learn from the rather minimal data Amazon releases. Data which the rest of the planet is also trying to learn from. This is a huge downside.
  8. You’re not learning to ship in products or deal with Amazon systems. That’s a large learning curve. The sooner you can start the better
  9. You’re not getting access to Amazon business reports with more insider information like conversion percentages
  10. You’re not getting access to the Search Term Reports which I believe are the real value you’ll get from Amazon ads. That’s where you find out keyword-level conversion percentages which is VERY powerful info.
  11. you’re also not earning! See the cashflow issue above.

    The percentage of successes is so low!

  12. This is the real kicker, I’m afraid. I do know several people who started with private labelling and are still at it today and making great money. Maybe 10-15 people. Maybe 20 max.
  13. However, I must have known hundreds people (vaguely known of at any rate) who started around the same time as me, or have drifted into (and out of) the Amazing FBA Facebook group . Most have apparently drifted away without achieving anything. Or worse, they are fantasising about making money for 2 or 3 years – and wasting those years (that was me for years, by the way – which is why I try my best to stop anybody else wasting their life in the same way)
  14. True, most people who start anything don’t follow through. And that is perhaps even more true for online businesses.
  15. Still, it would be nice to see a little more consistency if it really  is going to be advertised as a potential replacement for the day job (by the way, I’m super cautious about what I say to any potential mentoring client or member of a my London masterminds about replacing day jobs. In most cases, I say give it a minimum of a year – and that’s short)

 

Start selling on amazon

Conclusions on Private label as a way to start selling on Amazon

Am I saying private label is dead then? Is it true that nobody should start a private label business on Amazon? Is private label only for the rich or the super-experienced online maverick?

No, no and no.

That is NOT what I’m saying. I want to be super clear. I think the opportunities to make a ton of cash and have the satisfaction of becoming a real entrepreneur (and mastering a tricky but addictive craft) are very real with private label. And even better with original tweaks to a product.

But both models take serious investment of money, time and energy into each product line. 

That is fine, even very important at the right point in your development as an Amazon seller, or as an entrepreneur.

Start selling on amazon - the himalayas

Don’t start with Mount Everest

But you don’t have to START learning to mountain climb by training in a gym for 3 months, studying maps and theory incredibly hard, then attempting the Himalayas as your first set of mountains.

Sure it’s been done – I read about exactly that in the news a while ago.

There’s a clue here. It’s news – because it’s the exception to the rule!

You don’t have to START selling on Amazon by scaling a private label mountain either.

Again, yes there are exceptions. Again, we read about them and the buzz goes around. Because it is NEWS. Because -I’m sad to say, after trying this way for so long with newcomers –  it’s unusual to succeed that way.

There are alternatives

So is this a reason to be depressed and quit?

Maybe – if you are the sort of person who quits easily. In which case, please don’t attempt to become an entrepreneur.

Most people shouldn’t scale the Himalayas and most people probably shouldn’t be entrepreneurs either. And that is absolutely fine. 

Most people don’t have the mindset, stamina or sheer hunger of an entrepreneur, and there is nothing wrong with that. I’m not a rugby player – despite being forced to play it (very badly) at school. Yes, I admire good players – but I don’t feel a failure because it doesn’t suit me (my sports teachers at school had a go of course…)

Most people who are a right for a profession build skill, fitness and experience one hill, one mountain at a time. If they get on well,  they move to the next natural level.

start selling on Amazon - business post-its

Amazon is still business as usual

Business is no different – and Amazon is no different to business. Just because Amazon has built the world’s most amazing traffic and conversion machine shouldn’t blind us to the fact that normal business rules still apply.

The economics and business principles are the usual:

Supply and demand. Risk-reward ratios. Opportunity cost.

The mindset and skills needed are the usual ones too:
The skills of assessing the supply and demand balance in a market; assessing risk vs reward; weighing up opportunity cost (if you go for one opportunity, you tie up the money and time that could go into another);

The mindset of a blend of vision and opportunism; pragmatism with some theory and imagination; discipline with flair and improvisation……and so on…

Go for it – but lower risk and increase learning!

I personally think anyone wants to have a serious crack at building a business and becoming an entrepreneur has never had such opportunity at their feet. And if you want to go for it, I think you should go for it.

There is no reason for anyone to exclude themselves from becoming an entrepreneur.

But wait – isn’t that against everything I’ve been saying in this post?

No again.

I want you to have the maximum chance of success, not to exclude you from the club.

What I am saying is that starting an Amazon business with private label does not maximise your chances of succeeding.

Instead, what you should do is read my next post and consider a much lower-risk way to learn your craft as an Amazon seller!

(Now there’s a cliff-hanger…!)

Thanks for reading.

(By the way – well done for reading to the end. Now there’s a hint that you have some stamina. You’ve passed the first test, oh Jedi. If you’re British, Click here – I think you may have what it takes to join the real business builders.)

(Sorry, I couldn’t resist putting a little teaser at the end too! I’ve got to have fun too, you know…)

Happy hunting.

 

An Amazon mastermind: Why You need one- part 2 (episode 205)

“So are you suggesting I just set my own Amazon mastermind group up?”

Absolutely, you can. I’ve set up my own Amazon mastermind myself, as I mentioned earlier.
Here’s the thing – it’s really hard work. If I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group.

But, if you want to create something from scratch, I can give you a ton of reality checks form from personal experience:

Finding new Amazon seller peers for your Amazon mastermind

Firstly, and most importantly, you’ve got to gather together a set of people who are worth being peers with in an Amazon group in the first place.

When I first started out on Amazon, and formed my own peer group of Amazon sellers, I looked through the Facebook group of a course that I was in, and searched for people who lived in or near me (in London). I then tried to check out what they had been posting, to see how active they were, whether they were moving forward with the process, etc.

That took a lot of time and effort. Trouble is, that was just a beginning!

Think about it.

Amazon mastermind hurdle 1- Facebook Monkeys

Facebook Groups aka “The tyre kickers’ Club”

There are a lot of people out on the Facebook groups, even within paid courses, who don’t have enough money, don’t have enough time, and don’t have the right attitude.

They hope they can make some money on Amazon. They’ve often been pitched into the idea that they can easily replace the day job within 3 months (if that’s you.

Sure, it happens- but it’s pretty rare. Sorry to burst your balloon. It’s not a business-like attitude. It’s based on hope. Which, as we all know, is not a strategy…).

What I’ve just described sounds, in fact, like a typical Facebook group of Amazon wannapreneurs.

Which is why my first effort to create a little Amazon mastermind faltered. I had found a bunch of would-be Amazon sellers who lived in London and posted a bit online. Not surprisingly, most of them proved to be very much non-action-takers, and the meetings ended up being people fantasising about starting a business, instead of doing it!

Filtering out the tyre-kickers

What you need is a filtering system. And, guess what, that takes time and effort to build. What I do these days for the masterminds for Amazon sellers that I run (through Amazing FBA) is have an application process for each Amazon mastermind.

I ask every single applicant to fill in a form with questions that I’ve honed over a year of working this process. Then in some cases (all cases, for applicants to my $10K Collective Amazon mastermind ), I have a 20-30 minute interview in which I ask detailed questions.

Why bother? Well, see above. What happens to you if you create (with some effort) a peer group of  under-capitalized, time-poor un-focussed people? Oh yeah…

Finding people to put through your filter

Of course, if you are going to filter people out, you need a way of finding possible people in the first place. If you’re going to manually do that, you need to be going to a lot of physical meet ups and other big groups.

That’s great, but there aren’t a whole lot of good ones in the UK. There’s a fantastic Amazon meetup in London once a month, run by the excellent Andy Geldman of Webretailer. Then there are various other meet up groups, some of which might be good, but many of which, I suspect, are run by wannabes not business owners.

Amazon mastermind meeting venue

Finding an Amazon mastermind meeting venue

Once you’ve gathered your troops, you’ve got to find a suitable venue for your Amazon meet up.

Firstly, it needs to be reasonably accessible for your members. So the geography and transport links matter. Then it needs to be affordable (money is whole other issue we’ll discuss). This all takes quite a bit of time and effort. Even in London, I found it took hours, and we have a ton of business meeting venues in this place.

You need a space that enables you all to think clearly. You could use your own house, of course, if you have the space- and the headspace. But do you really want  the kids -or your husband/wife-interrupting a crucial business point? How conducive to clear thinking is that? It’s cheap but brings its own issues.

You could use a local pub but I’ve found (having been in an Amazon mastermind in the past who met in one) that the noise seriously disrupts your ability to hear crucial bits of information. So I can’t recommend that.

A quiet cafe is better – but although I find that works great for one-to-one meetings, it’s not really the right way for a group of people to work, as they have to basically take over the room to do it. And there’s always a screaming infant somewhere (and why should there not be? it’s a cafe!)

 Venue resources

You need decent wifi of course (although I think it’s less important than most people make it. But you shouldn’t spend your whole time online. You need to think clearly. Online is not the place for that).

I think a whiteboard or an easel with a flipchart is very, very helpful for brainstorming strategies, or capturing key resources (eg websites or online tools) for the group.

Coffee on tap is great -free, good coffee even better! Easily available toilets are a mundane but crucial part of a good venue. And finally, you ideally want somewhere easy for new members to find, not a cramped room hidden upstairs behind a noisy pub!

Why choose an existing Amazon mastermind

Conclusions – a reality-check on creating your own Amazon mastermind

I hope that the above experiences save you wasting months of hard work. Frankly, now I know from experience what I know, if I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group. As indeed I did myself about 18 months ago!

The only reason I go to all the trouble it takes to create and run a Amazon mastermind (which I detailed just some of above), is that it’s part of my mission at Amazing FBA.

That mission is to help Amazon sellers and those in the process of establishing their own Amazon businesses to achieve REAL goals. Not just fantasies. And not to take 12 months on something that you could achieve in 3 months (or even 2) with some guidance from experience.

Even then, I couldn’t justify the time it takes away from my Amazon business if I didn’t charge a certain amount for all the efforts. The cost is pretty modest, by the way, if you compare it to the literally £thousands I’ve seen some Amazon trainers charge.

Often they turn out to be not true small group masterminds, but actually groups of 30-60 people. There’s nothing wrong with paying £10s of thousands if you get value in the £100s of thousands, but I’m pretty suspicious of the value most of those so-called “Amazon masterminds” can really deliver.

The “Amazing FBA” Amazon Mastermind

So, I guess that brings me fairly unavoidably to mention the Amazon masterminds that I run for Amazing FBA. Again, I don’t want to be self-serving, but it would be a bit strange for me not to mention them in the context of Amazon masterminds and  masterminds as a whole.

I try to practise what I preach, basically. I said at the start of this article that I believe that a mastermind needs to be interactive; needs to be focussed; and needs to lead its members to action, which leads to their progress.

The secret sauce to a successful Amazon mastermind

From the (sometimes painful) experience of trying many approaches in Amazon masterminds (both as a member and group leader), I’ve found the formula to combine all those good things. Like a lot of good formulas, it’s pretty simple. In fact, that’s partly why it’s so effective.

The secret sauce that I’ve found to combine all those outcomes, is the “Hot Seat”.

I’ve found that to be so effective that we’ve made it the overwhelming focus of each Amazon mastermind meeting.

Amazon mastermind hot seat

The Hot Seat Secret

Here’s how it works:

Each participant gets minimum 30 minutes to focus on their own business. Specifically, to focus on ONE thing. Even more exactly, the ONE roadblock that when they break through it, it will really move the needle. Will really move their business on -substantially. 

So it’s very focussed. That’s one secret. It’s also interactive. Because once the member in the hot seat has outlined their issue, all other members are there to bring their experience and thoughts to the issue.

Of course, it’s very helpful if the other members who don’t have anything valuable to bring can keep schtum. That way,  others who do bring value can help.

But it is excellent business training to encounter business problems and brainstorm solutions. That is the real training we all need as business builders. Not an obsession with the latest trick or grey hat technique (useful as they are, of course). But business thinking and mindset.

There is a huge bonus of having a genuine peer group in an Amazon mastermind. A lot of the people in the group share the same set of problems. So by listening to solutions to another person’s problem, you’re hearing the solutions to many problems of your own.

Win-win. 

Implementation is the ultimate test of any Amazon mastermind

SO, the group members can almost not fail to move their business forward. Provided the participants go away and implement this stuff (another crucial word), they Job done! Isn’t it?

Well, almost. The implementation piece has proved to be a real challenge for many Amazon mastermind members. Which is why I’ve recently added in a simple extra process to make sure people are held to account. In other words, to use peer pressure in a very positive way. To get you to do what you said you were going to do!

KLT

Ensuring members do what they say they will!

We’ve simply added in a quick video call check in once a month. The aim? Simple. To make sure people are implementing what they’ve said they would.

It’s early days, but the results already look promising.

It’s fairly obvious where I’m going with this, so I’ll just come out and say it:

-if you’re convinced of the value of being in an Amazon mastermind

-if you’re not wanting to go through the pain, time & effort of creating your own Amazon mastermind,

-AND if you live near London (or can get there)

then obviously I think you should consider the Amazing FBA masterminds!

I’m not going to make a huge pitch for them here; if you want to check them out, there are now two levels:

The Zero to Hero Mastermind, which is geared to those who have not yet launched, and to those doing just a few thousand $ a month (or equivalent) on Amazon (we may form a separate mastermind for the latter as it grows)

The $10K Collective, which is for those doing at least $10K a month on Amazon.

Conclusions about any Amazon mastermind – done properly

The thing is this. Now, you have a process that means you focus on the biggest win in your business right now. You can get the collective mind to break through blocks and find the actions to get that win. You  have a means to hold you to do that action. 

Now you have a really powerful driver to move you forward.

Like I said,  that may be why nearly all the successful Amazon entrepreneurs I know are part of one.

Wherever you live in the world, I’d encourage you to look for a face-to-face mastermind you can regularly commit to.

The word commit is a key one here too. If you put little in, you get little out.Your peer group will massively impact your wealth and well-being. So Choose wisely who you associate with.  

But once you’ve chosen well, commit to your Amazon mastermind. The more you sweat to rearrange your schedule to get to meetings; spend money on trains or planes to get there; in short, the more you put in- the more you get out.


I can give you a promise from my experiences as an Amazon seller and from running groups. The rewards of a really quality Amazon mastermind are truly many times greater than the effort. And the ROI (for the right group) many times greater than the cost. 

To find out more about the regular monthly masterminds for Amazon sellers led by Michael, click here

Amazon masterminds: Why You need one (episode 204)

Amazon masterminds

Why Amazon Masterminds?

Want to double your revenue? Find the latest tactics and stay ahead of the curve?

These sound like a pitch for the latest high-tech software, right?

Well you’d be wrong. I’m talking about good old-fashioned face-to-face, interactive Amazon masterminds here.

Through Amazon masterminds, I’ve personally found an amazing Amazon business partner, learnt many tactics that have made me $1000s extra, and been offered deals worth $100K+ a month of revenue.

But let me you how I got here…

My background with Amazon masterminds

First, I should give some background and confess. I’ve been a member of a private Amazon mastermind of my peers (Amazon sellers) for about 18 months now.

I also set up and ran (free) peer-group Amazon mastermind meetings myself about 2 ½  years ago, which ran for a while. That sputtered out because the people weren’t really committed. And I was wanting to focus on selling on Amazon, not running a mastermind for uncommitted people.

I took the learnings from both Amazon masterminds and created something better.

 So I’ve been running a successful (modestly) paid Amazon mastermind meetings for about a year via Amazing FBA (I recently set up a new  Amazon mastermind for new sellers, i.e., those who haven’t launched yet)

The reality of Amazon masterminds

First thing: yes, of course I’m going to mention my own masterminds, at least in passing . I run two Amazon masterminds each month. I’m writing an article about how important masterminds/masterminds are. It’s bound to come up! But I’m here to share my experiences of masterminds, not to pitch my own (if you do want to read the pitch for my masterminds/masterminds, of course, click here!)

Second thing: there’s a reason why I run an Amazon  mastermind each month. Because I believe it’s one of the most powerful ways I can truly help Amazon entrepreneurs.

Third thing: from everything I can observe of truly successful Amazon entrepreneurs – it’s (still) true that every one of them is a member of some kind of Amazon mastermind or mastermind!

I guess as a person who needs interaction and inspiration, I’m biased. But…

Coincidence? I don’t think so. 

My own wins from Amazon masterminds

I personally have got so many results directly from being in masterminds. I’ve found an amazing Amazon  business partner; sold thousands from secret techniques shared within the closed walls of a mastermind; and been invited into strategic partnerships to do deals involving $100s of thousands in revenue.

These results are not chance. But they equally would never have come about simply from networking on the superficial level(valuable as that is) at Amazon conferences.

Amazon Masterminds meeting

“What do you mean by ‘Amazon masterminds’?”

First, let’s start of by defining our terms.

‘Amazon’ as a business opportunity can be exploited by a huge variety of business models.  There could be around 14 business models, according to some authorities. That sounds about right. Certainly common ones include Retail Arbitrage; Online Arbitrage; Drop-Shipping; Wholesaling.

When I say “Amazon”, my particular focus here (and that of the podcast/blog and coaching programmes) is selling Private Label products via Amazon FBA.

Secondly, what are we talking about with a ‘mastermind’?

When so-called “Amazon masterminds” are not really a masterminds

I think it’s almost easier to say what masterminds are not. They are NOT, as far as I’m concerned, a mass meeting of 100 people where someone from the front discusses or teaches a lesson.

Don’t get me wrong. Big meetings can be very valuable -and by the way, Andy Geldman of Webretailer runs an excellent London Amazon meet up most months, where they have really helpful speakers. I’ve spoken there recently and was very impressed with the setup. It’s a great place to learn new strategies and tactics, and to network. But to my mind, it’s not a mastermind (and nor does Andy claim it is, just to be clear!)

Andy charges about a fiver to enter his meetings and, while I think that is super-cheap (and he could arguably charge up to £50 or so), he’s not charging hundreds, which I think is appropriate.

I think there are various aspects of Amazon masterminds that make them unique.

Firstly, to be really powerful, they need to be very interactive. So all participants have to think hard and engage their brains in a very active way. It develops their business thinking on a deeper level.

Secondly, they need to be focussed. Generalised excitement has its place, but I would argue that place is at a larger conference-type meeting.

Thirdly, they need to move the participants on in their business. How many times have you been to a large group meeting which inspired you to feel excited about business… and when you got home you did…er…absolutely nothing except talk about how exciting it was (it’s embarrassing but we may as well  be honest with each other – I did that for decades).

I don’t believe that really serves anyone long-term. I think the success of a Amazon masterminds is measured in how much action their participants produce and therefore how much progress they make towards their goals.

Which brings me to another question I’ve been asked a few times recently:

“What extra value does this offer compared to online research? Why bother being in Amazon masterminds?”

I love this question because it so clearly illustrates a number of things. This is a really important question.   

My simple answers: Time; Certainty; Motivation; Action; Progress

Amazon masterminds save time

Amazon masterminds value your TIME

Of course, since the invention of Google (and in more recent years, Facebook groups), in theory you can piece together all the knowledge you need to do anything.
The problem is- reinventing the wheel takes a lot of time.


Let’s say you are researching Product Research methods. Let’s say you manage to gather all the information you would get in a 30-minute hot seat at one Amazon  mastermind meeting by taking a week of Google research.

Great. So you saved yourself £49 (or £97 or whatever the mastermind costs). Let’s say you multiply that over 4 different areas of business.
You just spent 4 weeks doing something that could have taken you 4 days (in fact, more like 20 hours – including travel time!).


If your future Amazon business is going to generate say $10,000 a month in profit in a few months, you’ve just incurred an opportunity cost of $10,000.
For the sake of saving £49 (or £97 etc.) 

“Penny wise, pound foolish” is I believe what they used to call that!

If you don’t value your time, you won’t make serious money. Period. 

Amazon masterminds give you certainty

Amazon masterminds give CERTAINTY

Here’s a simple one: how do you know, out of thousands of Facebook posts, which ones are from a solid source, and which aren’t? The answer is that it’s hard to know! And doing much research on that would take even more hours. 


In an Amazon mastermind, you know who you are dealing with; because of non-disclosure and non-compete clauses, you can find out super quickly who to really follow. 

Assuming you’re smart enough to make sure there are NDAs and NCA’s of course (I really, really  would check this. There’s obviously a lot to be gained for an unscrupulous member to exploit others’ product ideas. Make sure there’s quality control about who the members are, and make sure that someone is responsible for policing this stuff).

More importantly, you can judge over time who is being successful and actually implementing stuff, and who is just spouting theory they “read somewhere” or from some guru. There is some value in the latter; but the former is WAY more valuable. The ability to really be able to differentiate between the two is really one of the high values you get from small groups where you can really get to know each other properly.

Amazon group

Masterminds give MOTIVATION

Be honest – how long have you been  “researching” the Amazon private label opportunity? After a couple of months without even buying a small amount of inventory, I’m afraid that “research” is cover for “fear/being lost”. That’s okay, honesty is useful – but why stay lost?

If you’ve been selling but way below what you know you’ve targetted, again, that’s just called being human. But if you do nothing new about it, nothing changes.

Being with human beings is hardwired into us. We’re group animals.  It should therefore be no surprise that your peer group (who you hang out with most of the time and compare yourself to) has a massive impact on everything about you. Your attitude. Your health. And, of course, your wealth.

Getting yourself a peer group and stay actually excited instead of being isolated behind your laptop is simply following fundamental principles of human (indeed, primate) social psychology. We violate those principles at our risk. Why fight nature? It’s so much more powerful to go with our instincts than to delude ourselves that we can ignore them…and frankly, to stagnate.

Build Amazon businessBuild Amazon business

Amazon masterminds promote action

Masterminds create ACTION

This is the kicker. If you’ve been “researching” for over 3 months without buying something, that isn’t going to change unless you change something.

I’ve lost count of the conversations I’ve had with people who are painfully obviously using the word “research” as a fig-leaf for “Fear”. There. I’ve said the four-letter word.

Fear is FINE. It’s nature’s way of flagging up risk. Awareness of risk –  contrary to the happy-clappy, “everything is gold” school of Amazon thinking (which is just BS, apologies for being blunt) is actually GOOD for business. What’s not good is going in circles, or not assessing the risk objectively.

If you don’t have proven strategies (and the latest Amazon hack is NOT a strategy, it’s a tactic. And that’s fine. But knowing the difference is everything).

You need people to inspire you by showing you what’s possible, and hold you accountable. If you’ve not done it till now, why will that change?

Some people seem able to work in isolation and still succeed with Amazon. I can think of about two people who were really doing that on a big scale. Guess what? They are now collaborating with other Amazon sellers to get to the next level.

Amazing FBA Amazon Masterminds

The “Amazing FBA” Amazon Masterminds

So, I guess that brings me fairly unavoidably to mention the Amazon masterminds that I run for Amazing FBA. Again, I don’t want to be self-serving, but it would be a bit strange for me not to mention them in the context of Amazon masterminds and  masterminds as a whole.

I try to practise what I preach, basically. I said at the start of this article that I believe that a mastermind needs to be interactive; needs to focus members; and needs to lead its members to action, which leads to their progress.

It’s fairly obvious where I’m going with this, so I’ll just come out and say it:

-if you know the value of being in one of the Amazon masterminds

-if you’re not wanting to go through the pain, time & effort of creating your own Amazon mastermind,

-AND if you live near London (or can get there)

then obviously I think you should consider the Amazing FBA Amazon masterminds!

I’m not going to make a huge pitch for them here; if you want to check them out, there are now two levels:

The Zero to Hero Mastermind, which is geared to those who have not yet launched, and to those doing just a few thousand $ a month (or equivalent) on Amazon (we may form a separate mastermind for the latter as it grows)

The $10K Collective, which is for those doing at least $10K a month on Amazon.

To find out more about the regular monthly masterminds for Amazon sellers led by Michael, click here

189 How to Sell in Amazon Germany with Gil Lang Part 1 of 2

Today’s guest on the show is Gil Lang of Private Label Journey. Gil is from Germany, which is an important area that we need to investigate more and he’s here to share his insights into the Amazon Germany market. He is also a private label seller and runs the podcast Private Label Journey. Read More

154 Time Management for eCommerce with David Aggiss Part 2 of 2

The great thing about running an Amazon business is the freedom it allows in your personal life. You can go on holiday as you want and you can take a day off as needed. You set your own schedule and make your own deadlines. That also creates one of the more difficult aspects of your job as an Amazon seller, time management. Today on the show we have David Aggiss and we’ll be discussing time management techniques when you’re running an online business.

Time Management for eCommerce

If you are first starting out, the challenge is finding enough time to work on your business. You have your full-time job, maybe a spouse and children, then your Amazon business on top of that. It’s going to lead to some late nights and long days. That’s the struggle of it. It’s important to set aside time-blocks for specific tasks. If you start working without this, you’ll end up working on a number of things and accomplishing nothing.

Customer service is a daily task. You’re probably going to be in Seller Central a lot anyway, which is a good thing so you can respond to customer questions and other issues as they arise. Once a week, you want to look at your listings. See if there is any way to improve them. You should take a look at your PPC and keywords to make sure they are performing how you want.

Time Management when Expanding Your Business

Expanding your business is an evening job. If you are looking to research new product lines or find new suppliers, make sure you have a few weeks available where you can put in some serious evening hours. You’re going to have to work everyday with emails back and forth with your suppliers, especially if they’re in China. Unless you can get on a Skype call, this process could take a week or more because of the time difference.

Skype is recommended to help speed up this exchange. However, keep in mind that if you’re looking into several suppliers, that Skype could get overwhelming. It is easier to maintain all the information if you limit it to email since that has understood, built-in limitations. Also, you will have a record of everything discussed.

Outsourcing

If you find that you don’t have the time to handle everything that you need, consider outsourcing. Be aware of what your strengths and weaknesses are. Focus on your strengths, outsource your weaknesses.

If you are making enough money from your Amazon business that you can afford to outsource, then you are probably pretty proficient at the day-to-day Amazon tasks. Then you’ll want to continue to handle those. If your background is in web design, then build your website yourself.

If, however, you don’t know the first thing about building a website and you have no idea how to work on social media, outsource those. Chances are you can find someone that will do it better and faster. If a task is going to take you a week, but someone who is an expert can do it in a day, pay them to do it. The task will get done several days soon and you now have that week to work on something you’re an expert in.

Focus Management

While time management is important, focus management is as well. Like I said before, you have the freedom to make your own schedule, but you don’t have a boss to keep you on track. It’s easy to lose focus and let your business suffer because of it. You have to keep in mind why you want to run your own business. Whether it’s to have a luxury house, nice cars, or to simply spend more time with your family. Whatever it is, whether it changes over time, always remember that and let it be your motivation to stay focused.

151 Amazon Product Launch with Anthony Lee Part 2 of 3

Basic Launch Strategy for an Amazon Product Launch

There are a few things to remember with an Amazon product launch. You need to get as much traffic and sales velocity for your product as quickly as possible. This is a given in any sales capacity. Also, you need to high rankings early, as in on the first page, using an important key word related to your product. Run a promotion when your product goes live which will get people talking and stimulate sales velocity. You can make your products even more visible by turning on the automatic sponsor ads. Lastly, go after some reviews and use family and friends, who will be sure to help your product out in the early days.

Running a Promotion

It goes without saying, you need to find the primary and most relevant keyword for your product. This is something that people will be able to identify and make the connection to you as the one selling said product. You should make sure the keyword(s) are in the title of your product AND inside the URL address. People can be very lazy so when they are looking for something they are overjoyed when they can find it with relative ease. You can run Facebook ads, external ads and even banner ads from Amazon Marketing Service. Aside from Anthony’s launch too, Zonblast, you can also use Keyword Inspector and Merchant Words.

Spiking Algorithms in One Day versus Over Several Days

This has a lot to do with the total views your product actually gets during an Amazon product launch. If you have a low number of searches in a month, say under 20,000, you could see sales velocity stimulation in one day, see some solid movement, as opposed to over several days. However, if you only spike with search hit one hour of each day, your average will be lower. It would be much better for you to spread it out over a number of days for better results. Anywhere from 4 to 7 days seems to be a good time frame in which to work from. It’s all about averages. If you can spread your views and sales over a longer period of time, it will average out to a total that will look much better to you as the seller and to a potential buyer as well.

Product Manipulation, Spiking a Listing and Terms of Service

Make sure you understand Amazon’s new Terms of Service. ‘Free’ sales or giveaways are now considered product manipulation. The big reason the Terms of service were put into place was to stop people from operating multiple accounts and thus being able to receive ‘sales’ of the same product anywhere from 50 to 100 times during an Amazon product launch. Specifically, Amazon are trying to stop buyers from receiving codes to allow them to do this for free. You can now have your product suspended for this. Always remember this and you’ll be fine: Real sales are unique sales to an individual.

Reviews Can Help but Don’t Depend On Them

Great customer reviews are always welcome but you should not depend on them to help boost sales of your product. While Amazon won’t remove or stifle a review if a customer got a discount on your product (remember though, no coupon codes for free) they can take down good reviews, paid in full by the customer, if they have been attacking the buyer accounts. There is also some unpredictability overall in terms of the reason or reasons why Amazon removes some reviews. All you can do is turn the review machine on, have a great follow up sequence in place, and get reviews as naturally as you can. The best way to success is to have a great quality product and then you can worry about everything else.

150 Optimising your Amazon Listing with Anthony Lee Part 1 of 3

Optimising your Amazon listing basically means setting up your listings to get the most traffic and the most sales. This is especially important because you want to be set up in the best possible position for success. Optimisation does not happen instantly but it is a process emanating from having the right foundation set up. Your optimization before your first product listing is actually the laying of foundation for your products or business.

Basic Elements for Optimising your Amazon Listing

Your Images

Your images are the most important part of this process. First, understand the direction to which you are driving. The first goal is to increase traffic and the image is the first thing that people see. It’s the image that causes people to click on your product. You want to use the best, most captivating picture as you main image.

You need to optimise your image for all browsers and ensure it is captivating. On mobile, you want to use portrait images because they appear bigger on mobile devices. Use various shots from different angles. It is highly recommended that you use staged shots. These are the images where the product is shot where it can be found in real life. For example, if you are selling kitchen knives, have images of them in a kitchen next to a cutting board. Include images with people using the product because then the buyers can imagine themselves using the products.. Use infographics if you need to include complex information in a simple form.

Title

When optimising your Amazon listing, a good title has to be keyword rich and feature oriented. It needs to be keyword rich because if has to be found by the Amazon algorithm. But it has needs to be easily read by humans. Your title can give the targeted buyers a brief description of the benefits and what the product does. Ensure the most important information is captured in the first 80 characters as this will ensure this section shows in all browsers. Don’t be too specific if your product has multiple uses. If you are selling a cat brush, it is likely that it can be used on dogs and other animals. Rather than saying “Cat brush” in your title, use “Pet brush.” This will attract owners of all types of pets rather than limiting yourself to a specific type.

Bullets and Description

Description and bullets play an important role in SEO as they are indexed by Amazon. The bullets give details on the uses of the product. The first three points are always the most important since those are the one that show up in mobile. The description area is important; put the most important information in the first part as this is what shows on mobile devices. Description also gives technical specification and makes your listing more professional.

Your Price Point

As buyers understand the details of the product through the product image they become more comfortable with the price you set for the products. Ensure the image design justifies the price set for the products.

1 2 3