This Episode, #16, deals with another hot topic area: How to deal with Increased Competition among Amazon Private Label Sellers. It’s a topic that intimidates some, but it’s a reality you need to deal with if you want to develop a real business and actually make profits in 2015 and going into 2016.
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SHOW NOTES FOR EPISODE #16
The 7 Mistakes Amazon Private Label Sellers make that let the Competition beat them – and 7 Strategies to Overcome Them!
Mistake #1: Going for Individual Products not a market.
Strategy #1: Go for a niche market of people you understand, and to whom you could potentially sell a whole host of products – including training or informational products
Mistake #2: Not differentiating your product/ Copycat products
Strategy #2: Be clear about who your customer is: the Person and their Problem – and find a solution to their problem – don’t just copy everyone else’s products.
Mistake #3: Expecting “easy money”; Not planning for and then putting in Time, Money & Focus
Strategy #3: Prepare to put in serious money (See Episode # for details on this), Time and Focus.
For full details of what it takes to run an Amazon business, see Episode #13 show notes, and listen to the podcast episode.
Mistake #4: Over-committing to one product initially; Relying on Research not Testing
Strategy #4: Test every assumption! Two tactics:
1. Get MOQ of unbranded product, Market it normally and see if it sells; if yes, go and get a branded (Private Labelled) version.
2. When you go back to your supplier for new inventory, order an MOQ of an (unbranded) additional product to test.
Mistake #5: Relying on one Traffic Channel (Amazon!)
Strategy #5: Develop new Traffic Channels – e.g., YouTube videos, Facebook Page/Ads, Google Ads, Own Website (more a brand reassurance than a traffic source).
Caveat – one at a time! Don’t spread yourself too thin. Firstly, Test properly what works, then systematise what works. That includes eliminating time and money wasters (campaigns that bring little or no result), automating (e.g. using software to post content), and eventually delegating to VAs etc.
Mistake #6: Not building your own customer lists
Strategy #6: Build your own customer lists- mostly email
Tactic: put in inserts in your product packaging “To activate your Warranty, go to www.yourbusiness.com/warranty. Then set up a Landing page aka opt-in page with say WordPress on a Bluehost hosting or Leadpages, and an email autoresponder, e.g., aWeber. If you don’t have the know-how, outsource this, e.g., try fiverr.com. I’m about to create an episode dealing specifically with this. Stay tuned!
Mistake #7: Having a Small Back End! Trying to make all your money in the first sale to a new customer
Strategy #7: Create a suite of products that you could sell to existing customers. Especially aim to create and/or sell digital (information) products because each sale of those is nearly all profit!
You can sell other people’s products initially (try clickbank.com) as an affiliate if you don’t have time/inclination to create your own products at first.
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