208 Using what you have in your business!
We are back with another great episode. Apologizes for the absence. I’ve been hard at work creating some great mastermind programs to help improve your business. I’ve got the Zero-to-Hero Mastermind directed at those that are starting from scratch or are earning just a few thousand a month. I also have the $10k Collective Mastermind for those that have an Amazon turnover of $10,000 a month or more. If you’re interested in being a part of a group of some great minds, check out these great mastermind programs.
Today I want to share some wins that have come from these mastermind groups. These are success stories that have come about by looking at what you already have in your business.
Before you ditch a product, run the right numbers
Member wanted to ditch a product that wasn’t selling well. However, after they looked at the number they saw that it was still turning a profit. As long as he can make small enough orders, there is no reason to give up on the product.
The minimum order quantity and sales velocity are the crucial numbers. If you can order 100 units and you can order with a 4-5 day lead time, it’s not that big of a deal. There is no magic formula. It all depends on the rest of your business.
How to win buy-box
Another member had a live product but wasn’t winning the buy-box so it wasn’t ranking. We were able to break that cycle by doing a product launch. She didn’t have to change her listing, just put some money into it. She ended up being successful in that launch by using Zonpages and Amazon coupons.
Use existing data
One member was using JungleScout to search for a new product to add. If you have no other data, then JungleScout is a great tool. However, if you have been selling on Amazon for some time and you’ve been running Amazon ads, then you’ll have a search term report. That report is incredibly powerful. It gives you impressions, clicks, and conversions by keyword. You can use that data to gauge demand.
Don’t look outside what you know
Some sellers don’t care what they sell as long as they make money. There is value in that mindset. However, you’ll find more success, especially in private label, if you stick to what you know. If you plan on adding a new product, stick to the same industry. You already have a lot of data from your Amazon ads that will help you with a new product.
If you want me to go deeper on any of these topics, head on over to the Facebook group and let me know. If you’re interested in the mastermind groups, be sure to check those out!