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#43: Amazon Supplier Negotiation & The Future of Amazon with Greg Mercer – PART 2 of 2)

Episode #43: Greg Mercer of Jungle Scout Interview  (Suppliers & Predictions – PART TWO)

Suppliers

Does negotiating on price ever work much with suppliers or do you have to increase the numbers to get the discount or try to add in extras to get lower prices per unit?

Greg doesn’t worry so much about this now. 10 cents off doesn’t add much to your profit.

But if you keep asking for lower price, the Chinese person at the other end feels more inclined to cut corners, e.g., use worse materials, leading to Quality issues. Or it will get put to back of the queue etc. etc.  If you get moved back to the back of the line so you’re out of stock for several weeks, you could be losing $100 a day in lost profit! This doesn’t compare to 10 cents a unit!

Don’t get hung up on low price if it’s profitable. If there’s something left in it for the factory, they’ll be more inclined to be helpful.  (This ties in with Peter Zapf’s advice – Global Sources).

Actually factories do have rising costs. Going out there has given Greg a perspective.  Your suppliers are a crucial part of your business so treat them well. 

Apart from Chinese new year are there any other times of the year that slow down the manufacturing rate such as the Canton Fair?

Gearing up to 4th quarter in Sept, Oct means longer queues. Seasonal items like patio products would be even worse because that involves Chinese New Year.

Just say to your supplier, I’m planning the year out (and they will like this!) so can you let me know when you will need longer to manufacture? This actually sends great signals: a. you’re organised b. you are planning to order regularly.

Is there any way of ensuring that once you have differentiated a product from a supplier (by colour or design) that the supplier won’t then send your differentiated product out to other customers as samples and then they will just order the same differentiated product (just with their logo on it)?

Short answer: not really! You can try to work with your supplier on this – you can try to get them to sign something which could possibly work. But if you tore them apart about saving 6 cents on something, they probably won’t do it! Talk to them about it. You have the most negotiating power BEFORE you place your first order. Or first large order.

However, even if your factory does that, there are probably 7 other factories making the same product. Don’t get too hung up on that.

So how do you build a defensive wall around your products?

It’s almost impossible to do fully with a private Label product. But if you go into a newish market or you are the first into a market with a modification, you can use the time that buys you (say 3-6 months) to build reviews and sales rank to get a solid head start on the competition.

 An example from Greg: first person to sell a product with metal instead of plastic buckles. For 6 months he was the only one; now there are 15 others doing it.  even though there is tons of competition, he has top rank, 400 reviews, the best pictures etc. So he hasn’t really seen sales decrease.

When I looked on Aliexpress at getting just a few items of the product I was interested in, they seemed quite expensive (like the same amount as similar products were selling for on amazon) and I would be making quite a big loss once I included import duties and FBA fees.

Do people just take this loss to test if a product sells or is there any negotiating on price on aliexpress rather than alibaba?

Greg has never used AliExpress – but it is bound to more expensive because there are no economies of scale! Just treat it is as a market and supplier test. Or to be more cost effective,  you could just place an order for say 100 units with an Alibaba supplier. 

Would Greg recommend going the route of getting an agent to source products from different suppliers, rather than contacting different suppliers individually through something like Alibaba?  If so what is the best way of finding a trustworthy Agent?

Greg for the first year or so just went direct to suppliers. He found an agent as someone he already worked with at a factory. Everyone Greg knows who uses an agent met them through an established relationship. [Same is true for Michael]. In China it’s all about relationships anyway.

There are small advantages to having an agent, such as factories not on Alibaba,  but you do have to pay them a cut!  It’s really  more about outsourcing than money saving.  

How do people find out more about you and Jungle Scout?

Greg writes a solid blog post each week. There’s a cool product case study (“Jungle Stix”). Just comment on the blog or Tweet: @mercer_greg

What are your views and thoughts on trends you see happening on Amazon? What are the most successful sellers doing right now?

One thing successful sellers have in common: if you can make a small improvement on a product, it works really well. Find a product with mostly 3 star reviews. Read the 1 and 2 star reviews; if it’s something simple you can fix, make the improvement they ask for. You can both take away sales and charge a premium for it. 

For example the product with metal buckle vs plastic buckles – Greg sold his for $29 and the competition was selling for $14.95 , and the cost difference to Greg was about 50 cents!

Also larger/oversized items, although there are still opportunities with smaller, unmodified products.

What’s new and what do you see coming in terms of changes that we should be thinking about adapting to?

If looking at 2016, & probably 2017, there will still be lots of good opportunities in the .com store especially with modifications and larger/oversized items. Realistically it probably will start  to get really competitive by say 2018. By then a lot of other marketplaces like UK, Germany, Japan and India will be maturing with more demand, which Greg will be entering in due course. 

Parting Advice:
If you’ve been listening to the podcast and researching for a while, it’s time to get started. A lot of people seem to be worrying about things they don’t need to worry about. You’ll hit little roadblocks but it’s important to keep pushing forward, get your 1st product up for sale. It’s probably not as complex as you think!

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on yt sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask

 

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#39 Thinking like your Amazon Customer

Episode #39 Show Notes

This is another bigger-picture podcast. Yes, we all need to measure our numbers and do analysis. But always remember that any number is a measurement. Behind it is a customer’s actions and ultimately feelings!

It’s all about Your Customer:

1. their motivations to shop and buy

2. Emotions driving them: Inspiration (desire) or Desperation (solve a painful problem!)

3. Extrinsic motivation (other people) e.g. peer pressure vs. Intrinsic motivation (inner, personal reasons) e.g. desire, curiosity

4. They start with an image (or sound or feeling) in their mind

5.  THEN they try to find the words for that

6. Only then does the customer start to connect to your marketing with

Keywords.

Your customers are not searching for your product. They are searching for the image they have in their mind.

If your product image chimes with this (or is better), that’s when they will click on your listing (if the reviews etc. look right).

In order to show up in response to a search, though, you need to get your product showing. That means optimizing your listing for, and advertising for, keywords.

This is biggest area to explore.

Most customers are not expert. So the keywords your customers may use are NOT necessarily the “correct” or “logical” words especially if they are not very expert in that product type or area.

So think like a customer. Preferably actually BE a member of your target market.

Every week or month, search for products LIKE yours as if you are an ignorant but desperate customer!

You’ll stumble across important keywords to test out. Crucially, you’ll also be in touch with your customers’ mindset.

We’re aiming for a blend of your instinct & feel for your customers and the analysis of numbers.

Upcoming Guests on the show:

Greg Mercer of Jungle Scout (Product selection)

Will Tjernlund (Strategy)

Manuel Becvar of Import Dojo (China sourcing & Freight)

Mark Carpenter of Avalava (US Sales tax)

Penny Lowe of Wellington Consulting (Accountant)

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on yt sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask

#33 Amazon Entrepreneur – 3 Essential Character Qualities

This Episode, #33, is a quick “In-between-isode”. This is when I share some thoughts on the business while on the road.

SHOW NOTES FOR EPISODE #33

To be an Amazon Entrepreneur, you need more than just the right tactics, or even the right strategy. You need to develop the right mindset. But even more basic, you need to develop your fundamental personal qualities.

Get outside the “Amazon Bubble” – get other business people’s perspective. Also get outside the Startup world and get wisdom from the other people in your life.

The 3 main qualities you need are:

Courage- above all, to cope with uncertainty. There’s nothing wrong with having some certainty of income, but you need to deal with uncertainty. 

  • Amazon lowers the danger of launching a product type with no demand. And you can see competition.
  • It reduces uncertainty a great deal but it never eliminates it.
  • It also reduces but doesn’t eliminate risk
  • Confidence and self-belief are very powerful but it needs to be based on evidence!
  • Courage comes first- going for it before you have the evidence. You need to have a certain belief in yourself and in the business model.
  • Believe in your ability to become a great entrepreneur over time

Honesty- with your customers but above all with yourself.  Don’t delude yourself! Confront reality (again, courage is needed for this):

  • Read your reviews- is the product really liked by your customers?Don’t exaggerate one bad review! But notice trends
  • Look at the Amazon ads numbers- are they working?
  • Look at the costs and income – are you making profit? Don’t judge by a bad day or week, but look at the overall picture.
  • Above all, be guided by the numbers.

Wisdom – which is a very unsexy word for Entrepreneurs but crucial. This develops with experience and I think is the hardest quality to get. But long-term, probably the biggest differentiator between success and failure.

  • When is courage more needed? When is more action needed?
  • When do I have to accept that I can’t change something (e.g. the time it takes to make and deliver a product)
  • Get a sense of proportion. Is this one star review actually the end of the world?!
  • Remember common sense: if everyone else (your competition) is doing the exact same thing, will you stand out if you also copy them?
  • Learn “strategic quitting” (Seth Godin’s concept) : When should I abandon this product as unprofitable? When do I accept this Facebook ad campaign won’t make sales?  Should I tweak and test this campaign more or abandon it?

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

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#31 Amazon Ads Specialist Danny McMillan Interview – PART ONE

This Episode, #31, was prompted by our very own Facebook members! They said in a survey that Amazon Ads were the area they most wanted expert help with. Danny McMillan responded by giving many golden nuggets to our listeners.

This is the first of two episodes containing this interview.

Continue reading

#29 Keeping your Amazon Business Ticking When Super Busy

This Episode, #29, has been prompted by my own life recently! Another Pure Tactics, Nitty-Gritty on Keeping your Amazon Business alive when you are very busy with other things, whether work, family or health issues.

SHOW NOTES FOR EPISODE #29 –  

A. Principles:

      1. Mentality
        1. Never say die- fall forward!
        2. remember your “REASON WHY”
        3. respond to reality – clear the desks/eliminate work or activities to run your business if you need to (or make a hard choice and stop doing the business!)
      2. Time – 80/20
        1. if time is short, 80/20 is even more important
        2. daily checkin is vital unless you’re actually ill or something.
        3. Use email templates

B. Daily tasks

  1. check sales stats – no. units, price
    1. are Amazon ads running?
    2. Has a sale on a product just finished?
    1. if sales drop off a cliff, investigate
  2. check customer service emails
  3. chase up any supply chain issues
  4. emails
  1. double check price
  2. do you have a sale on? If so make sure it’s still on sale!
  3. check amazon ads still running
  4. check amazon ad spend.
    1. If in launch mode, ACoS>100%, take bid down or just Pause campaign or ad group
    2. if in profit mode, ACoS>Gross Profit  =same action

C. Weekly tasks

      1. double check price
      2. do you have a sale on? If so make sure it’s still on sale!
      3. check amazon ads still running
      4. check amazon ad spend.
        1. If in launch mode, ACoS>100%, take bid down or just Pause campaign or ad group
        2. if in profit mode, ACoS>Gross Profit  =same action

D. Firefighting

  1. MARKETING
    1. giveaways/voucher codes (emails)
    2. Amazon ads – if not running, check re card
  2. SUPPLY CHAIN
    1. product not being made by supplier on time
    2. defects discovered in large nos by FBA Inspection or other
    3. Held up at FBAI
    4. UPS handoff mistakes by FBA Inspection or other
    5. Amazon Hazmat – seller central
    6. Problems getting products ready to sell by Amazon  – seller central
  3. CUSTOMER SERVICE
    1. product defect big problems
    2. 1 star reviews
    3. other
  4. FINANCES
    1. Almost out of money for the whole business?!
      1. Analyse why. Out of money=game over so this is the #1 issue of any business!
      2. get a loan, OR  inject equity capital
    2. not enough money in the account linked to Amazon ads
    3. Meeting payments on loans etc.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#26 Peak Productivity Principles for Amazon FBA Business

This Episode, #26, is all about Productivity!

There are 16 Principles for Productivity, with the 80/20  being the most important!

SHOW NOTES FOR EPISODE #26  – Productivity Principles for your Amazon 2016 Business 

      1. Keep your 5 BIG Goals for the Year in front of you (literally)
      2. 80/20 everything. What 20% of activities will produce 80% of results. Do these first!
      3. Differentiate Urgent from Important
      4. Accept that you’ll never do MOST of what You “Should”
      5. Parkinson’s Law: Work expands to fill the time available. Shorten the time!
      6. Be true to yourself
      7. Get it Right First Time
      8. Don’t reinvent the wheel -Copy and adjust
      9. Schedule Time “A Schedule Defends against Chaos and Whim”
      10. big picture when other people are asleep
      11. don’t overthink
      12. Eliminate before you Automate
      13. Automate before you Delegate
      14. Differentiate Working IN Your Business from Working ON your Business
      15. Test & Measure – Time, Money, People, Systems
      16. Become Self Aware-  Effort, Emotion, Reactions

TOP THREE PRINCIPLES:

  1. 80/20 analysis – limit tasks to the most urgent or powerful
  2. Parkinson’s rule – limit time to the minimum need for any task 
  3. Differentiate between Urgent & Important Tasks

Authors/Business Thinkers Mentioned in the Podcast:
Tim Ferriss: The Four Hour Work Week

Richard Koch: The Star Principle (episode #24)

Ben Cummings was a star student of Amazing Selling Machine as sold by Jason Fladlien.  He now works with Jason and runs his own courses, masterminds, etc.

Perry Marshall wrote “80/20 Sales & Marketing” & is also publisher of the best-selling book ever on Google Adwords (let me know if you would like to know more about this book).

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

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#23 Reflections on 2015 Amazon FBA Business

This Episode, #23 ,  is a “bonus” episode that is a little less formal than usual episodes. I hope you can forgive the more casual style and above all the lower audio quality – this was squeezed in between visits to relatives and loved ones!

The end of December/start of January is a natural lull and a chance to reflect on what worked and what didn’t work in the year before. This episode is really my reflections on my 2015 and my conclusions regarding my Amazon FBA business.
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SHOW NOTES FOR EPISODE #23 -Review of 2015  

Here are the things I’ve been reviewing for myself – take what works for you and leave the rest!

Profit and Loss (only relevant if you’ve already been in business for a while)

  • Gather all the relevant details from the various sources
  • Use a spreadsheet or pen and paper:
  • Gross profit and loss by product
  • Net profit for whole business
  • Make Go/No-go  choices by product in response to P & L

Recognise Product choice errors:

  • Not enough demand depth (top1-2 products take most of demand) (Low Sales for that Keyword)
  • Too much competition  (Amazon Ads are expensive; very price sensitive)
  • Not enough  differentiation of your product from others’

Expand your product line in response to your own  data not just abstract market research

  • Respond to your customers’ requests (best)
  • Use your common sense to try products related to ones that sell
  • Make a test order of MOQ (Minimum Order Quantity) unbranded
  • If that starts to sell, then go back and place MOQ for PL (Private Labelled) products

Revise Budget/Cashflow Projections

First time out:

  • Create budget
  • Then add minimum 50% to budget. If possible, Double it!

When product is established:

  • add minimum 25%-30%. If possible, add 50%
  • Remember that the Amazon marketplace is always changing – mostly (sadly) due to increased competition

Revise  Time Planning:

  • Double timeframe to product launch (e.g. 3 months -6 months)
  • Double time you put in per week (e.g. from 10 hours/week to 20 hours/week)
  • Allow for things not going to plan!
  • Outsourcing means the business is very scaleable, which is great
  • However, it means that much of your business is not under your direct control

Work on my own character:

  • Patience to deal with Things out of my control
  • Courage to do the things that are under my control!
  • Wisdom to know the difference…

Get guidance from others:

  • Up-front training (including for example this Podcast)
  • Find and use a mentor (pay if needed)
  • Join or create an accountability group at or just above your level.
  • Online communities (do join our Facebook group if you haven’t yet!)

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

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#15 Planning for your Amazon FBA Business

This Episode, #15,  deals with a big area: Planning for your Amazon FBA business. It’s not as sexy a topic as some, but it’s a must if you want to develop momentum and hit big, exciting goals.

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #15

See below Shownotes for Your Free downloadable Excel spreadsheet for Quarterly planning! 

    1. Overview
      1. Targets (money in) & Resources (money out)
      2. Approach/Mindset
        1. “Planning is indispensable; Plans are worthless”
    2. TARGETS/ Needs
        1. Financial
          1. sales targets -$/units/mo
          2. gross profit
          3. net profit
          4. free cashflow
        2. Exit strategy?
          1. timeframe
          2. value/money
          3. marketplace?
        3. time
          1. time to x sales/month
          2. time available (hours/week/month)
        4. contacts/prospects/customers  (if any yet)
          1. existing lists (if any yet)
          2. JVs (joint ventures – if you have industry contacts)
        5. Products
          1. Amazon Top Level category?
          2. no. products
          3. no units sold (inventory)
        6. skills areas to develop
          1. business building!
            1. mindset
            2. skills
            3. business structure (blueprint)
            4. planning
          2. product research
          3. sourcing
          4. marketing Channels
            1. Amazon PPC
            2. Email list building
              1. Lead Pages
              2. aWeber
              3. inserts
              4. FB marketing?
            3. Social media
              1. FB
              2. Youtube
              3. Twitter
          5. marketing calendar – depending on your market…
            1. Halloween
            2. Thanksgiving
            3. Christmas
            4. Mother’s day
            5. Father’s day
            6. Valentine’s day
            7.  4 July
          6. customer service
          7. financial planning
        1. professsionals/outsourcing
          1. photographer
          2. designer
          3. sourcing agent
          4. book-keeper/accountant
          5. Social media/blog VA
          6. customer service?
        2. mentors/peers

Your Free downloadable Excel spreadsheet for Quarterly planning! This is roughly the process I use but it is something of a first draft, so let me know how you would like this improved.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

2

#13 What does it take to create an Amazon FBA Business?

This Episode, #13, deals with one basic question: What does it take to create an Amazon FBA Business?

If you think you have what it takes, then  subscribe to listen to the whole Startup System. Start from episode #3 and go all the way to Episode #12  (episode #1 is a quick intro from me about the podcast, feel free to skip it;  episode #2 gives you the overview of the process I used to get to $20,000 in total sales in 7 months so that might be useful).

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA! 
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST ENDS Sat. 27 Sept. 2015, so hurry if you want to win!

SHOW NOTES FOR EPISODE #13

  1. What does it take?
    1. Training/Inspiration/Guidance
      1. inspiration to start!
      2. structure from someone already achieving what you want
      3. guidance (mentor/coach)
      4. community (see later )
    2. Money
      1. training
      2. inventory
      3. China inspection
      4. freight
      5. USA Inspection
      6. inbound shipping
      7. FNSKU labels
      8. Giveaway costs
      9. ALTERNATIVE BUSINESSES if you want to build the  Capital to do Private Label products:
        1. non branded products (Lower MOQ)
        2. retail arbitrage Anybody Can Do It Podcast
        3. eBay
        4. Freelance work – e.g., teaching, consulting
    3. Time
      1. TIMEFRAME
        1. 2-3 months to live
        2. 1-3 months to breakeven
        3. 3-12 months to profit as a whole
      2. TIME COMMITMENT
        1. 20-40 hours/week
        2. 10-20 hours/week possible
        3. competition!
    4. mindset
      1. DOUBLE VISION
        1. “Vision” (Imagination of ideal future)
        2. Seeing clearly (Reality)
      2. Reason Why -strong strong motivation
      3. trusting your intuition – whatever it says
      4. finding a true match
      5. persistence
      6. beware paralysis by analysis!
      7. Take daily action
      8. Surround yourself with like minded people
    5. Community
      1. online
        1. podcasts
        2. facebook groups
        3. blog
      2. offline
        1. Skype accountability group
        2. face to face meetings

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#12 Essential Daily Amazon FBA Actions

This Episode, #12, deals with your Essential Daily actions to run and grow your Amazon FBA Business.

It is  part 10, the final part, of the “Amazing FBA Startup System”, which is a very highly structured series of podcasts (with very detailed show notes) designed to take you from zero to having a product launched and selling on Amazon.

If you haven’t already listened, you’ll want to at least listen to episode #11,  which deals with Product Launches .

Ideally, subscribe to listen to the whole Startup System, and start from episode #3 (episode #1 is a quick intro from me about the podcast, and episode #2 gives you the overview of the process I used to get to $20,000 in total sales in 7 months).

**STOP PRESS** REVIEWS CONTEST!
As announced on the show:

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA! 
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

SHOW NOTES FOR EPISODE #12

    1. Daily Actions – on Amazon
      1. Customer service
        1. Amazon 24 hour message rule
        2. communication with buyers
        3. replacements
        4. refunds
      2. Sales stats review
      3. Amazon Ads costs
    2. Daily – non Amazon
      1. Emails – do this AFTER you’ve checked Amazon & Done your most Important Tasks for the day! Don’t do it first!
        1. from suppliers
        2. customers
        3. other
      2. (Paid advertising – check stats, set up or pause/end campaigns – OPTIONAL)
        1. Facebook Ads
        2. Google Ads
      3. Social media (OPTIONAL to start with)
        1. Facebook Fan Page – update with posts, drive likes, etc.
        2. Instagram – post pictures
        3. Twitter – create posts
        4. Pinterest – find content for Facebook Fan Page
        5. Youtube – create videos, check stats, tweak
    3. WEEKLY – on Amazon
      1. Sales Stats
        1. by product
        2. daily, weekly, monthly
        3. trends
        4. conversion %age
      2. Possibly tweak price or other listing elements
        1. KEYWORDS(Use AMZTracker to check your optimisation for keywords versus your competitors)
          1. Bullets
          2. Description
          3. Bullets
        2. Photos – try swapping the main image for a week and check conversions
      3. Amazon ads stats review
        1. overview:
          1. check ACoS
          2. Sales in absolute terms
        2. Auto campaign
          1. Download auto campaign report
          2. check which KWs made best sales
          3. best ACoS
          4. most sales in absolute terms
          5. least sales
          6. worst ACoS
          7. break best performing KWs into manual campaign
        3. Manual campaigns
          1. monitor ACos by keyword
          2. increase bid on those KWs with ACoS under 100%
          3. decrease bid on those KWs with ACoS over 150% or so
    4. WEEKLY- non Amazon
      1. Emails
        1. TO suppliers
        2. customers
        3. other
      2. Paid advertising
        1. Facebook Ads
        2. Google Ads
      3. Social media
        1. Youtube
        2. Facebook Fan Page
        3. Instagram
        4. Twitter
        5. Pinterest
    5. MONTHLY or (minimum) QUARTERLY
      1. Monitor Inventory Levels
      2. Big -picture planning: Vision
      3. Growth plans e.g. possible new products (research)
      4. new product launches etc. (I’ll do a future episode on Planning)
      5. HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

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