There are only two ways to increase your Profits in any Business:
in this 3rd of five parts in this mini-series, we talk about the 3rd way to increase your income. It’s called increase AOF – and it’s the most ignored!
AOF=Average Order Frequency. Simply put, we are trying to get our customers to come back and buy from us more often!
This is not just a marketing idea – it affects all your business decisions. For example, if you go into a category like supplements, or say sell shampoo, it’s obvious that it’s a product that gets used up (renewable), and thus that at least potentially, your customers might come back. If you go into something that you put in your body or on your body, you need to source from USA, UK or Europe.
So your initial choices make a real difference. If you really want people coming back, you need to build a strong brand and also offer some clear difference or value. Otherwise, in reality, customers buy from Amazon rather than your business and thus probably really shop on price.
The more you want to do this, you need to start building your own lists (especially email lists). Remember the old internet marketing saying: “The money is in the list”. Email is still worth more than any other asset eg compared to Twitter, Facebook, Youtube followers (although these do have value- this Podcast is an example!)
In order to build your email lists, you need to be very careful around Amazon’s TOS. There are other methods (like, for example, Facebook marketing to launch your product – and build your email lists at the same time).