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All About Change
1 Vicki Sokolik - Fighting for Unhoused Youth 31:05
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31:05Vicki Sokolik refuses to be an Ostrich. Her son brought to her attention the crisis of unhoused youth — youth unhoused, not living with a parent/guardian, and not in foster care — in America, and she has been fighting to support this vulnerable population every since. Most active in Tampa Bay, Florida, Vicki is the founder and CEO of the nonprofit Starting Right, Now, which removes barriers for unaccompanied homeless youth to cultivate long-term well-being and self-sufficiency. She is also the author of the new book, “If You See Them: Young, Unhoused, and Alone in America.” Vicki Sokolik joined host Jay Ruderman to discuss the many ways unhoused youth fall through the cracks in our society, how her organization helps them, and also how to build trust with people who could use your help. Episode Chapters (00:00) Intro (01:10) Vicki’s origin story (02:40) What is “unhoused youth?” (06:40) What should a person do if they worry they see an unhoused youth? (08:19) How have conversations around unhoused youth changed in Vicki’s 20 years working with them? (11:02) How do people get the word out and help unhoused youth? (14:55) Vicki’s new book (16:48) How Vicki builds trust (20:10) What do students receive at Starting Right, Now? (22:58) How does Vicki balance advocacy and direct support? (27:53) Starting Right, Now alumni (29:10) Goodbye For video episodes, watch on www.youtube.com/@therudermanfamilyfoundation Stay in touch: X: @JayRuderman | @RudermanFdn LinkedIn: Jay Ruderman | Ruderman Family Foundation Instagram: All About Change Podcast | Ruderman Family Foundation To learn more about the podcast, visit https://allaboutchangepodcast.com/…
Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.
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Amazon Tiktok integration (Amazon Newsday 10 Sep 2024)
Manage episode 439069128 series 1461986
Conteúdo fornecido por Michael Veazey. Todo o conteúdo do podcast, incluindo episódios, gráficos e descrições de podcast, é carregado e fornecido diretamente por Michael Veazey ou por seu parceiro de plataforma de podcast. Se você acredita que alguém está usando seu trabalho protegido por direitos autorais sem sua permissão, siga o processo descrito aqui https://pt.player.fm/legal.
Michael Veazey Welcome to Amazon Newsday. I'm your host, Michael Veazey. Today, a couple of stories that are not in the last couple of weeks, but they were so important, we didn't want you to miss them. Amazon Tiktok Integration Announced Amazon TikTok integration. On the 9th of August, Amazon and TikTok officially announced their partnership, enabling users to discover and purchase Amazon products directly within the TikTok app. The integration allows TikTok users to see Amazon product recommendations on their For You feed. Users can link their TikTok and Amazon accounts through a secure one time setup process. Once accounts are linked, Amazon customers can then complete checkout within TikTok without leaving the app, providing a faster and more frictionless experience. Users in the U S. who linked their accounts will see real time pricing, primary eligibility, delivery experts, and product details on select Amazon product ads in TikTok. "Project Handshake" This partnership is part of Amazon's Project Handshake, a broader Amazon strategy which aims to merge social media with e commerce. Similar integrations have been made with platforms like Meta and Snapchat. For Amazon sellers, this integration could open up new opportunities to reach younger audiences through TikTok, potentially making sponsored display and DSP ads more effective. This integration is initially launching only in the United States with no specific timeline provided for expansion to other regions. This partnership represents a significant step in integrating e commerce with social media, potentially reshaping online shopping behaviors and offering new avenues for brands to reach consumers. Amazon required to recall unsafe products Amazon has been required to recall unsafe products. In a landmark decision, the U. S. Consumer Product Safety Commission, the CSPC, has ruled that Amazon is legally responsible for hazardous products sold by third party sellers through its Fulfillment by Amazon program. This July 29th ruling classifies Amazon as a distributor under the Consumer Product Safety Act, making it liable for over 400, 000 potentially dangerous items sold on its platform. The case focused on products like flammable children's sleepwear, faulty carbon monoxide detectors and unsafe hairdryers. As a result, Amazon must now develop plans to notify purchasers and the public about these hazards and provide refunds or replacements. Wider implications for e-commerce sellers This decision could have far reaching implications for other e commerce platforms, potentially subjecting them to similar notice reporting and recall obligations as traditional retailers. It underscores the CPSC's commitment to enforcing compliance across all parties in the consumer product distribution chain. Amazon plans to appeal the ruling, arguing that it had already taken swift action to warn consumers and offer refunds when notified of safety issues. However, the CPSC found these measures inadequate, emphasizing the importance of public notice for all potentially affected customers.
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293 episódios
Manage episode 439069128 series 1461986
Conteúdo fornecido por Michael Veazey. Todo o conteúdo do podcast, incluindo episódios, gráficos e descrições de podcast, é carregado e fornecido diretamente por Michael Veazey ou por seu parceiro de plataforma de podcast. Se você acredita que alguém está usando seu trabalho protegido por direitos autorais sem sua permissão, siga o processo descrito aqui https://pt.player.fm/legal.
Michael Veazey Welcome to Amazon Newsday. I'm your host, Michael Veazey. Today, a couple of stories that are not in the last couple of weeks, but they were so important, we didn't want you to miss them. Amazon Tiktok Integration Announced Amazon TikTok integration. On the 9th of August, Amazon and TikTok officially announced their partnership, enabling users to discover and purchase Amazon products directly within the TikTok app. The integration allows TikTok users to see Amazon product recommendations on their For You feed. Users can link their TikTok and Amazon accounts through a secure one time setup process. Once accounts are linked, Amazon customers can then complete checkout within TikTok without leaving the app, providing a faster and more frictionless experience. Users in the U S. who linked their accounts will see real time pricing, primary eligibility, delivery experts, and product details on select Amazon product ads in TikTok. "Project Handshake" This partnership is part of Amazon's Project Handshake, a broader Amazon strategy which aims to merge social media with e commerce. Similar integrations have been made with platforms like Meta and Snapchat. For Amazon sellers, this integration could open up new opportunities to reach younger audiences through TikTok, potentially making sponsored display and DSP ads more effective. This integration is initially launching only in the United States with no specific timeline provided for expansion to other regions. This partnership represents a significant step in integrating e commerce with social media, potentially reshaping online shopping behaviors and offering new avenues for brands to reach consumers. Amazon required to recall unsafe products Amazon has been required to recall unsafe products. In a landmark decision, the U. S. Consumer Product Safety Commission, the CSPC, has ruled that Amazon is legally responsible for hazardous products sold by third party sellers through its Fulfillment by Amazon program. This July 29th ruling classifies Amazon as a distributor under the Consumer Product Safety Act, making it liable for over 400, 000 potentially dangerous items sold on its platform. The case focused on products like flammable children's sleepwear, faulty carbon monoxide detectors and unsafe hairdryers. As a result, Amazon must now develop plans to notify purchasers and the public about these hazards and provide refunds or replacements. Wider implications for e-commerce sellers This decision could have far reaching implications for other e commerce platforms, potentially subjecting them to similar notice reporting and recall obligations as traditional retailers. It underscores the CPSC's commitment to enforcing compliance across all parties in the consumer product distribution chain. Amazon plans to appeal the ruling, arguing that it had already taken swift action to warn consumers and offer refunds when notified of safety issues. However, the CPSC found these measures inadequate, emphasizing the importance of public notice for all potentially affected customers.
…
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×1 Make Confident business decisions: should you “Follow the numbers”? 7:55
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7:55Should entrepreneurs always "Follow the numbers"? Should you be led by the numbers in your business buying and selling decisions? Let's deal with that today. Having previously bought various properties, I'm now considering selling one A selling or buying decision around any asset, including property, or a business is a lot of the same sort of thing. So you're buying an asset or selling an asset, which has a capital value, and then it will, if it works well, generate cashflow, sometimes negative if you get it wrong. So should you be led by the numbers? I've been on a train with a Google sheet, working out the capital gains of selling a residential property versus keeping it. What's interesting is how one arrives at decisions in business the nice thing about business is numbers guide you. Should they lead you? Should they guide you? Should you ignore them? Let's take one extreme at a time and examine how it works. Thesis: Ignore numbers (go with your gut) Extreme number one is to ignore the numbers and go with your guts, follow your intuition. There's a difference, between your guts and immediate instinct. Instinctive reaction to pain causes short-term decisions Running a business or owning property. Can be painful. , there's legal liability people hassling you, spending your own money and time and regulations always increasing. Both in business and residential property. My experience in the uk, Amazon selling is not getting any less full of regulations particularly if you sell in the eu or you know, if you're looking at Amazon's legal changes. Okay, so gut reaction might be just sell the damn thing because it's painful, but anything worthwhile can be painful. That's probably not a good plan. Now, what about intuition? If your intuition says, it's hard work, but the pain is not worth the gain. You might be right. Intuition can, misguide us because we overrate immediate pain and underwrite future pain. So if we do something now that makes them the easy but cost you a lot of pain in the future, that's not a very rational way of making decisions. Pure instinct or intuition has its dangers. So in the pure form, probably unwise, although one should not ignore one's intuition as an entrepreneur, Antithesis: Being led purely by the numbers Here's version two, led by the numbers, not guided by the numbers, but just led by them. The classic example of that mistake is in the the lockdown period or just after that, a lot of aggregators, private equity companies with a lot of money went out shopping for e commerce businesses based on Amazon. They made multiple mistakes, but one of them was based simply on following the numbers. A lot of very smart people, many of whom I interviewed for the podcast at the time, were involved in that, but they didn't have Amazon common sense or e commerce common sense they were good at, number analysis. So they analyzed the numbers but what they didn't take out was any kind of common sense. Why did the aggregators get it wrong in 2021-22? If you look at the root cause of the massive increase in revenue and profits of e commerce businesses around 2019, 2020, was obvious. The pandemic and lockdowns particularly in the UK and US. Were extreme. I was in the UK at the time, so yeah, that is in retrospect, I guess, very obvious what was, was going on there. Even at the time it wasn't rocket science to think there would be some kind of aversion to shopping in a physical location after the Pandemic, how much was going to be hard to call, but it wouldn't be zero. And there was going to be some reversion to spending discretionary earnings. So consumer spending, you could spend on whatever that isn't just your rent or mortgage on some services such as entertainment, going out to pubs. Technically they're buying products, but they're kind of consuming them immediately. So it's kind of a service or other services like going to the cinema or going...…
1 AI Finances for Amazon & eCommerce Sellers 17:33
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17:33Imagine you're a thriving Amazon seller. You log in to Seller Central, download your settlement report, and receive your net deposit. But here's the catch: the numbers don't quite paint a clear picture of your finances. Amazon reserves make understanding your true profit, profitability, and cash flow a challenge. Now, add multiple sales channels to the mix. The complexity grows exponentially, leaving you scrambling to reconcile data and make sense of your finances. This is where AI-powered accounting steps in, offering a lifeline for busy eCommerce brand owners. [00:00] - Importance Of Clean Data For Business Owners[00:44] - Introduction And Context Setting[01:07] - Challenges Of Single-Channel Amazon Selling[02:10] - Webgility's Data Integration Process[03:02] - Multi-Channel Data Consolidation[03:38] - AI Assistant's Role In Data Analysis[04:34] - Automating Data Transfer To Accounting Systems[05:16] - Computers' Efficiency In Numerical Calculations[05:59] - Common Issues In Data Integration[06:20] - Importance Of Consistent SKU Naming Conventions[07:31] - Webgility's Approach To Clean Data Setup[08:16] - Challenges Of Maintaining Consistent Data Practices[09:24] - Development Of AI-Powered Product Mapping Capabilities[10:40] - Difference Between Mechanical Systems And Intelligent Systems[11:58] - Two Approaches To Accounting Systems[13:39] - Impact Of Clean Books On Business Valuation[14:50] - Progression From Top-Line Focus To Profit And Valuation[15:17] - Introduction To Webgility's Services[16:10] - Webgility's Resources And Upcoming Webinars[16:39] - Importance Of Financial Preparation For Holiday Season[17:06] - Final Advice On Understanding Business Profitability[17:31] - Conclusion And Thank You How AI Simplifies Your Accounting Nightmare Webgility leverages the power of AI to transform your eCommerce finances. It can handle data from the most granular level (SKU) to your overall settlement reports, all presented in a user-friendly, centralized dashboard. Going beyond Amazon, Webgility integrates with other platforms and payment processors, offering a comprehensive overview of your finances, regardless of your sales channels. Imagine logging in and having a virtual assistant at your fingertips, ready to answer your financial questions. AI-powered tools allow you to seamlessly connect your data with popular accounting software like QuickBooks. This enables you to record granular-level fees, identify trends over time, and gain valuable insights, all within Webgility or directly in your accounting software. Clean Data: The Foundation for Accurate Finances But before diving into AI, let's address the elephant in the room: clean data. Garbage in, garbage out is still a golden rule in the digital age. No matter how powerful AI is, it can't magically transform messy data into financial clarity. The key to success starts with a well-organized product catalog. Develop a consistent SKU naming convention across all your channels. This seemingly simple step ensures accurate sales and profit tracking over time. Remember, inconsistent data leads to inaccurate reports, hindering your ability to make informed decisions. While AI excels at processing unstructured data, it's not a miracle solution. Here's where Webgility shines. It helps you get started the right way by offering features like: SKU naming guidance: Webgility assists in establishing a consistent naming convention for your catalog. On-the-fly account creation: Streamline the process by having Webgility automatically create clean accounts as you manage your business. Professional onboarding: Webgility offers onboarding services to ensure your data is structured correctly from the get-go. In some instances, AI can even help improve existing data. Webgility is constantly developing tools to analyze potentially flawed data, like identifying similar SKUs that may be duplicates. This can extend to customer and client data as well,...…
1 Artificial Intelligence for Amazon & eCommerce Sellers 25:27
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25:27In today's rapidly evolving digital landscape, artificial intelligence (AI) has emerged as a game-changer for businesses of all sizes. For eCommerce sellers, AI offers a powerful tool to streamline operations, enhance customer experiences, and gain a competitive edge. This guide will delve into how SMB eCommerce businesses can leverage AI to optimize their operations, improve decision-making, and achieve sustainable growth. [00:00] - AI Benefits For Business Owners And Consumers[01:01] - Introduction To The 10K Collective Podcast[01:45] - Parag Mamnani's Background And Founding Of Webgility[02:36] - Challenges Of Multi-Channel E-Commerce And Inventory Management[03:34] - Financial Systems As The Cleanest System Of Record[04:47] - Complexity Of Pricing And Inventory Tracking[06:00] - AI Adoption In E-Commerce Organizations[07:16] - Early Days Of AI Integration In E-Commerce Platforms[08:30] - Difference Between Generative AI And Regression-Based AI[09:45] - Barriers For SMBs In Adopting AI Technologies[11:29] - AI For Small Business Operations[12:42] - Bifurcation Of AI Technology In Business[14:29] - Key Capabilities Of AI Assistants In Business Operations[15:52] - Importance Of Predictive Power In AI For Business Decisions[17:16] - Challenges In Forecasting Due To Unpredictable Events[19:12] - Impact Of Black Swan Events On Predictions[20:31] - Limitations Of Forecasting For Small Businesses[22:03] - Factors For Successful Future Predictions In E-Commerce[23:38] - Importance Of Blending AI With Human Intuition[24:53] - AI Assistant Inclusion And Learning From Customer Expectations Understanding AI's Potential for eCommerce AI, with its ability to analyze vast amounts of data and learn from patterns, can significantly benefit eCommerce sellers in various ways. By automating routine tasks, providing valuable insights, and personalizing customer experiences, AI can help businesses increase efficiency, reduce costs, and drive sales. The Benefits of AI for eCommerce Enhanced Efficiency: AI can automate repetitive tasks such as order processing, inventory management, and customer service, freeing up valuable time for more strategic activities. Improved Decision-Making: By analyzing data and identifying trends, AI can provide valuable insights to inform business decisions, such as pricing, marketing, and product development. Personalized Customer Experiences: AI-powered recommendation engines can offer tailored product suggestions to customers, increasing engagement and loyalty. Optimized Operations: AI can help streamline supply chain management, improve inventory forecasting, and optimize logistics, leading to cost savings and improved customer satisfaction. Leveraging AI for Operational Excellence Inventory Management: AI can help optimize inventory levels by predicting demand, preventing stockouts, and reducing excess inventory costs. Pricing Optimization: AI algorithms can analyze market data and competitor pricing to determine optimal pricing strategies, maximizing revenue and profitability. Fulfillment and Logistics: AI can streamline the fulfillment process by optimizing shipping routes, reducing delivery times, and improving customer satisfaction. Customer Service: AI-powered chatbots can provide instant customer support, answer common queries, and resolve issues efficiently. Harnessing AI for Marketing and Sales Personalized Marketing: AI can help create targeted marketing campaigns based on customer preferences, demographics, and purchase history, improving conversion rates. Customer Segmentation: AI can segment customers into different groups based on their behavior and characteristics, allowing for more effective marketing strategies. Predictive Analytics: AI can predict customer behavior and identify potential churn, enabling proactive retention efforts. Implementing AI in Your eCommerce Business Identify Your Goals: Clearly define the specific areas ...…
1 Launch Product on Amazon Using PPC Tactics 19:15
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19:15The world of e-commerce thrives on innovation, and Amazon remains at the forefront. For brand owners, a successful product launch on this platform can be a game-changer. However, navigating the vast Amazon marketplace can be daunting, especially with limited resources. This guide equips you with the knowledge to strategically utilize PPC (pay-per-click) advertising to launch your product and propel your brand forward.[00:59] - Discussing Broader Expectations For PPC Strategies[01:26] - Subjectivity In Amazon PPC Strategies[01:56] - Example Of Keyword Strategy For Whiskey Products[03:14] - Separating Brands And Search Terms In Campaigns[04:01] - Gradual Introduction Of Different Ad Types[04:41] - Importance Of Consistency In PPC Strategy[05:18] - Balancing Patience And Action In PPC Management[06:39] - Importance Of Data And First Sales In PPC[07:28] - Periodic Review Of PPC Campaigns[08:06] - Adapting To Changes In The E-commerce Ecosystem[09:02] - Importance Of External Traffic For Amazon[09:48] - Balancing Organic And PPC Efforts[10:40] - Learning And Testing In Different Amazon Categories[11:09] - Impact Of Pricing On PPC Performance[12:09] - Importance Of Honesty And Transparency In Agency Work[13:00] - Understanding The Product And Target Market[14:31] - Overview Of Enzo Brands Services[15:37] - Enzo Brands' Experience With Various E-commerce Platforms[16:15] - Enzo Brands' Approach To Client Relationships[17:20] - Importance Of Brand Message On Amazon[18:20] - Keeping Things Simple And Understanding Basics Understanding Amazon Ads Broad Match and Auto Campaigns Amazon Ads offers various campaign structures, each with its advantages. Let's delve into broad match and auto campaigns: Broad Match: This approach casts a wide net by capturing searches containing all or some of your keywords. While broad match can generate a high volume of impressions, it requires careful monitoring to ensure your ads reach the right audience. Auto Campaigns: These campaigns leverage Amazon's algorithm to automatically identify relevant keywords for your product. While convenient, auto campaigns can be imprecise and necessitate ongoing refinement. Striking the Balance: Broad Match vs. Targeted Keywords Michael Kahn's Insight: Michael Kahn, an industry veteran with Enso Brands, emphasizes the value of starting with broad match campaigns. This initial broad approach helps you discover the keywords most likely to resonate with your target audience. Beyond Long-Tail Keywords: Conventional wisdom dictates a heavy focus on long-tail keywords for Amazon PPC. However, this isn't always the golden rule. Depending on your product category, high-volume keywords like "whisky" or "scotch whisky" might yield excellent results. Building a Robust PPC Strategy: Beyond Broad Match While broad match offers valuable insights, a successful PPC strategy requires more than just initial experimentation. Here's how you can craft a results-oriented approach: Sponsored Product Ads: This core PPC tactic showcases your individual products to targeted audiences based on keywords and product listings. Harvested Keywords: Leverage data from broad or auto campaigns to identify high-performing keywords for future manual campaigns, allowing for more focused targeting. Negative Match: Strategically exclude irrelevant keywords that generate clicks but don't lead to conversions. This helps you refine your targeting and save budget. Branded Search Terms: Track branded search terms separately to assess brand awareness and avoid skewing overall campaign data. Video and Headline Ads: Exploring Additional Options While sponsored product ads are a strong foundation, consider incorporating video and headline ads for a more comprehensive approach: Video Ads: These compelling visuals can effectively communicate your product's unique features and benefits, driving engagement and conversions.…
1 Amazon Advertising Strategy for Product Launches 19:29
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19:29The world of e-commerce is booming, and Amazon remains a major player. For brand owners, a successful product launch on this platform can be a game-changer. But how do you stand out in a crowded marketplace, especially when resources are limited? [00:00] - Introduction To The Podcast[01:31] - Introduction Of Michael Kahn From Enso Brands[02:13] - Michael's Background And Location[02:44] - Defining Launching On PPC[03:12] - Essential Preparation Before Launching[04:52] - Importance Of Competitor Analysis[06:28] - Understanding The Competitive Landscape[07:01] - Types Of Amazon PPC Ads[08:31] - Amazon Ads Team Innovation[09:14] - Focus On Video Ads For Product Launch[11:33] - New Partnership Between Amazon And TikTok[11:50] - Financial Expectations For Ad Spending[13:47] - Balancing Ad Spend And Patience[14:51] - Example Of Ad Spend Strategy Over Time[16:42] - Three-Month Timeline For Ad Strategy[17:46] - Gradual Adjustment Of Ad Spend[18:59] - Warning Against Abrupt Changes In Ad Strategy Introducing Enso Brands and Michael Kahn: This guide draws expertise from Enso Brands, a full-service agency for Amazon sellers. Led by industry veteran Michael Kahn, Enso offers brand acquisition, management, advertising expertise, and even warehousing solutions. Launching on Amazon: New Products or Revivals Your launch strategy will differ depending on whether you're introducing a brand new product or reigniting interest in a dormant listing. This guide tackles both scenarios, offering actionable tips to maximize your Amazon advertising impact. Pre-Launch Checklist: Prep for Success Before diving into PPC (pay-per-click) advertising, ensure a solid foundation for your launch. Here's what you need: Know Your Target Market: Demography and psychographics are crucial. Competitor Analysis: Identify direct and indirect competitors. Analyze their pricing, reviews, and ad strategies (including video usage). Keyword Research: Conduct thorough keyword research to ensure your listing appears in relevant searches. Listing Optimization: Craft compelling product descriptions with high-quality A+ images. Vine Reviews: Consider leveraging Vine reviews for early, honest feedback. Launching with PPC: A Powerful Toolset Amazon offers a variety of advertising options to consider: Product Ads: Showcase individual products to targeted audiences. Branded Ads: Increase brand awareness and build recognition. Video Ads: Effectively communicate your product's unique features and benefits. Headline Ads: Enhance brand visibility, though conversion rates may vary. Remember, Amazon provides tools to scale your spending, but consider utilizing third-party ad management solutions for added efficiency. Optimizing Your Campaigns: What Works for Your Product The key to successful Amazon advertising is finding what drives conversions for your specific product. Here's what Michael Kahn recommends: Always A/B Test: Experiment with different approaches to identify the most effective messaging and visuals. Embrace Video Ads: Consider video ads to showcase your product's unique selling points. Start with Sponsored Products: These ads offer a good balance between conversion and cost efficiency. Headline Ads for Brand Awareness: While conversion rates might be lower, they can be valuable for building brand recognition in certain categories. Client Story: Video Ads Highlight a Unique Feature Michael shares a client example where video ads were instrumental in showcasing a product's unique feature that wasn't easily conveyed through text descriptions. These compelling visuals helped differentiate the product from competitors and justify a higher price point. ACoS, High Spend, and "Bleeding Keywords" During Launch ACoS (Advertising Cost of Sale): Achieving the right balance between ACoS, high ad spend, and "bleeding keywords" (unprofitable keywords) is crucial during launch.…
1 Amazon Tiktok integration (Amazon Newsday 10 Sep 2024) 3:47
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3:47Michael Veazey Welcome to Amazon Newsday. I'm your host, Michael Veazey. Today, a couple of stories that are not in the last couple of weeks, but they were so important, we didn't want you to miss them. Amazon Tiktok Integration Announced Amazon TikTok integration. On the 9th of August, Amazon and TikTok officially announced their partnership, enabling users to discover and purchase Amazon products directly within the TikTok app. The integration allows TikTok users to see Amazon product recommendations on their For You feed. Users can link their TikTok and Amazon accounts through a secure one time setup process. Once accounts are linked, Amazon customers can then complete checkout within TikTok without leaving the app, providing a faster and more frictionless experience. Users in the U S. who linked their accounts will see real time pricing, primary eligibility, delivery experts, and product details on select Amazon product ads in TikTok. "Project Handshake" This partnership is part of Amazon's Project Handshake, a broader Amazon strategy which aims to merge social media with e commerce. Similar integrations have been made with platforms like Meta and Snapchat. For Amazon sellers, this integration could open up new opportunities to reach younger audiences through TikTok, potentially making sponsored display and DSP ads more effective. This integration is initially launching only in the United States with no specific timeline provided for expansion to other regions. This partnership represents a significant step in integrating e commerce with social media, potentially reshaping online shopping behaviors and offering new avenues for brands to reach consumers. Amazon required to recall unsafe products Amazon has been required to recall unsafe products. In a landmark decision, the U. S. Consumer Product Safety Commission, the CSPC, has ruled that Amazon is legally responsible for hazardous products sold by third party sellers through its Fulfillment by Amazon program. This July 29th ruling classifies Amazon as a distributor under the Consumer Product Safety Act, making it liable for over 400, 000 potentially dangerous items sold on its platform. The case focused on products like flammable children's sleepwear, faulty carbon monoxide detectors and unsafe hairdryers. As a result, Amazon must now develop plans to notify purchasers and the public about these hazards and provide refunds or replacements. Wider implications for e-commerce sellers This decision could have far reaching implications for other e commerce platforms, potentially subjecting them to similar notice reporting and recall obligations as traditional retailers. It underscores the CPSC's commitment to enforcing compliance across all parties in the consumer product distribution chain. Amazon plans to appeal the ruling, arguing that it had already taken swift action to warn consumers and offer refunds when notified of safety issues. However, the CPSC found these measures inadequate, emphasizing the importance of public notice for all potentially affected customers.…
1 Skechers trainers – the power of serving one niche excellently 3:38
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3:38Trainers. Not a market that is obviously a winner for new products. If a client came to me with the idea of launching trainers, the names "Nike" and "Adidas" would come to mind as fierce competitors. And yet here is Skechers, making waves with a new trainer. But not just any trainer. And not just competing for the mass market. No, Skechers has created and expanded a wonderful niche market for itself selling trainers to people with a very specific need. One that Michael can speak to from personal experience!…
Kody Thompson, founder of WrkPod, isn't your average entrepreneur. He bootstrapped a web development company from a shoestring budget into a multi-million dollar powerhouse, generating over $5 million in profit. One of his biggest success factors? Building a high-performing team in the Philippines. This guide delves into Kody's journey, exploring how he leveraged Filipino talent to achieve explosive growth. We'll uncover his recruitment strategies, team management philosophies, and the key benefits of outsourcing for ecommerce businesses. Time Stamp [00:00] - Introduction To The Podcast And Host Michael Veazey[01:09] - Welcome To The 10K Collective Podcast[01:26] - Introduction Of Guest Cody Thompson From WorkPod[02:02] - Early Stages Of Building A Remote Team[03:29] - Mental Leap To Get Started With Outsourcing[03:48] - Using Freelance Platforms And Virtual Staff Finder[05:03] - Setting Up A Physical Office In Dumaguete Philippines[05:50] - Renting Space From Silliman University[07:17] - Creating An Internship Program With University Students[08:57] - Navigating The Challenges Of Internship Programs[10:16] - Building Relationships With University Deans[11:56] - Streamlining The Hiring Process Through Internships[13:03] - Importance Of Local Relationships In Recruitment[14:29] - Introduction To WorkPod And Its Services[15:50] - Providing Support And Frameworks For Managing Remote Teams[17:03] - Common Management Mistakes With Remote Staff[18:58] - Learning From Management Mistakes And Experiences[20:24] - Challenges In Positioning Talented Employees[22:12] - Introduction Of VA Task Outsourcing Checklist[24:01] - Closing Remarks And Invitation To Join 10K Collective Mastermind From Freelance Hustle to Global Success: The Power of Outsourcing Kody's story begins like many others – a freelance graphic designer trading time for money. But Kody recognized the limitations of this approach. "I wasn't getting paid when I was doing bookkeeping or social media," he explains. "My value lies in design." This realization sparked a pivotal shift. Kody started outsourcing administrative tasks, freeing him to focus on his core skills. This newfound efficiency fueled the growth of his web development company, propelling his annual revenue to a staggering $700,000 with a team of just 5-6 Filipino virtual assistants. Building a Dream Team: Beyond Remote Work While outsourcing tasks proved beneficial, Kody realized the limitations of a fully remote team. Managing talent spread across different locations posed challenges. The solution? Building a centralized team in the Philippines. But where to start? Kody identified Dumaguete City, home to top universities brimming with tech talent. He secured office space near the university, forging partnerships with deans and establishing an internship program. This provided direct access to top students, many of whom transitioned into full-time positions after graduation. Finding the Right Talent: Avoiding Common Mistakes Outsourcing success hinges on finding and retaining skilled personnel. Kody highlights some of the most common pitfalls: Assuming everyone learns like you: Different people learn in different ways. Tailor your training methods to ensure effective skills transfer. Adaptability: Resistance to change is a common obstacle. Foster a culture that embraces evolution and continuous improvement. Unreliable Payment: Not paying staff on time is a recipe for disaster. Develop a robust payroll system and prioritize on-time salary payments. Inadequate Training: Throwing new hires into the deep end without proper training sets them up for failure. Invest in comprehensive training processes and establish clear procedures. WrkPod: Beyond Recruitment, Building a Thriving Ecosystem Kody's passion extends beyond simply connecting businesses with Filipino talent. WrkPod offers a comprehensive ecosystem to empower entrepreneurs:…
1 Build to Sell: Scale your Ecommerce Business to Exit 32:23
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32:23Kody Thompson, founder of Wrkpod, understands the ecommerce journey. He bootstrapped a web development company from a $250 startup into a multi-million dollar powerhouse generating over $5 million in profit. Today, we'll dissect his "build to sell" approach, equipping you to scale your ecommerce brand for a successful exit. Time Stamp [00:00] - Introduction To The Podcast[00:20] - Michael Veazey Introduces The 10k Collective Mastermind[01:04] - Welcome To The 10k Collected Podcast[01:34] - Introduction Of Cody Thompson From WorkPod[02:24] - Why Cody Started A Graphic Design Business[03:41] - Transition From Solo Designer To Subscription Business[05:12] - Developing A Subscription Model For Websites[07:07] - Lessons From Niching Down And Customer Response[08:34] - Creating A Win-Win Business Model[09:46] - Path To Exiting The Business[11:26] - Decision To Sell The Web Development Company[13:48] - Finding A Buyer And Preparing For Sale[15:49] - Building A Business Ready To Sell[18:02] - Learning From Mentors And Decision-Making Process[19:44] - Negotiating Flexibility In Business Contracts[21:38] - Lessons On Utilization In E-commerce[23:11] - Things To Do Differently In An Exit[24:51] - Importance Of Business Community And Support[26:24] - Introduction To WorkPod's Business Model[28:58] - Free Checklist For Outsourcing Tasks[30:23] - Closing Remarks And Mastermind Promotion Building Your Foundation: From Passion Project to Scalable Business Many ecommerce ventures begin as passion projects. Kody initially offered freelance graphic design services to support his volunteer work. However, his vision evolved. Recognizing the limitations of selling time for money, he pivoted towards a subscription-based web development model. The "Aha" Moment: Identifying a Lucrative Niche & Building Recurring Revenue Kody's turning point came when he realized the high cost of custom websites deterred small businesses. He observed a need within the fitness industry and pivoted again, creating website templates specifically tailored for gyms. This niche focus, combined with a subscription model, ensured recurring revenue and a scalable business. Building a Business That Runs Without You: Systems, Documentation, and Delegation Building to sell requires a business independent of your personal involvement. Kody achieved this by: Systematizing processes: Creating clear workflows for all aspects of the business. Detailed documentation: Documenting procedures for future reference and team training. Clean financials: Maintaining accurate and up-to-date financial records. Daily bookkeeping: Ensuring financial transparency for potential buyers. The Power of Team: Building a Culture of Excellence A strong team is fundamental to a thriving ecommerce business. Kody prioritized building a team he enjoyed working with, fostering a positive work environment. This translates into higher employee retention and a more attractive business proposition for potential buyers. The Exit Strategy: Setting the Stage for a Lucrative Sale Many entrepreneurs underestimate the importance of planning for an exit from the start. Here's why Kody built with the goal of selling: Reduced reliance on personal time: A successful business generates revenue regardless of your daily involvement. Reliable, recurring revenue: Predictable income stream attracts higher valuations from potential buyers. Lower risk: A well-systematized business with a strong team mitigates potential risks associated with ownership changes. Beyond Financials: The Importance of Preparations Beyond the Numbers Kody built a business attractive to buyers in ways that go beyond just the bottom line. Here are two crucial considerations: Data Room Readiness: Kody streamlined the due diligence process by having all necessary financial and operational documents readily available. Strong Team: The quality and expertise of your team significantly imp...…
1 Unfulfillable FBA inventory to be removed after 23 days 4:05
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4:05Amazon Newsday 3 Sep 2024 Unfulfillable FBA inventory to be removed after 23 days Unfulfillable FBA inventory is to be removed after 23 days. Amazon is updating its FBA inventory-required removals policy. Amazon claims this is to create more room for seller products and to help sellers to save on storage fees. Starting on September the 16th 2024, if sellers have not enabled automated unfulfillable settings in the UK or the EU, Amazon will dispose of or donate unfulfillable inventory after 23 days' notice instead of the current 30 days. To avoid disposal, Amazon says sellers can create a manual removal order or configure automated settings to either liquidate the inventory to recover some value straight away or return inventory and have it sent to a seller return to address or a third-party freight forwarder. Once they create a disposal order after 23 days' notice, Amazon warns it cannot be cancelled. Change to the digital services tax charges from October. On October the 1st, 2024, Amazon will introduce a digital services fee for digital services taxes, DST that are implemented by the governments of Canada, the UK, France, Italy, and Spain. The typical DST Rate is 2 percent in the UK and 3 percent in Canada, France, Italy, and Spain. Since 2021, Amazon has apparently accounted for DST by increasing selling on Amazon fees in the UK, France, Italy, and Spain, and by increasing fulfilment by Amazon fees in the UK and France, but starting from October 1st, Amazon will reduce those fees and account for this cost by introducing a standalone digital services fee. DST or digital services taxes charges are unpredictable as they vary based on the location of the seller's business, the location of the buyer and other factors. And so Amazon has decided rather than basing the digital services fee on those variables, which will create an unpredictable unpredictable business impact, um, Amazon will introduce a fixed digital services fee only based on the seller's location and the store in which the sellers sell. Where to see the digital services fee applied to seller's orders If sellers wish to see where their digital services fees are being applied to the orders from September the 1st, sellers can preview the fee in the revenue calculator and starting on October the 1st, sellers will be able to track digital services fees via the transaction view in the payments reports. In order to view the fees across different stores and different countries, the SKU economics report will provide historical proceeds from sales. Returns fees and ad spend and net proceeds by SKU for each store in which the sellers sell. Change to coupon code stacking settings Changes to coupon code stacking settings. Amazon has added an extra setting to give sellers control over whether coupons can be stacked by consumers. Stacking coupons means that, for example, a 20 percent offer could be combined with a 5 off offer to give a consumer a larger discount on an item than a seller intended. Amazon have created a new tool called Stacked Promotions Enablement. This tool enables sellers to choose how they stack coupons, percentage off, or buy one get one promotions. It's thought this will be particularly useful for protecting sellers on high-volume days such as Prime Day.…
1 Is your product difficult and dangerous? Mike’s loft ladder! 5:32
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5:32Sometimes consumer products aren't just confusing or overly complex. Sometimes they can be downright difficult to use. They can even be dangerous. They might even be deadly. Such is Mike's loft ladder. Difficult, frustrating and downright dangerous, this is an example of consumer product design sins to avoid at all costs. If you design products - or have them designed for you, you MUST think about this. Even if you're "just" ultimately liable if someone hurts themselves, you've got to be so careful not to produce products that harm your users. Otherwise, it's just a matter of time before someone hurts themselves using your product. Or you're just hoping for good luck. And luck, as the Marines say, is not a strategy.…
1 Scale Your Amazon FBA Business Fast: A Checklist-Driven Approach 24:42
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24:42Scaling an Amazon FBA business can be challenging, especially with limited capital. However, by following a strategic approach and leveraging the right tools and techniques, you can achieve significant growth. In this guide, we'll explore a proven checklist approach to scaling your Amazon FBA business using remote staff, without spending your life managing people. We are drawing from the insights of amazing scale expert, Steven Pope of My Amazon Guy, famous for hiring 100 staff in under 30 days. Time Stamp [00:00] - Stick To What You Know[00:14] - Introduction To 10k Collective Mastermind[01:00] - Introduction Of Steven Pope From My Amazon Guy[01:34] - Scaling A Sellable Amazon Business[01:53] - Importance Of Business Books On Scaling[02:21] - Avoiding Trend Following In Product Selection[03:09] - Importance Of Product Knowledge[04:46] - Product Expansion And Customer Avatar[05:44] - Importance Of Checklists And SOPs[07:24] - Outsourcing And Labor Cost Management[08:52] - The Checklist Manifesto And Airline Industry Comparison[10:13] - Quality Assurance In Business Operations[11:19] - Hiring And Training Interns At Scale[13:39] - Leveling Up Life And Creating Jobs[14:50] - Emphasis On Results Over Direct Control[16:13] - Employee Performance Evaluation Criteria[18:19] - Balancing Business Success And Personal Adventure[19:42] - Simplifying Business Operations[20:55] - The Importance Of Having The Right People[21:29] - Services Offered By My Amazon Guy The Road Less Traveled: A Checklist Approach Unlike many business books that focus on data-driven product selection and trend following, this approach emphasizes the importance of sticking to what you know and understanding your niche. 1. Product Selection: Beyond the Data Avoid Trend-Chasing: While data tools can be helpful, don't rely solely on them to select products. Trends can be fleeting, and by the time you source and ship your products, you might find yourself with excess inventory. Leverage Your Expertise: Focus on products that align with your knowledge and passion. This will give you a competitive edge and make it easier to navigate challenges. 2. Product Expansion: Stick to Your Strengths Know Your Customer: Have a clear understanding of your target customer's needs, preferences, and pain points. This will guide your product expansion decisions. Plan Ahead: Outline your next 10 products, including sourcing, quotes, and FOB details. This will streamline the scaling process and minimize risks. Building a Scalable Foundation: Checklists and SOPs The Power of Checklists: Implement checklists for various tasks to ensure consistency, reduce errors, and improve efficiency. Overcoming Sophistication: Don't let complexity hinder your progress. The more checklists you have, the better your business will run. Learning from the Medical Industry: Take inspiration from the medical field, where checklists have dramatically improved patient outcomes. 3. Outsourcing and Offshoring: A Strategic Approach Leverage Global Talent: Consider outsourcing non-core tasks to skilled professionals in other regions. This can help reduce costs and access specialized expertise. Embrace Filipino Culture: Many entrepreneurs have found success in working with Filipino teams, who are known for their work ethic, reliability, and adherence to processes. Creating a System: SOPs and Education Standardize Processes: Develop clear standard operating procedures (SOPs) for all key tasks to ensure consistency and efficiency. Train Your Team: Educate your team on the SOPs and empower them to contribute to improvements. Continuous Improvement: Regularly review and update your SOPs to adapt to changes in the market and your business. Building a Moat: Your Unique Advantage Develop Your Niche: Become an expert in your chosen niche. This will make it difficult for competitors to replicate your success.…
1 Reduce Amazon Ad Spend - How to manage Amazon PPC in 2024 36:43
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36:43Andy Jassy recently gleefully shared increased profits for Amazon shareholders. Sadly, those profits came directly from Amazon Ads - which in turn come directly from your profits as an Amazon Seller. With the ever-evolving Amazon marketplace, it’s essential to optimize your ad spend to maximize returns. Here Steven Pope, manager of top Amazon agency My Amazon Guy, gives us his straightforward strategies to actually reduce your Amazon ad spend without cratering sales. Time Stamp [00:00] - Stick To What You Know For Amazon PPC[00:23] - Introduction To 10k Collective Mastermind[01:07] - Introduction Of Steven Pope From My Amazon Guy[01:42] - Scaling Amazon Advertising Costs[02:27] - Internal And External Advertising Strategies[03:41] - When To Look At Alternative Advertising Options[05:56] - Prioritizing Tasks For Amazon Sellers[07:24] - Focusing On Traffic Generation[08:15] - Sponsored Product Ads And Budget Allocation[09:25] - Rules For Keyword Negation[10:45] - Avoiding Fixation On Outdated Marketing Ideas[12:18] - Segmentation And Keyword Prioritization[13:50] - Dangers Of Excessive PPC Automation[15:57] - Simplifying Amazon PPC Accounts[18:20] - Importance Of Simplicity In Scaling Businesses[21:15] - Framework For Eliminating Keyword Cannibalization[23:00] - Day Parting Strategy For Amazon PPC[27:27] - Impact Of SKU Count On Business Sellability[33:39] - Overview Of My Amazon Guy Services Understanding Your Amazon Ad Spend Before diving into optimization techniques, it's crucial to understand your current ad spending patterns. Analyze your Amazon Seller Central account to identify key metrics such as: Average Cost Per Click (CPC): How much you're paying for each click on your ads. Click-Through Rate (CTR): The percentage of impressions that result in clicks. Conversion Rate: The percentage of clicks that lead to purchases. Advertising Cost of Sales (ACOS): The percentage of your sales revenue spent on advertising. By analyzing these metrics, you can pinpoint areas where you can make improvements. Leveraging the Amazon Ecosystem Organic Search Optimization: Prioritize optimizing your product listings for organic search results. Use relevant keywords, high-quality images, and detailed product descriptions. Amazon Prime Benefits: Encourage Prime memberships by offering Prime-exclusive deals or faster shipping. This can increase your product visibility and sales. Amazon Brand Registry: If eligible, enrol in Amazon Brand Registry to access additional tools and benefits, such as custom store pages and enhanced brand protection. Exploring External Opportunities Social Media Advertising: Platforms like TikTok, Instagram, and Facebook can be effective for reaching new audiences and driving traffic to your Amazon listings. Influencer Marketing: Partner with influencers in your niche to promote your products and reach a wider audience. User-Generated Content (UGC): Encourage customers to share their experiences with your products on social media. This can help build trust and credibility. Determining the Right Focus When deciding where to allocate your resources, consider the following factors: Spend: If you're spending over $50,000 per month on Amazon ads, exploring alternative channels might be beneficial. Category: The competitiveness of your product category will influence your marketing strategy. Brand Type: Private label (PL) brands may have different marketing needs compared to arbitrage brands. Optimizing Your Amazon PPC Campaigns Keyword Strategy: Focus on broad and auto keywords to reach a wider audience and discover new opportunities. Negative Keywords: Use negative keywords to exclude irrelevant search terms and reduce wasted spend. Bid Management: Regularly adjust your bids based on keyword performance and campaign goals. Campaign Structure: Create separate campaigns for different product categories or target audiences to improv...…
1 Amazing FBA Newsday – Amazon Drones Annoy Texas Residents 3:37
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3:37Amazon Newsday 27 August 2024 Amazon Newsday 27 August 2024 If it's Tuesday, it's Amazing FBA Newsday, the show for Amazon seller news. Here's your host, Michael Veazey! This is Michael Veazey and welcome to Amazon Newsday. Amazon Delivery Drone Noise Annoys Texas Residents Amazon delivery drone noise has been annoying some residents in Texas. Residents of College Station, Texas are troubled by noise pollution from Amazon's delivery zones, a concern as Amazon seeks to expand its Prime Air program. Amazon has asked the Federal Aviation Administration, the FAA, to increase drone flights from 200 a day to 469 per day, which has raised concerns amongst residents living near the drone facility. The buzzing noise from drones is a significant issue, potentially leading to stricter regulations or bans that could hinder Amazon's expansion plans. Amazon began drone deliveries in 2022 in College Station and in Lockford, California, and it aims to improve community relations by possibly relocating drones and their ports away from residential areas. The City of College Station is collaborating with Amazon to find industrial zone locations for drone operations and Amazon is developing a quieter drone model, the MK30, to reduce the noise. Despite the noise concerns, the drone delivery program has been successful with no reported crashes or injuries and is seen as innovative and efficient by local officials. Drone delivery is still in its early stages and is facing regulatory, technical and public acceptance challenges, but it holds potential for future growth as a supplement to traditional methods. Amazon to bring back Prime Big Deal Days this October Amazon announced it's bringing back its Prime Big Deal Days sales event this October. Prime Big Deal Days return this October to kick off the holiday season for Amazon this autumn and fall. Only Prime members will have access to early holiday deals across popular categories, including deep discounts on products from top brands. The celebration will take place in 19 countries, including Australia, most European countries, including France, Germany, and the United Kingdom, and in North America, Canada, Canada and the United States. Amazon Launches “FBA Grade and Resell” programmer Amazon launches FBA grade and resell program. Amazon is launching a program to enable, uh, sellers on its platform to regrade and resell rejected and secondhand inventory. The way it will work is that after ingraining in grade and resell eligible FBA returns will be inspected to see if they can be relisted with one of the four conditions, like new, very good, good, or acceptable. Amazon will inspect packaging, confirm the item matches the description, test the items condition, check for any signs of use and assess any damage. When the item is relisted through grade and resell, Amazon will provide customers with a detailed description of its condition. This includes information about minor imperfections, packaging details, and functional functionality. With grade and resell, Amazon says the three. Selling points are that you can recover value, that is turn customer returns into sales, set it and forget it with a streamlined customer returns management and supporting, of course, sustainability and enhancing reputation with customers by offering pre owned products. Thanks so much for listening to today's show, stay tuned next week for our ongoing Newsday updates. This has been Michael Veazey for AmazingFBA.…
Is your product confusing consumers? Is your product confusing consumers? Hey folks today you find me in the glamorous location of our garage and I've got a simple but really important point to make about consumer product design, particularly if you've got a complicated product. So here is our trusty tumble dryer. I wish it were a washer dryer, but for various reasons, my wife wants to keep the old washing machine, so we end up schlepping stuff from one place to another. So by the way, hint number one, if you can create a machine that solves two problems in one go, and they logically belong very, very closely together, like washing clothes, what do you always do? You dry them. If such a thing doesn't exist in your market, or it's not very functional, that's a good hint. But that's not the main thing for today. The main thing for today is this look at this panel. We've got a bunch of different options, look how many options, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 different options. Guess which one I always use? Eco. Why? Because I want it simple. I've got four options for how dry I want it. The one is hanger dry and the previous one is like, extra dry. And then the other one is iron it. I would argue that you probably need three settings maximum there. Then you've got everything else. Timing, how long it lasts for I don't even know what that does. That's the temperature obviously, that's something special. Guess what I do? I use Eco, I choose the driest one, I press on and then I'm done. if you overcomplicate the user interface of any product at all, you are probably not adding value for anyone. And you probably think you are adding value because engineers love complexity and they love solving problems. And so the product designers, as you get very, very deep into a product there, you realize there are more and more nuances. And you think you're adding value by adding complication. I very much doubt you are. I think that you're very likely to be adding stress to a consumer's life. What they want is something that works reliably, is very, very, very simple to use and gets them the outcome they want. Now, okay, there may be a few different outcomes and I'm not saying you shouldn't have a few different options. But the reality is that your consumer is going to choose one of two of them. There's a good argument in favor of creating something very simple. Years ago, Anita Broderick, I think. The creator of the incredibly successful brand, the body shop said and this was back in the nineties or the two thousands, right? When home computers were relatively new thing. " I think somebody should can invent the computer, which has four buttons on and off, and that come on with the other three where, and she makes a valid point. Most computer systems, most domestic appliances. are way more complicated than you need, right? I could take you indoors and look at the oven. But let's look at this. This is actually not too bad as interfaces go, but guess what? When my father in law turned up here, He's got an oven, an electric oven like this one. He put this on in order to put the oven on, but guess what that tiny symbol means? Grill. Well, first of all, if you're selling products to the UK, why don't you put English on them? There's a, there's this large language market for English language products, I understand. Like that might include England Australia Canada United States. Right? It's not rocket science. So first of all, this tiny symbol is supposed to mean grill. And secondly the, there are, there are just even here too many options. So here's the half grill. I kind of get it, but it could be simpler and clearer. Couldn't it? So again, there's more about clarity than too many options. And again, this whole oven timer thing, everyone in the world who's got an electric oven knows there's a timer on it. I don't know anyone who uses it.…
1 6 Must-Ask Questions Before Buying a Business 14:58
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14:58Congratulations, you've found a potential e-commerce brand acquisition opportunity! Before diving in, it's crucial to showcase your own value as a buyer. Whether you connected through a broker, a cold outreach, or a warm introduction, be prepared to demonstrate your capabilities in a concise and impactful way. Remember, flexibility is key. Time Stamp [00:50] - Introduction To Step Five Of Buying E-commerce Business[02:13] - Six Key Questions For Sellers[02:39] - First Question: Tell Me About Your Business[03:36] - Second Question: What Happens If You're Away For Three Months[04:32] - Third Question: How Do You Market Your Products[04:47] - Fourth Question: Who Are Your Competitors[05:43] - Fifth Question: Why Are You Selling The Business[07:10] - Sixth Question: How Would You Grow The Business[08:10] - Setting Up Next Steps After The Meeting[09:47] - Getting NDA Signed And Requesting Financial Data[10:28] - Recap Of Main Points From The Meeting[11:20] - Importance Of Practice And Role-playing[12:11] - Learning From Sales Pitch Evaluations[13:15] - Reflecting On Experience With A Mentor[13:44] - Offer For Assistance In Business Evaluation And Negotiations[14:27] - Encouragement To Practice And Seek Help If Needed[14:50] - Preview Of Next Topic On Deal Making Psychology Aiming to Project: Safe pair of hands: Reassure the seller you are a responsible and reliable owner. Industry experience: Highlight your understanding of the e-commerce landscape. Business experience: Demonstrate your track record of successful business management. Experienced dealmaker: Showcase your expertise in navigating acquisitions (if applicable). Authority: Subtly lead the conversation, demonstrating your seriousness and preparedness. What to Say in Your Self-Presentation: Briefly outline your industry background and expertise in e-commerce. Briefly highlight your experience in managing successful businesses, if applicable. Mention any relevant dealmaking experience (acquisitions, investments, etc.). If you have a strong team or mentor, subtly reference their expertise. Evaluating the Business (6 Key Questions): Now that you've established your credentials, it's time to delve deeper into the business. This is not a full due diligence process, but a preliminary assessment to determine if the opportunity aligns with your goals. Here are 6 Key Questions to Ask (within 6 minutes): Open-ended: "Tell me about your business." This opens the dialogue, provides a business overview, and reveals the seller's personality (explored further in the next episode). Management: "Who runs the business day-to-day? What happens if you were unable to work for a few months?" This assesses the team structure and potential operational dependencies. Marketing: "How do you currently market your products and generate sales?" Understand their customer acquisition strategy and marketing channels. Competition: "Who are your main competitors? How do you differentiate from them? And how do they beat you, if at all?" Gauge market positioning and competitive landscape. Reason for Sale: "Why are you selling the business?" Identify the seller's motivation, which can impact negotiations and future growth plans. Growth Potential: "If you weren't selling, how would you envision growing the business?" This reveals the seller's perspective on future potential and aligns with your own acquisition goals. Pro Tip: "NLP Anchoring" (Revealed Next Episode): We'll delve into Carl Allen's NLP anchoring technique in the next episode, a powerful tool to subtly guide the conversation during this evaluation phase. Moving to the Next Step If the initial evaluation sparks your interest, it's time to set up clear next steps. Goals: Future Pacing: Outline the potential acquisition timeline, fostering a smooth transition. Reinforce Expertise: Further establish yourself as a qualified and serious buyer.…
1 Master the Art of Buyer Meetings: Step-by-Step Rapport Building Guide 16:41
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16:41Congratulations! You've made it through the first four steps of successfully acquiring an e-commerce business to scale your brand. Here's a quick recap: Decide to Buy: Defined your goals and motivations for acquisition. Define Your Ideal Target Business: Identified the type of business that aligns with your vision. Find Your Ideal Businesses (Deal Flow): Utilized various strategies to discover potential acquisition targets. Filter Your Suspects to Prospects: Narrowed down your options to qualified candidates. Now comes a crucial step: the buyer meeting. This is your chance to connect with the seller, build rapport, evaluate the business, and set the stage for a successful acquisition. This guide will equip you with the tools and strategies to navigate this pivotal step. Time Stamp [00:44] - Introduction To 10 Step Process For Acquiring E-commerce Business[01:03] - Recap Of Previous Steps[01:59] - Four Aims Of Step Five[02:43] - Importance Of Building Rapport[03:42] - Evaluating The Business[04:42] - Preparation Before The Meeting[05:30] - Researching The Business And Owner[06:30] - Basics For The Meeting: Dress Code And Punctuality[07:45] - Managing Meeting Time[08:44] - Main Aim In The Meeting: Building Rapport[09:31] - Active Listening Techniques[10:48] - Balancing Professionalism And Friendliness[11:27] - Presenting Your Own Value[12:26] - Positioning Yourself As An Experienced Dealmaker[13:20] - Offer To Review Potential Deals[13:35] - Importance Of First Impressions And Rapport Building[14:39] - Practice Makes Perfect: Role Playing And Reflection[15:14] - Offer For Assistance In Business Buying Process[16:32] - Preview Of Next Episode: Six Killer Questions Aims of this Step in the Process: Building Rapport: Create a connection and establish trust with the seller. Positioning Yourself as an Expert/Safe Pair of Hands: Demonstrate your knowledge and capability to manage the business. Evaluating the Business: Gain a deeper understanding of the company's strengths and weaknesses. Setting Up Next Steps: Determine a clear path forward for moving towards acquisition talks. Overview of the Process: This section will delve into the key aspects of your buyer meeting: Preparation: How to gather information and prepare yourself for the encounter. Setting the Right Tone: Ensuring professionalism and creating a comfortable environment. Building Rapport: Techniques to connect with the seller on a personal level. Evaluating the Business: Strategies for acquiring a basic understanding of the company's performance. Setting Up Next Steps: Establishing a clear plan for moving forward. Preparation (3 minutes): Before the meeting, thorough preparation is key. Here's how to hit the ground running: A. Researching the Business and Owner: Owner: LinkedIn: Explore their experience, network, and any connections you might share. Google: Look for news articles, interviews, or past ventures that demonstrate their expertise. Facebook: Gain insights into their interests and personality (optional). Business: Amazon: Analyze the listings, pricing strategy, reviews, and customer engagement. Ecom/Brand Site: Explore the brand messaging, product variety, and overall customer experience. Social Media (e.g., Instagram): Observe the brand personality, visuals, and customer interaction. B. Identifying Common Interests or Experiences: The goal here is to find common ground: Shared hobbies (sports teams, etc.) Geographical similarities (grew up in the same area, state, etc.) Educational background (same university, mastermind groups, etc.) Industry connections (knowing common industry figures) Understanding the Business's Aims: While researching, also demonstrate your knowledge of the business: Analyze current trends in the industry/sub-industry/category. Use tools like Helium 10 or Jungle Scout to assess competitor performance.…
Hey folks, Michael from AmazingFBA. I just realized I was missing a golden e commerce opportunity here. It's kind of e commerce, I ordered something online, which is the latest the MacBook Air. So I've had a MacBook Pro And then a second MacBook Pro. And this time I'm going for a MacBook Air. I've kind of been forced into buying it because the old one slowed down. But nevertheless, buying a Mac is a serious, expensive hobby. guess I'm kind of excited as well. Nervous and excited because it's the nerve centre of all my business operations. Not that I'm running a million dollar empire, but I could be one day from this computer. And so Here's the unboxing video that I'd like to show you. So I've actually taken out the stuff already because it only just occurred to me. First thing to note is that Apple does a beautiful job of packaging. It's really thick, sturdy, lovely packaging. It's very clean. It's just got a very, very minimalist picture on, which goes with their brand. Apple's minimalist brand. And then. We've got the computer inside, which is lovingly packaged. I pull that up, look at that, the design detail, I can pull it up. And of course then it's got everything, which, which I've taken out. So that was put in here. This has got it had its own little, little thing that I've thrown away. So that went neatly. And now I've already messed that up, but I'm about to unlock the actual MacBook itself. Now, another thing they do, you can see they've wrapped it carefully and lovingly in a piece of paper. It's a waxed blue paper, I guess it's to protect it against getting any kind of dirt on it at all. Let's just take a moment to admire The beauty of the thing. Again, it's a design classic. They made it very, very sleek. It's a MacBook Air. So I guess it's not quite the same wedge shape as the classic one, but it has got that classic shape. Now what they've designed it again, this is more of an experiential thing than necessary. When you open it, it turns on so we can take the screen protection on that automatically turns on with its logo. So they're doing all the right things at Apple. They immediately get you into the experience of using the computer. Now, the first thing I'm going to need to do Is to move it from one computer to another. So I've done this before. I've moved all my data from one MacBook to another and it went pretty well and I'll try a different way of doing it today with an ethernet cable. The point is that they make it easier to start. And to use from the very beginning and to transition from a similar product to another one. So keeping you within the family of products, if you will. So stay tuned, I will give you a few updates on this, but it's just an example of creating a beautiful consumer experience, unboxing and hitting the ground running built into the actual products itself. So the simple challenge for you is if you create physical products, how can you create that wow factor. Don't forget the packaging, the unboxing experience itself. Is your packaging of the product, does it indicate that you love and care for the product? And of course, can you hit the ground running using the product even, and especially with a complex consumer product like a home computer, can you make that easy to hit the ground running ? That's kind of what part of the USP of Apple as a company, plus beautiful design. What is that equivalent for you and your products and your business? Right, enough chit chat. I've got a MacBook to transfer from one. computer to another. That wasn't even a sentence but you know what I mean. So I'll speak to you soon.…
1 LOI Signed: What's Next? Your Guide to a Successful Ecommerce Exit 16:18
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16:18Congratulations! You've reached a significant milestone in the sale of your e-commerce business: the signing of the Letter of Intent (LOI). The LOI signifies both parties' initial agreement on the key terms of the acquisition. But before the deal is finalized, there's essential work to be done. This guide will equip you with the knowledge to navigate the crucial post-LOI phase and ensure a successful exit. Time Stamp [00:00] - Introduction To The Podcast[01:00] - Setting Up The Discussion Topic[01:56] - Due Diligence Processes In Acquisitions[02:13] - Quality Of Earnings Validation[02:36] - Product Diligence Explained[03:00] - Legal Diligence Aspects[03:40] - Competitive Landscape Analysis[04:03] - Customer Reviews Examination[05:04] - Approach To Integrating New Brands[06:08] - Key Integration Areas For Acquirers[06:54] - Philosophy Of Not Fixing What Isnt Broken[07:25] - Importance Of Founder Knowledge[08:27] - Looking For Gaps To Add Value[09:19] - Preserving The Value Of Acquired Businesses[10:08] - Challenges Of Founder Transition[11:11] - Appreciating Founder Contributions[12:16] - Importance Of Understanding Brand Uniqueness[13:17] - How To Contact Society Brands[14:03] - Key Takeaways For Acquisitions And Sellable Brands[14:18] - Introduction To 10k Collective Mastermind[15:21] - Benefits Of Joining The Mastermind[16:06] - Closing Remarks Unveiling the Realities: Deep Dive into Due Diligence The post-LOI period is all about verifying the information presented during negotiations. While the M&A team conducted preliminary checks, a comprehensive due diligence process is now undertaken. Here are the key areas of focus: Quality of Earnings: The buyer's accounting team will meticulously scrutinize your financial records. This verification ensures the accuracy of the numbers presented, mitigating potential risks for the buyer. Product Diligence: What better way to understand your product than to experience it firsthand? The buyer's team may purchase and evaluate your products to verify quality and functionality. Legal Diligence: This involves a thorough examination of your intellectual property (IP). Are trademarks secured? Any potential patent issues? Outstanding legal disputes? Addressing these elements protects both parties' interests. Competitive Diligence: The buyer will analyze your competitive landscape. This could involve assessing the number of competitors in your product category, their strengths and weaknesses, and the overall market dynamics. Customer Reviews: Customer sentiment carries significant weight. The buyer will examine the authenticity and positivity of your online reviews, as they directly impact brand reputation. Standing Out from the Crowd: Tech-Enabled Integration Strategies In an acquisition landscape saturated with competition, how can tech-enabled consumer product companies like Society Brands differentiate themselves in terms of post-acquisition integration? Michael Sirpilla, CEO of Society Brands, emphasizes the importance of a focused approach. He warns against the pitfalls of rapid, large-scale acquisitions, highlighting the integration nightmares they create. Society Brands serves as a model for successful integration. With 12 acquisitions within 2.5 years, their meticulous approach prioritizes seamless integration. Clean financial reporting and a robust technology platform enable brand-level and consolidated measurement, fostering transparency. However, integration doesn't equate to complete overhaul. Society Brands identifies key areas for integration, including: Finances and Back Office: Streamlining financial systems and back-office operations creates operational efficiencies. Demand Planning: Optimizing demand forecasting allows better inventory management and cost control. While integration is crucial, Society Brands also recognizes the value of preserving existing strengths. Here's what they typically leave unchanged:…
1 Selling Your E-commerce Business in 2024: Exit Realities & Essential Tips 31:06
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31:06The e-commerce industry has experienced meteoric growth in recent years, creating unprecedented opportunities for entrepreneurs. However, the path to a successful exit is complex and fraught with challenges. This guide, informed by insights from Michael Sirpilla of Society Brands, will demystify the process of selling your e-commerce business in 2024. We'll delve into the intricacies of the acquisition landscape, the factors that influence valuation, and essential tips for maximizing your exit potential. Time Stamp [00:00] - Introduction To The Podcast[01:09] - Explanation Of Society Brands[02:09] - Definition Of Acquisition In This Context[03:39] - Benefits Of Acquisition For Brand Owners[05:34] - Evolution Of E-commerce Acquisition Landscape[07:42] - Focus On Category And Profitability[09:56] - The RACO Acronym Explained[11:27] - Importance Of Profit Over Revenue[13:36] - Organic Growth Vs M&A Growth[15:51] - Key Factors In Evaluating Acquisition Targets[17:56] - Desired Profit Margins And Revenue Growth[19:57] - Revenue Per SKU Metrics[22:12] - SDE Vs EBITDA Explained[25:05] - Normalizing Earnings And Margin Compression[27:36] - Buyer's Perspective On Future Performance[29:53] - Using Normalized EBITDA Approach[31:23] - Earn-out Structures For Alignment[32:12] - Reflections On Changes In Acquisition Landscape[34:01] - Calls To Action For Listeners What is an E-commerce Acquisition? When we talk about acquiring a business in the e-commerce context, we're essentially referring to one company buying another. This transaction typically involves a buyer paying a multiple of the target company's annual profit (EBITDA) for a controlling stake or even the entire business. The allure of selling your e-commerce business lies in several benefits. First, it allows you to realize the value of your hard work and diversify your investments. Second, it provides an opportunity to reduce risk by converting your business equity into liquid assets. Lastly, partnering with a larger company can offer access to additional resources for scaling your brand. Scaling Through Acquisitions: A Double-Edged Sword Acquisitions have become a popular strategy for scaling e-commerce businesses. Companies like Society Brands have successfully grown their portfolios by acquiring promising brands. However, this approach is not without its challenges. On the one hand, acquiring established brands can accelerate market penetration and revenue growth. It also allows companies to diversify their product offerings and reduce reliance on individual products. Moreover, by integrating new brands into their existing infrastructure, acquirers can achieve operational efficiencies and cost savings. On the other hand, integrating multiple brands can be a complex and time-consuming process. Cultural clashes, operational differences, and system compatibility issues can hinder the integration process. Additionally, the success of an acquisition hinges on the ability to retain key talent and maintain brand integrity. The Evolving E-commerce Acquisition Landscape The e-commerce acquisition landscape has undergone significant changes in recent years. One of the most notable trends is a shift towards larger, more strategic acquisitions. Companies are focusing on acquiring established brands with proven track records and substantial revenue streams. Another key trend is the increasing importance of category focus. While some acquirers cast a wide net, others specialize in specific niches. This specialization allows them to develop deep industry expertise and build stronger relationships with suppliers and customers. Profitability has also emerged as a critical factor in the acquisition landscape. Investors are becoming more cautious about funding unprofitable businesses, and acquirers are prioritizing companies with solid financial performance. Building a Profitable E-commerce Business To increase your chances of a successful exit,…
A lot of businesses obssess about marketing their product or service. A few survey their customers incessantly to find out what they think. But if your product or service is obviously broken, you need to stop doing that and do this instead!
1 Buying a Business with Growth Potential Explained 11:04
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11:04As an e-commerce brand owner, scaling your business with minimal capital investment can be challenging. One effective strategy is to buy a business with growth potential. This article will guide you through the essential steps and considerations for making a successful acquisition. Time Stamp [01:03] - Overview Of Business Buying Process[01:48] - Recap Of Previous Steps[02:28] - Importance Of Filtering Criteria[03:19] - Four Basic Areas For Growth Opportunities[03:37] - Complementary Strengths In Business[03:55] - Complementary Weaknesses[04:43] - Example Of Adding Value[05:25] - Evaluating Self As A Hire[05:55] - Avoiding Overcomplication In Analysis[06:25] - Synergies With Existing Businesses[06:47] - Potential For Cross-Selling And Efficiencies[07:12] - Examples Of Operational Efficiencies[07:29] - Scalability And Expansion Potential[07:46] - Recap Of Filtering Criteria[08:08] - Balancing Perfectionism And Progress[08:26] - Next Step: Meeting The Seller[08:43] - Offer For Assistance In Decision-Making[09:04] - 10k Collective Uber Mastermind Introduction[10:07] - Benefits Of Joining The Mastermind[10:52] - Peer Support And Expert Guidance Recap of Previous Podcast on Finding Businesses In our previous podcast, we discussed the initial stages of finding businesses for acquisition, focusing on three critical steps: decide, define, and rev. You need to decide on your goals, define your criteria, and review potential targets. Your criteria might include product category, recurring revenue, location, and more. The Importance of Filtering Potential Acquisitions Filtering potential acquisitions is crucial to ensure you’re not wasting time and resources on businesses that don’t meet your criteria. This stage is about quickly forming ideas, suspicions, and hypotheses about potential targets. Note these briefly—you can check for evidence later. Importance of Being Quick at This Stage Speed is of the essence when filtering potential acquisitions. The quicker you can narrow down your options, the faster you can move to the due diligence phase. This efficiency can give you an edge over other potential buyers. Does the Business Fit Buying Criteria? Revenue Minimum Revenue Threshold The first criterion to consider is the business's revenue. Set a minimum revenue threshold that aligns with your investment capacity. This threshold will help you eliminate businesses that are too small to be worth your time. Alignment with Your Investment Capacity Ensure the business’s revenue aligns with your financial capacity. It’s crucial to understand how much you can afford to invest and what kind of returns you expect. Category Industry Alignment with Your Expertise Next, consider the industry in which the business operates. It’s beneficial to acquire a business within your area of expertise. This alignment will make the transition smoother and increase the chances of success. Market Trends and Future Prospects Analyze market trends and future prospects. Choose a business in a growing industry with positive market trends. This foresight can significantly impact the business's long-term success. Recurring Revenue Importance of Predictable Income Streams Recurring revenue is a vital factor to consider. Businesses with predictable income streams are generally more stable and less risky. Look for businesses that have a strong base of recurring revenue. Market Fragmentation Advantages of Fragmented Markets A fragmented market can offer significant growth opportunities. In such markets, there is often potential for consolidation, which can lead to increased market share and reduced competition. Potential for Consolidation and Growth Assess the potential for consolidation and growth within the market. If you can combine several smaller businesses into a larger, more competitive entity, this can be a lucrative strategy. Additional Fit Factors Geographic Location…
1 Due Diligence When Buying a Business: What to Look For 20:11
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20:11In a previous podcast, we outlined the initial steps of finding potential businesses to acquire: deciding on your ideal business, defining your buying criteria, researching revenue potential, and exploring acquisition channels. Now, it’s time to dive deeper into the crucial phase of due diligence. Filtering through potential acquisitions is essential to avoid wasting time and resources. This stage requires a swift yet meticulous approach. Remember, you're forming initial impressions and hypotheses. Detailed analysis comes later. For now, focus on identifying promising candidates that align with your goals. Time Stamp[00:58] - Overview Of Business Buying Process[01:19] - Importance Of Previous Steps[02:01] - Defining Financial Criteria[02:39] - Finding Deals And Deal Flow[03:25] - Need For Quick And Simple Filtering[04:41] - Deciding On Meeting Sellers[05:22] - Filtering Ratios And Mindset[06:15] - Main Areas For Filtering Businesses[07:04] - Revenue Considerations[08:24] - Investment Capacity Alignment[10:25] - Category And Industry Alignment[11:15] - Recurring Revenue Importance[12:14] - Market Fragmentation Analysis[13:39] - Additional Fit Factors[15:10] - Simplifying The Filtering Process[16:22] - Offer For Additional Assistance[17:51] - Value Of Deal Making Skills[18:10] - 10k Collective Uber Mastermind Introduction[19:39] - Three-Year Plan For Seven-Figure Exit Does the Business Fit Your Buying Criteria? The first step in due diligence is assessing whether a business aligns with your predefined criteria. Here are key factors to consider: Revenue A business's revenue is a fundamental indicator of its value. Establish a minimum revenue threshold based on your investment capacity. Ensure the business's income stream aligns with your financial goals and risk tolerance. Category Evaluate if the business operates within an industry you possess expertise in or have a keen interest in. Consider the market's overall health, growth potential, and competitive landscape. Recurring Revenue Prioritize businesses with predictable and consistent income streams. Recurring revenue provides a stable foundation and reduces reliance on one-time sales. Market Fragmentation Analyze the competitive landscape. A fragmented market often presents opportunities for market leadership and consolidation. Assess the potential for growth and expansion within the niche. Additional Fit Factors Consider the business's geographic location and alignment with your target market. Equally important is evaluating the business culture and the seller's personality. A good cultural fit can streamline integration and decision-making.…
1 Uncover Hidden Gems: How to Find Off-Market Businesses for Sale 19:48
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19:48While traditional methods offer a starting point, the real magic lies in off-market deals. Businesses not actively listed for sale can be ripe opportunities for e-commerce entrepreneurs seeking to scale with minimal capital. These "hidden gems" often come with motivated sellers ready to negotiate and potentially offer lower asking prices. Here's how you can tap into this valuable off-market space:Time Stamp [00:00] - Introduction And Mastermind Promotion[00:58] - Recap Of Previous Steps In Business Buying Process[02:07] - Introducing Off Market Deals[02:44] - Leveraging Professional And Personal Networks[03:32] - Using LinkedIn For Business Acquisition[04:50] - Cold Emailing Strategies[06:07] - Attending Industry Events[07:13] - Effectiveness Of Personal Letters[08:32] - Comparing Self-Directed And Broker-Assisted Approaches[09:59] - Advantages Of Off Market Deals[11:05] - Importance Of Structured Approach In Deal Origination[12:15] - Balancing Fair Pricing And Value In Acquisitions[13:37] - Investing In Deal Origination Resources[14:15] - Recap Of Traditional And Off Market Methods[15:39] - Persistence In Business Acquisition Process[16:09] - Offer For Business Review Service[16:47] - Preview Of Next Step: Filtering Potential Businesses[17:40] - Importance Of Number Analysis In Business Assessment A. Leveraging Your Networks: Building Bridges to Opportunities Your existing networks hold immense potential. Start by tapping into both your personal and professional networks. Facebook Groups and In-Person Events: Engage with relevant Facebook groups and attend industry meetups or conferences. Strike up conversations with potential business owners you encounter. Parties and Social Gatherings: While not the sole focus, social gatherings can be a chance to connect with individuals who might know potential acquisition targets. B. Mastering LinkedIn for Business Acquisition: LinkedIn is a goldmine for business acquisition. Become a Power User: Utilize LinkedIn Sales Navigator to identify potential targets, track their activities, and gain valuable insights. Consider additional tools that complement Sales Navigator for enhanced functionality. Agency Assistance: Explore outsourcing your acquisition efforts to a qualified agency specializing in off-market deals. They bring expertise and pre-existing connections to accelerate the process. C. Cold Emailing: A Structured Approach for Stealthy Outreach Cold emailing can be effective when done strategically. Protect Your Domain: Avoid sending emails directly from your primary domain to avoid potential blacklisting. Consider acquiring a dedicated domain like ".co.uk" or ".biz" for cold emailing. Warm Up and Deliver Right: Use tools like Lemlist to manage and nurture your email list. Warm leads up through personalized messages before sending your acquisition offer, and improve deliverability rates. Refine Your Pitch: Consider using a more responsive medium like LinkedIn to test your message before committing to a cold email campaign. Refine your pitch based on the engagement and feedback you receive on LinkedIn. IV. Beyond Networking: Creative Strategies for Off-Market Deals \ D. Attending Industry Events and Conferences: Do Your Homework: Before attending industry events, identify target business owners you'd like to connect with. Research their companies and the potential value proposition of an acquisition for them. Craft Your Approach: Leverage LinkedIn and other online resources to understand the business owner and their company better. Prepare a few conversation starters or icebreakers based on your research. E. The Power of the Personal Letter: Old-School Charm, Modern Results Personal letters might seem old-fashioned, but they can be highly effective in the off-market space. While time-consuming, the lack of competition in this channel can be a significant advantage. F.…
1 Discover Hidden Gems: How to Find a Business for Sale and Buy It 17:30
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17:30So, you've built a successful e-commerce brand! Congratulations! Now, you're looking to take your business to the next level. But scaling an existing business can be expensive and time-consuming. Here's an alternative approach: acquiring another business. This guide will equip you, the savvy e-commerce entrepreneur, with the knowledge and strategies needed to find and buy a hidden gem – a business primed for growth, potentially in your niche or complementary to your existing brand. By focusing on acquisitions, you can leverage existing customers, infrastructure, and product lines to accelerate your growth trajectory. But here's the key: This isn't just about buying a business. It's about having a strategic plan to buy, grow, and ultimately sell the business for a handsome profit. This plan, along with a clear understanding of what you're looking for, is crucial before you embark on your acquisition journey. Don't jump in blindly! Browsing broker listings can be informative, but before you start actively searching, let's define your goals and target acquisition criteria. Time Stamp [00:00] - Introduction And Background[00:33] - Overview Of The 10k Collective Mastermind[00:55] - Welcome To The Mini Series On Buying E-commerce Businesses[01:14] - Assumptions About The Audience[01:50] - Recap Of 10 Steps To Buying A Business[02:25] - Importance Of Defining What You're Looking For[03:50] - Traditional Methods Of Finding Businesses For Sale[04:51] - Understanding Business Brokers And Their Role[05:54] - The Importance Of Buying Below Market Value[07:16] - Advantages Of Buying Private Businesses[08:18] - Online Marketplaces And Their Business Model[09:08] - Most Listed Businesses Don't Sell[10:21] - Common Reasons Why Owners Sell Their Businesses[11:01] - Industry-specific Publications As A Source[11:34] - Introduction To Off-market Deals[12:13] - The Importance Of Not Overpaying For Businesses[13:14] - Recap Of Methods To Find Businesses[13:48] - Homework Suggestion For Potential Buyers Traditional Methods for Finding Businesses Finding a business for sale can seem daunting, but there are several established methods at your disposal. Let's explore these traditional approaches, highlighting their advantages and disadvantages for e-commerce entrepreneurs. A. Business Brokers: Upsides: Easy to start: Broker listings are readily available, offering a transparent overview of a wide range of businesses for sale. Information transparency: Listings typically include basic business details, financials (sometimes), and contact information. Downsides: Proof of funds hoops: Many brokers require proof of funds before allowing access to detailed information, potentially wasting your time. Seller-biased representation: Brokers work for the seller, meaning the asking price might be inflated. Be prepared to negotiate for a "margin of safety" (paying below market value) as advocated by investing legends like Ben Graham and Warren Buffett. B. Online Marketplaces: Upsides: Similar advantages to brokers: Easy initial access, transparent information on listed businesses (including some financials if you meet specific criteria on platforms like Flippa, Empire Flippers, or BizBuySell). Potential for deeper insights: Some platforms offer access to financial documents for qualified buyers. Downsides: Seller's motive plays a role: Online marketplaces prioritize selling businesses at a good price for the seller, potentially leading to overvalued listings. Pro Tip for Traditional Methods: Here's a valuable strategy to leverage when dealing with traditional methods: Most businesses listed by brokers or online marketplaces don't actually sell! Look for listings that have been for sale for an extended period, preferably over six months, ideally twelve. These sellers are likely more motivated to negotiate and close a deal. C. Industry-specific Publications:…
1 Avoid Buyer's Remorse: Define Your Ideal Small Business Before You Buy 22:09
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22:09Having a clear vision of your ideal small business acquisition target is crucial for success. We've explored the general principles, now let's delve deeper into defining your specific target profile. Time Stamps [00:00] - Introduction And Mastermind Promotion[00:54] - Overview Of Buying An Ecommerce Business[01:31] - Defining Business Size By Revenue[02:28] - Specifying Business Criteria[03:05] - Considering Your Role As Owner[04:23] - Work-Life Balance And Location Considerations[05:50] - Assessing Personal Skills And Experience[07:38] - Matching Skills With Business Needs[08:46] - Example Of Acquisition Target Specification[09:44] - Sector And Location Preferences[11:05] - Revenue And Business Age Requirements[12:22] - Profit Margin Expectations[13:24] - Preferred Product Categories[14:41] - Owner Managed Vs Management Team[15:34] - Personal Wishes And Work-Life Balance[16:33] - Personal Skills And Strengths[17:38] - Considerations For Business Acquisition Timeline[18:39] - Long-Term Project Overview[19:20] - Next Steps In Finding Ideal Business[19:55] - Closing Remarks And Mastermind Promotion Beyond Type and Size: Unpacking Your Ideal Acquisition Forget simply looking for "a business to buy." Instead, focus on acquiring a strategic asset that fuels your brand's growth. Here's how to define your ideal target across key criteria: 1. Industry and Product Category: Focus: E-commerce Retail (especially Amazon FBA) with own brands (private label or custom products). Rationale: Aligns with your existing expertise and leverages established fulfillment infrastructure. Product Categories: Ideally, Pet Supplies. Open to others with strong profitability and growth. 2. Business Location: Current Focus: UK-based company (for now). Future may consider USA businesses. Rationale: Minimizes logistical and operational complexities initially. Open to expansion later. 3. Revenue: Ideal Range: £1,000,000 - £2,000,000 per year (monthly ca £80K - £170K). Minimum Acceptable: £500,000 per year (monthly approx £40K). Maximum Acceptable: £5,000,000 per year (monthly approx £400K). First Deal Flexibility: Willing to consider smaller businesses initially, if necessary. Rationale: Aligns with your budget, growth goals, and resource allocation capabilities. 4. Business Age: Minimum: 3 years in operation. Preferred: 5+ years. Rationale: Provides a track record of performance and stability. 5. Profitability: This is a crucial metric. Profitability Measure: SDE (Seller's Discretionary Earnings) or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). Owner-Managed: Minimum 10% SDE or 20% EBITDA. No Management: Minimum 20% SDE (operating profit is a reasonable approximation for now). Profit Growth: Ideally, year-on-year EBITDA growth. Minimum, stable year-over-year and month-to-month (allowing for seasonality). Declining profits are not ideal but may be considered. Rationale: Ensures a healthy return on investment and a sustainable business model. 6. Management Team: Preferred: Management team in place. Open to: Businesses without existing management. Considerations: Cashflow must cover management costs, leaving at least 10% EBITDA (20% SDE minimum for businesses without management). Rationale: A strong management team streamlines post-acquisition integration and fosters ongoing success. Remember, this is your ideal target. Be flexible, but don't compromise on core criteria. The right acquisition will complement your brand and propel your e-commerce empire to new heights. Your Ideal Acquisition Target Specification: A Case Study Let's build a concrete example of your ideal acquisition target based on your outlined criteria. This will further solidify your vision: My Ideal Acquisition Target: Industry: E-commerce Retail (Amazon FBA) - Pet Supplies (preferred) Location: UK-based (for now) Revenue: £1,200,…
1 Unlock Wealth: Buy an E-commerce Business (Step 2A- Define) 13:55
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13:55Ecommerce Entrepreneurs: Scale Your Brand by Buying Another! Have you ever dreamt of taking your e-commerce brand to the next level, but the thought of raising capital or developing a new product line seems daunting? You're not alone. Many successful entrepreneurs leverage a powerful strategy: acquiring existing e-commerce businesses. Time Stamp [00:00] - Introduction To Personal Wealth Plan In Buying E-commerce Businesses[00:57] - Overview Of 10-step Process For Buying E-commerce Businesses[01:39] - Explanation Of Step Two: Defining What You're Looking For[02:20] - Importance Of Math In Buying A Business[02:54] - Introduction To Presentation On Personal Wealth Plan[03:14] - Explanation Of Buy, Grow, And Exit Strategy[03:51] - Three Key Numbers For Personal Exit Plan[04:22] - Importance Of Defining Exit Value[05:09] - Example Of Exit Value And Multiple Calculation[06:24] - Introduction To Growth Stage Calculations[07:11] - Explanation Of Margin Expansion Concept[07:49] - Summary Of Growth Numbers And Timeframe[08:31] - Calculating Target Revenue For Business Acquisition[09:06] - Discussion Of Industry Standard Profit Margins[09:51] - Summary Of Buying Numbers And Target Revenue[10:30] - Recap Of Personal Exit, Growth, And Buying Numbers[11:11] - Importance Of Defining More Factors Before Shopping For A Business[11:31] - Directions For Accessing Additional Resources[11:53] - Introduction To 10K Collective Mastermind[12:16] - Overview Of 10K Collective Uber Mastermind Program[13:22] - Benefits Of Joining The Mastermind Program This step-by-step guide will equip you with the knowledge and tools to unlock wealth by buying an e-commerce business. We'll go beyond just "buying a business." We'll show you how to develop a Personal Wealth Plan (PWP) that integrates acquisition, growth, and a profitable exit strategy. This is NOT a 10-step "get rich quick" scheme. Building wealth takes planning, execution, and a strategic mindset. This guide will empower you to make informed decisions and maximize your return on investment. Step 2: Define - Buying Your First E-commerce Business Recap: The 10-Step Roadmap (We'll assume you've already reviewed the 10-step roadmap for buying an e-commerce business. This guide focuses on Step 2: Define) Beyond Buying, Look to Build and Sell Don't just buy a business. Develop a comprehensive plan that encompasses acquisition, growth strategies, and a lucrative exit strategy. Your PWP becomes your roadmap to wealth creation through e-commerce acquisitions. Step 2A: Your Personal Wealth Plan (PWP) The PWP is the foundation of your buying journey. It will define your financial goals, ideal exit strategy, income expectations during the growth phase, and your desired timeline. https://www.youtube.com/watch?v=393RvnE6bdw Here's how to build your PWP: 1. Define Your Desired Financial Result (Exit Value) What's your dream number? Set a realistic target exit value for the acquired business. Consider consulting with business brokers or entrepreneurs who have successfully sold businesses in your niche to determine a reasonable exit multiple (typically a multiple of the business's annual profit). Example: Exit Value: $4 Million Exit Multiple: 5X (check with brokers and friends who sell businesses) Calculate your projected Exit Profit: Exit Profit = Exit Value / Exit Multiple = $4 Million / 5 = $800,000 2. Determine Your Ideal Industry Standard Profit Margin (PM) Profit margin is crucial for sustainable growth. Research industry benchmarks to determine a realistic profit margin percentage for your target business. Example: Industry Standard PM: 15% 3. Calculate Your Desired Exit Revenue Knowing your desired exit profit and industry standard profit margin allows you to calculate the target business's ideal exit revenue. Example: Exit Revenue = Exit Profit / Industry Standard PM% = $800,000 / 15% = $5.33 Million…
1 “You Can’t Get There From Here” – a Classic Mindset Malfunction 11:30
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11:30There's an old Somerset saying "You can't there from here." Entertaining - but not helpful. Sounds like a bad joke - and it is - but it's actually something we all say to ourselves at times. In this humorous Mindset Moment, Michael explores whether in fact you might have this mentality blocking you too.…
Buying Your Own E-commerce Business: The First Steps Starting or acquiring a business can be one of the most transformative decisions you'll ever make. It promises the allure of independence, potential financial rewards, and the satisfaction of creating something impactful. However, diving into the world of business ownership isn't a step to be taken lightly. The first part of our podcast series, "How to Buy Your Own E-commerce Business," focuses on the foundational step: deciding whether this path is right for you. 1. Should You Buy a Business? Before anything else, it's crucial to determine if buying a business aligns with your personal and professional goals. Owning a business requires a blend of entrepreneurial spirit, resilience, and strategic thinking. Reflect on your motivations. Are you driven by the desire to be your own boss, or are you looking for a new challenge? Understanding your "why" can help clarify whether this journey is suitable for you. 2. Should You Buy an E-commerce Business? The next consideration is the type of business you want to buy. E-commerce presents unique opportunities and challenges compared to traditional brick-and-mortar enterprises. The benefits include a wider customer base, lower overhead costs, and the flexibility of operating from anywhere. However, it also demands proficiency in digital marketing, a keen understanding of online consumer behavior, and the ability to manage logistics and supply chains efficiently. Evaluate if these aspects excite you or if they seem daunting. 3. Do You Have the Time? Time is one of your most valuable resources. Running an e-commerce business isn't a 9-to-5 job. It often requires attention beyond regular business hours, especially in the initial stages or during peak seasons. Assess your current commitments and lifestyle. Do you have the bandwidth to dedicate to a new venture without compromising other critical areas of your life? 4. Money Matters Financial readiness is a key factor in deciding whether to buy a business. Understand the initial investment required and the ongoing costs to keep the business operational. This includes purchasing the business, investing in marketing, maintaining inventory, and other operational expenses. Additionally, consider the financial cushion you'll need for unexpected challenges. Conduct a thorough analysis of your finances to ensure you have the capital and can access additional funding if necessary. 5. Mental Energy Finally, consider the mental and emotional energy required to run a business. Entrepreneurship is inherently stressful and can be mentally taxing. It involves constant decision-making, problem-solving, and adapting to market changes. Ensure you have a robust support system and stress-management strategies in place. Ask yourself if you're prepared to handle the ups and downs that come with business ownership. Conclusion Deciding to buy an e-commerce business is a significant decision that requires careful thought and preparation. By considering these five critical aspects—your motivation, the suitability of an e-commerce model, time availability, financial readiness, and mental energy—you can make an informed choice about whether this path is right for you. In our next podcast episode, we'll delve into the process of defining what outcome you’re after and what you need to shop for to get that. Stay tuned for more insights and practical advice as we guide you through the exciting journey of becoming an e-commerce business owner. If you have any questions or thoughts, feel free to reach out—we're here to help you every step of the way.…
1 Dominate Your Amazon Launch: The $30K in 8 Weeks Influencer Strategy 24:03
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24:03Imagine launching your amazon product launch that's brand new and achieving explosive sales within a short timeframe. Sounds like a dream, right? But what if we told you there's a strategy that can help you achieve this – and it doesn't involve a hefty advertising budget? This guide delves into a proven influencer marketing strategy specifically designed to create pre-launch buzz and propel your Amazon product launch to new heights. We'll explore how to leverage the power of influencers not just at launch, but in the crucial months leading up to it. By building anticipation and fostering a sense of community, you can ensure your product hits the ground running and achieves significant sales velocity. Time Stamp [00:00] - Introduction to the 10K Collective Mastermind[00:49] - Welcome to the podcast for Amazon sellers[01:13] - Focus on using influencers for product launches[01:22] - Applying influencer strategy to new product launches[01:52] - Building relationships with influencers before product launch[02:35] - Example of makeup brand building influencer relationships[03:36] - Benefits of early influencer engagement for product launches[04:13] - Comparison to film industry marketing tactics[04:36] - Addressing challenges with maintaining sales after initial launch[05:24] - Importance of newness in influencer marketing[06:06] - Strategy for scaling influencer relationships[07:27] - Analogy with scaling advertising campaigns[08:43] - Discussion on affiliate deals and commissions[09:40] - Explanation of the halo effect in influencer marketing[11:24] - Comparison to ACOS vs TACOS in Amazon advertising[12:37] - Benefits of generous affiliate commissions for Amazon brands[14:38] - Strategies for working with influencers without affiliate links[15:27] - The followers to customer funnel concept[17:03] - Approach to paying influencers based on proven results[18:44] - Efficient system for identifying effective influencers[19:15] - Information on Tomer's newsletter and resources[20:06] - Overview of Tomer's influencer marketing system The Long Game: Start Building Relationships 6 Months Before Launch Here's the secret weapon of this strategy: starting early. Don't wait until your product is ready to ship before reaching out to influencers. Ideally, aim to connect with them at least 6 months before your launch date. Here's why: Emotional Connection: By engaging with influencers early, you allow them to become invested in your brand story. Document your product development journey and share it with them. This fosters a deeper connection and encourages them to become advocates for your brand. Building a "Hot List" of Buyers: Through pre-launch influencer marketing, you can create a buzz that attracts potential customers. Encourage influencers to share snippets about your product and its development process. This creates a "hot list" of buyers who are already excited about your product before it even hits the shelves. Case Study: The Power of Storytelling in Pre-Launch Buzz Let's look at a real-world example. Imagine a client developing a new makeup line for young girls. Due to unforeseen circumstances, the launch gets delayed by a year. However, the brand had already built relationships with over 200 relevant influencers. During the delay, they continued to share the product story and development journey with these influencers. This pre-launch buzz resulted in a phenomenal launch, proving the power of storytelling and early influencer engagement. Influencer Marketing vs. Ads & SEO: Consistency vs. Spikes A common concern with influencer marketing is its perceived inconsistency compared to paid advertising or SEO. While paid ads can generate a quick surge in sales, their effectiveness often diminishes over time. Similarly, SEO takes time to build long-term organic traffic. So, how does influencer marketing fit in? The key lies in understanding the limitations of your product itself.…
1 Why Influencer Marketing Beats Amazon Ads Every Time 24:52
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24:52Influencer marketing is when you Imagine taking your brand new e-commerce store from zero to $30,000 in monthly sales within eight weeks. And achieving this feat without spending a dime on ads or content creation? Sounds like a dream, right? Well, for Tomer Hen, co-founder of Switch Supplements, this dream became a reality – all thanks to the power of influencer marketing. In this guide, we'll delve into Tomer's proven strategies to help you leverage influencer marketing and scale your e-commerce brand without breaking the bank. We'll explore the key differences between influencers and affiliates, understand why upfront payments might not be the best approach, and discover how to build authentic relationships with creators who can truly champion your brand. Time Stamp [00:00] - Introduction to influencer marketing without ads[01:34] - Defining influencers and affiliates[02:55] - Example of successful influencer marketing campaign[04:21] - Advantages of influencer marketing over paid ads[05:55] - Importance of identifying ideal influencers[07:15] - Finding high purchase intent influencers[09:10] - Process of identifying niche influencers[11:10] - Tactics for finding influencers for specific products[13:02] - Importance of brand representation in influencer outreach[14:43] - Steps to start influencer marketing campaign[16:14] - Building an affiliate army and getting organic traffic[17:38] - Addressing concerns about sending free products[19:01] - Comparing influencer marketing costs to traditional advertising[20:35] - Recap of Tomer Henn's organic approach to influencer marketing[21:19] - Information on Tomer's free resources and services Beyond Likes and Followers: Understanding the Influencer Landscape Before diving in, let's clear the air. Influencer marketing isn't just about throwing money at celebrities or social media stars with millions of followers. While reach is a factor, the most valuable influencers are those who have built trust and credibility within a specific niche. These "high-purchase intent" influencers have a loyal audience who listens to their recommendations and takes action. Now, you might be wondering: "Isn't that what affiliates are for?" There's a subtle difference. Influencers can promote your brand organically, simply because they love your product and believe it resonates with their audience. Affiliates, on the other hand, are financially incentivized to promote your product through affiliate links. Why Paying Upfront Might Not Be the Golden Ticket: A Case Study Tomer's experience highlights a crucial point: upfront payments to influencers can backfire. Take the example of a hair care product launched on Amazon in December. By leveraging a system focused on building relationships with relevant influencers, the brand secured positive mentions from 60 creators without any paid partnerships. This organic buzz resulted in a surge in sales, reaching $1,000 daily sales and securing the coveted "Best New Release" badge on Amazon within just 6-8 weeks. This case study underscores the importance of authenticity. When influencers genuinely love your product and create content around it organically, it resonates more deeply with their audience. Paid promotions, on the other hand, can feel forced and inauthentic, potentially turning viewers away. Breaking Free from the Algorithm: Building a Sustainable Brand Now, let's address the elephant in the room: why choose influencer marketing over tried-and-tested Amazon Ads (PPC)? While PPC can be effective in driving initial traffic, it comes with limitations. Here's why Tomer believes influencer marketing offers a more sustainable long-term strategy: Thin Margins: Running successful PPC campaigns can significantly eat into your profit margins, especially for new brands. Algorithm Dependence: PPC success hinges on constantly adapting to ever-changing platform algorithms. A single algorithm update can drastically impact your a...…
1 Is your Amazon business really worth what you think it is? 13:43
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13:43Your Amazon business -that is to say, an e-commerce business based on Amazon as the main sales channel- is a sellable business. That’s the good news. The bad news is that the way you think of your business -and structure your profit and loss- may be deluding you into thinking it’s worth more than it is. Listen to today’s podcast for a reality check on small business valuation!…
1 E-commerce Empire or Epic Fail? Is Buying a Business Right for You? 14:55
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14:55Are you an e-commerce brand owner looking to scale your business with minimal capital? Buying an e-commerce business might be the solution you're searching for. This guide will walk you through the essential steps to determine if purchasing an existing e-commerce business is the right move for you. From assessing your goals to evaluating potential businesses, we’ve got you covered. Time Stamp [00:00] - Introduction to Michael Veazey and 10K Collective Mastermind[00:43] - Start of mini-series on buying an e-commerce business[01:01] - Importance of deciding if buying a business is right for you[01:28] - Simplifying the decision-making process[01:50] - Personal excitement about buying a business[02:27] - Importance of negotiation and financial analysis skills[03:05] - Assessing personal interests in business processes[03:41] - Evaluating if the idea of buying a business excites you[04:35] - Assessing readiness: money, time, and mental energy[05:12] - Suggested business valuation range for buyers[05:46] - Time commitment required for buying a business[06:00] - Financial considerations and funding options[06:39] - Assessing mental energy and existing commitments[07:20] - Importance of e-commerce background and business experience[07:39] - Evaluating personal goals and risk tolerance[08:21] - Realistic assessment of risk tolerance[09:16] - Understanding concentration risk in business ownership[10:17] - Importance of a support network when buying a business[11:21] - Offer for personal consultation on buying an e-commerce business[12:47] - Recap of 10K Collective Mastermind success stories[13:09] - Introduction to 10K Collective Uber Mastermind program Understanding Your Goals Define Your Objectives Before diving into the process of buying an e-commerce business, it's crucial to define your objectives. Are you looking to expand your product line, enter new markets, or increase your revenue streams? Understanding your goals will help you narrow down potential acquisitions that align with your vision. Assess Your Resources Consider your available resources, including time, capital, and expertise. Buying an e-commerce business requires a significant investment, not only financially but also in terms of time and effort. Ensure you have the necessary resources to support and grow the acquired business. Researching the Market Identify Potential Opportunities Start by researching the market to identify potential e-commerce businesses for sale. Use online marketplaces like Flippa, Empire Flippers, and FE International to find listings. Additionally, network with industry professionals and join e-commerce forums to discover off-market opportunities. Evaluate Market Trends Understanding market trends is essential when buying an e-commerce business. Analyze industry reports, consumer behavior, and emerging trends to determine if the market for the products or services offered by the business is growing. This will help you make an informed decision about the long-term potential of the acquisition. Due Diligence Process Financial Analysis Conduct a thorough financial analysis of the target business. Review profit and loss statements, balance sheets, and cash flow statements. Assess the business's revenue sources, profit margins, and expenses. Ensure that the financial health of the business aligns with your investment criteria. Operational Review Examine the operational aspects of the business, including its supply chain, inventory management, and fulfillment processes. Identify any potential inefficiencies or challenges that could impact the business’s performance post-acquisition. Understanding the operational workflow is crucial for a seamless transition. Customer Base and Traffic Analyze the customer base and website traffic. Review metrics such as customer acquisition cost, customer lifetime value, and repeat purchase rate. High traffic and a loyal customer base are indicators of a h...…
1 Ready to Be Your Own Boss? 10 Simple Steps to Buying an E-commerce Business 12:15
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12:15Building your e-commerce brand from the ground up is a rewarding experience. However, the road to explosive growth can feel long and winding. Expanding your product line demands significant capital. Reaching new audiences often requires substantial marketing investments. Time Stamp [00:00:54] Introduction and promotion of 10K Collective Mastermind[00:01:33] Overview of the episode and recap of previous episode[00:02:12] Steps 1-2: Decide and Define[00:02:54] Step 3: Finding deals[00:03:14] Step 4: Filter potential deals[00:04:02] Step 5: Meet the seller[00:05:19] Step 6: Analyze the business[00:05:52] Step 7: Offer and negotiate[00:06:10] Step 8: Finance the purchase[00:07:34] Step 9: Conduct due diligence[00:08:31] Step 10: Close the deal and plan next steps[00:09:45] Recap of the 10 steps and offer of assistance[00:11:55] Closing remarks and promotion of 10K Collective Uber Mastermind What if there was a way to achieve exponential growth with minimal capital outlay? Enter the exciting world of acquiring an established e-commerce business. This strategic move can propel your brand to new heights faster and more efficiently than building from scratch. But before diving in, it's crucial to assess your readiness for this exciting opportunity. Step 1: Self-Evaluation - Are You Cut Out to Be Your Own Boss (of Two Businesses)? Buying an established e-commerce business requires a significant commitment of time, energy, and resources. Honestly assess your capacity to manage the demands of two businesses. Time Commitment: Running two e-commerce businesses requires significant time investment. Are you prepared to take on the additional responsibility while potentially maintaining your existing brand? Financial Resources: Beyond the purchase price, additional costs like due diligence, legal fees, and working capital for the new business may arise. Do you have the financial resources to cover these expenses? Mental Fortitude: The acquisition process and business integration can be stressful. Are you mentally prepared to handle the challenges and potential learning curve involved? If you can confidently answer yes to these questions, then buying an e-commerce business could be a strategic move to achieve your growth goals. Step 2: Defining Your Vision - Charting the Course for Your Acquisition Having established your readiness, it's time to define your vision for the future. This roadmap will guide your search for the ideal e-commerce business acquisition target. Financial Goals: What financial results are you hoping to achieve through this acquisition? Are you looking for significant revenue growth, increased profitability, or diversification into a new market segment? Timeframe: Do you have a specific timeframe in mind for achieving your financial goals? This will influence the type of business you seek. Target Market and Business Type: Do you want to stay within your existing niche and expand your product line, or venture into a completely new market segment? Analyze your strengths and identify complementary industries. Financial Metrics: Once you have a broader vision, determine the key financial metrics you'll use to evaluate potential acquisitions. This might include annual revenue, profit margins, customer acquisition cost (CAC), and customer lifetime value (CLTV). Step 3: Finding Your Perfect Match: Unveiling the Ideal E-commerce Business With a clear vision in hand, it's time to embark on your search. Here are some effective strategies for finding the perfect e-commerce business acquisition target: Deal Marketplaces: Online platforms like Empire Flippers, Flippa, and Exchange Marketplace specialize in buying and selling e-commerce businesses. These platforms allow you to filter listings based on industry, revenue range, and profitability. Business Brokers: Experienced business brokers can assist in sourcing potential acquisition targets that align with your defined ...…
1 Skip the Startup Hustle: 10 Reasons to Acquire a Profitable E-commerce Business 13:26
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13:26Have you poured your heart and soul into building your e-commerce brand, but feel the pressure to scale without breaking the bank? Starting a new venture from scratch can be exhilarating, but it's also a risky and time-consuming process. Fortunately, there's another path to achieve your growth goals – acquiring an existing e-commerce business. This approach offers a wealth of advantages, allowing you to leverage a proven model, established customer base, and existing revenue streams, all without the typical startup struggles. Let's delve into the top 10 reasons why acquiring a profitable e-commerce business might be the perfect strategy for scaling your brand efficiently. [00:29] - Promotion for 10K Collective Mastermind[00:52] - Reasons to buy an e-commerce business[01:27] - Buying an established profitable business[02:12] - E-commerce is scalable[02:54] - Low overhead costs in e-commerce[03:34] - Access to existing infrastructure[04:12] - E-commerce growth potential in the U.S.[05:39] - Potential for automation in e-commerce[06:25] - Diversification across markets[07:08] - Can you afford to buy a business?[09:07] - Upcoming mini-series on buying a business[09:52] - Offer to evaluate potential acquisitions[10:14] - Benefits of an acquisition mindset 1. Established Brand and Customer Base: Hit the Ground Running Building brand recognition and acquiring loyal customers takes time and significant marketing efforts. By acquiring an established e-commerce business, you inherit a ready-made audience – a crucial advantage in the competitive world of online retail. You'll benefit from existing brand awareness, customer trust, and a pool of loyal repeat buyers, allowing you to focus on growing the business rather than starting from scratch. This existing customer base also provides valuable insights into market preferences and purchasing behavior, which can inform your future marketing strategies. 2. Proven Business Model: Reduce Risk and Leverage Success The e-commerce landscape is dynamic and ever-changing. When you build a business from the ground up, you're essentially embarking on an experiment. By acquiring an established e-commerce business, you're inheriting a proven business model that has already demonstrated success. You'll gain access to a roadmap for success, including established product lines, marketing strategies, and operational processes that are demonstrably effective. This not only reduces the inherent risks associated with starting a new venture, but also provides a framework for future growth and optimization. 3. Existing Revenue Stream: Start Profiting Today One of the most significant challenges new businesses face is establishing a steady cash flow. When you acquire an existing e-commerce business, you gain immediate access to an established revenue stream. This allows you to offset the initial investment cost more quickly, reinvest in growth initiatives, and start generating profits from day one. This financial stability provides a solid foundation for future expansion and allows you to make strategic decisions with greater confidence. 4. Scalability Potential: Built for Growth in the Digital Age E-commerce businesses are inherently scalable, offering significant growth potential compared to traditional brick-and-mortar stores. With a well-established online presence, you can easily expand your product offerings, target new markets, and reach a wider audience. Unlike physical retail, geographical limitations are virtually non-existent. You can leverage digital marketing channels to reach customers across the globe, increasing brand visibility and driving sales. Additionally, e-commerce platforms often offer built-in scaling features, allowing you to efficiently manage increased order volume and customer traffic as your business grows. 5. Cost-Effective Operations: Minimize Overhead and Maximize Efficiency Operational costs can be a major hurdle for new businesses,…
1 SMS vs Email Marketing for Amazon Sellers: Which is Right for You? 24:09
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24:09In the cutthroat world of e-commerce, maximizing customer engagement is paramount. Yet, with a plethora of marketing channels available, choosing the right one can be daunting. This guide delves into the powerhouses of email and SMS marketing, specifically for Amazon sellers on a budget, helping you decide which weapon best suits your brand's arsenal. [00:00:00] - You Can Set Up Future Sends for Most Impact[00:00:26] - Introducing the 10K Collective Uber Mastermind[00:00:49] - Discussing Email Marketing Segmentation and Flows[00:01:22] - Importance of Email Marketing for Sales[00:02:18] - Dos and Don'ts for Email Design and Content[00:04:20] - Best Times to Send Email Campaigns[00:05:20] - Weekday vs Weekend Email Sending[00:06:39] - Using SMS Marketing in Addition to Email[00:09:00] - Revenue Impact of SMS Marketing Campaigns[00:10:30] - SMS Marketing Cost Considerations[00:11:36] - Shelf Life of SMS Numbers for Marketing[00:13:35] - Re-Engaging Neglected Email Lists[00:15:16] - Setting Up Email and SMS Marketing Structure[00:17:03] - Avoiding Overattribution with Multiple Platforms[00:18:03] - Integrating SMS Marketing Setup Process[00:19:03] - Services Offered by Aspect Agency[00:20:28] - Getting a Free Email Marketing Audit[00:21:26] - Any Questions for the Email Marketing Expert[00:22:00] - Introducing the 10K Collective Uber Mastermind[00:23:49] - Closing Thoughts Email Marketing: A Powerful Foundation Email marketing remains a cornerstone of e-commerce success. Here's why: Cost-Effective: Reaching thousands of customers with a single email is incredibly affordable. Scalability: Your email list can grow exponentially, allowing for broader reach. Content Versatility: Tailor emails with captivating visuals, informative content, and personalized offers. Automation Magic: Set up automated email sequences to nurture leads and drive sales efficiently. Avoiding Common Email Marketing Blunders Even the most potent tool can backfire if used incorrectly. Here are some email marketing pitfalls to avoid: Buried Lead Syndrome: Don't hide crucial information below the fold. Image Overload: While visuals are valuable, prioritize clear communication over aesthetics. MIA Information: Clearly state the email's purpose, be it a product launch, promotion, or valuable resource. Link Overload: Excessive links can trigger spam filters. Keep it concise and focused. Image Size Issues: Use tools like TinyPNG to optimize image size for faster loading times. Optimizing Your Email Send Times Timing is crucial for email marketing success. Unfortunately, a one-size-fits-all approach doesn't exist. Consider A/B testing on platforms like Klaviyo to determine the best send times for your audience. Here are some general best practices: Pre-Work Hours: 7-8 AM often catches people checking emails before starting their day. Lunchtime Lull: 11 AM-1 PM can be a good time for browsing promotions. Post-Work Window: 6-8 PM caters to those catching up after work. Weekend Strategy: While weekends can be hit-or-miss, Saturday mornings might work for specific sales or promotions. Sundays are generally best avoided. SMS Marketing: The Powerhouse of Personalization SMS marketing boasts unique advantages: High Open Rates: SMS messages often boast open rates exceeding 90%, ensuring your message gets seen. Sense of Urgency: Text messages create a sense of immediacy, prompting faster action. Direct Communication Channel: SMS reaches customers directly on their phones, a highly personal space. Integrating SMS Strategically for Amazon Sellers While SMS marketing is powerful, integrate it thoughtfully: Capture SMS Opt-Ins Separately: While offering both email and SMS signups is ideal, prioritize email capture first. Targeted SMS Campaigns: Reserve SMS for high-impact promotions or order updates. Frequent messaging can lead to unsubscribes.…
1 Dominate Your Niche: Build an Email List for Amazon Sellers Like a Pro 32:36
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32:36E-commerce success on Amazon is fantastic, but it's like renting a storefront. You don't own the customer data, limiting your ability to build brand loyalty and scale beyond the platform. This is where email marketing shines. In this guide, we'll equip you, the savvy Amazon seller, to build a thriving email list and unlock explosive growth for your brand – all with minimal capital. [00:01:19] - Discussing Email Marketing with Expert Nikita[00:02:07] - Email Marketing Relevance for Amazon Sellers[00:03:11] - Getting Customer Data from Amazon Orders[00:04:22] - Using Landing Pages for Email List Building[00:05:09] - Avoiding Amazon's Buy Box Suppression[00:06:07] - Offering Mysterious Discounts for Email Opt-Ins[00:07:21] - Effective Opt-In Rates for Email Capture[00:09:08] - Email Marketing vs List Building Strategies[00:10:01] - Setting Up Website Pop-Ups for Email Capture[00:11:15] - Welcome Email Flow for New Subscribers[00:12:16] - Using Quizzes for Email Capture and Segmentation[00:13:35] - Importance of Email List Segmentation[00:15:25] - Using Suppression Lists for Better Deliverability[00:17:27] - Cleaning Email Lists to Reduce Costs[00:19:04] - Core Email Flows and Automations to Set Up[00:21:49] - Cross-Selling Strategies via Email Marketing[00:24:13] - Tracking Revenue from Email Marketing Efforts[00:30:28] - Introducing the 10K Collective Uber Mastermind Why Email Marketing Matters for Amazon Sellers Nikita, CEO of ASPEKT, a powerhouse email and SMS marketing agency, emphasizes the transformative power of email marketing, especially for hybrid brands utilizing both Amazon and DTC channels. While Amazon provides a launchpad, email marketing empowers you to cultivate direct customer relationships, fostering brand loyalty and repeat purchases. Here's how email marketing becomes your secret weapon: Capture customer data you can't access on Amazon. Though Amazon guards customer emails fiercely, you can utilize product inserts and other creative strategies to collect valuable contact information. Retarget potential customers based on browsing behavior. Leverage ad platforms to reconnect with those who expressed interest in your products but didn't convert on Amazon. Break free from the buy box trap. Offer exclusive discounts or mystery offers via email, enticing customers to bypass the competitive buy box scenario. Mystery sells! Intrigue trumps generic discounts. Pique customer curiosity with mystery offers, driving them to your email list for the big reveal. Building Your Email List Beyond Amazon Now, let's dive into the nitty-gritty of building your email list: Strategic website popups: Capture email addresses strategically. Consider popups triggered by 50% page scrolling or after 10-20 seconds on your site. Mystery offer magic: Fuel sign-ups with a captivating mystery offer that sparks curiosity and begs for email subscription. Crafting Core Flows for Email Marketing Success A well-structured email sequence is the backbone of a winning DTC email strategy. Let's explore some essential flows: Welcome Flow: This is your first impression! Set the tone with a warm welcome email, including a discount code and a brand story that resonates with your target audience. Value-Driven Content: Go beyond the sale. Provide valuable content tailored to your niche. For example, fashion brands can offer styling tips, while food brands can share delicious recipes. Personalized Product Recommendations: Leverage quizzes to understand customer needs and precisely recommend products. This not only drives sales but also gathers valuable data for future product development. Segmentation: The Key to Targeted Communication Segmentation is the art of grouping subscribers based on specific criteria for highly targeted email campaigns. Klaviyo is a popular platform that simplifies segmentation. However, strategy comes first: Clarity is key: Define your segmentation strategy befor...…
Online marketing gurus - who should you believe? Hey folks, time for some real talk today. I want to talk about internet marketing gurus. What does that mean? And should you believe what you hear on the internet or from a course or from any internet marketing or business coach? Stay tuned. Hey folks, Michael Veazey from Amazing FBA here. Are online marketing gurus the same as business consultants? Guess what? I'm Michael from Amazing FBA. That means I'm here to give you advice or thoughts or information about internet marketing, particularly selling on Amazon. And that is an interesting one because it brings up this concept of a guru. I get accused of being a guru occasionally by people and I feel if it's an accusation rather than something helpful. A guru passes on "Divine wisdom" My understanding of the word guru is it comes from the Hindu tradition and like other religious traditions there's a tradition of received wisdom that a person who becomes holy enough through meditation, prayer and other such things gets received wisdom directly from God or the spirit world or whatever. I'm not qualified to say whether that happens in religion, for all I know it does, but that is not what I'm saying I'm offering. I'm not that person. And anyone who does say they are that person, I think is going to be treated with some skepticism. But that is a mentality in itself that worries me. And let me explain. Who you follow as an online marketing guru is only one part of the equation The online marketing guru who you choose to follow as an authority of some kind, let's use that word as a more grown-up word, is an important choice. It's your responsibility to decide if the online marketing guru is worth following The first thing I would say is: it's your responsibility if you're going to follow somebody to do a bit of homework and feel whether they sound like they know what they're talking about and have they given consistently decent advice. Michael's background in online marketing and Amazon advising And there are ways to do that just to lay my cards on the table. I've been selling on Amazon since 2014. I've been coaching people one to one since 2016. Since 2015, I've been running a podcast. I've interviewed well north of 200 experts. And we've done probably close to a thousand episodes now, most of which have been expert interviews. We've had over a million Downloads. So there's some social proof there. Since 2016, I've coached over a hundred people who enter one of whom handful have gone on to create over a million dollars worth of sales between them. And then the mastermind since 2017 without people get to seven figure exit and what else triple their business and the COVID admittedly in three or four cases. And then one person got to eight figures in revenue. The online marketing gurus you follow are your decision Now that's about me. Is that enough for you? It's up to you to decide. All I can tell you is who I am, and then you decide if it's right for you. And I want to talk about not the gurus today, but you as the consumer of coaching or consulting, or me as a consumer of coaching and consulting, because I also follow other people. If you are watching the video, I'm going to give you a little visual here, because I think it can really help. The spectrum of belief (4 boxes) I want you to visualize, if you're not seeing the video four squares across from left to right, because that's how we're thinking of it and looking at it. So on the right-hand side, we've got a very happy-looking person with a halo above them as befits the guru idea. And on the left-hand side, we've got a person with a red face and they got devil's horns just to go the opposite extreme. Let's talk about this because this is a crucial mindset that I think you need to think about. And I think about when we're absorbing information or following somebody as some form of authority,…
1 Stop Wasting Ad Spend! Improve Your Ecommerce ROI 29:14
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29:14Ecommerce brands face a constant challenge: maximizing return on investment (ROI) for their advertising spend. In 2023-2024, while social, search, and display advertising witnessed impressive returns, the current trend reveals a worrying decline. The knee-jerk reaction might be to throw more money at the problem, but that's a recipe for wasted resources. The key lies in optimizing your approach. This guide dives deep into common mistakes e-commerce brands make and equips you with actionable strategies to improve your ad ROI, even with limited capital. [00:00] - The Importance of Nurturing Existing Customers[01:02] - Introduction to E-Commerce Marketing Issues[01:44] - Overuse of AI and Need for Re-evaluation[03:10] - Lack of Customer Retention Strategies[03:54] - Bad Habits Growing in Good Times[05:11] - Relying on Amazon Data vs. Other Sources[06:08] - Oversaturation on Meta/Facebook Advertising[07:20] - Lack of Holistic Media Mix Approach[07:58] - The Concept of a 'Richer Message'[09:31] - Explaining the Marketing Funnel[11:09] - Simplifying Messaging for Customers[12:55] - Understanding Media Efficiency Metrics[14:11] - Importance of Frequency in Advertising[15:00] - Consistency in Branding and Messaging[17:04] - Bright Marketing's Services Explained Rethink the AI Hype: Leverage Data for Smarter Decisions AI has become a major trend in marketing, but relying solely on it can be a costly mistake. Here's why: Data Blindness: AI tools are powerful, but they can't replace human analysis of campaign data. Understanding what's performing well and what's not allows for targeted adjustments. Customer Disconnect: AI-driven targeting might miss the mark. Analyze past purchases to identify upsell, resell, and cross-sell opportunities. Don't forget – customer churn is a hidden cost. Analyze your data to identify and nurture your audience effectively. Many brands rely on data from different platforms without a central source of truth. Consider implementing robust tagging and tracking systems in Google Analytics and Google Search Console to gain a holistic view. Beyond Facebook Ads: Exploring the Evolving Media Landscape Meta (Facebook) and Instagram, while popular, are becoming saturated, leading to diminishing returns. Here's what you need to consider: Audience Targeting: Success hinges on reaching the right audience on the right platform. Don't blindly buy placements based on cost alone. Understand where your target audience spends their time online. Holistic Approach: Many agencies solely focus on SEO and PPC, neglecting Amazon platforms. A complete media mix considers the entire customer journey, including top-of-funnel strategies like TV, billboards, sponsorships, and influencer marketing. Media Buying 101: Understanding Efficiency and Effectiveness Media buying involves acquiring ad space across various platforms. Here are key concepts to grasp: Cost per Mille (CPM): This metric indicates the efficiency of your buy. It represents the cost per thousand impressions. The Power of the Marketing Funnel: Tailoring Your Message for Impact The customer journey can be visualized as a marketing funnel with distinct stages: Awareness: Introduce your brand and product to potential customers. Consideration: Nurture interest and highlight the value proposition. Preference: Differentiate yourself from competitors and establish brand preference. Purchase: Convert consideration into a sale. Skipping any stage can lead to suboptimal results. Additionally, the shape of your funnel and the placement of your message will vary depending on the stage. Top of the Funnel (TOFU): Here, you need a "thin message" with a low CPM. Think simple banner ads or short social media posts promoting brand awareness. Middle of the Funnel (MOFU): As customers move down the funnel, "richer messages" are more appropriate. Consider engaging videos, podcast sponsorships,…
Jennifer Sutton, CEO of Bright Marketing, a results-oriented agency for growth-stage companies, knows the challenges e-commerce brands face. With 30 years of experience in agency marketing, creative development, and consumer insights, Jennifer has witnessed the evolution of media consumption – but the core principles of marketing haven't changed. [00:00] - Lack of Thinking in Business[00:50] - Introduction to Jennifer Sutton[01:32] - Jennifer's Background and Bright Marketing[02:21] - What is a Full Service Ad Agency?[03:55] - Lack of Thinking in Marketing[05:17] - The Role of Ad Agencies[06:18] - Smaller Businesses Bringing Marketing In-House[07:56] - No Formula for Media Buying[09:07] - Lack of Data-Driven Decision Making[09:29] - Defining Media Planning and Buying[11:18] - Understanding Media Buckets and Data[12:29] - Summarizing Brand, Marketing, and Media[13:31] - Clients Thinking They Have an Advertising Problem[15:43] - Selling Benefits Over Features"[17:19] - Defining Your Core Message and Value Proposition While the "Mad Men" era of full-service agencies might seem glamorous, today's marketing landscape requires a different approach. Gone are the days of generic templates and a lack of consumer understanding. Today's success hinges on: Collective Creativity: Working within an agency fosters a cross-pollination of ideas, preventing creative stagnation. Disciplined Problem-Solving: Deep dives into your brand's specific challenges ensure solutions are tailored, not one-size-fits-all. Objective Insights: It's hard to see your brand objectively. An agency provides a fresh perspective to uncover hidden opportunities. While the allure of a "secret formula" for media buying exists, the reality is far more nuanced. Success hinges on understanding your audience, their consumption habits, your unique offering, and crafting a compelling brand message. The good news: advancements in tools and consumer data provide powerful insights. However, many businesses struggle to leverage this data effectively. This is where understanding media planning and buying comes into play. Unveiling the Powerhouse Duo: Media Planning vs. Media Buying Media Planning: The strategic roadmap for your brand message. Here, you define your ideal customer, their online behavior, and the best channels to reach them. This includes exploring options like influencer marketing, sponsorships, television advertising, digital media, and search engine marketing. Media Buying: The tactical execution of your media plan. This involves negotiating placements, securing ad spots, and managing your media budget across chosen channels. It's crucial to understand that media planning and buying are two sides of the same coin. You can't have an effective media buy without a solid plan, and vice versa. Beyond the Formula: Building a Brand Story with Impact Often, clients approach agencies with the belief they have an "advertising problem." However, the root cause frequently lies deeper – a brand issue. At Bright Marketing, we believe in building brands first: Business Objectives: We translate your goals into a consumer-centric perspective, crafting a brand story that resonates. Marketing Strategy: This defines how you'll communicate your brand message. Media Planning: We determine the optimal channels to ensure your message reaches the right audience at the right time. This approach falls under a framework called the "Marketing Mix Model," which encompasses various channels categorized as: Earned Media: Organic brand mentions (e.g., reviews, social media buzz) Paid Media: Advertising placements you pay for (e.g., social media ads, influencer partnerships) Owned Media: Content you control (e.g., website, blog posts, email marketing) The key takeaway? There's no one-size-fits-all formula. Understanding the various levers and utilizing data is critical, but it's just the first step.…
Intro Let's talk about rhythm, shall we? In your life. Now my background is a musician, and so I naturally think of rhythm. When I was teaching people and still conducting choirs evenings and weekends, I'm always banging on about rhythm. And what does that mean? Well, it's really about having a shape to time, if you will. And that is something that's very, very important for productivity in life and in business. So today, now that I'm surrounded by a beautiful garden here and talking about seasons and seasonality is very much on my mind. Let's discuss rhythm and how that affects your use of time as an organic way of using and managing your time. Stay tuned. Seasonality in Nature and E-commerce Hi, this is Michael Veazey, and today I'm coming to you from our lovely garden. I think it's lovely anyway in Hertfordshire. So about a year ago, in May 2023, I was sent up by my wife to go find ourselves somewhere more peaceful to live. We were in a flat in London, a bit noisy, very urban, not really relaxing. We wanted a house and a garden, and we've got them. The garden, of course, is a thing that really makes you think about seasonality. And today, I want to talk about rhythms in your business. We can start with seasonality and the overall shape of each year as a very, very good start. Now, it's not rocket science to say that quite a few businesses or ways of making a living have strong seasonality. So the two that I'm most familiar with, my old profession of teaching and making music (I still conduct choirs in the evenings and weekends and love doing so), and e-commerce both have very strong seasonality. Some jobs, I guess, you just grind along same old same old week to week and then have your couple of weeks off in the summer, and that's it. That is not the case for education. In education, my wife's still working very, very hard in the summer because lots of institutions have exams. So A-level students are having exams. My wife's off playing the piano for music colleges in London where people are playing very difficult music for their end-of-year exams. E-commerce is no different. Embracing Seasonal Rhythms In e-commerce, if you sell something that's giftable, you will find that it becomes crazy in Q4. In other words, November and December, just before Christmas or the holiday season if you wish to call it that. And of course, that changes everything about your year. The rhythm of your year, your week, and your day is really to some extent dictated by others. To the extent that you recognize that, you get in tune with your market and the way things operate in your industry, then you will find that things work better. If you try and fight it or just ignore it, that's one of the signs that things are wrong. One of the things that is really important is if you do have a strong Q4-centric business. By the way, a lot of people who are at an early stage or even pre-revenue entrepreneurs (I don't tend to work with those anymore) are obsessed with the idea that they can even out the sales, cash flow, and inventory and have a non-seasonal type business. But the truth is that the businesses that I know that do really well embrace the seasonality and roll with it. They understand that that is the nature of the market they're in. Planning for Seasonality Rather than trying to go in three and four different markets that magically balance each other out in theory (one could have that but in practice I don't see that), I see people who successfully manage the seasonality. So, I think you have to roll with the rhythms of your industry, your marketplace, and the category you're selling on if you're on Amazon. That's the first thing: accept seasonality and things get easier. Then you have to really accept all the implications of that. If you sell a lot in Q4, you will be working really hard in Q4. So you won't be available for much else. I've stopped trying to run mastermind meetings in December because ...…
1 Will Amazon Third-party Sellers keep having higher costs? 7:20
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7:20Hey folks, I have some bad news that I think Amazon third-party sellers need to know based on Amazon's recent earnings call. Stay tuned. 3 insights for Amazon sellers from Amazon's recent earnings call So there are three facts in the recent earnings call, which I thought are a little bit scary for Amazon third-party sellers, and we need to join up the dots and think this through as Amazon sellers. Here they are: 1. Amazon's profits are up - largely due to third-party sellers paying more for ads! Number one profits on advertising up a metric ton, which means more expensive sales for us. So Amazon should say thank you to the third-party sellers. And of course, we all know this from experience, but it is a fact, and it's clear that Amazon is, as it has been, continuing to prioritize using advertising as the main way of making not so much revenue as profit from its third-party marketplace and indeed the entire marketplace. That's the first one. 2. Investment in FBA is down - bad news for third-party sellers Second one. Investment in the FBA system, which has been a big percentage of their capex, the capital expenditure, is going to be less as a percentage going forward. So that means less fulfillment capacity relative to demand, which is not good news for third-party sellers, of course. It means that also our money is not being spent and being reinvested in the fulfilment system. So where is it going? Is it just going to the shareholders? Well, no, they're not interested in giving away dividends. It's still a growth stock as far as the stock market's concerned. So where is it going? 3. Investment in AWS is up The percentage of capital expenditure going to AWS is booming. Now that makes sense for Amazon because AWS made about 65 per cent of their operating profits in the past year - and their view is that that is going to grow like topsy because most computing power is desktop. So in other words, it's not on the cloud yet, but that is going to be a huge growth story. Now that's probably true for Amazon. And if you want to buy a stock market investment, well, I'm not a stock market investor, but there is a little bit of a hint. Well, I don't, I mean, I invest privately, but I advise publicly. There's a bit of a hint there, isn't there? So you might want to consider Amazon as a great stock, not based on it being an e-commerce company, but it'd be in a pure sort of tech play as a platform for other people to do their tech work - famously, even the CIA uses AWS! Implications for Amazon 3rd Party Sellers Now, what does that imply for Amazon third-party sellers? Well, they are taking money from us. They're not giving it to the shareholders, but they're not reinvesting it in the FBA system either. They are investing it in their most profitable division. And that makes sense, but you should be aware that those are two bad things for us. Bad thing 1: We pay more of our revenue to Amazon Not only is the percentage of money that we're getting taken off. Gonna be bigger as we go because Amazon's squeezing it. Bad thing 2: Amazon will invest less in the E-commerce Marketplace But quite clearly it's seeing the, the future is AWS and the marketplace as a cash cow to squeeze, which means the investment in that I think going forward is gonna be less as well. And that's speculation on my behalf. I don't have any in one on the inside of, of Amazon telling me that, but there's a bit of a major hint and that it's certainly true for the latest earnings calls. So some bad news. What should we do about this? What does that imply We should do? 1. Increase or maintain fat margins Well. I think you've got to first of all, see the increase in costs coming and make sure you have nice fat margins. 2. Renegotiate with Chinese Sellers The good news is you can renegotiate with your Chinese suppliers if you buy from China, because they are experiencing deflation at the same time...…
1 Unlocking Amazon Sales Tax Nexus: Do I Need to Register? 35:42
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35:42Welcome to another episode! Today, we're diving into the complexities of Amazon FBA and US sales tax compliance with Jared Smithson of RJM Tax Exemption. Jared's team specializes in helping American, UK, and other international businesses navigate the ever-changing landscape of US sales tax. With over 5,000 businesses under their belt, they're the perfect guide to ensure your e-commerce brand scales smoothly without unnecessary tax burdens. [00:00:00] - "Need to File Sales Tax Returns"[00:04:55] - "Necessity of Paying Sales Tax"[00:06:04] - "Penalties for Not Paying Sales Tax"[00:13:10] - "Nexus for Non-Marketplace Platforms"[00:15:16] - "Using Resale Certificates with Wholesalers"[00:16:55] - "Corporate Structures and Sales Tax"[00:18:49] - "Mistakes by Established Sellers"[00:22:12] - "Acquiring a Business with Tax Liabilities"[00:23:33] - "Sales Tax for Non-Marketplace Platforms"[00:27:13] - "Managing Sales Tax for New Platforms"[00:30:08] - "Need to File Sales Tax Returns"[00:31:45] - "Special Offer for Listeners"[00:33:33] - "Closing Thoughts" What is Sales Tax and Why Does it Matter for Amazon Sellers? Let's break it down. Sales tax, essentially the US version of VAT, is a tax levied on the sale of specific goods and services. The rate varies significantly by state, county, and even city, with over 11,000 jurisdictions to keep track of! But here's the catch: even if you're based outside the US, you can still be liable for sales tax under a concept called "sales tax nexus." Simply put, nexus signifies a substantial connection with a state, which can be established through physical presence or exceeding economic thresholds. Failing to register for sales tax when required can lead to hefty penalties and back taxes. The Common Misconception and How to Avoid It Many sellers mistakenly assume Amazon collecting and remitting sales tax in certain states absolves them of all responsibility. While this may simplify things in some cases, it's crucial to remember that individual state regulations vary. Some states might exempt sellers solely on Amazon, while others consider economic thresholds or physical presence (like using an Amazon fulfillment center) as triggers for registration. Additionally, some states, like Washington and Texas, have unique legislation requiring registration even if you only sell on Amazon. Taking Action: How to Register for Sales Tax The good news: registering for sales tax is generally a straightforward process. Most states allow you to register online through their Department of Revenue website and obtain a sales tax certificate. This process typically takes 1-2 hours and requires your Employer Identification Number (EIN) from the IRS. Remember, many sellers overlook obtaining an EIN because Amazon allows them to operate without it. However, an EIN is crucial for tax compliance. Reseller Certificates and US Business Structures While this episode focuses on private label and custom product sellers, it's important to note that if you purchase inventory from US wholesalers, you can likely obtain a reseller certificate to avoid paying sales tax upfront. This certificate, based on your shipping address, allows wholesalers to recognize you're not the end consumer. Here's some good news for international sellers: you don't necessarily need a US LLC or Corporation to sell on Amazon USA. Your existing UK Ltd company can suffice, provided you obtain an EIN. Beyond the Basics: Considerations for Established Businesses For established businesses with significant sales volume, incorporating a US entity offers advantages. A US corporation allows you to open a US bank account, potentially securing better exchange rates and facilitating relationships with US suppliers. Common Mistakes Established Sellers Make (and How to Avoid Them) Established sellers often fall into the trap of expanding to multiple platforms like Shopify without considering the sales tax implications acros...…
1 Maximize Amazon Brand Registry Benefits: Filing Trademarks in China 33:04
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33:04Why Brand Registry Needs Chinese Trademarks E-commerce brands thrive on Amazon's vast marketplace. But for true growth, brand protection is essential. This is where Amazon Brand Registry excels, offering powerful tools to combat counterfeits. However, these benefits are limited by geographical reach. To unlock Brand Registry's full potential and dominate the Chinese market, registering your trademark in China is crucial. [00:14] - Introduction and overview[00:58] - Conversation with Anita Ma begins[02:01] - Trademarks in different countries[03:17] - Filing trademarks internationally with WIPO[m05:37] - Enforcing trademarks on Amazon[09:55] - Renewing and maintaining trademarks[13:41] - Trademarking in China[19:00] - Importance of trademarking in China[24:25] - Timing of filing in China[26:24] - Filing trademarks in India Territorial Rights: Understanding Trademark Protection Unlike the U.S., China operates on a "first-to-file" system. This means whoever files a trademark first owns the rights, regardless of prior use elsewhere. So, even a competitor or manufacturer in China can steal your brand identity if you delay filing a trademark. The World Intellectual Property Organization (WIPO) offers a streamlined process to file in multiple countries simultaneously. However, ensure your trademark application perfectly mirrors your original registration. Inconsistencies can lead to rejections and delays. Remember, China's trademark laws differ significantly from the U.S. and Europe. Consider seeking help from a local Chinese attorney to navigate the process smoothly. Brand Enforcement on Amazon: Taking Action Against Infringers Having a registered trademark (® symbol) empowers you to report infringing listings on Amazon through Brand Registry. This is often the most effective solution. Additionally, a cease-and-desist letter can usually deter potential infringers. However, if these steps fail, be prepared for legal action in Chinese courts. Important Note: In the U.S., you cannot enforce trademark rights with a pending application (™ symbol). The registration process takes about 18 months, while the U.K. boasts a faster turnaround of 4 months. Maintaining Your Trademark: Vigilance is Key Protecting your brand requires constant vigilance. Here are some strategies: Utilize the registered trademark symbol (®). Set up free Google Alerts to receive notifications whenever your brand name is mentioned online. Subscribe to a trademark monitoring service like Trademark Angel for comprehensive brand protection. Regularly search the WIPO database to stay updated on trademark applications similar to yours. Remember, trademarks require renewal every 10 years. In some countries, including the U.S., you need to submit proof of use (e.g., product packaging with your trademark) during renewal. In others, simply paying the fee suffices, but someone could challenge your ownership for non-use. Abandoned Trademarks: Tread Carefully If you discover an unused trademark, you cannot simply adopt it. Investigate further. Play detective - check websites, make calls pretending to be a customer, and gather evidence of non-use. Consider legal counsel before proceeding. Buying and Selling Trademarks: Important Considerations Yes, registered trademarks can be bought and sold as business assets, assuming they are actively used. However, an abandoned trademark can be canceled if someone proves non-use. Similarly, if your Amazon account is suspended, the trademark could be sold to another business. Pro Tip: Register your trademark under your company name to avoid exposing personal details. Moreover, create your Amazon seller account under the same company name. Incongruities between the trademark owner and seller account owner can raise red flags on Amazon's end. Be prepared to prove the connection if necessary. Case Studies: The China Threat is Real Scenario 1: Blackmail Through Trademarks…
1 Unlocking Trademark Registration Process for Amazon Sellers 41:36
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41:36Building a successful brand on Amazon requires strategic planning. Trademark registration is a crucial step, but the process can seem daunting. This guide breaks down everything you need to know into easy-to-understand steps. [00:00] - You really need to know what you're going to sell[00:56] - Introduction of guest Anita Ma and topic of trademarks[01:21] - Explanation of what a registered trademark agent is[02:12] - Anita's background and founding of Trademark Angel[02:50] - Defining what a trademark is[04:13] - Why trademarks exist and legal protection they provide[05:51] - Benefits of having a registered trademark[07:03] - Importance of trademarks for e-commerce and online sellers[08:16] - Distinction between having a trademark and registering one What is a Trademark and Why Do They Matter for Amazon Sellers? A trademark is a symbol, word, or phrase that identifies the source of a product or service. It acts like a lighthouse, guiding customers to your brand and distinguishing you from competitors. Trademarks offer several benefits for Amazon sellers: Exclusivity: A registered trademark grants you a legal monopoly for your specific product or service category for ten years. This deters competitors from using your brand name or logo. Increased Brand Value: A strong trademark strengthens your brand identity, fostering customer trust and loyalty. Over time, your trademark becomes an invaluable asset, increasing your business value. Brand Registry Access: Trademark registration is a prerequisite for enrolling in Amazon's Brand Registry program. This program unlocks powerful tools to protect your brand from counterfeiters and hijackers, improve product listings, and gain valuable customer insights. While common law rights exist for unregistered trademarks, enforcing them is challenging and expensive. Registration provides concrete evidence of ownership and simplifies the process of protecting your brand. Are You Protected by Your Company Name? Many entrepreneurs mistakenly believe incorporating a business automatically protects their brand name. However, trademarks arise from using a specific brand name for a particular product or service in the marketplace. When Should You File a Trademark? Before filing a trademark application, it's crucial to have a clear business plan and conduct thorough market research. Define your product categories precisely. A vague trademark, like "Kitchen Essentials," won't offer sufficient protection. You can't file an "umbrella trademark" to cover a broad range of unrelated products. The ideal scenario is to file a trademark application before launching your product. However, you don't necessarily need a product already on the market. Stay tuned for the next episode, where we'll delve into the order of events for trademark registration, market research techniques, and trademark availability checks!…
The Roman Empire was famous for being the greatest empire in the ancient world. It lasted hundreds of years. It controlled the then known world, which was around Southern Europe and the Mediterranean, but it's 410 AD, the barbarians sack Rome. What happened? And how can we learn from this as e commerce operators? Stay tuned. Protect your Empire! Hey folks, Michael Veazey here from Amazing FBA. I want to talk about this under appreciated topic. Everyone's obsessed with growth, and of course they should, and the empire building. But once you've got something valuable and desirable, then of course, you're going to get people attacking it in some form or degrading it. And one of the things that a more mature entrepreneur will do when they move from pure startup phase, where you just growth, growth, growth, revenue, revenue, revenue is to understand that you've got something valuable, and now you need to protect it. So that's why we're going to talk about it today. Success invites Attack You think about the Roman Empire, this fertile ground in Italy where it was was focused and Rome is halfway down Italy. It had costly desirable infrastructure, a whole city with beautiful buildings and they had a reputation. They were famous. They were the kind of tall guy that everyone wanted to take a pop at. And although you probably don't feel like you're running the Roman Empire right now, you may have in your category a reputation and an obvious desirability of the market so you need to be protecting it. If you're working in e commerce or Amazon specifically, if you're running a business for fewer than 10 years, 60-70% percent of all the cash you ever see from the business will come when you sell it. Guess what? If you don't have the proof that you own the things that you sell, like your trademark, If you cannot show that you have dealt with the risks inherent in the business, and we'll talk about those, the business is either not sellable, or you will sell it for hundreds of thousands of dollars or pounds less than you could have sold it for. And that is a huge loss. That is real money, not in your pocket, that could have been. So reason to take this stuff seriously. Let's talk briefly about the threats, which is not much fun, and the ways you can protect yourself, which is much better. In no particular order, Sales Channel risk The first one is sales channels risk. The, the Amazon sales channel is a great powerful thing to have access to, but it can be suspended. So there are two ways that can happen. Listing Suspension One is your listing gets suspended because you've got some words in it that you shouldn't have. Maybe these days, weirdly can be even put in place by the Amazon artificial intelligence engine at Amazon. One half of Amazon does that. And then the other half of Amazon that monitors things like what you're allowed to say in your listing will shut your listing down, which is insane, but entirely consistent with how Amazon operates, the right hand doesn't know what the left hand is doing. Obviously you could put something yourself in there naively, and that can suspend a listing for months at the worst. Check TOS So first of all. Checked terms of service and do not assume that one half of Amazon isn't doing stupid things. Check your listings very, very regularly. Particularly there's kind of hero product. If you've got a small set of products, 10 products of which one is doing half your sales, then you watch that like a hawk. Okay. And the other one is of course, to not just depend on one hero product. So not an easy one to mitigate. But luckily most of the time that doesn't happen. such that it's permanently suspended but you've got to account for the fact that it could be suspended. Keep enough cash to survive hero product listing suspension That's another reason, by the way, we'll talk about cash, but that's another reason why you've got to have enough cash...…
1 Secure E-commerce Startup Funding: A Guide to Raising Finance 27:22
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27:22E-commerce offers a thrilling path to entrepreneurship, but scaling your brand often requires an influx of capital. This guide delves into securing e-commerce startup funding, specifically tailored for Amazon FBA sellers. Here, we'll explore e-commerce startup financing options, common pitfalls to avoid, and strategies for maximizing success with minimal capital. 00:57 Introduction01:54 Discussing Financing Options for E-commerce Businesses02:37 How Lenders Assess E-commerce Businesses for Lending04:07 Invoice Finance and Trade Finance Explained06:02 Understanding Working Capital Needs08:09 Importance of Having a Plan for Using Financing09:26 Common Pitfalls for Amazon Sellers with Financing10:33 Red Flags for When Not to Take External Funding13:01 Minimum Requirements Lenders Look For15:18 Impact of Rising Interest Rates on Financing Viability19:02 Assessing Affordability of Financing21:04 Advice for Hesitant Amazon Sellers on Exploring Financing23:11 How to Get in Touch with Jamie Bridgeson24:59 Final Thoughts and Closing Remarks Understanding Amazon FBA Creditworthiness Amazon's unique business model poses challenges for traditional credit assessments. Lenders often require at least a year of trading history to gauge profitability and Product-Market Fit (PMF). Demonstrating consistent profits strengthens your creditworthiness significantly. Financing Options for E-commerce Startups Beyond traditional loans, several financing options cater to the specific needs of e-commerce businesses: Trade Finance: Injects capital by allowing lenders to pay suppliers directly. Once you sell the stock, you repay the lender. This frees up cash flow, allowing you to focus on marketing while inventory is financed. Some lenders even offer foreign exchange (Forex) support. Invoice Finance: Once you've received inventory and raised invoices on Amazon or Shopify, you can "unlock" cash from those invoices through lenders. This helps bridge the gap between your payment terms and immediate business needs. Financial Challenges and Strategies for E-commerce Businesses Navigating the financial landscape of e-commerce comes with unique challenges: Balancing Affordability: Not all expenses qualify for financing. Marketing costs, for instance, don't have tangible assets as security. Building affordability into your financing plan is crucial. Minimum Requirements: Lenders often have minimum revenue or profit thresholds. Understanding these requirements helps you determine if external funding is suitable. Red Flags for External Funding: While external funding can fuel growth, consider these red flags before diving in: Unaffordable Debt: Can you comfortably repay the loan without hindering your cash flow? Lenders prioritize affordability, so demonstrating a sustainable repayment plan is essential. Overdependence on Unsecured Loans: During challenging times, some business owners turn to unsecured loans, accumulating significant debt. This can limit your options for future financing. Common Pitfalls and How to Avoid Them: Broker Fees: Reputable brokers receive their fees directly from lenders, not you. Be wary of any upfront costs. DIY Lending: Rejection from one lender doesn't have to be a dead end. Brokers can leverage their network to find more suitable options. Rising Interest Rates: The current economic climate might present higher borrowing costs. Be prepared to factor this into your affordability calculations. Will Lenders Still Lend to E-commerce Businesses? Although liquidity challenges might exist, there will likely still be options. While traditional banks might tighten their belts, private investors may still be open to financing profitable ventures. Affordability: Planning is Key Before seeking external funding, establish a clear plan: Purpose: Identify the exact purpose of the funding. Cost of Funds: Factor in interest rates and fees to understand the full cost...…
1 Top E-commerce Funding Options: Raising Finance for Your Business 24:32
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24:32E-commerce businesses offer incredible opportunities for growth and scalability. However, many brand owners struggle to secure the capital they need to take their ventures to the next level. This is where exploring e-commerce funding options becomes crucial. In this comprehensive guide, we'll delve into the world of financing for e-commerce businesses, helping you navigate various funding options and choose the best fit for your brand. We'll also hear expert insights from Jamie Bridson, Co-founder and Director of Aston Commercial Finance Ltd., a specialist commercial finance broker dedicated to simplifying lending for businesses. 00:00 Intro00:16 Welcome to the 10K Collective Podcast01:00 Introduction of Guest: Jamie Bridson01:40 What is a Commercial Finance Broker?02:44 How Jamie Got into Commercial Finance03:55 Challenges E-commerce Business Owners Face with Finance06:03 Types of Credit: Revolving Credit07:03 Types of Credit: Secured and Unsecured Loans08:02 Explanation of Second Charges10:15 Difference Between Secured Loans and Personal Guarantees11:11 Mitigating Risk with Personal Guarantees12:07 Lenders' Approach to Debt Recovery13:32 Understanding Liens and Collateral15:10 Asset Finance and Equipment Financing17:12 Tax Implications of Financing Structures19:05 Competitive Advantage of Financial Education21:21 Importance of Financial Understanding for Amazon Businesses22:14 Closing Thoughts and Contacting Jamie Understanding Your Funding Needs Before diving into specific options, it's essential to identify your funding needs. Are you looking for a cash injection to bolster inventory, invest in marketing campaigns, or expand into new product lines? Knowing your goals will help you choose the most appropriate financing solution. The Role of a Commercial Finance Broker Commercial finance brokers like Jamie Bridson at Aston Commercial Finance Ltd. (www.astoncf.co.uk) act as a bridge between e-commerce businesses and a network of lenders. They leverage their expertise and industry relationships to secure the best possible rates and terms for your specific needs. Traditionally, bank managers performed a similar role. However, the rise of specialized brokers offers a more streamlined and efficient approach. Jamie Bridson's Journey: From E-commerce Entrepreneur to Finance Specialist Jamie's background provides valuable insights for e-commerce businesses seeking funding. He previously ran an Amazon FBA business, giving him firsthand experience with the challenges many brand owners face. This perspective allows him to understand the specific needs of e-commerce clients and tailor financing solutions accordingly. Common Challenges E-commerce Businesses Face Here are some common hurdles e-commerce businesses encounter when seeking financing: Tight Margins: Some lenders may hesitate to offer financing to businesses with low profit margins. Limited Track Record: Newer businesses might struggle to secure funding due to a lack of established financial history. Inventory Management: Funding needs can fluctuate depending on inventory levels and sales cycles. Growth Goals: Securing capital for expansion activities like mergers and acquisitions or purchasing commercial property requires specialized financing solutions. Exploring E-commerce Funding Options Now that you understand the landscape, let's explore the main types of e-commerce funding options: 1. Revolving Credit: Revolving credit facilities, such as business credit cards, offer a flexible line of credit that can be drawn on and repaid continually. These are typically best suited for established businesses with a proven track record and a minimum revenue threshold (often six figures). 2. Unsecured Loans: Unsecured loans are provided based on the borrower's creditworthiness and are not backed by collateral. They typically carry higher interest rates than secured loans and often require a personal guarantee from the busi...…
1 Why Tesla might go bust – Lessons for Amazon Sellers 13:05
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13:05Is Tesla going bankrupt? More importantly - is your ecommerce business? Tesla isn't the Point Sorry for the enigmatic start. I've just got to get your attention somehow. I'm trying to educate you, but I sneakily got to make it entertaining, I guess. So I was just going through my LinkedIn feed earlier and up pops an analyst talking about Tesla. And what struck me wasn't the fact that he thought Tesla could go bankrupt, that it is "the most overvalued stock in history" and that its business model is broken. Although if you invest in Tesla, those are important things, that's not the point of today's post. By the way, just to disclose, I am an investor in Tesla currently, but I may not be soon. I may choose to divest. Now I am not giving you any stock investing advice. God only knows that is not something I'm qualified in or experienced enough to give any advice to anyone about. So that's not what I'm doing. Do your own homework on Tesla. But the point is this I haven't done enough homework. I didn't do enough homework in the first place when I bought it. I just thought it would be a fun ride and it's educational and it has been both of those things. Sounds a bit playful, but it was only 1, 000 invested. So I figure I'm not going to lose my life savings or bet my pension on it. The business model evaluation matters most But the education component is vital because I think what interests me is not whether this guy is right or wrong, but the way he argued, And talked about the stock and how he thought it was overvalued was for me, the right way of thinking. Now the results are not always going to be the same as reality. The result of your thinking and calculations all the time. But over time, if you have an accurate mental model, mental models of the world, I think your results should track reality. And over time that will guide you. Well, so what this guy was talking about Per Lakander's analysis per Lakander of Clean Energy Transition to give him credit. Sounded Scandinavian. And basically, if I summarize what I understood from it, he's saying that. Whilst Tesla has claimed issues, okay, that the headline is, I guess Tesla is about to report some really bad quarterly earnings publicly listed companies report and its quarterly and indeed all the other financial statements. Of course, smaller businesses tend to think only in terms of annual reports, although they're mainly broken down monthly. So here's the thing, he said the The balance sheet and income statement reveal a lot First of all, there has been a claim that, maybe by Elon Musk, maybe by other people who are more fans of Tesla, that they had some arson, and therefore there was a production problem. But he said, well, but if you look at the inventory, it's excess inventory. They have a huge pile of unsold cars somewhere, in other words, car parts, or work in progress towards cars. Which he says implies that there's excess inventory, that's a demand-side problem, not a supply-side problem. Hard to argue with that. Competition Analysis is critical And the other thing he's saying is that the competition such as Volkswagen is coming up with 30 new electric vehicles or mostly electric vehicle models this year. Tesla has two models and it's going to create a new one allegedly by the end of 2025. And he says, well, realistically probably the end of 2026. And then he talks about the business model, which interested me the most because that's. I think highly relevant, bizarrely, for any inventory-based business, including small FBA businesses, even though it sounds so different to Tesla, doesn't it, on the surface of it? Understanding the Business model But he said, okay, the working model was predicated on great growth, very high fixed costs, and thus creating a negative, working capital. What that means is you get paid to sell stuff. And I don't know all the details of Tesla. I probably should as an investor,…
1 Expert Wealth Management & Investment Strategies for Small Businesses 44:35
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44:35Congratulations! You've built a thriving e-commerce brand. But have you considered the next crucial step: wealth management? While achieving explosive business growth is commendable, it's equally important to ensure the resources you've diligently built translate into a fulfilling lifestyle. This guide delves into expert wealth management and investment strategies specifically tailored for e-commerce entrepreneurs seeking to scale their wealth alongside their brands. [00:00:00] Intro: Michael Veazey discusses the challenges faced by business owners in managing their finances. [00:00:21] Intro: Michael introduces the topic of preserving wealth and introduces Henry Okosi from Fortress Wealth Management. [00:01:27] Discussion: Michael and Henry discuss the importance of preserving wealth for SME business owners. [00:02:05] Henry introduces himself and discusses his background in financial planning. [00:02:42] Michael and Henry discuss why wealth management is important for small business owners. [00:03:45] Michael discusses the obsession with revenue and profit in business and the importance of personal wealth management. [00:04:57] Henry talks about the gap in financial knowledge and literacy among business owners. [00:06:14] Henry discusses the importance of having a life plan aligned with business goals. [00:08:03] Henry talks about his background and the services offered by Fortress Wealth Management. [00:09:26] Henry discusses the need for uncomfortable conversations and creating a safe space to discuss personal wealth.+ [00:15:03] Justifying Business Efforts to Significant Others [00:15:19] Setting Specific Outcome Targets [00:15:34] Revenue vs. Meaningful Targets [00:15:48] Building a Plan to Achieve Targets [00:15:51] Ground-Up vs. Backward Planning [00:16:20] Forward-Thinking Decisions [00:16:44] Evaluating and Optimizing Resources [00:17:07] Front Loading vs. Utilizing Business as an Asset [00:17:22] Balancing Resource Allocation and Planning [00:17:34] Importance of Asset and Resource Allocation Bridging the Gap: Why Wealth Management Matters Many e-commerce owners become laser-focused on growth, profit, and scaling their businesses. However, a critical gap often emerges: what happens when success arrives? Many entrepreneurs lack the financial knowledge or time to effectively manage their personal finances amidst the demands of running a business. This lack of planning can lead to missed opportunities and unnecessary stress. Wealth management empowers you to take control, ensuring your hard-earned success translates into long-term financial security and a fulfilling life. Meet Henri Okosi: Your Guide to Financial Freedom Henri Okosi, a seasoned financial planner with a passion for empowering entrepreneurs, brings a wealth of experience to the table. Driven by a genuine interest in finance and a desire to connect with people, Henri leverages his expertise to bridge the knowledge gap for e-commerce business owners. Through Fortress Wealth Management, a proud partner of St. James's Place Wealth Management, Henri offers a personalized approach to wealth management, serving clients in London and beyond. Crafting a Personalized Wealth Plan: The Cornerstone of Success The cornerstone of effective wealth management lies in creating a comprehensive plan. This plan goes beyond just your business goals; it encompasses your personal desires and aspirations. Here's how Henri approaches crafting a personalized wealth plan: Uncovering Your "Why": The journey begins by defining your "why." What is the ideal life you envision for yourself? Is it early retirement, financial independence, or providing for your family's future? Understanding your core values and long-term goals becomes the foundation for your financial strategy. Emotional Check-In: Wealth management goes beyond numbers. Henri starts by exploring your current financial situation – are you feeling uncertain, comfortable, or optimistic?…
1 Virtual Assistant Hiring Mistakes: How to Avoid Bad VA Freelancer Choices 34:03
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34:03For e-commerce brand owners looking to scale their businesses with minimal capital, hiring virtual assistants (VAs) can be a game-changer. However, making the wrong hire can lead to lost time, money, and productivity. In this comprehensive guide, we'll explore common virtual assistant hiring mistakes and provide actionable tips to help you navigate the process seamlessly. 00:00:43 - Introduction to FreeUp00:01:41 - FreeUp Services00:02:32 - Hiring the Right Freelancers00:06:20 - Effective Communication and Expectations00:08:16 - Structured Approach to Hiring00:09:52 - Creating a Scope of Work00:12:09 - Vetting Freelancers with Test Projects00:14:23 - Tailoring the Interview Process Define Your Needs and Create a Solid Scope of Work Before you even begin the recruitment process, it's crucial to define your needs and create a detailed scope of work. Start by grabbing a pen and paper, and list out all the menial tasks you can hand off to a VA. When you see these tasks in writing, you'll realize which ones can be delegated without extensive training or onboarding. A scope of work serves as an agreement between you and the freelancer, outlining expectations, processes, key performance indicators (KPIs), metrics, and deliverables. It's essential to have this document in place, whether you're hiring an in-house or freelance VA. Not only does it save time on training, but it also sets clear boundaries and ensures everyone is on the same page. Leverage Freelancer Hiring Platforms and Conduct Test Projects When it comes to sourcing potential candidates, freelancer hiring platforms like Upwork, Fiverr, and Freeup can be valuable resources. These platforms typically pre-vet freelancers, saving you time and effort in the initial screening process. Additionally, you can tap into industry networks, word-of-mouth recommendations, and LinkedIn to find suitable candidates. Regardless of where you find potential VAs, it's crucial to conduct test projects. These projects will not only gauge the candidate's skills but also provide insights into their communication style, time management, and ability to follow instructions. Pay close attention to whether they arrive on time for meetings, complete tasks within the given timeframe, and ask relevant questions to understand the scope of work better. Vet for Experience, Time Capacity, and Communication Skills When evaluating potential VAs, it's essential to consider their experience level, time capacity, and communication skills. At Freeup, for instance, freelancers are required to have at least three years of experience to ensure they possess the necessary expertise and professionalism. Time capacity is another crucial factor. Many international freelancers work extended hours and juggle multiple clients, so it's important to understand their workload and availability. Additionally, inquire about their work setup – are they operating solo or as part of an agency? Knowing who you'll be communicating with can help you gauge the level of support and responsiveness you can expect. Conduct Thorough Interviews and Background Checks While a candidate may look impressive on paper, it's essential to conduct thorough interviews to assess their personality fit, work style, and communication skills. Remember, you'll be working closely with this individual, so ensuring a good cultural and communication fit is crucial for a productive working relationship. Furthermore, don't skip background checks and identity verification processes. These steps can help mitigate potential risks and ensure you're hiring a legitimate and trustworthy individual. Consider Managed Services for a Hands-Off Approach If you prefer a more hands-off approach to managing your virtual assistants, consider opting for managed services offered by platforms like Freeup. With managed services, a dedicated project manager handles weekly meetings, ensures deliverables are met,…
1 Is uk e-commerce market growing? John Lewis and Brick and Mortar stores 15:26
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15:26Is uk e-commerce market growing? John Lewis and Brick and Mortar stores The state of retail and e-commerce in the UK in 2024 Hey folks, Michael from Amazing FBA. I've just been shopping in my new city, Welwyn Garden City at John Lewis, which used to be the company store here until the 1960s. And even now it's pretty dominant. And I want to talk about my new set of shoes and reflect on the state of retail and e-commerce. As part of my wanderings around Europe, London and the UK, I often like to reflect on retail experiences. I don't personally like shopping by the way. I prefer e-commerce because I can just buy whatever I want and get out. But when I go shoot shopping because of very, very awkward feet, I need to interact with a physical shop. Now, John Lewis. Let's talk about John Lewis for a second. John Lewis is a brand, it's a retail brand rather than a brand that makes things, although they do have their own lines, private label lines of things. We also have an interesting secondhand relationship with a couple of my clients in the 10k collective, both former and current have in the past sold a lot of stuff to John Lewis. And they said you think Amazon is bad and capricious. You should try and talk into John Lewis buyers who will reject you or, you know, push you down on the price by two pence or two cents per unit or something ridiculous. John Lewis has a, business model that's very challenging. I think they're letting go of quite a percentage. Maybe it's 10 per cent of the staff when they come in the year, they shut down some stores, they shut down a flag chick store in Birmingham or Birmingham, England is the Americans call it. So that sounds like it's game over for John Lewis and it's a win for e-commerce but a couple of thoughts. In-person buying can make sense - especially for apparel First of all, the buying experience, I have awkward feet, as I said, and therefore I can't buy shoes online and expect them to fit my awkward feet. I need to go and shop in person. So in-person shopping is not dead yet. And in fact, Thereby hangs a tale... Personalised and human shopping experience The second thing is the experience. I had a very pleasant person serving me and actually serving me, hanging around, looking patient, looking like he actually cared, instead of poking at his phone or just wandering off or giving me monosyllabic answers, which has been my experience of shopping in most places in Britain. And the guys seemed to know their business, and he actually practically helped me by going and fetching different sizes of pairs of shoes. Simple stuff, but in my experience, that's not to be taken for granted these days. So, the experience of somebody seeming to care about you, the experience of somebody, well, maybe he actually cares, maybe he's just polite enough to seem to care, but they've got quality staff. The John Lewis/Waitrose model - the staff owning part of the business John Lewis and Waitrose, which is part of one group, actually have very, very good quality staff. Now, the interesting thing about them, that's not necessarily the lesson to learn, but it's a possible lesson, is that they actually, The staff are, of course, the owners. It's a cooperative, very unusual structure these days. The so-called Cooperative Bank in Britain is no longer a cooperative bank and is about to be bought by Barclays, I believe, so another bank anyway. So they're a rare thing, but what it does seem to mean is that when I go into a John Lewis or Waitrose, the grocery store, as you call it in the States, or John Lewis is a sort of mid-price, I guess it's like Sears or something like that in America, The people are generally cheerful and helpful. And quite consistently so, not just one or two people that you're lucky to find. So, reflections. The High Street is not dead First of all, the high street's not dead. And actually, people have been In the industry that I suppose...…
1 Discover If Your Business Is Sellable in the Ecommerce Market 27:34
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27:34Thinking about selling your e-commerce brand? You're not alone. The market for established online businesses is booming, and Flippa, the world's leading platform for buying and selling online businesses, can help you navigate the process. In this post, we'll explore key factors to consider when evaluating your brand's sellability and provide valuable insights from Benny Gould, Flippa's global head of advisory. [00:02:32] Determining Business Valuation: Assets, Financials, IP.[00:04:40] Understanding Due Diligence in M&A.[00:05:59] Timing and Market for Selling.[00:06:25] Partnerships and Long-Term Acquisitions.[00:06:37] Typical Deal Structures: Cash, Deferred Payments.[00:07:06] Buyer Experience Influences Deal Structure.[00:15:40] Look at Revenue North of 250,000.[00:20:18] E-commerce Success Post-COVID Depends on Audience Targeting.[00:22:40] Impact on Sellers' Lives Drives Flippa's Mission.[00:23:48] Handbook Educates Small to Medium Business Owners.[00:25:19] Insights from Flippa Provide Valuable Perspective. Is Now the Right Time to Sell? The 2024 E-commerce Landscape The answer is a resounding yes! The e-commerce market in 2024 presents a seller-friendly environment. However, many brand owners remain unaware of their business' true value and exit potential. This is where Flippa's expertise comes in. Understanding Your Business Value: Valuation Methods Explained Determining your e-commerce brand's value is crucial. Flippa utilizes a three-pronged approach: Asset Valuation: This considers tangible assets like inventory and intellectual property (IP) associated with your brand. Financial Performance: A thorough analysis of your profit and loss statements reveals your business' profitability, a significant factor for buyers. Market Benchmarking: Flippa leverages its extensive 15-year data pool to compare your business against similar e-commerce brands, providing a realistic valuation range. Beyond Price Tags: Due Diligence - A Critical Step A successful e-commerce business sale hinges on robust due diligence. This involves two key aspects: Verification: Similar to a property inspection, buyers will meticulously examine your business. This includes customer verification, inventory checks, and supplier contract reviews. Deal Structure: Negotiating a win-win deal structure is essential. Key considerations include cash upfront payments, earnouts (performance-based payments), and potential lending arrangements. Legal Considerations: Ensuring a Smooth Transaction Selling your e-commerce brand involves legalities. While market conditions are favorable, focusing solely on valuation multiples isn't always the wisest approach. Flippa can connect you with legal professionals to protect your interests throughout the exit process. Unveiling Typical Deal Structures in the E-commerce Market Flippa caters to both experienced and less-experienced buyers. Here's a breakdown of typical deal structures: Experienced Buyers: These buyers often have readily available funds and can offer a higher percentage of cash upfront, especially for businesses exhibiting consistent growth. Businesses with a strong track record (over 4 years) tend to attract more upfront cash offers. Less Experienced Buyers: Securing loans might be more challenging for less-experienced buyers, potentially impacting the upfront cash component of the deal structure. A Global Marketplace: Cross-border Transactions in E-commerce Flippa facilitates a significant number of cross-border transactions (over 67%). This opens your brand to a wider pool of potential buyers, like family offices and high-net-worth individuals seeking international investment opportunities. Although cross-border transactions involve jurisdictional considerations, Flippa's team is well-equipped to navigate these complexities. Why Consider Selling to International Buyers? Some e-commerce brands might have established a strong presence ...…
1 2024 Ecommerce Market Trends: Is the Market Still Ripe for Business 19:45
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19:45The ecommerce market is constantly evolving, and 2024 is no exception. While giants like Amazon might seem to dominate the landscape, there's still incredible opportunity for established brands to scale and thrive. In this post, we'll explore how to leverage the power of mergers and acquisitions (M&A) to fuel your ecommerce growth, even with limited. [00:00:00] - Benny Gould Mentions Flippa Does Around 12,000 Deals Per Year For Online Businesses.[00:01:12] - Michael Asks Where Benny Is Coming From (Amsterdam).[00:01:57] - Discussion About Flippa Having A Global Reach And Being Distributed Across Different Locations.[00:02:09] - Michael Asks About Flippa's History And Reputation For Smaller Deals In The Past.[00:03:22] - Benny Mentions Flippa Currently Has Over 122 Businesses For Sale Valued Over $1 Million.[00:04:21] - Michael Asks About The Landscape Of Selling Amazon Businesses In 2024 And The Role Of Aggregators.[00:07:09] - Discussion About The Overview Of The E-commerce Business Market In 2024.[00:10:32] - Benny Says March 2024 Was A Record Month For Flippa Across The Company.[00:11:11] - Michael Asks About The Mix Of Different Digital Assets For Sale On Flippa Beyond E-commerce[00:13:35] - Discussion About Amazon Sellers Potentially Combining Different Business Models Like Content Sites.[00:15:18] - Benny Provides Information About Flippa's Free Guides And Resources For Selling Or Acquiring Businesses.[00:16:18] - Benny Offers A Special 30-day Free Trial Of Flippa Premium For Podcast Listeners. Flippa: Your Gateway to High-Value Ecommerce Acquisitions Many brand owners might not realize the potential of M&A for scaling their businesses. This is where Flippa, the world's leading platform for buying and selling online businesses, steps in. Founded in Melbourne, Australia, with hubs in Austin, Texas, and Amsterdam, Flippa boasts a 15-year track record of facilitating successful M&A transactions across over 160 countries. Beyond Small Deals: Uncovering Big Opportunities on Flippa Flippa isn't just about small deals. Contrary to popular belief, 99% of business owners are unaware of the platform's potential for high-value acquisitions. Flippa has facilitated over 122 deals exceeding $1 million valuations, alongside numerous significant 6- and 7-figure transactions. Their experienced team leverages their global reach to connect sellers with qualified buyers, even for cross-border transactions (a staggering 87% of deals on Flippa!). With over 12,000 deals completed last year, Flippa offers a robust marketplace for scaling your brand. The Evolution of Digital Assets: From Domains to Thriving E-commerce Stores The digital landscape is ever-changing. Just like the early days of domain flipping and affiliate marketing, the rise of Amazon and ecommerce created a new wave of valuable digital assets. Today, established e-commerce stores, along with their social media channels and intellectual property, represent lucrative opportunities for acquisition. Meet Benny Gould: Leading Your Ecommerce M&A Journey Benny Gould, Flippa's global head of advisory, leads a dedicated M&A team of 14 experts. This team operates through two distinct models: a pure brokerage model that identifies and secures deals, and an M&A advisory team that provides in-depth valuations for businesses considering an exit strategy. Flippa's experts can guide you through every step of the acquisition process, ensuring a smooth and successful transaction. Navigating the Evolving Ecommerce Landscape: M&A Trends in 2024 The COVID-19 pandemic undoubtedly impacted the M&A market, driving up revenue and deal valuations. However, 2024 presents a unique landscape. While some distressed sales are still present, the majority of deals involve profitable businesses. Notably, there's no shortage of capital available for acquisitions, with a significant increase in buyer activity on Flippa over the last two years.…
1 Discover the Secrets to Growing Your Amazon Business 2X in 12 Weeks 42:08
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42:08Are you ready to break through plateaus and achieve explosive growth on Amazon? This guide unveils the 8D Framework, a data-driven strategy designed specifically for established e-commerce brands with Product-Market Fit (PMF). Learn how to optimize every aspect of your Amazon presence for maximum impact, leading to a potential 2X growth in just 12 weeks. Time Stamps [00:00:00] - Discussion about profit margins and pricing strategies for Amazon sellers.[00:07:55] - Explanation of the importance of product positioning and brand consistency across platforms.[00:15:18] - Introduction of the fourth dimension of the 8D framework: product positioning and brand building.[00:21:40] - Discussion of the fifth dimension: customer experience optimization for different devices and languages.[00:28:11] - Explanation of the sixth dimension: tech stack and utilizing AI tools like ChatGPT.[00:30:40] - Details on the seventh dimension: logistics and supply chain management, including Amazon's Seller Fulfilled Prime program.[00:33:47] - Description of the eighth dimension: team communication and collaboration.[00:37:15] - Information about attending the free workshop and the 12-week Rapid 2X Accelerator program.[00:40:00] - Summary of the 8D framework and an analogy to the movie "The Karate Kid."[00:40:23] - Details about the 10K Collective Uber Mastermind program offered by the host, Michael Veazey. The 8D Framework: A Deep Dive The 8D Framework goes beyond simply throwing money at advertising. It's a meticulous, step-by-step approach that optimizes your existing assets for peak performance. Let's break down each dimension: Dimension 1: Performance Optimization This stage involves a comprehensive audit of your Amazon presence, including: Product Detail Pages (PDPs): Optimize titles, descriptions, images, and videos for maximum clarity and conversion. Leverage A+ Content to showcase your brand story and product benefits.Brand Store: Establish a dedicated brand presence on Amazon to build trust and brand recognition.Brand Registry: Enroll in Amazon Brand Registry to protect your brand from counterfeiters and unlock additional features.Amazon Ads: For brands exceeding $150,000-$250,000 in annual sales per ASIN, utilize Amazon Ads strategically to target relevant customers and drive conversions. Leverage Amazon Attribution to track campaign effectiveness. Dimension 2: Pricing & Promotions Strategic use of promotions can boost sales, but profitability is paramount. Consider factors like: Ideal Gross Margin: Aim for a 65% gross margin after accounting for landed costs.Amazon Fees: Factor in Amazon's selling price fees (30-35%) and FBA fulfillment costs when determining profitability.Advertising Costs: Account for Advertising Cost of Sale (ACOS) alongside Amazon fees to ensure a healthy net margin (ideally 10-15%).Promotional Calendar: Utilize targeted promotions for holidays like Valentine's Day and Mother's Day, but ensure profitability. Dimension 3: Marketing Beyond Amazon Ads Move beyond viewing Amazon PPC as your sole marketing strategy. Focus on building a strong brand story that resonates with your target audience: Craft a Compelling Brand Narrative: Every product has a story – use it to connect with customers. Highlight use cases, and showcase the story behind your brand and founders.Influencer Marketing: Partner with relevant influencers on platforms like TikTok, YouTube, and Instagram to amplify your brand message.A+ Content & Brand Store as Storytelling Platforms: Utilize A+ Content and your brand store to showcase your brand story and product benefits. Seasonally adapt your content to maintain freshness. Dimension 4: Product Positioning & Brand Building Set your product apart from the competition through strategic positioning and brand building: Showcase Product Differentiation: Demonstrate what makes your product unique. Use high-quality product images and videos that showcase the product ...…
1 Unlocking 2X Growth in 12 Weeks: Amazon Growth Strategy Secrets 32:15
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32:15Have you hit a plateau with your Amazon sales? Dreaming of explosive growth but unsure where to start? This guide unlocks the secrets used by industry leaders to achieve 2X growth in just 12 weeks. Learn the 8D Framework, a data-driven approach specifically designed for established e-commerce brands with Product-Market Fit (PMF) to scale their Amazon presence efficiently. Time Stamps [00:04:15] Having $100k-$250k in yearly sales per product demonstrates product-market fit for Amazon sellers.[00:06:05] He looks at sales per ASIN/product line, not the seller's total sales across all products.[00:09:01] The 12-week Rapid 2X Accelerator program aims to have clients trending at 2x their daily sales rate.[00:10:19] The program implements optimizations across 84 days in areas like logistics, productivity, and sleep habits to compound growth.[00:14:46] The first dimension is Performance Optimization - optimizing product listings, A+ content, pricing, promotions, and PPC campaigns.[00:18:04] This includes optimizing titles, bullet points, images and videos to increase conversions and organic ranking.[00:20:25] For FBA, having enough inventory for 1-day Prime delivery can significantly increase sales conversions.[00:27:11] One client saw 50% sales growth in the first week from just the listing optimization dimension. About the Author : Sabir Semerkant Sabir Semerkant is a titan in the e-commerce world. Over the past 25 years, he's helped launch two entirely new Amazon categories and worked with clients featured on Shark Tank. His company, GrowthBySabir, has generated over $1 billion in e-commerce sales across diverse platforms like DTC, Shopify, and, of course, Amazon. Partnering with Gary Vaynerchuck Sabir's expertise caught the eye of Gary Vaynerchuk, leading to a collaboration that brought e-commerce to the forefront of Vayner Media. Together, they established a global e-commerce agency with a proven track record of success. Defining Product-Market Fit (PMF) Before diving into the 8D Framework, let's solidify the concept of PMF. For Amazon specifically, Sabir defines a brand as PMF-ready if it meets the following criteria: Yearly Sales per ASIN (including variations): $100,000 - $250,000 USD Experience with common challenges: Counterfeiting, cloning, brand registry Marketing Efforts: Basic understanding of advertising (Amazon Ads or Google Ads) Supply Chain Management: Inventory control and responsiveness to customer feedback Product Iteration: Willingness to adapt based on reviews and competitor analysis For Shopify stores, the overall PMF threshold translates to roughly $500,000 in annual sales. Confirming Product-Market Fit (PMF) Here are some additional indicators of PMF: Inventory Management: Consistent stock availability Product Photography: Ability to capture high-quality product images (even with an iPhone) What the 8D Framework Isn't This framework isn't about throwing money at advertising (Amazon Ads or Google Ads). It's a data-driven approach focused on optimizing existing assets for maximum impact.…
1 Why People Really Buy Your Products (Authentic Selling Part 2) 26:33
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26:33In the bustling world of e-commerce, one question looms large: why do people buy? We often find ourselves fixating on the features of our products, the materials they're made from, or the benefits they offer. But in reality, successful selling goes beyond these surface-level attributes. It's about tapping into the deeper desires and emotions of our customers. Welcome back to part 2 of our exploration into authentic selling, where we delve into the psychology behind consumer behavior and how authenticity can revolutionize your sales strategy. Understanding the Customer Experience: Beyond Product Features Let's kick things off with a vivid example shared by an online marketing specialist during a recent interview. Picture this: you've developed the ultimate fishing lure. It's crafted with precision, boasting a carbon fiber shell and surgical stainless steel hooks. But here's the twist – nobody cares about the technical details. What truly matters is the experience you're selling. Think about it. When someone buys a fishing lure, they're not just looking to catch fish. They're seeking adventure, camaraderie, and perhaps a taste of victory. By understanding the deeper motivations of your target audience, you can transform a mundane product into an irresistible proposition. In this case, it's not about the lure itself, but the experience of being the ultimate angler – outsmarting your friends, reeling in the biggest catch, and basking in the glory of success. Cultural Nuances in Sales: Tailoring Your Message But authentic selling isn't just about crafting compelling narratives. It's also about understanding the cultural nuances and emotional triggers that drive consumer behavior. Take the example of selling to different markets, such as the UK versus the US. While Brits may downplay their achievements, Americans have a strong affinity for winning and success. By tailoring your message to resonate with the values of your target audience, you can create a deeper connection and drive greater engagement. Embracing Risk and Fearlessness: The Path to Success Authentic selling isn't without its challenges, though. As our interviewee aptly points out, it often requires stepping outside your comfort zone and taking calculated risks. Whether it's expanding your business, investing in new technologies, or challenging prevailing norms, authentic selling demands courage and conviction. It's about pushing past the boundaries of what's comfortable and embracing the unknown. Transcending Fear: Unlocking Your True Potential But perhaps the most profound insight shared during the interview is the idea of transcending the fear of failure and death. Drawing inspiration from Martin Luther King Jr.'s iconic "Mountaintop Speech," our interviewee reflects on the transformative power of fearlessness. By letting go of our insecurities and embracing our true potential, we can unlock new possibilities and achieve extraordinary success. Conclusion: The Power of Authentic Selling In conclusion, authentic selling isn't just a marketing tactic – it's a philosophy that drives meaningful change. By understanding the deeper motivations of our customers, tapping into cultural nuances, and embracing fearlessness, we can elevate our sales strategy to new heights. So the next time you're tempted to focus solely on product features, remember that authenticity is the key to unlocking the hearts and minds of your audience. Join the Authentic Selling Movement: "No Douchebag Selling" Program If you're ready to embark on your journey of authentic selling, we invite you to explore our upcoming program, "No Douchebag Selling." Designed to equip entrepreneurs with the tools and mindset needed to succeed in today's competitive landscape, this program offers practical insights and actionable strategies for authentic salesmanship. To learn more and join our community of like-minded individuals,…
1 Authentic Selling vs. Jedi Mind Tricks in e-Commerce 28:34
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28:34Authentic Selling vs. Jedi Mind Tricks - Coach Dan Gordon Now, I've got to tell you, I said to Coach Dan Gordon, this is who we've got on the show, how I should introduce him. He said, "I want you to say the greatest fraud I've ever met,". Well, Authentic Selling is the focus of today's show, but that's clearly not the truth! Dan Gordon is an executive coach and speaker, and his mission is to raise the consciousness of bad-ass entrepreneurs all over the world. So there you go, welcome to the show Coach Dan. Good to have you here. Gratitude and Insight Thank you so much. It's a real delight. And I just so appreciate what you do, Michael, helping people really step into the things that they struggle with and look at the parts of their life and their business that they need to work on. And just by the nature of the conversations that you have, you force those thoughts. It's beautiful. Authenticity in Conversation Not a sort of soft, cuddly guy, really. I guess British people have a habit of being, you know, a little bit on the cooler side, quietly blunt, I guess in a way. So yeah, I try to keep it real and that's definitely the topic of today's conversation. Authentic Selling vs. Jedi Mind Tricks Our topic, authentic selling versus Jedi mind tricks. Really like this one because it's a huge corrective to what's going on out there. So tell me what's this all about for you. The Overused Concept of Authenticity So last year, the Miriam Webster word of the year was authentic or authenticity, which means it is a widely overused word that now has no meaning. Right. So everybody wants to be authentic. Everybody, you know, and now, you know, people are training people how to be authentic, which is insane, right? Challenges with Traditional Sales Methods When you think about selling authentically, that betrays all of the Sandler type methods, which is, you know, the customer's pain points describing your products, features, and benefits, the open, the middle, the close, all of those things that people use as leverage to sell their crap and what. What makes it so inauthentic is you are not actually engaged with your client. Embracing Authenticity in Sales And so, I love that because it's forcing people to reevaluate how they show up in a sales meeting. And the reevaluation is, I'm going to put you first, Michael, if I want you to buy my coaching, then you have to come first. Not me, not this cool thing, not your pain points, but you, what are you struggling with right now? How can I make you a better person? Whether or not you buy my services and that's what authentic selling is. Adapting Authenticity in E-commerce I mean, they often do, but they probably don't think of it as a sales conversation. If you're talking to a supplier, if you're talking to a freight manager, if you're hiring a photographer, but you know, the essence of what they do is done by a computer screen. Implementing Authenticity Online So that's a great question. I get it. I get that kind of question a lot. I don't do one on one sales. Very few people do one on one sales. What's the point of what I'm talking about? The point is in messaging. How do I reach out to you as a person? Testing Messaging through Human Interaction And so you really have to test your messaging on human beings. And I would say that my best suggestion is to go to a networking meeting, go to a chamber of commerce, go to a place where people are and talk to them about what you're selling and see how they respond to it, right? Appealing to Human Emotions You know, the kids today, they do not go for that crap. If you start doing your product qualities and your, you know, the features and benefits, they go, "Whoa, wait a second, hold on. Just talk to me." Authenticity in Pricing If you start saying, yeah, you're going to get rich. You're going to get a Tesla. You're going to get a Ferrari, instantly.…
1 Why an Ecommerce business isn’t really a cash cow 10:34
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10:34Hey folks. I want to discuss what is kind of a hard topic, which is why an e-commerce business isn't a cash cow. It's not what is advertised to be on the internet, but the good news is it could make you more money than you think, as long as you know what you're dealing with. The myth of the e-com cash cow So folks let's talk about the myth of an e-commerce business as a cash cow. There is a lot of misconception on the internet about the cash-generating potential of e-commerce ventures. I'm talking about things with physical products at their heart, and therefore inventory, which changes everything. And we need to examine this. Typical cash cow digital businesses Now let's talk about what we mean by cash cow. First of all, I'm talking really about things that produce money. In cash in other words without much capital investment. The examples that spring to mind: are coaching. I know all about that because I've been doing that online for years. The upsides: you don't need to pay much money, or even any to start, if you just use influencer platforms like podcasting as I did to start with, but you need to spend a little bit of money on a little bit of equipment- podcast, mics very, very cheap. You can do it with your phone these days. Downsides of course. You cannot just sell that easily, because it depends on your face and your brand. Also, you're trading time for money, unless you scale it up to be running a huge coaching practice. And then you're trying to scale up people. and hiring people is not easy to scale in the same way as digital systems or physical products. So it is not the easy option it might appear. But it doesn't require necessarily a lot of capital stuck in the business. Digital business models, also digital products like books, have the same characteristic. So I'm not discussing those; what I mean is an e-commerce business model is where you own the inventory that you sell. Challenge 1: Profit margins So let's talk about the challenges of e-commerce business models and what I think they are not. And what I think they are. First of all. It's not a profit monster. There are certain types of business models where you might spend some money on YouTube ads for example, and then you sell your coaching - time for money trade, but at least it's 70% profit. But you have quite healthy profit margins in that kind of business- digital product businesses, very healthy margins. Not so much with physical products. You have to buy the products. You have to ship them around, you have to store them, you have to fulfill them. And then you've got to pay for whichever platform helps you sell them. Amazon takes a 15% sales commission. Plus then you've got to pay for traffic in the form of ads to wherever you sell them, you've got to pay for ads. So the Operating costs are pretty high. The heart of the matter: capital intensity But here's the true meat of the matter. The heart of the matter is capital. If you want to have an inventory-based business, you need to think about the balance sheet. All assets are not created equal To put it simply, the assets are the things that the company owns. Most Amazon or Shopify-type businesses don't tend to own many things that unless you've been, you've got a very big business. They don't tend to own warehouses and offices unless they're really big, but they do own normally two major assets, which is cash and inventory. And if you want to have stock in inventory, you're swapping cash for inventory. Profit is not the same as cash (not even close) And here's the thing. If you increase the value of the equity in the business and assume there's no debt, that's the same as the assets in the business, you can have a paper profit. Let's say you have at the start of your trading a hundred thousand dollars in cash and zero inventory. And at the end of the year, you've turned the cash into inventory. You've turned the inventory twice.…
1 How to Reduce Amazon Ad Spend Without Sacrificing Sales 26:31
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26:31Advertising costs on Amazon are on a ruthless upward trajectory. Feeling the pinch and worried about maintaining profitability? You're not alone. In this comprehensive guide, we'll equip you with powerful strategies to dramatically reduce your Amazon ad spend without sacrificing sales. This isn't about cutting corners or sacrificing quality. We'll show you how to optimize your advertising campaigns, leverage the power of organic ranking, and unlock conversion-boosting techniques that make your ad spend work harder for you. Ready to reclaim control of your advertising budget and fuel explosive sales growth on Amazon? Let's dive in! [00:00:00] Rule-based AI optimizes bids [00:01:10] 10K Collective Podcast Welcome [00:03:02] Travis's Amazon Journey [00:04:09] Optimize Review Funnels [00:06:01] Competing with Reviews [00:07:28] Understanding Review Funnels [00:10:08] Effective Call-to-Action [00:11:45] Valuable Bonus Items [00:12:39] Reducing Friction Levels [00:15:03] Use Helium 10 for tracking rankings. [00:15:19] Amplify bids with bid multipliers. [00:15:39] Monitor ranking until bottom of page 1. [00:15:56] Deploy multifaceted approach for ranking. [00:16:25] Reduce bids by 50% when at top. [00:16:38] Experiment with bid reductions weekly. [00:17:03] Turn off ads for well-ranked bestsellers. [00:17:27] Reduce ad spend by 10% weekly. [00:18:20] Use UGC for inexpensive creatives. [00:18:57] Use subtitles in video ads for engagement. The Ever-Rising Tide of Ad Costs Advertising costs are on an undeniable upward trajectory across platforms like Meta, Youtube, and yes, even Amazon. This trend is fueled by several factors, including: Influx of Sellers: The Amazon marketplace is teeming with new sellers, particularly from China, leading to increased competition and a surge in ad costs for coveted keywords. Amazon's Profit Motive: As a publicly traded company, Amazon prioritizes shareholder value. This often translates to higher fees for sellers, including advertising costs. They may even charge storage fees if you don't maintain sufficient inventory. The Algorithmic Squeeze: Amazon's AI-powered A9 algorithm plays a significant role in product ranking and ad placement. This can make it challenging for new entrants to gain traction without significant advertising spend. The Two-Pronged Approach to Ad Control The key to controlling your Amazon ad spend lies in a two-pronged approach: 1. Optimize for Organic Ranking: The more your products rank organically in search results, the less reliant you become on PPC (pay-per-click) advertising. While AI-driven changes might necessitate some ongoing PPC investment to maintain ranking, a strong organic foundation reduces your overall dependence on paid ads. Here are some key organic ranking optimization strategies: Keyword Research: Identify relevant, high-volume keywords that accurately describe your products. Utilize tools like Amazon Seller Central's search bar and keyword research extensions. Product Listing Optimization: Craft compelling product titles, descriptions, and bullet points rich with relevant keywords. Optimize your product images for clarity and incorporate high-quality visuals. Positive Reviews: Encourage satisfied customers to leave positive reviews. Reviews not only build trust and influence purchase decisions but also contribute to organic ranking. 2. Master the Art of Amazon Ads: While organic ranking is crucial, PPC advertising remains a vital tool for driving traffic and sales on Amazon. Here's how to optimize your Amazon ad campaigns for maximum return on investment: Dedicated Ad Management: Ideally, assign a dedicated team member or leverage specialized software to manage your Amazon ads. Software automation can often outperform humans in managing complex bidding strategies. Campaign Structure: Organize your campaigns strategically. Separate broad match, phrase match,…
1 Ultimate Guide: How to Get Amazon Reviews in 2024 - Get Amazon Reviews Now! 29:22
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29:22Imagine a thriving Amazon brand with a loyal customer base, consistently generating positive reviews. This isn't a pipe dream! Kusha Karvandi, founder of Launch Titans, a full-service digital agency specializing in Amazon and Shopify success, unveils a powerful strategy to get more Amazon reviews in 2024. Kusha's experience spans over a decade, starting in the early days of Amazon FBA when competition was less fierce. He's successfully built and exited multiple businesses, with a deep understanding of the current Amazon landscape. Here's a crucial truth Kusha reveals: most satisfied customers simply don't leave reviews organically. The challenge lies in the silent majority. Happy customers rarely take the initiative to write reviews, while disgruntled ones are far more vocal. This skews the perception of your product and can hinder sales. The solution? Building a strategic review funnel. [00:00:00] Customer Perspective Offer [00:01:10] Welcome to 10K Collective Podcast [00:03:02] Travis's Amazon Journey [00:04:09] Importance of Review Funnels [00:06:01] Competing with Reviews [00:07:28] What is a Review Funnel? [00:10:08] Enticing Call-to-Action [00:11:45] Tangible Bonus Items [00:12:39] Adjusting Friction Levels [00:15:03] Value ladder upselling strategy [00:15:24] Cost of acquisition vs. cost of goods [00:15:40] Building an email list for upsells [00:15:57] Low cost of managing email list [00:16:11] Lifetime value in Amazon vs. direct sales [00:16:28] Investment in customer list for business value [00:16:43] Building diversified assets for business sale [00:16:57] Example of a concierge card for cheaper upsell [00:17:15] NFC chip concierge card for direct communication [00:17:38] Offering extra service as a value proposition Why Reviews Matter: The Power of Social Proof Reviews are the lifeblood of trust and credibility on Amazon. Here's why getting more reviews is crucial for your success: Social Proof: Positive reviews act as social proof, influencing purchase decisions by demonstrating the value of your product to potential customers. Higher Ranking: Amazon's A9 algorithm prioritizes products with strong review profiles, boosting your organic ranking and visibility in search results. Increased Conversion Rates: Positive reviews build trust, leading to higher conversion rates and ultimately, more sales. The Review Funnel: A Systematic Approach Think of a review funnel as an inverted pyramid. At the top, you cast a wide net to capture a broad audience of potential reviewers. As they move down the funnel, you filter and qualify them, ultimately converting satisfied customers into loyal reviewers. Here's a step-by-step breakdown of how to create a high-converting review funnel: Step 1: Capture Attention with a Product Insert Low-Tech Option: Design a visually appealing card or sticker with a clear call to action (CTA) and a QR code linking to your review funnel. High-Tech Option: For a more interactive experience, consider an audio or video card embedded with an NFC chip that triggers the funnel upon contact with a smartphone. Step 2: Offer Value in Exchange for Feedback Low-Tech Option: Utilize user-friendly platforms like Typeform to create a short survey that gathers valuable customer feedback in exchange for a free gift. High-Tech Option: Invest in a custom funnel integrated with the Amazon API. This allows for automatic order ID verification, streamlining the survey and gift redemption process. Step 3: Personalize the Experience with a Targeted Offer The key to a successful review funnel lies in the incentive. Relevance is Key: Tailor your offer to your product category. For electronics, a warranty extension might be most valuable. For other products, consider a free e-book or a bonus item. Perceived Value Matters: Aim for a tangible incentive with a perceived value exceeding the actual cost.…
1 How to get more Money from your Most Valuable Customers 6:00
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6:0080/20 Your Customer List So the thing I want to talk about today is that not all customers are created equal. Just like anything else in the world, especially in the world of e-commerce or any online business environment accelerates this times two, I would say times 10, there is a power law aka 80 20. So you will find, of course, like anything else that as well as products, customers obey the same kind of rules, that the top 20 per cent of your customers probably give you 80 per cent of your profit, et cetera. Small businesses fail to create customer lists So, I've just had a bit of lunch at a local greasy spoon in North London here in Kentish Town. It's a place called Troy Cafe, just to give them a shout-out. Delicious chilli con carne on a jacket potato and coffee for under 10 pounds. Very good. Now I bet anything that those guys do not have a customer list. They're a typical small business. They're working hard. They're slightly off the beaten track. So literally just off the high street here, this is the main drag. So in E-commerce equivalent would be that they do not appear on page one for their main search terms. Here's the thing. Customer lists are incredibly powerful and valuable, but that's something everyone knows. First thing, if you're not collecting customer lists, you need to do everything in your power to do that. If you sell on Amazon, obviously they are primarily Amazon's customers and it's hard to do that. There are lots of ways of doing that. I'm not going to reiterate those now. All customers are not created equal - 80/20 customer lists Like anything else in the world, especially in the world of e-commerce or any online business environment accelerates this times two, I would say times 10, there is a power law aka 80 20. Customers follow the same kind of rules, which is to say that the top 20 per cent of your customers give you 80 per cent of your profit, and so on. How to identify your best customers from a list? Now, how do I identify the top customers in a customer list? Well, obviously how much money they spend with you is important, but there's a really old school, but really powerful formula. Very simple. But if you apply it and they do something with it, it's going to potentially transform your business. The RFM Formula It's R, F, M. R is recency, F is frequency and M is money. So the amount of money somebody spends with you is easier to track. Recency and frequency imply that you're tracking when the transactions happen and you can use various bits of software to figure this stuff out actually, I'm not going to go into the technical details. The general principle is more important because most people don't do anything about this. somebody's bought recently from you, they're much more likely to buy again, of course. Potential value vs likelihood of conversion - Money vs Recency If you want to be more refined about it, I would say the amount of money somebody spent gives you the sort of potential value as a customer, if you can persuade them to buy again. But of course, if they haven't bought from you for two years, the chance of them responding to any kind of outreach in marketing terms, whether you retarget them on Facebook all the way through to just sending them an email, is much lower. So it's less return on your effort or less probability of a conversion. Frequent customers are more valuable long-term Frequency also indicates that they might be a very valuable customer to have if they keep buying because over time the lifetime customer value probably will build. So I would say the frequency at which they buy and the money they've spent is an indication of their potential value. Recency gives conversions But recency is important. I would say rather than saying more recent customers are more likely to buy, I would say old customers you haven't bought for a while are less likely to buy. So if you've got a list of customers that's over a year old,…
1 Amazon Sales Machine Secrets: Create Your Perpetual Sales Engine 25:48
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25:48Imagine an Amazon business that runs like a well-oiled machine, consistently generating sales without the constant struggle for new customers. This isn't a pipe dream; it's the reality for brands that have built a perpetual sales machine. This guide will unveil the secrets used by successful e-commerce entrepreneurs to cultivate a loyal following and dominate their niche on Amazon. Forget the short-term tactics of chasing fleeting trends. Let's build a brand with staying power. [00:00:00] Main Amazon sales strategy simplification [00:01:17] Welcome to 10K Collective Podcast [00:01:46] Achievements and strategies with Travis Zigler [00:02:29] Creating a perpetual sales machine [00:04:59] Key components for perpetual sales [00:05:15] Blog posts, traffic, email capture [00:07:21] Focus on blog posts, Google ads [00:09:42] Simplified Amazon sales machine process [00:10:59] Consumer psychology and product focus [00:12:30] Retargeting for distracted consumers [00:15:02] Three mistakes causing sties [00:16:33] Building audience with advertorials [00:17:57] Increasing ad spend with sales [00:18:56] Using perpetual sales machine [00:20:05] Email for top-of-mind presence Beyond Amazon: Building a Real Brand The allure of Amazon lies in its massive customer base. However, most sellers make a crucial mistake: they focus solely on the Amazon platform, neglecting to build a brand identity outside of it. This approach creates a fragile business model vulnerable to disruptions like account suspensions or stockouts. The key lies in creating a real brand that resonates with customers and solves their problems. Successful brands aren't just "opportunity seekers" jumping on the latest trends with tools like Helium 10 or Jungle Scout. They're entrepreneurs passionate about solving real problems and building a loyal following. Why Build External Traffic? Here's the magic formula: by cultivating organic traffic to your brand outside of Amazon, you can dominate the platform itself. External traffic sources diversify your sales channels and mitigate risks associated with relying solely on Amazon. Here are some key benefits: Increased Brand Authority: External traffic establishes you as an authority in your niche, boosting your credibility and trust with potential customers. Improved Organic Ranking on Amazon: Amazon's A9 algorithm favors products with high click-through rates (CTR). External traffic drives more visitors to your listings, improving your organic ranking. Safety Net Against Disruptions: Even if you encounter issues like account suspensions or stockouts, your external audience remains engaged, allowing you to maintain sales momentum. Building Your Traffic Engine: Content is King The foundation of your perpetual sales machine is valuable content. Start by creating blog posts that function as extended advertorials. Focus on the problems your products solve, not just the products themselves. For example, if you sell eyelid wipes, your blog post might be titled "How to Get Rid of a Stye in 2 Simple Steps." The content would educate readers about styes, their causes, and effective treatments, naturally integrating your eyelid wipes as part of the solution. Strategic Use of Affiliate Links (Amazon Attribution) While Amazon's affiliate program has undergone changes, the core principle remains: you can earn commissions by directing traffic to Amazon listings through your content. Now, with Amazon Attribution clicks, you can earn back 10% on qualifying purchases within 90 days. Travis Zigler, our guide, shares his experience using attribution links. He's had instances where attribution conversions exceeded the cost of Google Ads! The Power of Google Ads: Targeting the Problem, Not Just the Product Most sellers make the mistake of targeting product-based keywords on Google Ads (e.g., "eyelid wipes"). This can be expensive, with clicks costing $1-2 each. However,…
1 Amazon PPC Optimization: Simplifying Ads with the 80/20 Rule 38:42
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38:42E-commerce brand owners, are you tired of pouring money into Amazon PPC ads without seeing the results you desire? If you're looking to scale your brand on a tight budget, then the 80/20 rule is your key to success. In this comprehensive guide, we'll unveil the secrets of Amazon PPC optimization using the Pareto Principle, a powerful strategy that allows you to focus on the 20% of your efforts that generate 80% of your result. [00:00:00] Helping those in need worldwide. [00:01:15] Introducing e-commerce expert Dr. Travis Zigler. [00:03:37] Journey from optometrist to entrepreneur. [00:04:48] Focus on top-performing products. [00:14:47] Sponsored products key for growth. [00:15:07] Sponsored Brand Video boosts brand, costly; Sponsored Products more economical. [00:15:42] Master Sponsored Products for PPC. [00:16:04] Amazon values conversion rate, sales velocity; prioritize high-converting keywords. [00:17:10] Apply 80/20 rule to search terms; emphasize top-performing keywords. [00:18:56] ACoS is a metric; prioritize sales, profit, TACoS. [00:21:00] High ACoS can boost rank, profit. [00:22:28] High ACoS but high conversion. [00:23:21] Focus on profit, sales, not just ACoS. [00:23:55] Prioritize profit over revenue; eliminate ineffective strategies. [00:28:00] Start with small tests; scale winners with bids, budgets. [00:32:09] Offer product variations; advertise aggressively. [00:36:45] Focus on profits, streamline operations. Who is Travis Zigler? Our guide is led by Travis Zigler, a PPC specialist with a proven track record of exceeding sales goals. Travis has a unique background in optometry, and after establishing a successful private practice, he leveraged his entrepreneurial spirit to build a thriving brand focused on dry eye relief products. Through strategic planning and a data-driven approach to PPC, Travis achieved a successful exit from his company, setting his sights on empowering other e-commerce businesses to achieve similar feats. Who is Travis Zigler? Our guide is led by Travis Zigler, a PPC specialist with a proven track record of exceeding sales goals. Travis has a unique background in optometry, and after establishing a successful private practice, he leveraged his entrepreneurial spirit to build a thriving brand focused on dry eye relief products. Through strategic planning and a data-driven approach to PPC, Travis achieved a successful exit from his company, setting his sights on empowering other e-commerce businesses to achieve similar feats. The Pareto Principle Applied to Amazon PPC The Pareto Principle, also known as the 80/20 rule, is a fundamental principle that applies to various aspects of business, including Amazon PPC. In essence, this rule states that roughly 80% of your results will come from 20% of your efforts. By identifying and focusing on the top 20% of your products, keywords, and ad campaigns that drive the most sales and conversions, you can significantly improve your PPC performance. Why Sponsored Products Should Be Your Focus Many sellers mistakenly spread themselves thin across all of Amazon's PPC ad formats. However, the Pareto Principle suggests that Sponsored Products ads should be your primary focus. Sponsored Products ads display your listings directly on Amazon product search results pages, putting your products in front of high-intent buyers who are actively searching for products like yours. This targeted approach not only increases your sales and profitability but also boosts your organic ranking by Amazon's A9 algorithm, which rewards products with a strong click-through rate and conversion rate. The 80/20 of the A9 Algorithm Understanding how the A9 algorithm prioritizes product listings is crucial for optimizing your PPC campaigns. The A9 algorithm prioritizes two key metrics: conversion rate and sales velocity. Conversion rate refers to the percentage of visitors to your product listing who make a purchase.…
You've presumably at some point commuted for work or travelled for work. I certainly have. I would often do that for not a lot of money and I would do it repeatedly to earn a living. Assuming you were reliable, you were achieving a simple short-term goal: turning up at work. And yet when I look back over the preceding years or decade and the short term goals I had for my life in business, I would say, well, how come I haven't achieved those? I haven't been reliable for myself doing big stuff with big payoffs myself. And yet I've been reliable for some petty stuff for other people. Why that difference? Well, let's explore that today. The 10K Collective Mastermind Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven-figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, just go to TheAmazonmastermind.com. to find out more today. Becoming as reliable for your own short term goals as you were for others You've presumably at some point commuted for work or traveled for work. I certainly have. Imagine that we, we think back to when I would rush out of one bit of work, jump on a bike, risk death, drive, cycle through the rain- welcome to London- jump into a crowded train having hustled past the barriers and the idiots that always seem to be in the way in London and then folded my bike up, got on the train, folded it out the other end and went somewhere else. That sounds exhausting and I would often do that for not a lot of money and I would do it repeatedly to earn a living. And yet when I look back over the pre preceding years or decade and the big goals I had for my life in business, I would say, well, how come I haven't achieved those? We care about other people's opinions - use that! So first of all, I think other people is a really neglected thing in motivation. It's pretty simple, but it's really true that if you try and do stuff on your own and you haven't got anyone else involved, they don't know what you are trying to achieve and therefore you can't be seen to win, but you can't be seen to fail. And it turns out that loss aversion is a much bigger motivator for action in the day-to-day world. So if you're going to be seen by somebody who's being late at work and you think you're going to lose your source of income, i.e. your job or a piece of employment and you're going to look a professional and people are going to look down at you, you're very highly motivated to do that thing. How much work do you put into thinking how bad life's going to be if you don't achieve your business short term goals? So how can you apply that to your own business? How to get accountability I would suggest you want to make as many promises to other people as you can, and then make sure you hold yourself to them. That's the first thing. Shareholders. Customers if you're selling products on Amazon or an e-commerce site getting something out there and forcing yourself to get into action really forces you to stay in action in my experience. And of course, your own community of peers, nobody wants to look like an unsuccessful person in the community of peers. Just make sure you judge success in the right way. . Now I want to explore a couple of things as well about how I specifically would make sure that I, even though I'm not a person who's naturally on time, I would make sure I got to a train or for that matter, years before that would be driving to appointments. Extreme Short Term Goal clarity…
1 Maximize Your E-commerce Success: Data Insights Action Guide 26:47
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26:47Are you an e-commerce brand owner looking to scale your business with minimal capital? Understanding how to effectively analyze data insights can be the key to unlocking your brand's full potential. In this guide, we'll explore strategies to help you maximize your e-commerce success through actionable data insights. 00:00:00 | Introduction to Data Overwhelm 00:01:34 | Challenges of Data Overwhelm 00:03:12 | Understanding Decision Paralysis 00:04:56 | Importance of Defining Objectives 00:06:23 | Role of Human Intervention 00:08:45 | Analytical Framework 00:10:57 | Balancing Technology and Human Skills 00:12:45 | Operational Design Model 00:15:44 | Value of People Skills 00:22:45 | Key Takeaways for Small Business Owners Solution: Keeping the Goals in Mind One of the most critical aspects of utilizing data insights in e-commerce is to keep your goals in mind. It's easy to get lost in the vast amount of data available and lose sight of your end state. Before diving into data analysis, it's essential to know exactly what you want to achieve and stay focused on that objective. Understanding "Capabilities" and "Capability Gaps" in Small Businesses Small businesses often face challenges with their technological capacities. They may exhaust their resources without fully understanding the problems they aim to solve. It's crucial to reverse-engineer capabilities by aligning them with capability gaps, ensuring that your technological investments address specific business needs. Data Must Be Predicated on Purpose and Goals When analyzing data, it's essential to ensure that your efforts are predicated on your business's purpose and goals. Metadata plays a crucial role in distilling vast amounts of data into usable information. By focusing on the "why" and "how" behind your data insights, you can derive actionable strategies for your e-commerce business. The Four Analytical Phases: Hindsight, Insight, Foresight, and Prescriptive Analysis Analyzing data in e-commerce involves four key phases: hindsight, insight, foresight, and prescriptive analysis. Hindsight focuses on understanding past behavior, while insight involves living through the day with lessons learned from the past. Foresight looks ahead, modeling historical data to predict future possibilities. Prescriptive analysis incorporates data to design future paths based on modeling, guiding strategic decisions. Example: Succession Planning in a Church Dr. Simmons provides an example of applying these analytical phases to succession planning in a church. By analyzing factors such as location, educational background, and requirements, Dr. Simmons predicted the viability of the church's succession plan and proposed a more sustainable alternative. Operational Design: End, Means, Ways Operational design involves defining the end goal, determining the means to achieve it, and identifying the ways to implement those means. In today's dynamic business environment, it's crucial to refine processes and make the right assumptions to navigate challenges effectively. Strategic and Analytical Thinking in the Same Space To ensure success, it's essential to have your strategist and analyst in the same room. By integrating strategic and analytical thinking, you can analyze data effectively, understand its application to your goals, and make informed decisions for your e-commerce business. Key Takeaway: Appreciate People Skills While AI and technology play crucial roles in data analysis, there's still no substitute for human logic and thinking. Appreciating people skills and integrating them with technology can lead to more effective data analysis and decision-making. Services Offered by Sixth Gear Consulting Sixth Gear Consulting offers consulting services for small businesses, including leadership coaching, executive coaching, strategic organization design, and talent management. Visit www.sixthgearconsulting.com to learn more about how Sixth Gear Consulting can hel...…
1 Data Management Strategies for Overcoming Data Overwhelm 31:54
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31:54In today's fast-paced world of e-commerce, data is king. However, effectively managing and leveraging this data can be daunting, especially for small business owners aiming to scale their brands with minimal capital. In this comprehensive guide, we'll explore expert data management strategies to help you navigate the challenges of data overwhelm and make informed decisions to drive your business forward. [00:00:00] Strategic Approach [00:15:17] Competitive Edge [00:16:31] Human Intervention [00:17:22] Evolution of Technology [00:21:48] Value of Human Wisdom [00:23:24] AI as a Multiplier [00:24:52] Navigating AI Integration [00:19:07] Balancing Automation and Human Touch [00:24:09] Iterative Approach [00:26:53] Role of AI in Decision-making Background Dr. Anthony Simmons, a retired Navy Captain with a distinguished 28-year career as a Surface Warfare Officer, is the founder of Sixth Gear Consulting, LLC. His extensive background includes commanding Patrol Coastal and AEGIS Destroyers, strategic planning at the Pentagon, and contributing to the Small Business Innovation Research for the Office of Naval Research in the Maritime Defense Sector. Dr. Simmons specializes in leadership performance, bridging the gap between People and Technology. Data Management Strategies | Understanding Data Overwhelm Data overwhelm is a common challenge faced by e-commerce brand owners. Dr. Simmons has experienced this firsthand, both as a combat information center officer and during his tenure at the Pentagon's acquisition branch. The sheer volume of data can lead to human saturation and decision paralysis, hindering effective decision-making and business growth. Human Saturation: Too Much Data, Not Enough Insight Human saturation occurs when there is too much data for human management. This was evident in Dr. Simmons' experience aboard AEGIS Destroyers, where overwhelming amounts of information were coming in, rendering operators ineffective. To address this challenge, Dr. Simmons emphasizes the importance of defining clear goals and objectives to filter out superfluous data and focus on actionable insights. Decision Paralysis: The Pitfall of Diverging Data Decision paralysis occurs when big data is turned into metadata without proper organization and analysis. Without the right algorithms in place, data can become overwhelming and lead to indecision. Dr. Simmons highlights the need for a balance between convenience and effectiveness, cautioning against over-reliance on systems and tools that may not align with end goals. Data Management Strategies: A Step-by-Step Approach To overcome data overwhelm and decision paralysis, e-commerce brand owners can follow these data management strategies: Define Clear Goals and Objectives: Begin by defining your business objectives and the specific problems you want to solve with data analysis. This will help you focus on collecting and analyzing relevant data. Organize Your Data: Use advanced software tools and algorithms to organize your data into actionable insights. This will help you identify patterns, trends, and relationships that can inform your decision-making process. Implement Data Analysis Techniques: Use predictive and prescriptive analysis techniques to forecast future trends and outcomes, and recommend actions to achieve desired results. Leverage Human Intervention: While AI and analytics tools are valuable, human intervention is essential to interpret data accurately and make informed decisions. Continuously Evaluate and Adjust: Regularly review your data management strategies to ensure they align with your business goals. Be prepared to adjust your approach based on new insights and changing market conditions. Conclusion Data management is a critical aspect of scaling an e-commerce brand. By understanding the challenges of data overwhelm and decision paralysis, and implementing the right strategies,…
1 Are you using the right wealth vehicle in your business? 14:59
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14:59Vehicles as a metaphor - are you using the right wealth vehicle in your business? This is Michael Veazey from Amazing FBA - today I want to continue my mindset thoughts on travel and today we're going to talk about vehicles. What can that do for us as a metaphor in business and in life? Stay tuned. The 10K Collective Mastermind Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, just click "Mastermind" to find out more today. Wealth Vehicles Hey folks, I'm currently driving a car and this makes my thoughts turn to travel and specifically within this mini-series about travel and mindset lessons in business and in life. I'm going to talk about vehicles or things that get you from A to B. Obviously, that applies in the real physical world and it applies in as a metaphor for wealth as well. I feel like the Milk Tray Man Today, I'm going to be, I'm a bit like the milk tray man. If you remember the milk tray man from the eighties showing you what age we do, then he was a man and it was a man, sorry to be sexist that he used to dress up in black and act like a secret agent jumping out of trains and into cars and scaling buildings and crushing through windows on some kind of harness and then rappelling back out the window all to deliver a milk tray and the tagline was all because the lady loves milk tray. By the way, side note what a brilliant piece of advertising that, that brand name and that product has stuck in my mind. Like a splinter because of a really powerful story, which was kind of cheesy and everyone enjoyed sharing. But I feel a bit like the milk tray man sometimes. Today is a case in point. My many actual vehicles for a journey So I'm driving a car from a rental property that I own that needed some work on today to Bristol where I am going to leave the car get on my folding bike, and get on a train. At the other end of it, I'm going to get off in London, cycle on my folding bike having unfolded it, of course, and then probably finish off with a playful bit of underground trip, or rather the other way round I suspect. And then I'll finally be staying with some friends, and then eventually tomorrow, because there's a train strike, I've got to do some work in London, and then I will eventually Jump on a bike, and then get on a train, and then get on a bike on the other end, and then I'll get back home. Whew, it's exhausting to think about it. Well is that rational? Why am I using so many vehicles? Couldn't I have just used a car? Yes or no. The right vehicle for the right purpose There's a reason for it, and sometimes there is a right vehicle for the right purpose at a certain time and place and a wrong vehicle for it. And that applies literally if you're thinking about logistics, vehicles, and, broadly speaking, forms of transport to move goods and services. It's also quite complex and I'm moving myself around in order to deliver myself one-to-one to do some services tomorrow and if you're moving bulk cargo or a lot of widgets that you're going to sell on e-commerce, the same sort of thing applies. Financial vehicles It's also a metaphor for financial vehicles which is used often as a metaphor, people talk about this, the right financial vehicle for you to increase your wealth in investing. So let's take those couple of metaphors because those are pretty productive, particularly for anyone who's in e-commerce.…
1 Ecommerce Revolution: How to Create Your Own Marketplace 31:10
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31:10Beyond the Marketplace Squeeze: Building Your Brand Empire In the e-commerce landscape, online marketplaces offer undeniable reach but come with limitations. Fierce competition, ever-increasing fees, and limited control over brand identity can stifle growth. This guide explores a powerful alternative: creating your own marketplace. Imagine fostering a community of vetted sellers offering products or services complementary to your brand. By doing so, you not only expand your reach but establish yourself as a platform leader, fostering brand loyalty and minimizing dependence on external platforms. This step-by-step guide equips you with the knowledge and tools to build a thriving marketplace from the ground up. [00:01:42] - Introduction to the discussion on marketplaces and their significance. [00:07:25] - Explanation of the chicken and egg problem in marketplace development. [00:12:04] - Discussion on the importance of building trust in a marketplace. [00:16:14] - Transition to discussing the basic steps to build a marketplace. [00:17:06] - Introduction to the discussion on different business models for marketplaces. [00:19:56] - Mention of subscription models like Amazon Prime and Costco membership. [00:21:00] - Transition to discussing key metrics for tracking marketplace success. [00:22:17] - Explanation of liquidity and match rate as important metrics. [00:23:34] - Question about the level of effort required to create a marketplace compared to selling on one. [00:25:44] - Conclusion with a focus on actionable advice for aspiring marketplace entrepreneurs. Cracking the "Chicken or the Egg" Problem: Starting with Suppliers The biggest hurdle in launching a marketplace is the classic "chicken or the egg" conundrum. Suppliers are hesitant to join a platform with no customers, and customers are hesitant to shop on a platform with no suppliers. So, how do you jumpstart your marketplace and break this cycle? Look to successful startups like DoorDash and Instacart for inspiration. DoorDash initially scraped menus from local restaurants, offering them to customers before securing partnerships with the restaurants themselves. Instacart followed a similar strategy, scraping product information from grocery store websites. These examples illustrate the power of starting with readily available data to attract buyers. Focus on Suppliers First: Define Your Niche: Don't try to be everything to everyone. Focus on a specific geographic area or a well-defined product category. This allows you to tailor your platform to the needs of a specific audience and suppliers within that space. Think of Amazon's initial focus on books. Building Local Relationships: Engaging with potential suppliers in your chosen niche can be crucial. Offerup, a successful peer-to-peer marketplace, initially struggled until they leveraged targeted advertising to a specific geographic area. By focusing on the Seattle and Belleville markets, they fostered trust and laid the groundwork for wider success. Establishing Trust: The Cornerstone of Your Marketplace Trust is paramount in any marketplace. Chinese marketplace Eachnet, a pioneer in C2C transactions, understood this well. To address concerns about product delivery, they established an escrow service, ensuring sellers received payment only after the buyer confirmed receiving the product. Building a Trustworthy Platform: Robust Security: Implement secure payment gateways, data encryption, and fraud prevention measures to protect both buyers and sellers. Transparent Policies: Clearly outline your policies on product listings, disputes, and returns. Comprehensive Review System: Encourage user reviews to build trust and help buyers make informed decisions. From Niche to Empire: Crafting Your Revenue Model There's no one-size-fits-all approach to generating revenue with your marketplace. Explore the options below to determine the best fit for your p...…
1 The Power of Painful Tradeoffs in Successful Strategy 15:21
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15:21The word strategy is often used and often used wrongly. And there is a mentality that I want to address today around strategy, which is that you can have your cake and eat it. As one of our famous British leaders recently said, that is never true when it comes to strategy. Stay tuned. We'll explore why and what you can do instead. The 10K Collective Mastermind Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, just go to TheAmazonmastermind.com. to find out more today. You Can NOT have your cake and eat it! Let's deal with an unpleasant reality. So one of our recent British leaders said, "I'm pro having my cake and pro eating it," which is obviously stupid because the whole point of eating a cake is you no longer have a cake. And just as a lot of deluded things came from that person. This was a delusion as well. What I am going to do is refer to an earlier British leader who said," I can only offer you blood, sweat, and tears." Now that's not quite true either. What I can offer you as a painful trade offs now in exchange for really powerful strategy and great business growth, if you are willing to embrace the fact that you can't have everything. You can have anything you want, but you can't have everything you want. Competitive strategy IS strategy So what am I talking about? Well one of the great books about strategy and competitive strategy specifically, which is most of strategy, I would argue your positioning is kind of to a degree defined by your competition, I would argue. Certainly in a very crowded market space like Amazon it's really almost literally true and pretty much true for everyone because we're all in crowded marketplaces because we all depend on either Google or Amazon or possibly Facebook or TikTok, all of which are crowded, all of which are very full of competition. So let me allay two things to start with. Competitive strategy is strategy. Strategy IS about tradeoffs And secondly Porter, Michael Porter in his book, Competitive Strategy, basically nails the fact that Strategy is about trade offs. If you have A, you don't do B. And if you have B, you don't do A, basically. A time-tested truth Now it's an old book, by the way. Some of the 70s or 80s. Examples are a bit dated, but I believe that the, the insights are very, very time tested. And that's great because time tested truths of business are not easy to find. And particularly in the digital era, things come and go very quickly. Tactics come and go, but strategic things I think are long lived and strategic truths I think are long lived truths as well. So that's the great news. First of all, if you get this stuff, right, you get the principles, right? If you get into the habits of thoughts and action, they can stick and be valuable for decades. That's the great news. The other great thing is if you are willing to make trade offs, there are great Prices at the other side of that, but let's explore why you have to make trade offs. Examples of strategic tradeoffs Premium vs mass market products Let's run a thought experiment. Let's say that you are selling a USB webcam, such as the one I'm using by Logitech. Now Logitech has built a brand, that's why I bought not one, but I had a good experience, so I bought two Logitech cameras. I may buy another one at some point. Equally, there are much cheaper webcams out there. Now, you can, if you want,…
1 Mastering Marketplace Dynamics: A Seller's Guide to Scaling Your Brand 28:33
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28:33This guide kicks off with insights from Shirish Nadkarni, a serial entrepreneur, author, and advisor to startups. Having witnessed the rise of Microsoft in its early DOS days and facilitating the acquisition of Hotmail by Microsoft, Nadkarni understands the power of platform dominance. His book, "Winner Takes All," delves into this phenomenon, particularly relevant for e-commerce brands navigating the world of online marketplaces. [00:01:20] Introduction to the discussion about Amazon's evolution and impact on the marketplace. [00:03:45] Mention of Amazon's dominance in the e-commerce space and its increasing influence. [00:07:32] Discussion about Amazon's strategy of data usage and its implications for third-party sellers. [00:11:55] Mention of Amazon's expansion beyond e-commerce into various sectors like healthcare and entertainment. [00:15:13] Transition to Part 2: Focus on the experience of buying and selling within Amazon's marketplace. [00:16:23] Discussion about Amazon's acquisition strategy and its impact on smaller businesses. [00:18:02] Mention of antitrust legislation and its relevance in regulating monopolistic practices, specifically referencing diapers.com and Zappos. [00:20:03] Mention of congressional investigations into Amazon and the potential for future regulatory action. [00:22:28] Discussion about the challenges faced by third-party sellers on Amazon, including pricing pressure and brand differentiation. [00:25:37] Advice on building a marketplace and considerations for setting fees, followed by information about Sharish Nadkarni's services for entrepreneurs. Why Marketplaces Become Monopolies (and How to Leverage It) Marketplaces face a unique challenge: achieving critical mass. Both sellers and buyers need to be present for a marketplace to flourish. However, once this critical mass is achieved, a powerful force called "network effects" kicks in. Imagine Uber and Lyft in the US - many drivers use both apps, maximizing their earning potential. Similarly, a marketplace with a vast pool of sellers attracts more buyers, further attracting sellers – a self-reinforcing cycle that leads to dominance. Multi-Tenanting: Spreading Your Wings Across Marketplaces As an e-commerce brand owner, "multi-tenanting" allows you to sell on multiple marketplaces simultaneously. Think of it like Uber drivers using both Uber and Lyft. For instance, an e-commerce brand might choose to sell on Amazon, eBay, and Walmart. However, this strategy comes with its own set of challenges. Firstly, each marketplace has its own set of dynamics. Walmart, for example, limits its seller pool to around 50,000, while Amazon boasts millions. Secondly, successfully selling on a platform requires significant effort - attracting sales, navigating advertising options, and fulfilling orders. Jumping between marketplaces requires replicating this effort, potentially straining resources. Why Marketplace Pricing is Different (and How to Win) Traditional pricing theory assumes direct-to-consumer (DTC) sales, where economies of scale allow you to lower prices as you grow. However, marketplace dynamics introduce a new wrinkle. Consider the role of transaction fees. Visa, for instance, takes a cut from every transaction on a marketplace. Marketplace sellers then factor these fees and additional advertising costs into their pricing strategy. Furthermore, marketplaces like Amazon could theoretically use listing fees levied on sellers to establish loyalty programs for buyers – further influencing seller pricing strategies. How Amazon Flexes Its Muscle (and What You Can Do About It) Marketplace dominance can lead to situations where the platform itself exerts significant control. One tactic is leveraging advertising. By controlling a vast advertising network, Amazon essentially sells "sales positions" to third-party sellers, forcing them to spend more to stand out. Another tactic involves acquisitions.…
1 Are you driving towards a clear goal in your business? 16:04
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16:04Today I'm in the car driving, and my mind is turning over on lots of metaphors to do with satnavs and navigation. Where do you want to go and how are you going to get there? Very good questions for life and business. Do you have a sense of direction in business? Hi, this is Michael Veazey from amazing FBA. So I am a driver with, I guess just over 30 years experience now. I'm an average driver , but I'm terrible at navigation. And I do think that a lack of sense of direction can be a problem in business and life as it can most clearly and obviously in the physical realm of navigation. Now if that's you, how do we, what are the problems and how do we solve them? Goldratt's 3 Questions framework Well, a good framework, I think for solving lots of problems is Goldratt's three questions. Eliahu Goldratt wrote an amazing book called The Goal. He asked three very simple. profound questions . And my thanks to my old podcast cohost, Jason Miles of OmniRocket. If you need direct to consumer site advice, particularly based in America, then Jason and his partner, Kyle Hamer are the people to go to. So Jason put me onto the goal and The Goal has the three questions, which are: Number one, what do we want to change? Number two, what do we want to change it to? And number three, how are we going to make that change? Now, if you think about a sat nav, really it encapsulates that in a very physical form. Where do we want to go? Normally you put that in. Where are we is already answered by the GPS positioning satellites that are linked up to the satellite navigation system. And then how are we going to get there is really the question the satellite navigation answers, isn't it? It navigates you gives you the path, gives you the roads and the route. Simplify your life like a Satnav! Now let's think about this, break this down. Cause there's a pretty profound metaphor, I think. And that doesn't mean I've come up with anything clever, but it's clear. And I like clarity because real life is murky and messy and difficult. I'm driving currently to Cardiff where I years ago, I studied conducting orchestras are very, very, very complex because you have a lot of people trying to make music, at the same time as each other. You've got the whole social dynamic of a whole bunch of people. And then you've got the music itself in front of you the score, which is like as the blueprint for construction. They say architecture is frozen music and music has kind of architectural site blueprints and they're very precise things. My orchestra conducting teacher fantastic guy, lots of common sense, said," So, Mike we deal with complicated things. But our job is not to add complexity as conductors is as the leader. Musical leader. It's to simplify." And so hopefully this this metaphor like a lot of mindset metaphors is a simplification device It is of course too simple to just simply apply to life, but I think it's close enough to be pretty robust. Where are you really now? Okay, so for somebody who hasn't got a What do I need to do? Well, first of all clarify, where are you? You may not know where you are in your life and your business. We talked before about the most people, the average person thinks they're above average. The average business owner, in my experience, thinks their business is better than it really is, as assessed by anyone who might. So you buy the business or anyone, he's got a hard nosed reason to pay money, to buy it or to invest in it. Guess what? They're going to want some proof. So I would say that the first thing to do, if you want to figure out what you're doing is you know, work out where you are. Where do you want to be? The second thing is then work out, clarify where you want to be. Now, the truth is about that. I'm not always goal oriented enough. I'm a bit more problem centric and I'm a bit more granular. So that's maybe why I deal with the problems immediately in front of me and w...…
1 E-commerce Product Evolution Strategies: Transforming Your Bestsellers 35:58
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35:58In the ever-evolving world of e-commerce, staying stagnant can quickly lead to missed opportunities. This is especially true for best-selling products. While they may be bringing in consistent revenue, neglecting their potential for evolution can hinder your brand's growth and scalability. In this guide, we'll explore effective strategies for transforming your bestsellers, helping you unlock their full potential and maximize your success. Time Stamp [00:00] - Introduction [02:42] - The importance of product development [07:14] - Examples of missed opportunities in product development [20:44] - Evolution of materials in product development [27:08] - Compliance-driven changes in product development [29:59] - The impact of packaging on product development [32:59] - The end life cycle of a product [34:25] - Conclusion and how to contact Bonnie Hall From Reselling to Owning Your Brand: Identifying Opportunities Many e-commerce businesses begin by reselling third-party products. However, transitioning to developing your own brands allows for greater control and profit margins. The key to success lies in leveraging customer data and market insights. Harnessing the Power of Data and Analytics A well-organized product data set is crucial for identifying opportunities within your existing portfolio. Categorize your products effectively to uncover gaps and potential areas for innovation. Analyze customer reviews and purchase patterns to understand which products resonate most with your audience and identify areas for improvement. Competitive Analysis: Identifying Market Trends and Gaps Stay informed about industry trends and competitor offerings. Analyze what's popular in the market and identify opportunities where your brand can fill existing gaps. Look for areas where you can offer a unique proposition, whether through improved functionality, premium materials, or innovative packaging. Case Study: Evolving a "Good" Massage Candle into a "Bestseller" Let's consider a scenario where you offer a basic, strawberry-scented massage candle in a tin for £5. While it might sell decently, there's room for improvement. Analyzing customer reviews might reveal a desire for a more luxurious experience. Here's how you can evolve this product: "Better" Version: Elevate the experience with a ceramic jar, gift box, and a higher price point of £10. "Best" Version: Draw inspiration from industry trends and incorporate new materials like soy wax. Offer additional features like a premium scent and gift box, justifying a price point of £15-20. Beyond Basic Enhancements: Exploring Diverse Evolution Strategies Product evolution extends beyond just changing colors or fragrances. Consider exploring various options: New Sizes and Shapes: Cater to different customer preferences and usage scenarios. Enhanced Functionality: Add features that improve usability and value proposition. Material Upgrades: Utilize premium materials for a more luxurious feel and potentially improved performance. Ingredient Tweaks: Offer vegan alternatives or cater to specific dietary needs. Bundling for Increased Value and Convenience Pre-packaged bundles can create a sense of value and encourage larger purchases. Analyze how customers typically use your products and consider bundling them based on complementary uses or occasions. For example, a "back-to-school" stationery bundle could combine essential items for students. Developing Packaging for Bundles and Premium Products Partner with your product manufacturer or a specialized packaging company to create visually appealing and functional packaging that enhances the product experience. Ensure the packaging protects the product effectively and aligns with your brand identity. Beyond the Obvious: Unveiling Hidden Evolution Opportunities While color changes are often considered readily, deeper exploration can reveal significant potential.…
1 Mastering the Product Development Process: Building Strong Supplier Relationships 40:43
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40:43For e-commerce brand owners, scaling their businesses with limited capital is a constant challenge. While a fantastic product is crucial, bringing it to market at the right time and price is equally important. This is where building strong supplier relationships becomes essential. Reliable suppliers ensure timely delivery, meet quality standards, and offer competitive pricing, all of which are critical for success. Time Stamp [00:00:00] Introduction To The Podcast Episode About Developing A Product From Concept To Delivery. [00:02:30] Importance Of Focusing On The Product As The Heart And Soul Of The Business. [00:05:00] Discussion On The Concept Phase: Understanding The Market, Identifying Customer Needs, And Creating A Clear Brief. [00:08:45] Importance Of Defining The Product's USP (Unique Selling Proposition) And Value Proposition. [00:11:30] Transitioning From Concept To CAD Design And The Importance Of Collaboration Between Designers And Engineers. [00:14:00] Discussing The Prototyping Phase, Including The Use Of 3D Printing For Early Product Testing And Iteration. [00:16:45] Importance Of Human Testing And Gathering Feedback From Users During The Development Process. [00:20:30] Further Discussion On 3D Printing For Prototyping And Testing Products In Different Materials. [00:21:48] Importance Of Sitting With CAD Designers During The Design Process And The Value Of Physical Prototypes. [00:23:23] Example Of Getting Products Into Consumers' Hands For Testing And Feedback, Especially In The Cosmetics Industry. [00:25:51] Importance Of Finalizing Branding, Packaging, And Production Terms Before Committing To Production. [00:28:20] Discussion On Quality Control Measures, Including Outgoing Quality Control (OQC) And Supplier Due Diligence. [00:30:24] Importance Of Supplier Due Diligence And Considerations When Selecting Suppliers, Including On-Site Visits And Audits. Why Strong Supplier Relationships Matter Bonnie Hall, founder of Census8, emphasizes the importance of supplier relationships, especially for startups. Suppliers are the backbone of your brand, impacting everything from product quality to pricing and delivery. Even with a great product, if you cannot get it to your customers on time and at a competitive price, your success will be limited. The Product Development Journey Begins The product development process starts with understanding your target audience and competitors. Research who your ideal customer is and analyze existing products in your chosen category. This helps you identify gaps in the market and opportunities for differentiation. Consumer Research: Identifying Your Target Audience Conduct thorough consumer research to understand your target audience's needs and preferences. Analyze trends, read customer reviews, and identify areas where existing products fall short. Based on this research, create a clear picture of your ideal customer and why they would choose your product over the competition. Adapting the Approach for Established Businesses For established e-commerce businesses transitioning from reselling to developing their own brands, the focus shifts to specific goals. You might prioritize reducing out-of-stock situations (OOS), achieving better pricing through higher minimum order quantities (MOQs), or managing longer lead times. Researching competitor packaging and visiting trade shows can provide valuable insights during this stage. Developing New Product Lines for Existing Brands When developing a new product line for an existing brand, start by outlining your desired outcomes. Do you want to modify an existing product, create a completely new one, or simply rebrand and repackage an existing item? Choosing Between Redesigning and Developing from Scratch The decision between redesigning and developing from scratch hinges on several factors, including cost, desired speed of market launch, and product category. For instance, in the cosmetics industry,…
1 The problem of self-perception in business 10:52
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10:52Hey there. It's Michael from Amazing FBA- welcome to mindset moments, little bite-sized chunks of thoughts and hopefully wisdom about business and life from my wanderings around London, and other parts of Europe. Today we are going to talk about how your self-perception in business is, how good is it and why does that even matter? Stay tuned. The 10K Collective Mastermind I'm the leader of the 10k Collective Mastermind, for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, then just go to www.TheAmazonmastermind.com to find out more today. "The average driver thinks they are above average" So we are on the road, I am on the road, I'm driving and I, like many people, think of myself as an above average driver. It turns out that statistically the average driver thinks they are above average. as in fact, in my experience the average parent thinks the child is above average ability. So in other words, There is a mismatch between the reality of what they do and how they are and their perception of themselves, which is really interesting, isn't it? I guess that you could say that Delusion creates pain. , and yet positive thinking and optimism have a great correlation to success in many professions, including an entrepreneurship. So being Positive and optimistic is really, really important. But on the other hand assessing your own abilities incorrectly could also be a problem. So let's unpick this. Does accurate self-perception matter? So first of all there's a question of how accurate is it? And the second question is, does that even matter or is it even bad to be accurate? All interesting questions. Here's my take for what it's worth. I think within any given business or enterprise, whether it be a, you know starting an e commerce business or an orchestra, I happen to have done both or something else, naturally speaking, at least two people or sets of people. One is optimists who probably inaccurate about where you are currently at as a business, as a person, as a career. They're probably overly optimistic and, and in fact, they think they're better than they are. Like the average person thinking they're better at driving than they are actually in real life. But I think it's also important, or I should say and, and it's also important to have somebody in the business who's really good at the painful business of reality checking and going, well, actually you thought your business was doing better than it actually is. Numbers bring objectivity to self perception Because when we look at the numbers- and numbers are a great corrective, aren't they? They bring an objectivity to it- well, guess what? Actually you're not doing as well as you thought you were. And I would say delusion brings pain. And so does, not being optimistic enough, doesn't get you as far as it could be. Now I tend to be more on the reality check side of life, I'm that kind of person. A bit glass is half empty or rather I'm necessarily half empty, but I would say, yeah, well the glass is half full or, but not, it's not, it's not completely full. And I'm not always pessimistic, but I'm a, I'm a pedant for sure. I was about to say I'm a bit of a pedant, but my wife would disagree and actually anyone who's worked with me for a while probably would. I'm very, very precise. You need an optimist to drive a business Let's not overcomplicate this. If you're in a business and you don't have enough optimism, you probably in the end aren't the sort of person...…
1 When to quit and when to Stick in E-commerce [PART 2] 31:58
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31:58If quitting is going to be a strategic choice, then decide in advance what your criteria are for quitting. There's an ultramarathoner, Dick Collins who says: " Decide in advance when you're going to quit. And that does not include- if you're running an ultramarathon- feeling dehydrated, sleepy, tired, and it's cold and windy. If you're making a decision based on how you feel at the moment, you'll probably make the wrong decision." Your criteria for quitting don't include, " I don't like all the hassle I'm getting from Amazon, they've suspended my listing." Those are not strategic quitting reasons. They're just you're getting a bit fed up and stressed. Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, a mastermind for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, then click the button to find out more about the 10k Collective Uber Mastermind today. If you're listening to this on a podcast, just go to TheAmazonmastermind.com. that's theAmazonmastermind.com to find out more today. Hi folks, this is Michael Veazey. Today I'm going to talk about the superpower, the secret power, of quitting when you can grow a business or a career by stopping doing stuff and starting to do other things, making space for other things. Ways to Fail... Here's a little failure list from Godin. "Seven reasons you might fail to become the best in the world. Number one, you run out of time and quit. Number two, you run out of money and you quit. Number three, you get scared and quit. Number four, you're not serious about it and you quit. Number five, you lose interest or enthusiasm or settle for being mediocre. Number six, you focus on the short term instead of the long term and quit when the short term gets too hard. Number seven, you pick the wrong thing at which to be the best in the world because you don't have the talent. " Be honest Now, that sounds like a bit of a depressing list, doesn't it? But let's be honest. If you are honest with yourself, you can probably tell in advance that you don't have enough time to launch a new product this year, or start a direct to consumer site that you're going to do properly. That you don't have enough money yet to go and launch 60 new products this year. I had a client who did that at some point- 60 new products in one quarter. But the guy had borrowed half a million pounds against his house. He had the money. He was taking the risk. He believed in what he was doing and it's worked out incredibly well for him. It's 10 X'd the revenue of his business since he joined the mastermind "You're not serious about it." You're not serious about it." I've been guilty, many of us do, if you get pitched into doing a business model or a type of work that looks attractive, but you're really hoping for a quick buck, you're probably not serious about it. I'm not going to condemn you for that because I've done that and, we're all vulnerable to that kind of marketing, but it's just a good idea to recognize if that's the truth and then just walk away. "Focusing on the short term instead of the long term." "Focusing on the short term instead of the long term." If you have given a business model less than 12 months, then you're just not even, again, you're not serious. Which is fine, but don't bother. If you're going to go into something for three months, I just don't think you should bother doing it at all. Whatever it is, new product line,…
1 Strategic Quitting – Your Under-rated Business Superpower 25:54
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25:54"Winners never quit and quitters never win." Famous words by Vince Lombardi, the doyen of American football coaches. Well, is that true? I don't think so. And today we're going to explore why that is not true and how it can help you change your business and your life. Stay tuned. Hi, I'm Michael Veazey from Amazing FBA and I'm the leader of the 10k Collective Mastermind, a mastermind for private label sellers and product brand owners who sell at least half a million dollars a year or more on Amazon. Over the last five years we've had members triple their revenue in one year, grow to eight figures and one member get to a seven- figure exit. Now we're taking it to the next level. I'm excited to introduce the 10K collective Uber mastermind. It's a unique combination of peer group support in person and online and specialist coaching. If you're ready to take your business to seven figures and beyond, then click the button to find out more about the 10k Collective Uber Mastermind today. If you're listening to this on a podcast, just go to TheAmazonmastermind.com. that's theAmazonmastermind.com to find out more today. Hi folks, this is Michael Veazey. Today I'm going to talk about the superpower, the secret power, of quitting when you can grow a business or a career by stopping doing stuff and starting to do other things, making space for other things. See this time of year, I'm recording this in early 2024, is often a time of year when people want to start new products; they want to launch new business ventures; and they want to explore new sales channels. And so they should. But before you can start doing something, before you have the time and energy and money to start something, particularly if you have a small team or a small business, you're going to have to stop doing something. Otherwise you'll never have the space, the money, the focus to start the did things that will work for you. So I think quitting is incredibly important, but you've got to do it strategically. So let's look at this quote. "Winners never quit and quitters never win," says Vince Lombardi. "Bad advice," says Seth Godin in his amazing book, The Dip. "Winners quit all the time. They just quit the right stuff at the right time. Most people quit, they just don't quit successfully." So strategic quitting and equally deciding when not to quit is really, really important. I'm really going to talk about this book, The Dip, very strongly today. Seth Godin's book. I really, really urge everyone to get it and buy it and read it. It's a really thin book, it's really short, but it's really important. It's on one theme, which is basically strategic quitting. When to Stick and When to Quit So the rough idea for the dip, emerged on Godin's blog- he ends the post with a great question "How do you avoid killing something too early? And last, how do you know when to kill a dud?" So let's talk about some of this stuff, and let's give you a few quotes from Seth Godin and translate them into practical action here. So first of all, he says, " Quit the wrong stuff, stick with the right stuff, have the guts to do one or the other." So we are going to go one way or the other. We're going to polarize this, this shuntering along in the middle with something mediocre or actively poor but not so bad that it's forced you to quit is the worst case scenario here. Why does the Mediocre Matter? So why is that actually so important? We're going to make some very important points. So the basic point is being the best in the world is surprisingly powerful. "Extraordinary benefits," as Godin says, "accrue to the tiny minority of people who are able to push a bit longer than most, and equally, extraordinary benefits accrue to the tiny majority of the guts to quit early and refocus their efforts on something new. So either which way, It comes down to being the best in the world." Being the best in the world Now,…
1 Unlock Your Refunds: Mastering the Amazon Reimbursement Process 27:39
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27:39Alex Ryan, the CTO of Refundify, offers insights into optimizing the Amazon FBA Reimbursement process. With a background in tech and experience in various industries, including hospitality and e-commerce, Alex brings a wealth of knowledge to the table. [00:01] - Introduction of Alex Ryan and Refundify. [04:52] - Importance of Amazon reimbursements for sellers. [07:22] - Identifying discrepancies in inbound shipments. [10:15] - Emphasis on clear documentation for reimbursement. [13:40] - Risks of delaying reimbursement claims. [15:29] - Overview of Refundify's fully managed service. [18:05] - Pricing structure based on revenue brackets. [20:01] - Introduction of additional service: ACE. [22:14] - ACE's comprehensive solutions beyond reimbursements. [25:30] - Leveraging Seller Candy's expertise through ACE. What are Amazon FBA Reimbursements? Amazon ships millions of packages daily, inevitably leading to occasional mistakes. While Amazon's Terms of Service (TOS) promise reimbursements at retail price, not all errors are automatically rectified. Sellers must proactively identify discrepancies and request reimbursement. Why Does it Matter? Discover how up to 10% of profit could be lost due to errors, making it crucial for every FBA seller to actively pursue reimbursements. Learn how a small error rate can significantly impact overall revenue and profitability. How to Get Reimbursements Yourself Explore the different categories for reimbursements, with the majority stemming from inventory adjustments and lost/damaged/disposed items. Understand the process of identifying issues, raising cases with Amazon, and providing necessary evidence. Raising Cases with Amazon Learn why automation is not feasible due to Amazon's volume of cases. Understand common reasons for case rejection and how to provide clear, concise evidence to support your claim. Discover the importance of persistently re-raising rejected cases. Common Errors and Solutions Identify common mistakes such as failing to provide requested documentation and waiting too long to raise cases. Learn how different situations require specific evidence and why persistence is key to successful reimbursements. Common Questions Answered Get answers to frequently asked questions, including how often to pursue reimbursements and what services Refundify offers. Understand the importance of regular reimbursement checks and the benefits of using a managed service like Refundify. Refundify Services Explore Refundify's fully managed reimbursement service, designed to streamline the process and maximize returns for sellers. Discover the expertise of ex-Amazon employees and the benefits of ASIN Suspension insurance. Customer Service Excellence Learn about Seller Candy's customer-focused approach and how Refundify prioritizes client satisfaction. Encourage action with clear calls-to-action (CTAs), directing readers to Refundify.io for more information and a free audit. Conclusion Mastering the Amazon reimbursement process is essential for e-commerce brand owners looking to scale with minimal capital. With expert guidance and the support of services like Refundify, sellers can reclaim lost revenue and maximize profitability.…
1 Zen and the Art of Ecom Business Maintenance 21:15
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21:15Title: Unveiling the Zen of E-commerce: Lessons from “Zen and the Art of Motorcycle Maintenance” In a recent podcast episode, we explored the profound insights of “Zen and the Art of Motorcycle Maintenance” by Robert Pirsig, drawing parallels between the clash of technology and magic in the book and the challenges faced by e-commerce businesses. Here’s a summary of the key takeaways: 1. Unveiling the Connection: Zen, Motorcycle Maintenance, and E-commerce (0:01) Reflecting on the timeless wisdom embedded in Pirsig’s work, we discovered its relevance to the world of e-commerce. The intricate balance required in motorcycle maintenance offers insights into the tools and strategies needed to navigate the complexities of running a profitable online business. 2. E-commerce Complexity and Identifying Points of Failure (4:11) E-commerce businesses, like intricate machines, consist of various components that must seamlessly work together. We highlighted the ripple effect of small problems, drawing a vivid comparison to a factory owner desperate to fix a broken machine. The unconventional solution of hitting the machine with a hammer underscores the importance of identifying and addressing key points of failure in a business. 3. The Power of Masterminds for Problem-Solving (8:26) Introducing the concept of “mastermind” groups, where individuals facing similar challenges collaborate to find solutions, we explored the benefits of collective problem-solving within a supportive community. Advocating for self-reliance and problem-solving skills, we emphasized the value of collaborative efforts over relying on a single person with all the answers. 4. Peer Groups and Experts: Catalysts for Business Growth (12:48) Highlighting the significance of building a business like a well-oiled machine, we encouraged listeners to invest in peer groups rather than seeking a single expert or magic solution. Emphasizing the importance of peer collaboration and the value of experts in tackling specific challenges, we shared success stories from the 10k Collective mastermind, showcasing the impact of collective efforts and expert advice in achieving substantial business growth. 5. Mastering Amazon Business Growth (17:25) We unveiled a mastermind program tailored for e-commerce businesses with an annual revenue of at least $500K. This program aims to provide a platform for solving specific problems and acting as a sounding board for members. Encouraging business owners to join a community, we recommended reading “Zen and the Art of Motorcycle Maintenance” to glean insights that can significantly enhance business operations. 6. Navigating Challenges: A Collective Approach to Problem-Solving (21:02) Underscoring the importance of collaborative problem-solving, we emphasized that challenges are inevitable in the journey of running an e-commerce business. By bringing together a diverse range of perspectives within a mastermind group, business owners can navigate obstacles collectively, gaining insights and strategies that may not be apparent when facing challenges in isolation. This blog post serves as a roadmap for e-commerce enthusiasts, offering insights inspired by the timeless principles of “Zen and the Art of Motorcycle Maintenance.” By embracing collaborative problem-solving, leveraging the power of community, and adopting a mindset of continuous improvement, business owners can navigate the complex landscape of e-commerce with resilience and innovation.…
1 Unlock Success: 2023 Annual Review for Amazon Sellers 35:54
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35:54Greetings, fellow e-commerce trailblazers! I'm [Your Name], your expert e-commerce consultant here to guide you through unlocking success in 2023. Today, we embark on a journey into the heart of scaling your Amazon brand with minimal capital by mastering the art of the Annual Review. Annual Review Point 1: Marketing Metrics Analysis In our first segment, we delve into the crucial realm of Marketing Metrics Analysis. Discover how to review and analyze key performance metrics specific to the Amazon marketplace, from sales and conversion rates to customer feedback and product reviews. Learn to identify top-performing products and categories, while gaining insights into the ever-evolving impact of Amazon's algorithm changes on your business performance. Annual Review Point 2: Financial Review and Profitability Navigate the financial landscape with precision in our Financial Review and Profitability segment. Uncover strategies to analyze financial statements and profitability, evaluating the impact of fees, shipping costs, and other expenses. Discover innovative ways to improve profit margins and make informed financial decisions that pave the way for sustainable growth. Annual Review Point 3: Inventory Management and Supply Chain Efficient inventory management is the key to success. Dive into Inventory Management and Supply Chain strategies as we evaluate turnover rates, identify slow-moving stock, and discuss the paramount importance of optimizing supply chain processes. Uncover foolproof strategies to avoid the pitfalls of stockouts and overstock situations that can hinder your business. Annual Review Point 4: Amazon Algorithm and SEO Review Stay ahead of the curve by understanding the nuances of Amazon's algorithm in our Algorithm and SEO Review segment. Decode changes throughout the year, ensuring your product listings are optimized for maximum SEO effectiveness. Explore actionable strategies to enhance product discoverability on the platform, a vital aspect of scaling your brand. Annual Review Point 5: Advertising and Marketing Effectiveness Your success story continues with a critical look at Advertising and Marketing Effectiveness. Evaluate the performance of Amazon PPC campaigns, dissect the effectiveness of marketing promotions and discounts, and embark on a journey to explore new advertising opportunities and channels within the Amazon ecosystem. Annual Review Point 6: Customer Feedback and Reviews Harness the power of customer sentiment in our Customer Feedback and Reviews segment. Learn to analyze reviews and feedback effectively, address negativity with strategic improvements, and leverage the profound impact of positive reviews on sales and overall visibility. Annual Review Point 7: Competitor Analysis Navigate the competitive landscape by conducting a thorough Competitor Analysis. Identify your key competitors on the Amazon marketplace, discern competitive advantages, and pinpoint areas for improvement. Uncover strategies that will propel you to stay ahead and thrive in the competitive arena. Annual Review Point 8: Product Line Review Reflect on your product line's journey in our Product Line Review segment. Examine the sales, revenue, and profit of both established and new products launched in the past year. Analyze what worked as expected, exceeded expectations, and areas that may need improvement for a comprehensive understanding of your product lineup. Annual Review Point 9: Technology and Tools Assessment In the rapidly evolving e-commerce landscape, adaptability is key. Evaluate the effectiveness of your current e-commerce tools and software, identify any gaps or opportunities for improvement, and delve into discussions around emerging technologies that can revolutionize your approach as an Amazon seller. Annual Review Point 10: Celebrating Success and Lessons Learned Celebrate the milestones of your journey in the Celebrating Success and Lessons Learned segment.…
1 Unlock Success: Your Ultimate Amazon Affiliate Program Guide to Recruit Affiliates 35:50
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35:50You've set up your Amazon affiliate program, products are ready, commissions are tempting, but your inbox is eerily quiet. Where are the eager affiliates, the brand advocates, the traffic champions you envisioned? Fear not, e-commerce warriors, for this guide unlocks the secrets to recruiting the perfect allies for your Amazon success story. [00:00:00] Introduction to the Importance of Flexibility in Commission Rates and Sending Products to Influencers for Effective Promotion [00:02:26] Discussion on Recruiting Affiliates and the Three-Pronged Approach for Scaling the Program [00:03:40] Emphasizing the Use of a Network or Marketplace (Like Levanta) to Access a Large Pool of Affiliates [00:04:16] Insights into the Outbound Recruitment Strategy, Including Using a Tool to Filter and Send Personalized Invitations to Potential Affiliates [00:05:07] Importance of Being Flexible with Commission Rates and Sending Products, Especially for Influencers and Content Creators [00:06:06] Discussion on Creating Compelling Offers for Affiliates, Including the Concept of Offering a Lifetime Supply of Products [00:08:42] The Significance of Building Relationships with Affiliates and How Goodwill Plays a Crucial Role in Affiliate Partnerships [00:12:12] Explanation of External Recruitment Strategy, Involving Discovery, Outreach, and Activation to Bring in New Affiliates [00:18:24] The Third Prong, a Passive Strategy for Brands With an Omni-Channel Presence, Involving Promoting the Amazon Affiliate Program on Their Websites [00:23:21] Summary of Levanta's Role in Automating Affiliate Program Management and Information The 3-Pronged Approach to Affiliate Recruitment: Network Advantage: Leverage established platforms like Levanta to access a pre-vetted pool of affiliates. Filter by audience size, niche, and engagement to find your perfect match. Remember, personalization trumps mass blasts! Be flexible with commission rates and consider product gifts for influencers. Beyond the Network: Don't limit yourself! Actively seek out affiliates through external marketing. Use discovery tools, personalize your outreach (DMs, LinkedIn, emails), and track your efforts. Levanta offers a branded signup link, streamlining the onboarding process for your recruits. Make it Visible: Place your affiliate signup link prominently across your online presence. Include it on your DTC website, social media profiles, and even Amazon listing descriptions. Accessibility is key to attracting potential partners. Building Relationships, Not Just Commissions: While financial incentives are important, remember, genuine connections create long-term success. Offer exclusive deals, early access to new products, and even lifetime supply options for top performers. Go beyond CPA – consider flat fees for valuable affiliates. Navigating the Amazon Affiliate Landscape: Unlike the Wild West of early internet advertising, the Amazon ecosystem offers built-in fraud protection. Focus on finding quality affiliates who align with your brand and target audience, rather than worrying about scams. Don't be afraid to work with smaller influencers – their dedicated communities can offer surprising results. Levanta: Your Affiliate Management Ally: Levanta streamlines affiliate onboarding, tracking, communication, and management. Imagine automated workflows, detailed reports, and a dedicated support team, all under one roof. Empower Your Brand with the Power of Affiliates: Download Levanta's free ebooks: "How to Build an Amazon Affiliate Strategy" – Master the basics of setting up and optimizing your program for maximum impact. "How to Recruit Amazon Affiliates" – Discover proven strategies to attract high-quality affiliates and build a thriving network of brand advocates. Don't wait, activate your free Levanta trial today and unlock the explosive potential of affiliate marketing! Use the code "AMAZING" for a 20% discount on your first mont...…
1 Unlock Success: Setting Up Your Amazon Affiliate Program as a Brand Owner 25:23
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25:23Imagine a world where your Amazon listings reach beyond the confines of the platform, propelled by a dedicated army of brand advocates. A world where targeted traffic floods your listings, driving sales and boosting organic ranking. This, my friends, is the power of a well-structured affiliate program for Amazon sellers. But what exactly is an affiliate program, and how can it work for you? In simple terms, an affiliate program is a partnership with external influencers, bloggers, and social media giants who promote your products to their audiences. You only pay them a commission when they drive a sale, making it a low-risk, high-reward strategy for scaling your brand with minimal upfront investment. Free Ebook: "How to Build an Amazon Affiliate Strategy" – Learn everything you need to launch a successful program, from deals and commission strategies to affiliate recruitment. [00:00] - Introduction and Business Opportunity [01:17] - Guest Introduction and Expertise [02:08] - Setting up an Affiliate Program on Amazon [03:35] - Understanding Affiliate Marketing and External Traffic [04:23] - Challenges in Manual Affiliate Program Management [07:04] - Automated Solutions for Amazon Sellers [08:37] - Scaling Affiliate Recruitment [09:10] - Discussion on Product Selection and Commissions [10:08] - Importance of Deals and Bonus Insights [10:08] - Conclusion and Affiliate Marketing Insights Why Choose Levanta as Your Affiliate Partner? Levanta, the brainchild of Rob, a seasoned veteran in the DTC affiliate space, is built specifically for Amazon sellers. Unlike generic platforms that struggle with the unique nuances of Amazon's ecosystem, Levanta offers a seamless and efficient solution. Here's how Levanta simplifies your life: Effortless Setup: Connect your Amazon Seller Central account, and Levanta automatically pulls in brand information and all your products. No manual data entry required! Granular Control: Set individual or bulk commission rates for each product, tailoring your strategy based on profitability or organic ranking goals. Affiliate Paradise: Levanta boasts a vibrant network of over 2,000 active affiliates across diverse channels, maximizing your reach. Automation is King: Track clicks, add-to-carts, sales, commissions, and the coveted Amazon Brand Referral Bonus – all in one centralized dashboard. One-Stop Billing: No more juggling invoices! Receive a single, consolidated invoice at the end of each month for all your affiliate activity. Beyond Levanta: Building a Winning Affiliate Program Choosing a platform is just the first step. Here's how to set your affiliate program up for success: 1. Select Your Platform: Levanta is a great choice, but explore other options like Archer and add-on commerce to find the best fit for your needs. 2. Product Selection: Start by activating all your products! You never know what might resonate with affiliates. However, consider focusing on high-profit margin items for optimal profitability. 3. Commission Strategy: Set commissions that align with your goals. For profitability, ensure your commission rate + Amazon fees leave you with a positive margin. For organic ranking, consider break-even commissions to boost traffic. 4. Embrace Deals: Offer lightning deals, promo codes, and other discounts to attract deal-loving affiliates and drive sales. 5. The Power of Deals: Don't underestimate the power of the 10% Amazon Brand Referral Bonus. It's free promotion, so offer at least this minimum commission! 6. Recruitment Time: Once your program is ready, focus on recruiting high-quality affiliates. Levanta's network is a great starting point, but don't be afraid to reach out to niche influencers and relevant communities. Bonus Resources: Ebook 1: "How to Build an Amazon Affiliate Strategy" – Learn everything you need to launch a successful program, from deals and commission strategies to affiliate recruitment.…
1 Explode Your Amazon Sales: The Ultimate Guide to External Traffic via Affiliate Marketing 1:14:46
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1:14:46Welcome to your ultimate guide to unlocking the incredible potential of external traffic via affiliate marketing for Amazon sellers. This episode dives deep into this powerful yet often overlooked strategy, empowering you to scale your brand with minimal capital and skyrocket your sales. Download Levanta's free "Guide to Running an Affiliate Program for Amazon Sellers" [00:04:12] Affiliate Marketing Explained (Lemonade Stand Analogy) [00:07:19] External Traffic vs. Affiliate Marketing [00:09:02] Risk & Reward for Affiliates & Merchants [00:11:29] Profitability & Unit Economics [00:13:25] Thin Margins & Alternative Strategies [00:14:19] Organic Rank & Scalability Benefits [00:16:33] Measuring Success & De-risking [00:17:53] Evaluating Affiliate Marketing vs. CPC [00:19:45] Early Mover Advantage & Open Secret Understanding the Landscape: What is External Traffic and Affiliate Marketing? External traffic refers to any traffic that reaches your Amazon listings from sources outside of Amazon itself, such as social media, influencer marketing, or content websites. Affiliate marketing is a performance-based marketing model where you partner with third-party publishers (affiliates) who promote your products to their audiences. You only pay them a commission when they drive a sale, making it a low-risk, high-reward strategy. Why Leverage External Traffic via Affiliate Marketing? Boost organic ranking: External traffic can significantly improve your organic ranking on Amazon, leading to increased visibility and sales. De-risk your strategy: Unlike paid advertising, affiliate marketing doesn't require upfront investment. You only pay for results, minimizing potential losses. Tap into diverse audiences: Affiliates can reach niche audiences that you might not access through traditional Amazon SEO methods. Enjoy long-term benefits: The brand referral bonus program rewards you for external traffic-driven sales, providing additional revenue streams. Incentivizing Affiliates: The Key to Success Building a thriving affiliate program requires offering attractive incentives. This includes: Competitive commission rates: Aim for at least 10% to attract high-quality affiliates. Strong product-market fit: Ensure your products resonate with your target audience and offer real value. Effective marketing materials: Provide affiliates with high-quality product images, descriptions, and promotional materials. Clear tracking and reporting: Offer transparent tracking tools to enable affiliates to monitor their performance. Case Study: Exploding Sales with the Power of Affiliate Marketing Lockstar, an Amazon seller, saw their sales surge from $0 to $80,000 per month after launching an affiliate program on Levanta. This incredible growth demonstrates the transformative potential of external traffic and affiliate marketing. Beyond the Basics: Advanced Strategies and Resources Diversify your affiliate network: Partner with a variety of affiliates, including social media influencers, bloggers, and niche websites. Leverage deal-focused platforms: Utilize Facebook groups and coupon sites to reach bargain-hunting audiences. Track and optimize your program: Monitor key metrics and adjust your strategies for optimal results. Unlocking the Power of Levanta: Your All-in-One Affiliate Marketing Solution Levanta empowers Amazon sellers to build and manage successful affiliate programs. Their platform offers: Easy program setup and management Extensive affiliate network Advanced tracking and reporting tools Dedicated account managers and support Ready to Take Action? Download Levanta's free "Guide to Running an Affiliate Program for Amazon Sellers" - and unlock the secrets to scaling your brand with external traffic. Start your free trial today and experience the transformative power of affiliate marketing! Don't miss out on this incredible opportunity to skyrocket your Amazon ...…
1 Unlock Success: Mastering Direct-to-Consumer Site Profitability 32:16
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32:16Embark on a journey with Samantha Kozuch, founder of Maniscripting, as she shares insights into running a profitable Direct-to-Consumer (DTC) site. Discover the strategies that have propelled her e-commerce brand to success, all while minimizing capital investment. Time Stamp [00:00] - "Scaling Businesses Through a Multi-Channel Approach with Amazon and Self-Development." [01:54] - "Entrepreneurship, E-Commerce, and Passion-Driven Business Growth." [07:15] - "Building a Profitable DTC Site Through Community Engagement." [11:41] - "Building a Personal Brand and Community Through Authenticity and Transparency." [16:18] - "Building a Personal Brand and Connecting with Customers Through Social Media." [21:28] - "Building a Profitable Amazon Business with Insights from an Influencer." Starting DTC on Shopify Learn how Samantha initiated her DTC venture on Shopify, utilizing the power of social media (SM) for sales. Overcoming initial resistance to Amazon, she shares experiences from friends and her fiancé's two Amazon businesses, revealing the downsides and pitfalls. Using Amazon as an Overflow Bucket Explore Samantha's unique approach to Amazon as a "leaky bucket" strategy. Discover how she allocates minimal ad spend while directing overflow traffic from social media channels like Meta, Facebook (FB), and Instagram (IG) to Amazon. External Traffic and Paid Marketing Uncover Samantha's insights into using external traffic for Amazon, focusing on paid marketing on Meta to indirectly boost Amazon sales. Learn about her gradual integration of paid marketing on Amazon over six months and the impact on overall profitability. Community Building and Customer Retention Delve into the importance of community building for DTC success. Samantha emphasizes nurturing customers, increasing retention rates, and attributing leads through polls and QR codes. Understand the significance of getting customers off Amazon and into your community. Content Creation and Pre-Selling Explore Samantha's content creation strategy, differentiating between organic and paid content. Learn how pre-selling through engaging content on social media platforms helps customers fall in love with products before reaching the website. DTC Profitability and Product Diversification Understand the key factors in achieving DTC profitability, including lifetime value (LTV) and profitability from the first sale. Explore Samantha's approach to creating a "luxury" journal and integrating digital experiences, virtual courses, and a monthly masterclass for community members. Content Marketing and Traffic Quality Learn the significance of content marketing in attracting the right audience. Samantha shares the value of understanding why someone needs a product, avoiding low conversion rates, and the importance of sending the right traffic to your website. Focusing on Ads and Building Relationships Discover Samantha's perspective on ads, emphasizing the importance of focusing on what works and the value of building relationships. Follow her personal and business journey on Instagram (@samanthakozuch) and learn how consistency and authenticity drive success. Long-Term Perspective and Overcoming Challenges Gain insights into Samantha's long-term perspective on building a brand. Understand the challenges she faced in the first year and the importance of staying focused on the ultimate goal. Learn about the resilience required in the ever-changing landscape of e-commerce. Maniscripting Journal: A Personal Transformation Explore the origin of the Maniscripting journal and how it transformed Samantha's life. Discover the unique method, workbook, and daily journaling practices that help individuals get clear on their goals and maintain focus. Final Advice: Trust Your Intuition Receive a final piece of advice from Samantha as she encourages e-commerce brand owners to listen to their gut and intuition. Embrace the journey, stay consistent,…
1 Unlock Success: Mastering Social Media Marketing Strategies for Community Growth 25:27
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25:27Samantha Kozuch, the founder of Maniscripting, a self-development and mindset journaling company, shares her entrepreneurial journey spanning over a decade. Initially an influencer on Instagram and owner of a video production company, Samantha transitioned into social media coaching, helping others monetize their online businesses. Despite no initial plans for e-commerce, the inception of Maniscripting during the pandemic marked a turning point. Time Stamp [00:00] - Scaling Businesses Through Multi-Channel Approach with Amazon and Self-Development. [01:54] - Entrepreneurship, E-Commerce, and Passion-Driven Business Growth. [07:15] - Building a Profitable DTC Site Through Community Engagement. [11:41] - Building a Personal Brand and Community Through Authenticity and Transparency. [16:18] - Building Personal Brand and Connecting with Customers Through Social Media. [21:28] - Building a Profitable Amazon Business with Insights from an Influencer. The Birth of Maniscripting and Community Building In the challenging times of the pandemic, Samantha started sharing her morning routine, emphasizing goal-setting during difficult periods. The positive response led to the creation of Maniscripting as a book primarily for women, with a men's journal in the pipeline. The business, now four years in e-commerce, emphasizes building a community alongside offering products. From Coach to Business Owner: Samantha's Background With a background as an online business coach and personal trainer, Samantha relied on podcasts and YouTube for learning. Her teaching mentality and obsession with learning laid the foundation for her success in the online business space. Identifying Business Opportunities and Channels Samantha's business thinking revolves around identifying needs and improving existing products. Whether as an influencer or fitness coach, her focus has always been on helping people achieve results. She emphasizes the importance of following one's passion and goals. Diversifying Channels: Amazon, DTC, Meta, and Instagram Samantha delves into the different channels she has explored, including Amazon, Direct-to-Consumer (DTC) sites, Meta platforms, and Instagram. She draws comparisons between legacy brick-and-mortar businesses and digitally native ones, highlighting the importance of community-building in the digital landscape. Building a Community: The Key to Success Samantha emphasizes the value of building a community, sharing insights on creating a Facebook community and using apps for engagement. Engaging the community in product development decisions, from color choices to updates, has been instrumental in Maniscripting's success. Upselling and Reordering: Maximizing Community Engagement By paying attention to what works and involving the community in decision-making, Samantha achieves successful upselling and reorder strategies. She shares her experience of celebrating milestones like the 50th journal order and using other products for upselling. Starting Digitally vs. Bricks and Mortar: A Tested Perspective Samantha reflects on her experience testing products in physical stores and how starting an e-commerce business today differs from a few years ago. She also emphasizes the importance of product types in digital marketing, citing examples like using reels on TikTok for a 90-day journal. Nurturing Personal and Business Brand: Samantha's Approach Samantha advocates for a personal and business brand, showcasing the behind-the-scenes on her Instagram account. She discusses the necessity of personal presence, values, and transparency to build trust with customers. Overcoming Social Media Fears: Tips for the Reluctant For those hesitant about being on social media, Samantha addresses fears and provides practical tips. She encourages starting small, learning the skill, and gradually overcoming discomfort. Building a connection with the end customer helps in maintaining authenticity.…
1 Get Your Head in the Game: Handling Time and Financial Pressure as an Amazon Seller 33:42
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33:42In the fast-paced world of Amazon-centric e-commerce, mastering the art of juggling time and finances is non-negotiable. This guide aims to assist small business owners in navigating the relentless demands of running an Amazon-based enterprise, emphasizing the critical role effective time and financial management plays in achieving scalable success. [00:00] - Time Management [05:40] - Cashflow Management [12:30] - Practical Tips for Success [17:30] - Utilizing Analytics and Data [20:50] - Psychological strength Time Management: Your Most Precious Asset Time, once lost, can never be regained. In the e-commerce realm, where every minute counts, efficient time management is a game-changer. Start by setting a schedule, understanding the pitfalls of multitasking, and embracing the power of focus. Learn the art of delegation and outsourcing to free up crucial hours, and don’t underestimate the importance of balance and rest to stave off burnout. Mastering SMART Goals and Prioritization Techniques To optimize time management, set SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound. Implement prioritization techniques like the 50/1 rule (identifying the 1% of tasks yielding 50% results) and the Eisenhower matrix for efficient task categorization. Explore time-blocking methods, reserving the first and last hours of your day for mission-critical activities. Embrace automation wisely, but avoid expecting last-minute rescues from tools. Cashflow Management: Navigating the Ebb and Flow Understanding and managing cash flow is the financial lifeline of any e-commerce venture. Dive into the strategies for effective cash flow management, including forecasting and inventory control. Maximize cash inflow by adjusting prices strategically—up for fast-selling items and down for slow movers. Implement proactive credit control to ensure timely payments from owed invoices. Minimize cash outflow through negotiation with suppliers and judicious use of credit. Surviving Lean Periods and Inventory Jedi Tricks Maintaining a cash reserve is paramount, especially for weathering slow sales periods. Uncover practical tips for managing inventory to boost profitability, steering clear of common pitfalls like trying to gain market share during Q4. Resist overspending on ads; instead, focus on maximizing profits. Learn the delicate dance of negotiating terms with suppliers and utilizing credit wisely. Practical Tips for Success: Analytics, Psychology, and Support Harnessing the Power of Data Dive into the world of analytics and data-driven decision-making. Leverage Amazon analytics and other tools to make informed choices and optimize business strategies. Discard reliance on intuition; instead, let data guide your actions. Avoid the temptation to average out exceptional weeks or months for sales projections—it's a common pitfall that can lead to costly mistakes. Strengthening Psychological Resilience Master stress management techniques to navigate the inevitable pressures of entrepreneurship. Discover the benefits of regular workouts, taking intentional breaks, prioritizing sleep, and injecting fun and connection into your routine. Recognize that a healthy mindset is a powerful asset in the world of e-commerce. Building a Robust Support Network Forge connections with fellow entrepreneurs and seek mentorship. Networking is not only about professional connections but also about building a personal support system. Lean on family and friends, as their encouragement and understanding can be invaluable during challenging times. Embrace the strength derived from building a community that understands the unique challenges of the e-commerce landscape. In conclusion, as an Amazon seller, mastering the delicate dance between time and financial pressures is a continuous learning process. By implementing the strategies outlined in this guide,…
1 Mastering the Amazon Search Algorithm in 2023: Boost Your Listing Now! 29:59
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29:59In the ever-evolving landscape of e-commerce, staying ahead of the game requires an in-depth understanding of the Amazon search algorithm. As an e-commerce brand owner, optimizing your listing is crucial to reaching your target audience effectively. In 2023, Amazon's algorithm has undergone significant changes, emphasizing semantic matching over lexical matching. This guide will provide you with actionable insights on how to navigate these changes and optimize your listing effectively. [00:00:43] - "Discussion on Algorithm and Semantic Style Search" [00:01:21] - "Introduction to Zonguru and ACL Updates" [00:01:42] - "Discussion on Zonguru Tool and Listing Optimization" [00:02:17] - "Discussion on AI, Lexical Matching, and Semantic Matching" [00:03:04] - "Explanation of Lexical Matching and Semantic Matching in Amazon World" [00:07:47] - "Methods for Understanding Customers: Surveys, Research, and Recording Buyer Process" [00:08:56] - "Analyzing Emotions in Reviews" [00:09:31] - "Analysis of Customer Emotions and Reviews" [00:10:18] - "Optimizing Amazon SEO: Pricing, PPC, and Keyword Strategy" [00:11:34] - "Importance of Aligning PPC and SEO Strategies" [00:12:13] - "Zonguru's Focus on Data Analytics, Keyword Intelligence, and SEO" [00:23:43] - "Finding Opportunities Amidst Growing Competition" [00:24:08] - "Importance of Analytical Tools in Competitive Amazon Market" [00:24:17] - "Overview of Zonguru's Tools: Product Research, Keyword Intelligence, Listing Optimization, and More" [00:25:59] - "Zonguru's Offerings: Private Label Brands, Agencies, and Evolving with the Industry" For a 10% OFF Lifetime Offer on Zonguru, click Zonguru 1. Adapting to Amazon's Shifting Algorithm The Amazon search algorithm, driven by AI, is transitioning from traditional exact matching to semantic matching. Project Nile, set to launch in early 2024, focuses on understanding customer behavior and product meaning. As a seller, the key is to adapt, focusing on broader, more relevant keywords. Remember, you could rank for terms not explicitly in your listing. The challenge remains: how do you direct the algorithm to index your products accurately? 2. Understanding Your Customer Base To succeed in this evolving landscape, understanding your customers is paramount. Research their profiles, emotions, and search behaviors through surveys and tools like Pickfu. Record the buyer process of your target audience to identify crucial touchpoints. Analyze reviews using semantic analysis, identifying emotions in both positive and negative feedback. This understanding forms the foundation of your optimized listing strategy. 3. Optimizing for Semantic Search Optimizing your listing for semantic search involves strategic use of keywords. Your title, bullets, and backend search terms should incorporate relevant, high-volume keywords. However, avoid keyword stuffing. Use AI integration wisely; it can boost revenue by 23% for existing listings. Broad match your keywords in the listing, especially in the title, allowing Amazon's AI to identify relevant connections. Remember, the title holds the most weight in Amazon's algorithm. 4. Aligning PPC and SEO Strategies Integrating your PPC and SEO strategies is essential. Build your storefront around specific keywords, aiming to dominate areas where your competition is weak. Use ACOS data to invest in high-converting keywords. Often, sellers overspend on low-converting keywords. Ensure your PPC strategy aligns with high-converting keywords, creating a halo effect across your listing. 5. Leveraging AI for Creative Enhancement AI can be a powerful assistant in brainstorming and contextual keyword research. It helps in understanding your competition's ranking, strengths, and weaknesses. By analyzing this data, you can make informed decisions, removing emotion from the equation. AI also aids in image brainstorming, ensuring your visuals stand out in the crowded marketplace.…
1 Buying an ecommerce business – the role of profit vs revenue 20:56
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20:56When considering buying an ecommerce business, it's crucial to evaluate various financial metrics. In this article, we will explore nine vital financial metrics that potential buyers should assess when looking to buy an ecommerce business. Introduction Before diving into the financial metrics, it's important to recognize that buying an ecommerce business is a substantial investment. To ensure the success and profitability of your acquisition, you need to consider both financial and non-financial factors. Financial Metrics 1. Financial Metrics Trump Marketing Ones While marketing metrics are important, financial metrics take precedence. Understanding the financial health of the business is paramount. Key documents, such as the Profit and Loss (P&L) statement and the balance sheet, should be the first items you examine. 2. Profit, Not Revenue, Drives Value Growing revenue does not necessarily mean growing the business. Profitability is what truly drives the value of an ecommerce business. Even if a business has a substantial top-line revenue, if it's not profitable, it may not be a fully developed and sustainable business. 3. Define Earnings Metrics Different earnings metrics, such as operating profit, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), and SDE (Seller's Discretionary Earnings), are essential for understanding the financial health of the business. Knowing the differences between these metrics will help you make informed decisions. Criteria in Order of Importance Consider the following financial criteria when evaluating an ecommerce business for acquisition: 1. Absolute SDE Size The size of the Seller's Discretionary Earnings (SDE) matters for the business's valuation. Your criteria for SDE size should align with your investment goals, ranging from $100,000 to $1 million. 2. Profit Percentage Assess the profit percentage. A minimum profit margin of 10% after management costs or a minimum of 20% SDE (excluding management costs) is a good benchmark. 3. Profit Trend Year-Over-Year (YOY) and Recent Months Prefer businesses with a steady or slightly growing profit trend YOY. Recent declines are acceptable if you believe you can reverse them. 4. Profit Multiple (Initial Expectation) Consider the profit multiple you expect when purchasing the business. Note that a 5X multiple for an Amazon-focused business with less than $300,000 SDE may be overinflated. 5. Working Capital Requirements Assess the working capital requirements, especially if you are importing products. Managing inventory and working capital is crucial for the business's financial health. Marketing KPIs In addition to financial metrics, evaluate marketing key performance indicators (KPIs) to understand the business's potential for growth: 6. Product Category Be selective with the product category. Avoid overly competitive markets and supply chain issues. Consider product categories with higher barriers to entry. 7. Performance of the Category (BCG Matrix) Assess whether the category is in an upward or downward trend. Highly competitive categories may not be ideal for acquisition. 8. Market Share/Dominance (BCG Matrix) Evaluate the market share and dominance of the business within its niche. Avoid markets dominated by big brand names. 9. Conversion Rate A high conversion rate is desirable, especially on platforms like Amazon. It indicates the efficiency of turning visitors into customers. A low conversion rate may signify that the business is attracting the wrong kind of traffic. Conclusion Buying an ecommerce business involves a comprehensive evaluation of both financial and non-financial factors. By understanding and applying the financial metrics mentioned above, you can make a well-informed decision when considering the purchase of an ecommerce business. This due diligence will contribute to the success and profitability of your investment in the ...…
1 Unlock Success: EU Market Entry Strategies for UK Sellers in 2023 28:58
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28:58In today's rapidly evolving e-commerce landscape, international expansion has become a key strategy for scaling brands. For UK-based sellers eyeing growth opportunities, tapping into the European Union (EU) market in 2023 is not just a possibility; it's a goldmine waiting to be explored. Despite the challenges posed by Brexit and varying regulations, the EU offers immense potential for entrepreneurs willing to adapt and strategize effectively. 00:00 - "Expanding into Europe: Challenges for UK Sellers" 02:15 - "Navigating EU Market Entry Post-Brexit" 04:30 - "Quick Guide: Selling in Europe After Brexit" 06:45 - "Strategies for UK Based Sellers in the EU Market" 09:00 - "Optimizing Logistics: Key to European Success" 11:15 - "VAT Demystified: Selling Across EU Borders" 13:30 - "Finding the Right Partners in EU Expansion" 15:45 - "Customer Experience: The Heart of European Sales" 18:00 - "Beyond Brexit: Seizing EU Market Opportunities" 20:15 - "Localizing Your Approach: European Market Insights" 22:30 - "Profitable PPC Campaigns in European Markets" 24:45 - "Success Stories: UK Brands Thriving in Europe" 27:00 - "Marketplace Diversity: Beyond Amazon in Europe" 29:15 - "Sustainable Growth: Scaling Your EU Presence" 31:30 - "The Future of UK-EU E-commerce Relations" Understanding the European Marketplace The first step in conquering the EU market is comprehending its diverse nature. Europe is not a monolithic entity but a mosaic of unique cultures, languages, and consumer behaviors. UK sellers must abandon the notion of a homogenous European market and instead embrace a localized approach. This means tailoring products, marketing, and customer support to individual countries. Navigating VAT and Compliance VAT registration and compliance are pivotal in cross-border trade. Setting up a company in Europe, preferably in countries like the Netherlands with tax advantages, facilitates smooth VAT registration. Importantly, understanding VAT thresholds and regulations specific to each country is vital. Additionally, ensuring products comply with EU standards, including CE certification, is non-negotiable. Compliance guarantees seamless entry and avoids legal complications. Logistics: The Heartbeat of Customer Experience Logistics is the backbone of customer experience in e-commerce. A European hub, strategically located in countries like the Netherlands, acts as a centralized point for stock control. Implementing a robust logistics network ensures efficient order fulfillment and, crucially, enables next-day deliveries, a key factor in customer satisfaction. Cracking the Code: Language and Marketing Language is the gateway to consumers' hearts. Utilizing professional native speakers for product page translations, keyword optimization, and localized marketing is indispensable. Google Translate won't cut it; authentic communication resonates with customers. Implementing effective PPC (Pay-Per-Click) campaigns, rooted in thorough keyword research, ensures visibility and drives targeted traffic. Continual monitoring and adaptation are vital to stay ahead in the competitive landscape. Strategic Partnerships: Your Secret Weapon In the intricate tapestry of EU market entry, having the right partners is a game-changer. Choosing partners adept at navigating the complexities of customs, regulations, and local markets expedites the process. These partners facilitate seamless import-export operations and handle the nuances of each country, allowing sellers to focus on core business aspects. Seizing the Opportunity: Your Path to Profitability Embracing EU market entry in 2023 is not just a strategy; it's a lucrative opportunity for UK-based e-commerce brands. Despite initial hurdles, the rewards far outweigh the challenges. By adopting a localized approach, understanding VAT intricacies, optimizing logistics, investing in effective language and marketing strategies,…
1 E-commerce Customer Service – Are You making One of These 13 Mistakes? 16:06
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16:06Effective e-commerce customer service is the lifeblood of any business, but there are times when mistakes can have far-reaching consequences. In this article, we explore a series of customer service blunders that can negatively impact your business, from hindering customers' basic functions to leaving your business vulnerable to errors and inefficiency. 1. Stopping Customers from Performing Basic Functions : Imagine trying to complete a simple task, only to find that a company's customer service is preventing you from doing so. When customer service obstructs rather than assists, it creates frustration and dissatisfaction. In the absence of clear rules and contacts, customers may be left with no choice but to navigate a maze of automated systems. 2. Automated, Non-Human Phone Calls: Many companies opt for automated phone systems to handle customer inquiries. While automation can be efficient, a lack of human touch can alienate customers. Often, this leads to more problems, as customers may require personalized assistance that automated systems cannot provide. 3. Requiring Physical Visits for Phone Support: In some cases, customers might be directed to visit a physical location for phone support. This not only inconveniences customers but also contradicts the convenience that online services should offer. It's a sure way to discourage business. 4. Inadequate Staffing: A common pitfall is not having enough staff to handle customer inquiries effectively. Long wait times, unanswered emails, or delayed responses can all result from inadequate staffing. This is a recipe for customer frustration and a tarnished reputation. 5. Inefficient System for Rectifying Faults: When a customer encounters an issue, resolving it should be straightforward. If, instead, your customer service relies on a manual, time-consuming, and inefficient system, customers are left hanging, and their problems may remain unresolved. 6. Risk of Knowledge Leaving with Older Staff: Experienced employees often hold a wealth of knowledge about your business's operations and customer interactions. When they retire or leave, this valuable knowledge could depart with them, leaving younger or newer staff with gaps in understanding that can lead to errors. 7. Incorrect Records and No Way to Verify: Inaccurate records can spell disaster for your business. Without a system to verify and cross-check information, you risk making decisions based on incorrect data, which can be costly and damaging to your reputation. Conclusion: Mistakes in customer service can have far-reaching consequences for your business. From frustrating customers to risking errors and inefficiency, these blunders can tarnish your reputation and affect your bottom line. It's crucial for businesses to identify these pitfalls and take proactive steps to rectify them, ensuring that customer service remains a cornerstone of success, not a liability. By providing exceptional service and addressing these common mistakes, your business can thrive in the competitive landscape of today.…
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