Amazon selling phenoms Kirsty Verity and Isaac Kuhlman of the Sprint to Profit Podcast and founders of Real Amazon Coaching share their secrets of success.
Selling on Amazon FBA is one of the best businesses to get into, especially during this time of the COVID-19 pandemic.
And like any other business, it can be challenging to start. It takes a lot of planning and patience to win in this game.
That’s why we’re sharing the best lessons we have learned to ensure your Amazon FBA business success.
At Real Amazon Coaching, we’ve been in the Amazon FBA business for almost a decade – and we’ve learned a lot of lessons that became key to our success. One of the most important is the mindset for success.
Here are our 5 Expert Secrets:
1. Plan Your Business for Success
The goal is for you to set SMART goals: Specific, measurable, attainable, relevant, and time-bound.
There should also be clarity in the goals you set for yourself and your business. It also helps you feel a sense of accomplishment.
Most Amazon FBA sellers start with huge goals. The problem is, sometimes the goal they set do not resonate with their purpose. In the end, it’s easy for them to feel overwhelmed, eventually leading them to quit.
To avoid this, it helps to decide which goals create the most impact on the business. This is also known as the 80/20 rule.
Create bite-sized action plans that you know you’ll be able to do with your current resources. Then set timelines that will help keep you focused and give you a sense of urgency.
Review and reset your goals based on the results you get. Be strict with your goals – and flexible meeting them.
2. Branding is Key
Successful Amazon FBA sellers know that branding goes beyond the name and the logo.
It’s all about who you are and who you serve.
Your ideal customer is your true north. That’s why building and understanding your customer avatar is the foundation of your brand.
This is also the secret to earning millions as an Amazon FBA seller.
Creating and defining your customer avatar helps you decide how to pick out and market the right products to sell.
You need to get in the mind of your customers. List down what your customers like and dislike. Learn about their motivations.
Get to know their beliefs, values, and ideals.
You can also take a look at your competition and read the feedback and reviews they get.
Once you have all this information, it will be easier for you to draft copies that will elicit an emotional response from your target market.
You can use these things to create headings, labels, and product descriptions.
Doing this helps build a customer base and increases loyalty with your buyers.
3. Choose the Right Products That Will Make You Money
Your dream of a million-dollar paycheck will take a lot of patience and investment.
And if you’re planning to start your own Amazon business, you should be in it for the long run.
That’s why you need to learn the ins and outs of the business.
Cashflow is important and you need a close watch over it.
Make sure to calculate your product costs and return of investment.
Don’t forget to include marketing and operational costs for your budget forecasting and planning.
Marketing and promotion are essential, yet it can also be a huge money drain if not done right.
Choosing the right products to sell also matters.
You don’t want to be investing in products that buyers won’t buy. And to resolve this, you must go back to the basics of understanding and predicting what your market needs.
Persuasion and negotiation are the skills you need to master as a business owner.
For an Amazon FBA business, you need to create lists of options for sourcing companies, factories, and manufacturers.
Learn to get the best price for the products and look for factories that can give you both quality and quantity.
And don’t forget to put everything in a contract.
4. Know and Understand your Metrics
As they say, you cannot manage what you can’t measure.
And as the business owner, you need to pay attention to your numbers to see if you’re succeeding or not.
You need to set the metrics and key performance indicators for your business. Doing so helps you identify what’s going right and what needs to be adjusted.
Establish weekly and monthly reviews and use your numbers to steer your direction.
See if your goals are being met. And if they aren’t, go back to the drawing board and make adjustments.
5. Simplify and Focus on the Goals you Need to Achieve
As a business owner, your role is to make sure that everything is running smoothly, and goals are being met.
That’s easier said than done if you have too many tasks in your hands.
While you can choose to do everything on your own, things will go a lot smoother and faster if you get the right people to help you.
Create systems and processes that will help you automate the business. Consider hiring help and outsource tedious tasks like marketing and social media.
Simplify your tasks and focus on what truly matters so you could scale up and grow your business.
Starting and running an Amazon FBA business requires more than skill and money.
To be successful at it, you need the right mindset, the passion, and the push to keep it going for the long haul.
Don’t let your business run you.
Reclaim your time and your freedom. After all, it’s the reason why you got into this business in the first place.
Kirsty Verity and Isaac Kuhlman are the founders of Real Amazon Coaching and co-hosts of the Sprint to Profit Podcast on Podopolo.