Show cover of 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.

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.

Amazon Private Label and eCommerce Interviews with Experts in Amazon product chooosing, Amazon listings, sourcing private label products, importing from China, and Amazon product listings. We serve new Amazon sellers and 7-figure Amazon sellers with specialist content.

Tracks

online marketing gurus
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,
12:19 5/28/24
Stop Wasting Ad Spend! Improve Your Ecommerce ROI
Ecommerce 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,
29:14 5/24/24
Media Buying vs Planning: Demystified!
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.
25:00 5/22/24
E-comerce business planning
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 ...
10:34 5/20/24
Will Amazon Third-party Sellers keep having higher costs?
Hey 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...
07:20 5/19/24
Unlocking Amazon Sales Tax Nexus: Do I Need to Register?
Welcome 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...
35:42 5/15/24
Maximize Amazon Brand Registry Benefits: Filing Trademarks in China
Why 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
33:04 5/10/24
Unlocking Trademark Registration Process for Amazon Sellers
Building 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!
41:36 5/8/24
Protecting your e-commerce business
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...
24:11 5/6/24
Secure E-commerce Startup Funding: A Guide to Raising Finance
E-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...
27:22 5/3/24
Top E-commerce Funding Options: Raising Finance for Your Business
E-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...
24:32 5/1/24
Why Tesla might go bust – Lessons for Amazon Sellers
Is 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,
13:05 4/29/24
Expert Wealth Management & Investment Strategies for Small Businesses
Congratulations! 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?
44:35 4/26/24
Virtual Assistant Hiring Mistakes: How to Avoid Bad VA Freelancer Choices
For 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,
34:03 4/24/24
Is uk e-commerce market growing? John Lewis and Brick and Mortar stores
Is 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...
15:26 4/23/24
Discover If Your Business Is Sellable in the Ecommerce Market
Thinking 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 ...
27:34 4/19/24
2024 Ecommerce Market Trends: Is the Market Still Ripe for Business
The 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.
19:45 4/18/24
Discover the Secrets to Growing Your Amazon Business 2X in 12 Weeks
Are 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 ...
42:08 4/12/24
Unlocking 2X Growth in 12 Weeks: Amazon Growth Strategy Secrets
Have 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.
32:15 4/10/24
Why People Really Buy Your Products (Authentic Selling Part 2)
In 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,
26:33 4/8/24
Authentic Selling vs. Jedi Mind Tricks in e-Commerce
Authentic 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.
28:34 4/4/24
Why an Ecommerce business isn’t really a cash cow
Hey 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.
10:34 4/2/24
How to Reduce Amazon Ad Spend Without Sacrificing Sales
Advertising 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,
26:31 3/29/24
Ultimate Guide: How to Get Amazon Reviews in 2024 - Get Amazon Reviews Now!
Imagine 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.
29:22 3/27/24
How to get more Money from your Most Valuable Customers
80/20 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,
06:00 3/26/24
Amazon Sales Machine Secrets: Create Your Perpetual Sales Engine
Imagine 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,
25:48 3/22/24
Amazon PPC Optimization: Simplifying Ads with the 80/20 Rule
E-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.
38:42 3/20/24
Getting your short term goals on Amazon
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
11:06 3/18/24
Maximize Your E-commerce Success: Data Insights Action Guide
Are 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...
26:47 3/15/24
Data Management Strategies for Overcoming Data Overwhelm
In 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,
31:54 3/13/24

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