#808: Amazon sellers who are new or struggling should do this...
Silent Sales Machine Radio
Jim Cockrum
4.8 • 805 Ratings
🗓️ 27 March 2024
⏱️ 53 minutes
🧾️ Download transcript
Summary
We’ve identified 10 reasons why especially new Amazon sellers (or sellers who are struggling) on Amazon should find as many ASINs (new products) to test as possible and they should do it as soon as possible in order to make their odds of success as great as possible.
While this may seem obvious, we’ve observed that many sellers try to find a handful of magic products that will boost them into the business they desire. Rarely is that what happens however. On today’s episode, we dive into the reasons you should find numerous products to test as well as some strategies for doing exactly that.
Here are 10 Reasons you should build a strong foundation as quickly as possible
1. Hard to find averages when going ASIN by ASIN
Book of biz leads to Averages leads to predictability.
Increasing profits and decreasing expenses is much more impactful on a book of business than on a few ASINs.
2. Diversity
A solid foundation allows for branching out while maintaining revenues.
There are so many different categories and subs that we will never run out of new areas to source in.
3. IPI Score
A foundational book of business helps you understand the metrics that make up the IPI Score
Helps keep level inventory numbers.
4. Anything can happen to any ASIN
When you have only a few ASINs, anything that happens to any ASIN can really hurt.
When there are more ASINs, the overall impact is smaller.
5 Keeps risk low
Spreading your risk over many different listings can make the risk of losing all much lower and the chances of profiting overall much higher.
6. Easier to outsource
Putting together a foundational book of business makes it much easier to compile standard operating procedures and best practices.
When you outsource, it is much easier to hand that off.
7. Economies of Scale
AKA Critical Mass
Helps with inbound transportation, purchasing supplies, paying contractors, justifying expenses and subscriptions
8. Account Health Rating
New sellers all start with a score of 200 and anything less than 200 is
Any policy adherence issues deduct points from your score.
Increase score by 4 points for every 200 successful sales in a rolling 180-day period.
Riskiest time is when trying to build that first 200 sales so get it done as quickly as possible.
9. Lifting of restrictions
How many stories have we heard about sellers who had things ungated and they didn’t even know? They were just open one day. This is what happens when you focus on working with what you have available to you.
10. Make more money!
Isn’t this why we’re all here?
Let’s make some car payments, some house payments
Let’s bring moms and dads home!
Special guest at the conclusion of today's show, Jeff Schick of JeffSchick.com answers the question: What is "section three" and why was it such a big deal a few months ago? What have we learned?
Watch this episode on our YouTube channel here: https://youtu.be/CYVGcCEjLV4
Show notes LINKS:
SilentSalesMachine.com - text the word “free” to 507-800-0090 to get a free copy of Jim’s latest book in audio about building multiple income streams online or visit https://silentsalesmachine.com/ssm11/ffv11/!
My Silent Team Facebook group https://www.facebook.com/groups/mysilentteam - 100% FREE! Join 74,000 + Facebook members from around the world who are using the internet creatively every day
ProvenAmazonCourse.com - the comprehensive course that contains ALL our Amazon training modules, recorded events and a steady stream of latest cutting edge training including of course the most popular starting point, the REPLENS selling model. The PAC is updated free for life!
TheProvenConference.com - We have over 40 break out sessions at the upcoming event in May 2024 in Orlando and yu can spend time with coach Brian and Robin Joy
SilentJim.com/bookacall - book a call here to discuss our offers including coaching, legends and ProvenAmazonCourse.com course
JimCockrumCoaching.com - Get a free session with a business consultant on our team at 1-800-994-1792 / 1-801-693-1688 or TEXT US at 385-284-7701 (US & Canada only for Text) ALL of our coaches are running very successful businesses of their own
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, business building warrior. So glad you've joined me today. My name is Jim Cochram. This is |
| 0:06.5 | Silent Sales Machine Radio. For the next few minutes, we're going to be talking about building an |
| 0:11.5 | Amazon business. It's one of the favorite topics around here. If you are new to our show, |
| 0:17.4 | you should know that we feature hundreds of interviews with students of the proven |
| 0:23.7 | Amazon course. These are people who have built beautiful businesses using the dozens of different |
| 0:29.1 | strategies that we've discovered to leverage the greatest e-commerce platform in world history, |
| 0:35.2 | where half of all internet transactions in the United States take |
| 0:38.8 | place every single day. I'm talking about Amazon. And while there are numerous strategies that we've |
| 0:44.8 | identified, we have one specific strategy that we teach to the vast majority of our new students |
| 0:50.9 | because it's the lowest risk, lowest cost of entry, highest odds of success |
| 0:56.7 | strategy that we've identified, and we love teaching it. So once a week or so around here, |
| 1:03.1 | we, instead of doing an interview, we do a Coach's Corner episode, which is where we bring on two |
| 1:08.1 | of the great coaching leaders from our team, and they dive into |
| 1:11.3 | some of the common questions that they're getting from their students. We've coached at this |
| 1:16.9 | point nearly 10,000 students over the past 20 plus years in e-commerce, the past 14 years or so, |
| 1:23.1 | predominantly we coach on Amazon. But we are a multiple income stream community. We love using the |
| 1:28.8 | internet in numerous creative ways to launch and grow multiple streams of income. But today's show, |
| 1:35.5 | like I said, is about the specific strategy where most of our new students start, where most |
| 1:41.7 | of the podcast interviews that you'll hear on our program with over 800 |
| 1:45.8 | episodes the vast majority of them have been interviews of students succeeding with our proven |
| 1:51.4 | Amazon course beginner strategies and that's what the concepts that we discuss today are all about |
| 1:57.3 | if you're new we want to make a very strong case with today's show, once I bring |
... |
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