#889: 7 Core Competencies of an Amazon seller part 6 - REPLENISHING
Silent Sales Machine Radio
Jim Cockrum
4.8 • 811 Ratings
🗓️ 4 September 2024
⏱️ 38 minutes
🧾️ Download transcript
Summary
In this episode, Coach Brian and Robin Joy dive deep into the essentials of Replenishing Competency for your Amazon business. They break down the fundamental strategy: if you sold one, replenish one.
You'll learn how to test and set the right prices, the importance of finding high-velocity ASINs, and how to maximize profits by strategically pricing above the buy box. We also discuss key tips on managing your replenishment budget, the balance between testing new ASINs and restocking proven winners, and how to leverage the law of averages and economies of scale for sustained growth.
Plus, they cover the critical competencies every seller must master, including identifying sales patterns, knowing where to restock items, and ensuring your inventory meets all necessary criteria.
Our special guest and legal advisor at the conclusion of today's show, Jeff Schick of JeffSchick.com discusses returns and reimbursements. Did you know most likely Amazon owes you money as a seller?
Watch this episode on our YouTube channel here: https://youtu.be/S7J9KFyM02U
Show note LINKS:
SilentJim.com/bookacall - Book a call here to discuss our offers including coaching, legends and ProvenAmazonCourse.com course
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://silentjim.com/free11
My Silent Team Facebook group. 100% FREE! https://www.facebook.com/groups/mysilentteam - Join 77,000 + Facebook members from around the world who are using the internet creatively every day to launch and grow multiple income streams through our exciting PROVEN strategies! There's no support community like this one anywhere else in the world!
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!
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 based on the models we teach here!
Transcript
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| 0:00.0 | Welcome back to Silent Sales Machine Radio. We are your co-host. I'm Brian. |
| 0:06.1 | And I'm Robin Joy. And this is Coach's Corner. |
| 0:08.7 | Hi, everybody. We are still in our core competencies series, and we're in the sixth of seven competencies today. |
| 0:16.9 | We're going to talk about replenishing. Say seven core competencies seven times fast. |
| 0:23.2 | At least you didn't make up that word. |
| 0:25.6 | The word? |
| 0:26.6 | Before we know it, he'll be making up a word that we have to say five times that doesn't make any sense. |
| 0:32.3 | It was so fun at the most recent workshop that we did. |
| 0:35.8 | We have a section where we're talking about the |
| 0:37.8 | consistency and the frequency. And then, of course, came the word confrequitsky. |
| 0:42.1 | Of course. Nate was in the back of the room and he stopped and he made everyone say it a few times. |
| 0:47.6 | It was interesting. We have so much fun at those workshops. Those are great. |
| 0:51.5 | Well, before we jump into the actual competencies, we always like to review sort of what we're facing as newer sellers in this business. |
| 1:00.0 | There are typically three what we call governors or restriction points when you're first starting out in the replens business. |
| 1:08.9 | Right. |
| 1:09.1 | Okay. |
| 1:09.7 | And those are. Time, money, andens business. Right. Okay. Right. And those are time, money, and |
| 1:13.9 | Aesons. Time, money, and Aesons. Like, it's the three, if you don't have enough time, you can't |
| 1:18.9 | find Aesons. If you don't have enough money, you can't buy Aesons. If you don't have Aesons, |
| 1:22.8 | time and money doesn't matter. Right. And we, as coaches, we get coaching clients frequently, and we just got one today. |
| 1:29.4 | And so this is not like a question from a client or anything, but the initial feedback on the |
| 1:34.5 | profile was, we want to go fast. We have money. And we want you to. Yes. And we want you to go fast. |
... |
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