Growing Your Amazon Business to 6 Figures – Consistently!

E-commerce is one of the best and most effective ways to earn windfall returns on investment. The Amazon online platform offers the perfect tool to attract a great number of qualified leads. Sellers always want to learn about their Amazon business growth to 6 figures. The digital arena is full of online marketing tools that can be harnessed to generate a large number of online leads.

Social media advertising, search engine optimization, online forums, press release sites, PPC campaigns, influencer marketing, using the Amazon algorithm in your favor, ranking products high, and business directories are just some of the few online tools that can be used to funnel a maximum number of visitors to your Amazon product listing.

However, when it comes to hitting the magic 6-figure revenue number, what are some of the core steps an Amazon seller must take in order to make the dream happen? After all, true magic begins when the dream of a 6-figure income is realized to its fullest!

So, let’s dive in with some strategies, shall we?

Build a Powerful, Unique Brand

Before you start selling your products with the hopes of reaching 6-figures, you’ll want to focus on building your brand. Your brand reputation is the very identity to your business, it is the mirror upon which the light of the world reflects.

You need to ask yourself questions such as: How can I set myself aside from other sellers? Who is my target audience?

Secondly, you need to first and foremost identify your niche and the products you want to sell. From there, analyze your competition to determine proper pricing, challenges, buying patterns, behavioral trends and so forth.

Quality is the soul of your brand. You’ll want to focus on delivering the highest-quality products for your consumers. Don’t forget about setting a solid Return Policy for your Amazon business that customers can refer to.

Improve Your Ranking

It is utterly critical that you understand the importance and crucial role of rankings on Amazon. They are the money shot! They are what can make or break a great product and prevent you from earning profits that could have been rightly yours!

Fill out as much of your product listing page as possible, using as many keywords as possible. Use FBA to automate customer satisfaction.

Find ways to encourage customer reviews, engage with the happy or disgruntled customer by being honest and sincere, and do everything you can to keep your customers satisfied at all times.

Above all: More sales = higher rankings = more sales! That’s the cycle.

Moreover, ranking on Amazon is easier than ranking on Google because you’re essentially cutting the work in half. They only use internal factors to determine how a optimize Amazon products listing. Backlinks, social media, domain authority. These are all things you don’t need to worry about on Amazon.

World Class Customer Service

Establish Friendly Engagement with your customers. Sales, marketing and running a successful business in the real world (be it online or offline) is all about building rapport, cementing trust, creating a sense of camaraderie, instilling respect and evoking interest through empathy.

If you can accomplish that with your prospective clients or current customer base, you will win their brand loyalty for years to come. Why? Because as with all human beings, the ability to showcase compassion, care and genuineness are key pillars upon which any human interaction is built, let alone business!

Be friendly, while keeping your conduct professional. Be empathetic while maintaining your business objectives and not compromising your values as an establishment.

Whether its issues regarding returns or refunds, dealing with bad reviews, or shipping/delivery issues, your communication with all your customers- past, present or future – should be one of utmost professionalism at all times.

Keep Abreast with Amazon’s Changes

Amazon is an ever-evolving organism; a unique ecosystem and habitat that is constantly changing and developing with the metamorphosis of the global E-commerce trends, economy, supply and demand, and consumer buying patterns.

You need to make sure you are well-informed at all times of the ongoings and happenings that occur if you want to seriously aim for that 6-figure income mark as a professional seller.

For example, Amazon recently made new changes on the back-end keyword and sponsor ads regulations/stipulations. Now if you weren’t staying informed with such changes as a seller, you would have never known critical data and crucial information that could make or break your product sales and overall business function.

Build a Strong Team

Success and high-income goals are never a sole endeavor. You need to learn how to leverage and harness the power of your Amazon business growth via a skilled, reliable and experienced team.

Building a competent team that shares the same values, breathes the same passion and envisions the same hunger for success as you are key! Hire people by doing your research and spending time/resources in selecting the best fit for your business.

Keep Adding More Products

This is a no brainer really. It’s logical to say that more products mean more opportunities to sell, greater audience reach, larger market share, and higher profits.

If you’re aiming to reach the coveted 6-figure income mark, you need to consistently invest time, research, money, effort and energy into identifying, sourcing and selling hot products.

Add them to your brand repertoire and capitalize on great marketing strategies to make more people buy them – consistently!

Use Social Media

Social media is the very pulse and heartbeat of modern E-commerce. You cannot ignore the power of social media and expect to reach 6-figures as a seller. Utilize all avenues of consumer outreach and marketing such as Twitter, Google SEO, Binge, Instagram, Pinterest. Facebook and Blogger websites.

The greater number of social media platforms your business effectively utilizes to promote your products, the more people you will reach, the more chances of them clicking on your product pages and eventually the higher probability of them purchasing your products.

Moreover, a strong social media presence gives you the credibility and legitimacy you crucially need as an established, serious and quality brand and boost your Amazon business growth.

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Omer Riaz March 25, 2019 0 Comments

What to Do When You’re About to Stockout

As an Amazon seller, one of the last things you want to experience is a stockout. After all, the consequences are dire. You risk losing sales, the Buy Box, and SEO rank and your account could be put on hold, or worse, suspended altogether. The result of all of this is lost revenue and slow to no growth while your competitors win all of your business.

Coming back from a stockout takes a lot of time and effort, but thankfully there are ways to prevent one. And even if your inventory levels are nearing zero, you can fulfill every last order so long as you’re prepared. With that, here are 5 things to do when you’re about to stockout:

Order More Inventory

Before you do anything, you need to order more inventory, keeping two important factors in mind: how much to order and when you’ll need it. If an order is already in the works, check the status of it so you know when you’ll actually have the product in-hand. Either way, don’t be surprised if you have to rush the order and, as a result, pay a rush fee.

Slow Your Own Sales

One way to prevent an Amazon stockout is to slow your own sales. While it may seem counterintuitive to inhibit the growth of your business, doing so is only temporary and will decrease your chances of experiencing a stockout (which is arguably more detrimental to your growth than a brief lull in sales).

The two most common ways to slow down sales are pausing promotions and changing the price.

  • Pausing promotions: Do you have an advertising or online marketing, either on Amazon, through your social media accounts, etc.? If so, stop running them until you’re back in stock.
  • Changing price: You may be flying through inventory because you offer the best price. Increasing it should help slow sales. Just don’t forget to readjust once you’ve replenished your stock.

Re-evaluate Your Inventory Management Strategy

Do you have an inventory management strategy? If so, you may need to re-evaluate it. If not, now is the time to put one together.

Your inventory management strategy factors in a variety of data points — such as your sales history and sales velocity — to determine how much inventory you should have on hand at a given time plus when and how much to re-order. You’ll also be able to set alerts so when you hit a certain point, you’ll be reminded to place a new order.

For help figuring out this information, check your inventory reports in Seller Central or consider using a third-party inventory management tool.

Invest in Buffer Stock

Buffer stock is an extra supply of inventory to use in case of emergencies — i.e. if an unexpected surge in sales is emptying your shelves, you’ll have enough “buffer” product to fulfill orders until you’re able to replenish your everyday supply.

So how big should your buffer stock order be? While some sellers opt for 10% of their typical order, some keep a stash of about ~500-1,000 units. Or, you can calculate how many units you sell in the time it takes your supplier to get you a new order. At the end of the day, it really depends on your budget and sales volume.

Increase Cash Flow

Thanks to Amazon’s two-week payment delay, it’s difficult to maintain a steady source of cash. But cash is vital in business, especially when you need to order inventory. To help you achieve reliable and daily access to cash, check out Payability, a financing company for marketplace sellers.

Payability offers two cash flow solutions depending on your needs. With their Instant Advance option, Payability buys a certain amount of your future receivables at a discount, giving you a large lump sum of cash. With Instant Access, they pay you your Amazon income one business day after making a sale; not only that, you could use their new Seller Card to access your funds even sooner.

Payability has helped thousands of marketplace sellers maximize cash flow, stay in stock, and grow their businesses. In fact, this Amazon seller uses Payability to buy more inventory and sell it faster. To see how you can use daily cash access to avoid a stockout, turn inventory more quickly, and grow your business, visit go.payability.com/Urtasker to learn more.

New Payability customers referred by Urtasker will receive a $250 sign-on bonus. Follow the Payability Facebook and Payability Twitter for the latest e-commerce updates. Let them help you during your business stockout.

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Omer Riaz October 24, 2018 0 Comments