In this week’s episode of Freedom Fast Lane Ryan Daniel Moran talks about Amazon selling in 2015 and what it looks like to build a business over the coming months.
Key Lessons Learned
- Everyone thinks Amazon is a ‘race to the bottom’ and to be the cheapest price listed but this is not necessarily accurate
- If you want to set yourself apart in business you need to go where everyone else is not (people tend to follow)
- Amazon is becoming a place where the person who spends the most wins
- The person who wins will be the person with the best ‘back end’
- White labeling is finding something that is already being sold but you sell it better and make money
- It’s cheaper to get a product white labeled than it is to get a custom version so this is a good place to start
- Think about what sets you apart from most people in this business
- Most people are thinking ‘what product can I white label?’
- The opportunities are taking things that are already selling and improving them just a little and then selling them
- Do something a little bit different than everyone else is doing
- Don’t be the person who sells the same thing as everyone else
- In mass markets there are usually 10 people making significant sales and then 100 people doing okay, and 1,000 people wondering why they can’t get a piece of the pie
- Go to Amazon and see what is selling well, then go to the supplier and see what they have. Sell that product for a while, then go back and make changes to the product to make it better based on customer feedback and audience polls
- Ask yourself “how can we make this the best product possible?”
- Improvements could include; quantity, potency, or quality
Focusing in Ridiculous Quality
- Consider positioning yourself as the premium product in your marketplace
- Going high end e.g. if people sell for $25 then sell for $80 and own the ‘expensive’ part of the market
Think About Your Back End
- Think about how you can take customers that you get on Amazon and create a back end (a way to market to those customers that doesn’t just sell Amazon products)
- Go into a market that is large enough that if you get a customer lead you can sell them other products that are much more expensive
First Time Amazon Businesses
- If you are just getting into Amazon now, focus on good quality products in large markets that you can improve a little bit upon and position as a quality product that is more expensive than average
- The timeframe to success on Amazon is about a year
- The startup cost can be from $1,000-$5,000
- Expect it to be 3 months before you are seeing consistent success
- People who are really successful are in markets where they can sell multiple products
- The people who fail are the people who look for a product and not a business
- Remember to think about a target demographic and audience
- If you are going to get in to Amazon now is the time!
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Ryan Daniel Moran
Ryan Daniel Moran is one of the most sought after speakers and thought leaders on lifestyle freedom in the world. He specializes in creating extremely profitable cash flow streams and businesses without compromising your lifestyle. Ryan is passionate about inspiring, educating, and empowering people to live extraordinary lives, and he believes that anyone can live the life of their dreams as long as they take responsibility for their results and take consistent action toward getting what they want. When Ryan isn’t inspiring his listeners and readers, you’ll find him at an improv show, a Cleveland Indians game, or traveling the world.