What’s the latest sticking point in your Amazon or eCommerce business moving forward? Are you having trouble with product selection? Are there questions about using the Amazon dashboard or backend? Maybe it has to do with list-building or sales funnels. This is the Friday episode of The Amazing Seller podcast where you can ask your questions about eCommerce and private label sales on Amazon – and Scott Voelker is the guy who will answer your questions on the episode.
Is it helpful to include a product video on my Amazon listing?
One of the newest things the Amazon platform offers to private label sellers is the opportunity to create an enhanced product listing. You have to brand register your products to have the option but it allows you to adjust and improve your listing in lots of ways. One of those way is the inclusion of a product video to show more of the benefits and features of your products. But is it always a good idea? And if it is beneficial, what improvements in ranking and sales should you expect to see as a result? On this episode Scott walks through some of the initial things you can expect from adding a video to your product listing, so be sure you take the time to learn about this new feature.
How important is a unique design for my new product?
A listener called in to ask a question about the benefits of having a unique product design. He’s a graphic designer and as he looks through the Amazon catalogue many of the products seem to be pretty generic to him. He feels that he could create a better design for a product and quickly be THE go-to brand in the niche simply because his product is different. But is that true? On this Ask Scott episode, Scott Voelker walks through the pros and cons of creating a unique design for your products and when you should consider it in the product launch stages. If you’re curious about how to go about differentiating your products you need to hear this episode.
How can I go about tracking my product inventory. Amazon’s numbers don’t look right?
One of the listeners to The Amazing Seller Podcast called in to ask a question about the stats and inventory numbers that Amazon provides in the backend of the seller accounts. He doesn’t feel that his numbers look accurate because his total sales, returns, and remaining inventory numbers don’t add up. He’s curious if Scott has a better way to keep track of numbers instead of relying on Amazon’s numbers, and whether or not he should contact Amazon’s seller help to find out why their numbers are different. You can hear Scott’s answer on this episode.
Is retail arbitrage still an option? How can it be combined with private label sales?
Many Amazon sellers get their start by selling products through retail arbitrage on Amazon. That simply means they find discounted products under existing brands and sell them on Amazon as a wholesaler. But most people move from there into private label sales, which means they source their own product, brand it themselves, and have exclusive rights to the sale of that product. But it’s possible to do both at the same time and to continue doing both to add more cash flow to the business. In response to a couple of questions about retail arbitrage, Scott Voelker shares how some sellers are doing exactly that, so be sure you listen.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [1:28] A concept to consider for the new year: Setting your target.
- [6:59] QUESTION ONE: How important is a film/video about your product?
- [12:51] QUESTION TWO: How important is design for a new product? Costs?
- [18:45] QUESTION THREE: How do you go about tracking product inventory?
- [23:50] QUESTION FOUR: How can I become the top seller in retail arbitrage?
TRANSCRIPT TAS 301
TAS 301 : Ask Scott Session #91 – Your Business and Marketing Questions
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 301 and session number 91 of Ask Scott. This is where I answer your questions here on the podcast and I can’t believe…
[read more=”Read full transcript…” less=”Read less”]
…I just said 301 or 91 because man oh man have we made some progress here right. Man, it’s just crazy to think that we’ve been doing this podcast for quite a while now. Over 300 episodes and 91 Ask Scott sessions, that’s pretty awesome and I have you guys all to thank for.
You guys know I love getting on here and sitting around that coffee table as I’ve said, probably 91 times now. I just love hanging out with you guys and being able to try to answer some of your questions or give you my opinions or advice as if we were just having that cup of coffee. And believe it or not guys I do have a nice cup of coffee in front of me today and it’s really good. The thing is it’s raining now kind of nasty but it’s all right. I’m here with you guys, we’re hanging out, not much else to do outside because it’s raining so why not sit around and have a cup of coffee and talk business? Let’s do this.
Let me just first off say that I do have a little word phrase here, a little thought, let’s call it a thought today, not necessarily like a word phrase although you could say it’s a word phrase. We are getting ready for the new year here depending on when you’re listening to this, this should air on December 30th. Happy holidays by the way. Also I just want to say we’re almost ready for that happy New Year so 2017 is almost here but we do need to be prepared for the upcoming year.
[00:01:51] Scott: I’m not a big, big believer in that we have to wait until January 1st before we set our goals. I’m not a believer in that at all. I think you can start it in July. If you’re listening to this in July then today’s the day or tomorrow. You should start really going out there and planning for what you want and just go get it and then just create that plan. What I really want to share with you here before we jump into some questions is setting your target. If we don’t have anything to aim at or anything to shoot for, how do we go get it?
I’ve talked about this before, about finding your why and I think that’s really important and I think that you should if you have not listened to that episode I’ll throw that in the show notes so you can go ahead and do that because I think it’s important to understand your why because that helps you throughout this entire process but if you don’t have something to aim at, you have nothing to build towards or even work backwards. That’s really how I like to look at things. If you’re trying to launch your first product there are certain steps that go into that that you need to basically follow or that you need to do in order to get there.
Start off with what you’re trying to achieve and then work backwards and then figure out all those steps in between. I like to work in sprints, like 30 day sprints so if you’re going to launch a product there’s probably maybe 3 sprints. The first 30 days could be like product research, sourcing, samples. The second 30 could be doing a pre-launch then maybe doing your launch depending on timing and all that stuff. Then the other 30 days would be really how to promote that product so there’s all of these different things in these sprints that we can be doing. And I like to think of that than this big monster of a task or a project.
Think of it like you’re building something and I always go back to that because you guys know I was in the construction business for years. When we were building a house we didn’t start with just saying, “All right we’re going to throw it all together.” It’s like we had to work backwards, “What was the finished product and then what are all the things that need to go into it and what order do they need to happen in?”
[00:04:05] Scott: It’s kind of like that. Just reverse yourself back from those targets but I’d really like you to work in 30 day targets. I think that’s really, really important so work backwards. First off, set the target. What do you want and what is achievable? It’s kind of like a SMART goal in a sense where you know you can achieve that in a short period of time and that one goal could just be something to lead you towards the bigger goal or the bigger target but we have to have things to shoot for. If you’re playing darts and you don’t have a bull’s eye, it’s going to be hard to hit the bull’s eye. Makes sense. Set your target.
Right now again we’re talking, if you’re listening to this, we’re talking right around the first of the year of 2017, if it’s later in the year then this could mean the Saturday. Just really get a pen and paper and start writing down what that target is and then start writing all the steps that lead up to hitting that target and try to work in sprints. Then you can allocate your day and your time because another big question I get is, “Scott, I don’t have time.” Well, you have to figure it out. You need to build your schedule. I mean literally write out every single thing that you’re going to do for that entire day and that entire week and then this way here it’s accounted for. This way here you can work on those projects or those tasks that are involved in that project.
Hopefully this helps you. I really hope that it does because I see so many people getting overwhelmed and confused because they don’t have a clear target and they don’t understand how to work backwards and they also don’t know how to work in sprints. Definitely try this out. Get a piece of paper, get a pen, good old fashioned pen and paper. I love that by the way. I have a whole bunch of legal notebooks that I use and I just constantly keep flipping the page for the next day and the next day, maybe I have two for that day but I do like to write things down. I feel like I get it out of my mind and I can feel as though it’s down, it’s set up. I can go execute on it and take action. That’s what it’s all about.
[00:06:04] Scott: Anyway, just wanted to start this episode off like that because I think it’s important. If I was sitting down with you at that coffee shop, this is exactly what I would be talking about, exactly, so definitely go do that. Now, as always if you want to download the transcripts or the show notes you can head over to this episode which is theamazingseller.com/301, again that’s theamazingseller.com/301 and all of the links and show notes and transcripts will be there for you.
The other thing is if you want to ask your own question on an upcoming ask Scott session head over to theamazingseller.com/ask or you can just go to the show notes page and it’ll be there too and just record your first name, where you’re tuning in from and a brief question and I’ll do my best to answer it on an upcoming show. That will be awesome and let me know a little bit about you. That’d be great. I’d love to hear from you so definitely go do that. All right guys I think I’m ready to go here. I think I’m ready to start answering some questions. So what do you say? Let’s do this. Let’s go ahead and listen to today’s first question and I’ll give you my answer.
[00:07:12] Speaker 1: Hey Scott, I got a question. How important is it to have a film with your Amazon products? If I go to your product and I see an image and then maybe 2 more images and then finally a film at the bottom and this is a film that you make not a customer review film but a film that you make that describes it to me, shows it and gives me better understanding of it. What are your thoughts on that and the importance of that on the entire process? Thanks.
[00:07:36] Scott: All right, great question. I wish that I can address you by first name but I did not get a first name so I’m just going to say thanks for submitting the question you. Guys, leave your first name please. I want to be able to address you. I want to be able to mention you by name because if we were at a coffee shop, I would be meeting you and we’d be saying, “Hey, what’s up John? How you doing man, cool? Okay, let’s get down to business.” Anyway, just a little side note there. All right, cool, good question. Here’s the deal. Now, it wasn’t available to put a video in our listing up until recently where if you open a vendor express account basically and then got approved and all that stuff then you were able to, I believe it was and I’m trying to remember, it was up to 5 videos for 5 different listings.
They were allowing you to put the video in the placeholder of your images. I’m not sure if that’s still possible but it was. They were doing that to incentivize you to use vendor express but there’s also some reasons that you may or may not want to use vendor express. Now, I’m not going to get into all of that but one of the things is you get to use all of their ad placements as well so you get different places you can place your ads, you can do a banner and stuff like that. But it does also allow Amazon to sell your products and there’s some things there you need to consider when doing that.
[00:09:02] Scott: It was my understanding that you didn’t necessarily have to allow them but it was there if you wanted to. Again, things are changing so frequently so I’m not going to give you 100% what it is because who knows it could be changing but something to look into. The second thing is they just rolled out enhanced content for brand registered businesses or brands. Now, that’s not available yet either inside of that but I do have a hunch that eventually that will become available but right now it is not. But if you have a way whether it’s using vendor express or when they roll it out in enhanced content, if they do then yes, I think that’s a great idea because people want to see it being used for the most part, depending on your product. Again, it goes down to the product. Does the product led itself well to demonstration video?
The other thing that I’ve seen work and it works pretty well is when someone leaves a review on your product and that review is towards the top of your reviews because maybe 8 people see it, they got value from it so it got upvoted. This is something that you can’t go out there and say, “Hey, I’ll give you product so you leave me a review.” Again it’s that whole receive reviews in exchange for compensation and all that stuff so you can’t do that. But in the past having a video that was in there and even if you have someone right now that does happen to leave a video and people start to like it, it will start to push itself up to the top and become one of the first things that they see in the reviews. That can be very powerful.
[00:10:43] Scott: The best place is going to be in your images for sure, in that image location. Now again, with the enhanced content not quite sure when and if they’ll roll that out but I have a hunch that they will because I know that it is a benefit that they know is good for the consumer because it gives them a way for them to see the product being used. It’s kind of like a little infomercial in a sense or it can just be even a demonstration to show you that someone else is using it and how they’re using it. If you are not brand registered, that would be the first thing because then that will open up the ability to use the enhanced content. If you guys have not heard about the enhanced content yet, I’m going to direct you over to episode 294 where I had my good friend Chris Shaffer around. We talked all about it and you can go ahead and check that out. I’ll also link that up in the show notes.
That would be my thoughts on this at this point that yes, if you can get a video in that place holder it’s going to benefit you. I think your conversions will go up but there’s no proof. We don’t have any proof because it’s going to vary between products and listings and all that stuff but if you have the ability the yes. I wouldn’t spend all my time trying to figure that out, I just wouldn’t, unless you’re totally out of things to do for that listing and you want to spend some time on it then fine but that wouldn’t be my main focus. If you can get a video there yes and it would be a good idea to have something professionally shot as well, I think, so it looks clean, it looks professional.
But if you have the opportunity to do it, do it and if you don’t then I would just get the enhanced content in there because enhanced content to me is going to be almost as good because you can tell the story or you can explain a lot of the bullets or a lot of the features and benefits through images and then the text that goes alongside that and it looks prettier and all that stuff so it’s easier on the eyes. Definitely go check out episode 294 or when you’re done listening to this of course. All right hopefully that answer your question anyone else that’s thinking that and let’s go ahead and listen to the next question and I’ll give you my answer.
[00:12:56] Ray: Hey Scott, this is Ray from New York. I just wanted to say it’s a great show. I wish I knew about it a year ago. I came a bit late in the game but I’m still trying to catch up and listen to all the episodes. My question is about design, like I went through Amazon, I’m trying to invest some money in a new product and I just noticed everything seems to be very bland design. Design-wise it doesn’t seem like people have custom molds and custom logos. Maybe they have the logos but they don’t have a completely new design.
I’m thinking about doing that because I want my product to stand out. What are your thoughts on that? Is this too expensive to do? I went on Amazon searching through all the products. I did some research and it’s like they just got it from China and then they put it on Amazon and there’s no difference between what I see on Alibaba and what they have on Amazon. So I thought my product if I differentiate it by designing it a little bit better because I have a graphic design background, if I do my own Photoshop layout and send it to China, is that going to help me get in the game or is that just not matter? I appreciate it, thanks.
[00:14:18] Scott: Hey Ray from New York, what’s up? I’m from New York too so we’re kind of neighbors I guess. I’m not sure what part of New York but I’m upstate New York, I was. I’m in South Carolina now, loving it by the way but love New York too, grew up there for over 40 years, it’s part of me and I love the Yankees. Sorry anyone out there who’s the Yankee haters, I apologize for that but I’m a Yankee. Okay, so to answer your question, this is about graphics, this is about making your packaging look really awesome and have a logo and to have just really, really nice looking stuff. I’m a fan of that, okay. I am a fan of that but, I’m going to throw a little but in there for you, if you’re just starting out and you’re testing the products then you may not really want to go through all the trouble and the hustle and the expense of doing that without knowing if the product is going to move.
If you’re banking on his one product and you want to go ahead and put all of that into there that’s fine but my thing is if you do all that you start to marry that product and when you start to marry that product, what I mean by that is you don’t want to let it go. You want to try and make it work and you’re going to do everything you can to try to make it work and sometimes you have to just divorce it. I’m sorry, you have to because sometimes it just isn’t going to fly. If you’re out there testing products, kind of in the open brand concept of where you want to test like maybe you are going to go into 3 different markets and you’re going to launch 2 or 3 products in each market and see which one sticks or the ones that you can then start to enhance that. That’s what I would suggest.
[00:16:03] Scott: That doesn’t mean that you can’t do a little bit of customization. If you’re a graphic designer right now, to have your manufacturer do some custom packaging for you shouldn’t be that big of a deal. For you the cost isn’t going to be anything because you’re going to do the work. If you have the ability, you have a little bit of a leg up on a lot of people that you don’t have to go out to 99 Designs or hire a graphic designer. You are the designer, then I would say go for it. Create some packaging that looks really nice but here’s the thing, I would use their custom packaging. I would just customize it with your graphics, your logos but I wouldn’t spend weeks on this.
I see a lot of people they get so hung up on the one thing like the graphic or the logo or even the name for that matter, weeks upon weeks and at the end of the day it’s like the product is what’s going to really sell and if you can put something up there that people are going to buy even with not the best packaging and then you have some really, really good packaging, then I think you’re going to be able to win at that game but if you put all that work into it, all the energy into it, you spend weeks or months doing this again you become attached to that in a sense and it’s hard to let that go if it doesn’t work out for you. That would be my advice.
If you have something that you know is going to work because you just know it. Maybe you’ve already got a product in the brick and mortar that’s selling well there and you know that it’s going to sell on Amazon or you want it to but you’re going to customize the packaging and sell on retail anyway, then do it, then yes. But if you’re just starting out and you’re starting to test products that you’re going to put into an open brand then you’re going to make your own brand that you think is going to be the one that you’re going to run with then go for it but I would say personally do as little as possible when starting just so this way here you can get that product launched and see if you can get some traction. That was my long winded answer, I apologize.
[00:18:03] Scott: I think that it’s really important because people get hung up on the small, little details and I know packaging is big though. Packaging can be big like when someone gets their product, they open it up, they feel it, they touch I, it’s just the perceived value is there and when people are scanning if you have your packaging in there and people can see it, it makes them also feel as though it’s a better brand because it’s just quality and I get that. You can meet it somewhere in the middle and not have to go all in and spend weeks or months on creating this custom packaging. Hopefully this answered your question and thanks so much for the question and go Yankees and hopefully they have a better year this year than they’ve had in the past few years but I’m still a fan. All right, let’s go ahead and listen to the next question and I’ll give you my answer.
[00:18:50] Josh: Hey Scott, it’s Josh. Just had a question I want to run by you hopefully I word it correctly. I’m just having an inventory tracking issue. I sent in 330 units. The good news is that they all sold out. That being said it said that 312 of them orders were placed, except 8 of them were returned? I don’t know that is going towards the 312 and then I don’t know where the other 10 units are that would bring me to the 330. Again it mentioned that all 330 were sold, 8 were returned but when I looked at orders, there was only 312.
So I was just curious if you have any software, how you go about tracking everything because that seems to be a struggling point for me right now, just keeping track, how many orders are placed, how many units I have in stock. I just want to make sure Amazon isn’t losing some of my orders. I’m just trying to stay on top of it and just getting a little bit confused. Hopefully, I’ve worded that correctly, it doesn’t sound like it but I guess time will tell, thank you Scott.
[00:19:52] Scott: Hey Josh, thank you so much for the question and I’m going to do my best to give you a good answer or my thoughts on this. Now, if you’re selling a product that’s like $50, $60 or more then I understand, we’re tracking all the nitty gritty as far as they said 330 were sold, 8 were shipped back on refund but I’m only seeing 310, I get it. That would be like something you probably want to contact seller support and say, “What’s going on here?” I first would say how long have you let that go before you made the assumption that the inventory wasn’t matching up? Here’s the deal, Amazon is a beast but their tracking and their reporting is horrible in my opinion. I think they need some help there but they don’t seem to care.
It has taken them a long time to make any slight changes and sometimes they make the change and then they revert back to the old but there could be a few different things that’s going on here. You could had someone that purchased it and then refunded it but it hasn’t been put into the refunds yet. It could have been something that was put in and then taken back out or it could have been pushed around because they were moving the inventory but even though you say it was sold. It’s hard to say. I’ve tried to look at that but then I’ve kind of given up and wait and I give it a week because if I don’t then I’ll get frustrated because I’ll go back and try to match up my orders to what it’s saying I have left in my inventory in the back end as far as what I know I have available ad it’s saying what my sales were or what my orders were. It’s usually delayed by a day or two.
[00:21:40] Scott: Me personally, I wouldn’t worry about it but again if you’re selling more expensive product you definitely want to know what’s going on there but I would reach out to seller central or seller support and I’d ask them. I’d get someone on the phone and say, “What’s going on here? Can you look into my account?” And then maybe you can get some answers there. If you do, please let me know. I’m curious myself as to what’s going on there. Like I said, there has been times that there was inventory that was damaged and then it’s basically pulled out of there, it looks like a sale but it’s really not. Well, it is sale in a sense because they actually pay you or if it’s lost. I’ve had some lost and then it will come back as sale because they’ll pay me for it.
I’m not really 100% sure of what the issue could be for you, I’m not really sure what it could be for me sometimes but I do know that if you reach out to seller support they should be able to at least direct you. I would call out to them and talk to someone there personally I wouldn’t just do it through an email but I would probably do both. I would do an email and I would do a phone call and I think a lot of times if you do the phone call you’ll get someone on. I would do it through US business hours so this way here you’re dealing with someone in the US primarily and this way here you can talk to someone and get to the bottom of it. That’s what I would do.
[00:22:58] Scott: Again, sorry I couldn’t give you a direct, “This is exactly what’s happening Josh.” The truth is it’s usually a mystery and sometimes it’s hard to even figure that out. Sometimes it won’t even be caught up for three weeks before it starts to where it makes sense as far as what you think was a sale to what was a return. It can get confusing so to me I don’t really know of any tool… All the tools are pooling from the reports as far as I know.
So from there it’s looking at what you are looking at but just doing it for you in a report and putting out some of the data but again if I’m wrong, please someone let me know and then this way we can do something. We can do a show. We can let people know about this way that we can figure this stuff out because it is frustrating. I totally sympathize with you on that. All right guys, I think we got time for one more, quick question. Let’s go ahead and do that. Let’s listen to one more question and I’ll give you my answer and then we’ll wrap this up. What do you say? Let’s do it.
[00:24:01] Schimel: Hi Scott, my name is Schimel and I’m speaking from London, East London in the UK so big high from myself to all your listeners. I would first of all like to thank you, big thank you to you for your podcast. It’s a fantastic podcast and it has been a real driving force behind me for the last 6 months that I’ve been listening to you, just to take action and I have finally taken action and I’m going to start off with some retail arb products first of all. I would advise a lot of your listeners to maybe take that step first because there’s a lot of hoops you have to get through to launching your first product and I’m just in the cusp of doing that as we speak.
Okay, so my question is, how does a launch phase… First of all how does a research phase differ between say private label products and retail arbitrage products? I’ve already been through this phase anyway but I thought it would be quite useful for the rest of the listeners. My second question is how does a launch phase differ? I know I’ve listened to a lot of your podcasts about launching private label products but how does the launch phase differ in retail arb and also do you have any interesting tips on how to become the top seller where you’ve got a product where you’ve got multiple sellers obviously which you would have in retail arb?
There are my two questions, if you can answer them that would be fantastic. Thank you so much for everything that you’ve done so far, keep the good work going and I’ll ask you some more interesting questions to help fellow listeners out in the future. Thank you so much, bye.
[00:25:47] Scott: Hey Schimel thank you so much for the question. Again, I got to say it, love the accent. You sound smart, I don’t know, just do. All right okay, this is actually really, really good. I like this question and I like the little bit of advice that you are giving. For anyone else that’s starting right now from scratch and you’re thinking to yourself this private label thing seems like a beast right now and I just want to get started, you’re 100% right. Retail arb is a great way to get started. The only reason why I didn’t do retail arb in the beginning is number one I didn’t have to in order to get started because I had a little bit of capital to invest and I wanted to go down that road.
It didn’t mean it was right, it didn’t mean that it was wrong. I just wanted to go down that road versus going out and scanning items in the store and going through that whole thing or even doing online arb. I just didn’t have the bandwidth at the time either. I had other businesses I was running and I just wanted to go down the private labelling route. You’re 100% right. If anyone is just starting and you’re listening right now, retail arb is a great way to start. It’s funny that you bring this up because my good friend Dom Sugar who is a retail arb guy that’s been doing it for a very long time, over 15, 16 years I believe, maybe even more.
We’re talking about possibly putting something together, do a little training on that because it is a great way for people to start. I’ve asked him privately like, “Is it a way for people that can actually get started and make 1000 bucks relatively quickly?” And he’s like “Absolutely. I can totally help someone do that because a lot of people just overlook that now because they’re into private labelling,” And it’s true private labelling is to me great because you own the product, you’re the manufacturer in a sense. You can control inventory and all that stuff.
[00:27:40] Scott: Retail arb is still another revenue stream that you can hire people to do the retail arb for you and add it to your business. There’s a ton that you can do there. We probably will be doing more on that. I’ve got a couple of thoughts as far as what we could do to maybe make some type of training for that or maybe a workshop but I’ll be letting you guys know of course. It’s a great idea and if you guys are at all at that stage where you’re just like, “I’m not even sure I want to do this.” Well retail arb will be a really low risk way of doing it and you can make some money in the process so definitely do that, great advice.
Now, to talk about retail arb launch and like a private label launch, they’re completely different. A retail arb, the reason why it is easier in a sense is because you’re not having to do a launch because what you’re doing is you’re taking that product on that brand and you’re launching it on that listing. You’re not even creating the listing. Literally you don’t have to do the pictures, you don’t have to do the bullets, you don’t have to do the description. You actually can’t do any of that stuff. You have to sell it on that listing that’s already created because that brand has already created that and then you sell on it. That’s why you talk about sharing the buy box.
Well, if you’re fulfilling it by Amazon and let’s say that there’s four people that are on that listing that are doing fulfilled by Amazon, that means that they found a product at a discount, maybe they found 10 of them and they send them to Amazon. Amazon’s going to fulfill. But some other people have them fulfilled by merchant. So maybe there 10 other sellers that are fulfilling it by merchant. Well, you really are only competing, in my opinion, with the fulfilled by Amazon because those are the ones that are going to be probably rotated more inside of that buy box.
That’s how we talk about sharing the buy box. If you’re doing retail arb you’re probably going to be sharing the buy box but then you have to see how much volume is there as far as how many sales are being generated because if there’s only 10 sales a month and there’s 10 sellers, well, you might make one sale a month because it’s going to rotate through usually.
[00:29:40] Scott: And yes, a lot of times it’s by price but not always where depending on your seller feedback. That’s why we talk about good seller’s feedback and all that stuff because there’s some other things that could help you get that buy box and like I said Dom would know more about that but there’s a whole strategy around finding products and then also looking at the buy box. But there’s really no launch process that you’re going to do with the retail arb stuff, you’re going to sell it. You’re going to put it on that listing and sell it. The traffic is already coming into that listing and the ranking is already happening. That’s why it’s a great way to do it.
The other thing you have to be careful of is some brands don’t allow you to sell their product on that listing so then you have to be careful what products you can, what products you can’t. That’s the downfall with that. Now, with private labelling, you’re right, there is a launch process. We’ve talked about the entire launch process before. I’m not going to do it here on this episode obviously. This is an Ask Scott session but real quickly the way that it works is number one products research, you have to find product that are low competition so this way here you don’t have to do a big old promo so you have to get a ton of reviews and all that stuff. You want to find products that are getting sales with a low amount of reviews so this way here you don’t have to do that big launch.
But you’re still going to want to get sales out of the gate so you’re probably going to want to run a little bit of pay-per-click in the beginning. You’re probably going to want to build an external email list of some kind or reach out to influencers in that market and then do a discount on your product so this way you can start the sales process. You can start to get your listing ranked. You can get it optimized, all of that stuff. There’s more that goes into private labelling for sure but then once you get that up and running it’s yours and you’re the only one that’s going to be selling on your listing especially now with brand registry and then the enhanced content that’s going to give you a leg up. It’s also going to make another hoop for people to jump through to be able to come on your listing.
[00:31:41] Scott: Now, not everyone as of right now but if you are brand registered and you have a pretty well-seasoned account I believe that you’re going to have to get permission to sell that product on there. What I basically mean is let’s say that I find your product at a garage sale and I want to sell it and it’s brand new in the packaging, if I go to try and list it on your listing, Amazon won’t let me because what they’re going to say is, “They’re brand registered you need to contact the seller and get permission.” If you’re brand registered that should happen.
Now, from what I’m gathering it hasn’t happened for everyone. It may have some other things to do with how old your account is and all that stuff but for the most part I’m hearing that’s kind of in the works now. That’s really good for us now because we don’t have to worry about hijackers and all that stuff. Hopefully, that answers your question. It’s easier for retail arb right. There is some different things you have to consider with that business model and then private labelling, it’s a launch process that you’re doing to get sales so this way here you can start to rank and get optimized ad all that stuff. Hopefully I describe that well enough for you guy to understand. But again going back to what you said Schimel, definitely anyone else that’s listening right now, retail arb is a great way to start. If you want to even add that to your current private labelling business then go for it.
It’s funny I was at our TAS Breakthrough live event and I was talking to one of our attendees. Actually he attended both of our breakthroughs, the one in Denver and then the one in Phoenix Arizona. He’s doing now like upwards of $100,000 a month, like crazy, private labelling but he also is doing some retail arb. I’m thinking to myself here’s this guy doing really well at private labelling, why is he even doing retail arb. And he just clearly told me like, “When I see a great opportunity or great deal I’m going to take that deal and I’m going to make some money at it.” That’s just the mentality. Just because he’s doing well with the private labelling doesn’t mean that if he sees something over here that he can flip in a sense, it’s almost like flipping a house. If he sees something that he can flip and double his money he’s going to do it.
[00:33:54] Scott: I found that kind of interesting but I also realized at that point that just because people are already selling private labelling doesn’t mean that they won’t want to retail arb or online arb or anything like that. Definitely going to be doing a little bit of training on that I think coming up. I’ll let you guys know more about that. Again, my good friend Dom Sugar, great friend of mine now but also just someone that I really think is a leader in this retail arb thing and he’s just been behind the scenes for a very long time. I want him to be able to reach out there and help anyone that wants to get in this retail arb so keep an eye out for that. We’re going to probably do something together.
All right guys, I think that’s going to wrap it up. This was a little bit longer than I expected. I didn’t think it was going to be this long so let’s go ahead and wrap this up. What do you say? So you can get on with your weekend, get on with this new year, this happy new year which is going to be happening here really, really soon. Let me just remind you guys of the show notes. If you guys want to check out the transcripts, the show notes, all that good stuff, head over to theamazongseller.com/301, again that is theamazingseller.com/301. Yeah, if you want to ask a question head over to theamazingseller.com/ask and you can do that, just leave your first name please. This way I can address you by your first name and say, “Hey, what’s up man.” And we can go ahead and have that personal conversation, what do you say?
All right guys, that’s it. That’s going to wrap it up. Remember, happy, happy holidays, happy new year. Thank you so much for being a TAS listener and hopefully you guys are getting value and you guys keep me posted on your journey. I want to hear from you. I want to hear what you’re doing and what you’re struggling with so I can help you in 2017. Go out there, set your target, work backwards and work in sprints just like I said in the beginning, all right guys. So remember, I’m here for you, I believe in you and I’m rooting for you but you have to, you have to… come on say it with me, say it loud, say it proud, let’s say it going into 2017, “Take action.” Have an awesome amazing day and I’ll see you right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
- www.TheAmazingSeller.com/ask – ask your own questions.
- www.TheAmazingSeller.com/294 – episode on enhanced content.
NEW To The Blog and Podcast?
I created a Page Just for You called…START HERE!
If you enjoyed this episode share the love with your friends…Click To Tweet the show.