TAS 343 Ask Scott Session #105 – Social Media Strategies – Patents – BSR and Product Selection

Do you know your “WHY?” What drives you and keeps you going when business gets difficult? Have you taken the steps you need to keep that in front of you – like writing it out or printing an image of it and putting it next to your computer? You need to have this figured out so WHEN difficulty arises, you won’t be down for the count! On this episode of The Amazing Seller, Scott drives this point home and tackles questions from listeners like you. This is an informative episode that you've got to catch!

1K Fast Track Update

If you’ve been a part of the TAS tribe for very long, you’ve probably heard Scott talk about the 1K Fast Track. This group is great for followers who haven’t jumped in and started their business yet. If are looking for a supportive and encouraging environment that will push you to reach the goals you set, this is the group for you! On this episode of The Amazing Seller, Scott gives an update on the current group's progress and how you can sign up for the next one. You don’t want to miss it!

Can you use Social Media to promote your brand?

Maybe you’ve just started building your brand or you’ve been doing it for a while and you are ready to expand. Either way, you need to give serious thought to your social media engagement strategy. You cannot ignore this valuable tool to promote your brand and drive business! On this episode of The Amazing Seller, Scott walks through some helpful tips and how you can use this platform wisely. Make sure you have pen and paper ready for this episode!

Do you need a patent for your Amazon Product?

What steps do you need to take to protect your product from getting hijacked? This is a question that Scott gets regularly. You have a few options you can pursue. If you want to invest in a patent for each and every product you sell, that can get costly. You can also take Scott’s advice, which is to go into selling that product with the understanding that someone might try to hijack it. That’s a risk you have to be willing to take. Scott has more thoughts on this topic that you don’t want to miss!

Understanding Amazon’s BSR

Are you in the research phase and having a hard time understanding how to pick a product or category that will work for you? Does all the jargon have your head spinning? You’ve come to the right place! On this episode of The Amazing Seller, Scott breaks down BSR (Best Seller Ranking) and how you can navigate that ranking and use it to your advantage. If you are just starting out or if you've been at this for a while, you will find something to take away from this episode. Don’t miss it!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [1:00] WHY are you in this business?
  • [8:20] Scott gives a 1K Fast Track update.
  • [10:30] Question #1: Have you used Social Media as a major sales funnel for a product?
  • [23:10] Question #2: Once I’ve made modifications to a product, do I need to get a patent?
  • [28:50] Question #3: What is the deal with BSR? How do I navigate this?

 

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TRANSCRIPT TAS 343

TAS 343: Ask Scott Session #105 – Social Media Strategies – Patents – BSR and Product Selection

[INTRODUCTION]

[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 343 and session number 105 of Ask Scott. This is where I answer your questions here on the podcast and I do it every single Friday and I am pumped to be here today so I’ve got…

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…a lot to share with you and I also want to answer some of those questions.

Now let me just remind you, if you want to ask your own question and have me listen to it and then possibly air it on an upcoming Ask Scott session, just head over to the theamazingseller.com/ask and you can do that, leave a brief voice mail, just include your first name, maybe where you are tuning in from and then your question, and I’ll do my best to air it on an upcoming show. I love doing this guys, I look forward to this every single week and I am totally pumped today. There’s a lot of things I want to share with you.

The one thing I wanted to start off with here and I’ve talked about this and you are going to hear me talk about this in the future and I’m just going to really keep hounding you on this and that is, why? Why are you busting your butt to do this? Hopefully you are busting your butt if you really want this and if you have a strong enough why you will bust your butt and I mean, you know it doesn’t mean that you have to work like extra, extra hard. You got to work smart with your time, you got to figure out to you know figure out the time that you can spend and all that stuff, but I really just want you to understand that if you don’t know why you are doing it, it’s going to be hard when you start to get through these struggles and these obstacles as being an entrepreneur.

Which they will be there. So let me just tell you like, if you think the grass is greener on the other side of the fence, it’s not always the case, I think you probably know that. But I think if we have a “why” and then we can remind ourselves of that “why,” now I’m going to give you an example, okay? And this has nothing to do with money but this podcast has really opened my eyes, to how important it is to help people, and why that’s so important to me.

[00:01:59] Scott: When I get notes, when I get like thank you notes which I have a board at which I’m looking at right now, I have a board in my office that has a lot of these thank you notes pinned on this board. And I do that to constantly remind me why I hop on here, I try to get on here with a lot of energy to show you guys that I’m excited about this and just helping you and I want to be able to project that energy, but I also want to be reminded of why I do it. The other reason is, is because sometimes you get people especially in this arena where you’ll get people that will bash on you and they will be what we call, “haters.” And they just want to drag you down. You might have some of these people in your life or you are like, telling them about what you are excited about and they are like, “Yeah, that will never work.”

And you are like, “Aah, that was a downer.” But if you have people around you, that’s going to constantly bring you up. It keeps you in that positive energy, and I always share this story and I might have already shared it with you guys. But back when I was in construction business with my father and his partner and everyone that we had working there, we used to send out postcards in the mail. We used to send out postcards to our customers and we would get hundreds if not thousands probably about, at the time we left, yeah we had thousands. Thousands of postcards that had come back so literally we would send them prepaid postage to send it back on a postcard.

This wasn’t email, we should have did back then. Email wasn’t really big back then, but nowadays we could have did that so much easier but we would literally send them a card in the mail and we would do this to see what we were doing good and what we could improve on and we would get 95% of them would be positive. Maybe more, maybe 98% would be positive. We used to always like say, “Were the guys polite? Did they clean up after themselves, were you satisfied with the job?” Just basic stuff. Not a huge… Just check boxes and not a huge list, just a small thing that you can fit on a postcard. And we would get those and then we would file them away. Well you’d get 5 or 10 of those back in a week and they’d be all positive and they would just put them in the filing cabinet.

[00:03:56] Scott: We’d get a negative one and “Oh my gosh” like everyone would just lose their mind and we’d have to have a big meeting about this. And it’s always like those negative things always bring us down. Now what I would have done or what I would do now if I was in that same situation is I would take all of those, all those positive ones and I would have them on a board so everyone could see how good we’re doing and why we do what we do and what our mission is and all that stuff, like I would have that on a board. Maybe not all thousands of those but I would have some of the top ones there to remind our company and everyone working there of why we do it and that’s the standard that we are going to live up to.

So what I want to just encourage you is to, maybe you are not receiving those thank you letters or maybe you are not receiving any of that stuff right now, but anything that you have that can remind you of why you are doing it. And then also if you do get some thank you notes from some of your customers, definitely post them on a board or maybe you are going to do a follow up with them on a post card. Maybe go back old school and follow up with them in the mail and then get something back and actually be able to pin it up on a wall. I think that’s a really positive thing for us to do as a business so this way here we can see how we’re doing as a company and I think it’s really, really awesome.

And like I said, I have a personal notes board right here and I have some that are hand written which it’s not really public as far as how you find my address as far as The Amazing Seller podcast. I’m going to give you that address because I love receiving mail myself from listeners. So if you guys have not found that address, I’m going to give it to you. It’s a P.O Box, so just pay attention right here, you don’t have to write this down if you want. I’ll give you a nice easy link that you can use. But if you want to send a personal note, let me know how the podcast has impacted your life or what it’s done for you, definitely do that. I want to hear from you, I want to pin it up on my board and keep adding to that.

So I’m going to give you that right now. It’s The Amazing Seller and then its P.O.Box 995, that’s Fruitland Park, Fruitland Park Florida and then it’s 34731, it’s the zip code. Now I’m going to put that on a special page.

[00:06:01] Scott: If you want go to theamazingseller.com/notes you can do that. And then you can send one there, a personal handwritten letter. I would look forward to that. I would really love reading those and just you know being able to pin those up on my board and that would just be awesome. So if you guys have had a tough time finding that address because it's not really, I don't like publicly put it out there but I’m going to do it right here that's a P.O Box, it's for our podcast and I have someone there that takes care of all the mail so if you guys want to do that definitely do that I would love that and I think you guys should do that I think you should do that in your business like make it available for people to be able to do that and encourage them to do it because then again you can look and see how well you're doing as a company.

So again guys theamazingseller.com/notes if you want to literally hand type something or if you want to write something I have a few that are handwritten I would love to hear how the podcast has helped you and I think you guys should get out there and do the same thing kind of going back to the old way that we used to do with the postcards for my construction company years ago, I'm kind of on back to those roots. I really love seeing and hearing how things are working or not working in some cases and then how we can do a better job. So definitely do that.

The other thing I want to do is give you a couple updates before we jump into some Q&A today. The updates I want to share with you is I posted a rare episode, that was episode 339 and that one there really came about because of the Ask Scott session. A question was asked and the question was, “Hey Scott I would love to hear more about your work life balance, how you do it as being a husband, a father and how do you balance all of that stuff?” And it was a question that I was going to answer on an ask Scott but I actually flipped it around and I said you know what I'm going to reach out to that guy and see if he'll interview me on my own show and will just dig deep into it so he can ask all the questions he wants and then we can dig into that because I think it's a really, really good topic and I think a lot of people struggle with that.

[00:07:58] Scott: So this way you can kind of see a little bit of into my life and kind of how I do balance work in life and all that fun stuff. So definitely check out that episode, a lot of people have said that they'd like to hear more about like just working life balance but then also just day-to-day operations and I'm going to be doing more of that stuff in the future. So that's episode 339.

Another update real quick that I'm really, really excited about and that is the 1K Fast Track, you guys may or may not heard us talk about that. We opened it to a 50-person beta group our first round, which was very successful. I think they generated over $3,500 in seven days in the class and then total was it was just about $16,000 for the five weeks that we ran that. We just started a brand new class with just about 100 students in there and right now as I’m recording this we're only four days in and the class hasn't even officially started. It doesn't start until this Saturday, but we always do this kick off call where we say, “Listen, in the next seven days I want you guys to go out there and do this and this and come back and report your earnings,” and literally they're going out there and earning money right now and the last I looked we were over $3500 in four days of the class going out there and taking massive, massive action.

Actually I outline a lot of what we do in the kick off call in the weekend challenge as we call it and that was on episode 312. So I encourage you to do that and if you do go to 312 and you listen to that and you do take me up on that challenge and you earn some cash, I want you to definitely email me, scott@theamazingseller.com. Let me know what you did and how much you generated in that weekend challenge. It's really easy, anyone can do it, there's nothing holding you back other than you getting out there and doing it. So definitely check out that episode.

As you guys can see I'm pretty fired up, pretty fired up. A lot of cool things going on, not to mention like all the stuff that's happening too with our other brands that we're working with inside of, we’re launching products on Amazon. We've got about three products that are in pre-production they're going to be launching and I can't wait to share some of the results from our first set of products that are going to be hitting amazon soon and then we're building a list already we've got a list of over 6,000 people already.

[00:10:08] Scott: Currently we're also starting a new contest for that, that's building and I think the last I look we had additional 300 emails in about 24 hours so I'm going to be sharing all of the ins and outs of what we're doing there and I'm really, really excited to do that. So guys I'm going to try to calm down just a touch because I am fired up today but let's go ahead and let's start answering some questions today. Let's go ahead and listen to today's first question and I will give you my answer let's do this what do you say let's kick this baby off.

[Q&A SESSION]

[00:10:38] Ivan: Hi Scott. My name is Ivan and I'm a 20 year old student from Ukraine Kiev and I am recording this voice mail from my rented apartment in the centre. So first of all I would like to say that man, I really, really enjoy your podcast. It’s such an amazing thing and it's so useful and it has given me such a bunch of valuable information and just keep doing that, I love it. So my question is, have you ever observed social media marketing and Facebook as a one of the major sales funnels? I mean that, you have talked about Facebook as a methods of launching your product or making giveaways, making your mailing list.

But what about generating your sales? I mean that we would be 10,000 or 5,000 subscribers enough for making five or ten sales per day. That is worth investing money in that stuff and developing this page of group on the Facebook or it’s much easier and cheaper to invest funds in just ads on your squeeze page or paying money to bloggers? So that’s my question. Thanks.

[00:12:08] Scott: Ivan, thank you so much for the question and I love it that you're a 20 year old kid getting ready to jump into being an entrepreneur. I think it's really awesome and from what I'm understanding out there they're actually having classes at college now, that’s diving into entrepreneurship. And I think that's awesome because years ago it was always looked upon like you know well you just didn't want to get a job. I really liked that because there are certain people that are built for this that want this but they don't have the introduction to it either and I think yes there's only so much you're going to learn in a college class. I think the best education is getting out there doing it and so many of my students have said that like Scott now that I've actually gotten through that process I've learned so much by going through that process, what worked what didn't work and some of the things I'm going to have to consider and all of that stuff.

But I think it's great that they're introducing that. I'm not sure if that's you or not but I just love it that you are taking action you're like you know what I want to give this thing a shot you got some really good questions and you're actually thinking on the right terms as far as like what you need to do to build a brand or a business not just focused on Amazon. We are talking about launching on Amazon because it's a great platform to start with and it's a great platform because everything's in place.

But really we should be thinking about too is how do we build that external list and do we use social media? Do we use an email list? Do we use Facebook ads? Like what is the right thing to do? So I’m going to give you my thoughts on this and again this is just my opinion but it's what I believe in, it's what I practice. So I think that social media is a great tool, okay because social media is like all of the different things that fall under social media Facebook, you have Twitter, you have you know now Snapchat, you've got let's see Instagram, you got Pinterest, you got all of these different platforms that they're you know they're classified as social media.

[00:14:14] Scott: Social media for me personally is a way to get attention on that platform or to use that to grab the attention of that audience in a certain place where they've already been hanging out. So think about like if you could go to a certain area or a certain group in your local town and you knew that they were all focused on you know I don't know like old muscle cars and they had a meet up every Sunday and you can go there and you sold stuff in that market you're going to have a pretty good chance of them buying some of your stuff or at least being interested in your company.

So what I like to do is I like to use those platforms to get awareness so I can then get those people to start paying attention to our brand and you know there's a lot of different ways you can do that. But then not just directing them to Amazon to buy our product but to really get them to become an email subscriber so this way here I can communicate with them later and I can also use that email address to further target them, a great example is Facebook Ads. We can actually target them and retarget them and get them back or get our message in front of them. So here's an example, let's just say that I found a group on Instagram and this actually is a real story I've actually done this and I actually share it in a case study that I shared and you guys can go check that out. I’ll put it in the show notes but it's theamazingseller.com/buildlist and we actually talk about how it's all kind of unfolded.

I do this exact same thing in the brands that were working with right now. So basically we found an Instagram page that had… Well it ranged. One of them had like 250,000 one of them had 500,000 one of them had a million and I paid to get my post on there. So they will post your picture because basically Instagram is a picture and a little bit of maybe in the bio if you can get them to put something in the bio like a link but basically just an image and that image is going to then say whatever it is that you want them to do or get their attention by that picture because its image based.

[00:16:24] Scott: So what we did is we just did this big bundle in our market. So again let's go back to the muscle cars, if I was into muscle cars which I am kind of I got a 73 Mustang, so I kind of am. I’m not a huge like muscle car guy that you know like I just go out there and tinker with it all day long, I like driving them but I like looking at them as well but I should say that I was into that space and I was going to sell product in that space. Well I would, what I would do is create a giveaway so if I knew that that market really, really wanted like car covers or something for their car or maybe it was a car cover that was a $200 car cover and I use that as my lead magnet as we call it, as a way to attract them so I would then put that up on Instagram if that's where they were hanging out.

Now again if they're not hanging out an Instagram that's not where I'm going. I might go to in this case let's say it was Facebook and I found a Facebook group that had 150,000 people in a group and I was able to get my post inside of that group that might be something that I do or maybe it's a fan page that has a hundred thousand people then maybe I retarget that page or I target that page in an Ad that I run and then I would just have that come up and say, “hey win this free $220 you know car cover to protect your muscle car.” And then maybe I have a couple other little things that go in there too.

Maybe I have a whole cleaning kit, maybe a professional buffer or something like that. Whatever it is right and let's say you got that up to a $250 value or $300 value and then you literally spend the money to buy those products, they're not even your products maybe and then you are attracting the right customer because maybe you sell something else that they can use on their car. Okay? To maybe I don't know maybe it’s a maybe it’s Jacks or you know what I mean to jack up your car or maybe it's some type of thing that's universal for muscle cars. I don't know that market and I just kind of threw that out there randomly. I wasn't even prepared for that but let's just say that that was the case well now I'm building an email list from…

[00:18:24] Scott: I'm extracting those people that are highly targeted in this space and they're all raising their hands like that's what I want to do. I don't want to just say I've identified the group, I want to then extract the ones that are really, really like into this market and I want them to raise their hand and the way that I get them to do that is I'll put something up of great value, a bundle to get them to say yes I'm interested in that, get their email address and then from there I can then message them. I can give them a car tip every single week. I could give them maybe a guy doing a burnout at one of the meetups, there's a lot of different things that I could do and I kind of call that the reporter model where I'm going to just go out there and find really cool stuff in this market and then when I email them I’m going to give them these things.

Then I might have something in the PS that says, “Oh by the way this week we have a 25% off all car covers,” or whatever right maybe that's your thing maybe you're selling car covers. So that would be a great thing. I mean ideally if you were selling car covers and that was your giveaway and then on the back end of that maybe people that didn't win you offered them a 25% discount or a 30% discount, you're going to boost your sales on Amazon which is going to also help you rank. So that's what I would do.

I wouldn't necessarily say that you want to spend a ton of money building a platform on social media. I'd say you're able to go out there and tap into people that have already built this audience, that's the quickest way. Now yes if you can do both now we've done that in one brand that we're working with. We're building a Facebook group, a Facebook fan page. We're also doing some Pinterest, we're also doing some Instagram. But all of that stuff is just getting the attention so then we can extract those people and put them on an email list so we can communicate weekly with them, with other updates in and little tips and again we're the reporter.

So again I mean I can go on and on with this stuff. I love this stuff because I think it's a great, great discussion and I think it's a great thing to do if you're building a brand of any kind because it's so powerful.

[00:20:26] Scott: But a lot of people don't do that and in your case, you're asking, “Should I go out there and spend a lot of money building an Instagram page?” The answer is no. I wouldn't spend a lot of money building the Instagram page, if it's a byproduct of you doing that. So an example would be, let’s say that you're doing it on Instagram which we've done and you create an Instagram page, well with the Instagram page you got to post four or five six things a day you're going to want to do that to constantly stay fresh in the feed if you can do more do more. Then what you can do is when you run that that giveaway or that contest what you would do is you would say here's what you got to do to enter the contest.

One you have to like us on Instagram or you know follow our page. And you would just give the @ whatever your pages is and then you would say step two go to you know www and then give your link so that way there they have to go to that page to enter their name and email address. So some people are going to do both, some people are just going to do the second one to enter the contest but again it's just you're getting your kind of double dipping you're getting two things out of one Ad spend. So if you're spending money on that Ad to drive people to that page well at least now you're going to also get people to start following you on Instagram and you're going to slowly build that page or Facebook or any social media platform.

So again I don't think people should build the Instagram page or the Pinterest page just to sell products. I think it's great to kind of get a community built around your brand that would be awesome. If you could do a group, like if you were into muscle cars and you built like this awesome group where you had a community of guys hanging out in there and girls hanging out in there talking about muscle cars all day long, I mean it’s going to give your ideas for products it's going to also allow you to build this strong community. You can do local meetups and you can do all kinds of cool things. But I would not base everything on that. I would not be selling products in there necessarily I’d be more or less allowing them to build the community or build the resources so then I can also have an email so I can follow up with them and remind them of maybe something that I posted inside the Facebook group.

[00:22:28] Scott: So hopefully that makes sense. I know it was a long winded answer, but again I could do a discussion on this every single day because I believe so strongly in it. I think it's so powerful and again guys if you have not checked out theamazingseller.com/buildlist, do that. It gives you the entire roadmap and blueprint of how that all works totally free, we did a workshop on that. So definitely check that out we're going to be updating that as we as we have other case studies that we're working on and stuff so definitely check that out. Alright guys so hopefully that helped you and also congratulations on being 20 years old and out there thinking about building a business and getting started in this world of entrepreneurship. So congratulations and I'm rooting for you bud. All right so let's go ahead and listen to another question and I'll give you my answer.

[00:23:13] Cynthia: Hi Scott, my name is Cynthia and I am a new podcast listener. I'm into podcast number 17 now and I really love the information that you're giving the audience and I think it's very valuable and useful and I also attended the webinar which was great as well. Thank you so much for what you do. My question is, once you've found a product that you'd like to make modifications to after looking at reviews, looking at the competitor and what they have out there, do you need to have that product patented?

I'm kind unclear because it sounds like you're doing modifications to an existing product but if that product is modified to your liking, that's your product and you don't necessarily want anybody to mimic that or have the supplier sell that to someone else. So do you need to get a patent or does that even work with doing this type of business? I'm kind of unclear about that but if there's a podcast that you can lead me to, that would be great and again very much appreciated. Thank you Scott.

[00:24:34] Scott: Hey Cynthia, thank you so much for the question, thank you so much for being a listener, a new listener and I want to say thank you. That's awesome and I really do appreciate it and I appreciate all the kind words. To answer your question on patents and trademarks and all of that good stuff, I’m going to direct you to an episode that we did a little while back, episode 186 and I did an episode with Ted Limus who is an attorney and we talked all about that. But here's my thoughts on that. If you're going to launch a product and you're going to make some modifications to it, you can file for a patent. And when you do that it's going to be under the status of patent pending and I think I mean we just did one not that long ago it's about 200 bucks 250 bucks to file that.

But once you get to the stages of where you actually will be you know officially making it a patent and stuff there's going to be more things you're going to have to do. You are going to want to hire an attorney to help you with that process and it will be more expensive at that time, but at that time you'll probably know if the product is selling or not. So that's totally up to you, if you want to go down that road.

Because then every product that you launch, if you're going to do this you're going to file patents that's more expense, it's more time and all that stuff but I also want to say that depending on where you're sourcing is from, a patent is really only as good as you're going to be able to enforce it. So if you have a patent and someone does violate that patent, you're going to have to go through all of the necessary steps to enforce that which means hiring an attorney having proof of all of your stuff and at that point it's like is it really worth it or can you just file something through seller central, if it's through Amazon or have your attorney send them something to kind of almost scare them off like there's nothing saying that China or wherever you're having this thing sourced isn't going to go ahead and start making it for someone else.

[00:26:27] Scott: Now you could put something in writing, have them sign it but again you would have to then go after these people and for me personally I'm about you know MVPs which is basically minimal viable product like I want to do the least amount to get a product to market to see if it's going to work before I invest a ton of time and a ton of money into protecting it. Now if you have something that's totally unique that you've created, you've got your own like 3D modelling and you got like you know maybe even 3d printing done and you've really spent a lot of time on that stuff, that's a different story. But we're talking about if you're just adding a little bit of you know a different look or maybe you just customize that handle a little bit or whatever it is, it might not be worth your time to do that, but again I can't say I don't know what you've done, I don't know how extensive it is, your thing might not even be patentable, you might not even be able to get a patent for it because it's not modified enough.

So again I would direct you to episode 186 anyone else that's listening about patents, trademarks or copyrights any of that stuff we had a deep discussion on that. Definitely I would look into that and again I would find an attorney that you trust with and I actually I may even have a resource on that so by the time this airs I may have something on the resources page. We're supposed to have lunch with a patent attorney that lives near me. Actually he lives in Charlotte and we’re supposed to have lunch, we've been trying to make that happen and I may have a resource for you at that time. Right now currently, I just say find your local patent attorney and start picking their brain and it's going to probably cost you 100 or 200 bucks to even talk to them to them.

There are some services out there that it doesn't cost anything to file as far as like them to do it it's just like the filing of the patent itself but again I don't have those resources off the top of my head but I will locate something and put it on the resources page. The resources page for any of you that don't know is the theamazingseller.com/resources and I will have everything there for you and that's always constantly being updated with resources of tools or things like this; patents or liability insurance or any of that stuff. That'll all be there as I become more aware of new whether it's tools or whether its services, I will put them on that page and keep that up to date.

[00:28:37] Scott: Hopefully that helped you and congratulations on getting started and keep me updated, keep me posted. I want to hear your progress and I want to hear how you're doing so definitely do that. Let's listen to one more quick question before we wrap up today and I'll give you my answer and then we'll call it a day and you guys can wrap this up and have an awesome weekend. What do you say? Let's do it.

[00:28:57] Rich: Hey Scott, this is Rich. Fighting off a little bit of a cold here so forgive me. I have a question for you to answer for me and the audience and you've probably done this in the past I’m not sure. But what does it mean to have a best seller ranking under the 3,000 and over the 10,000? If you could explain those, the reason for those ranges. I found a product recently that's in the 650 BSR range and I'm just trying to figure out what I would get myself into if I purchase this product and pursued it. If you could give us an idea of the, what would happen if we choose something below the 3,000 and above the 10,000 what those scenarios would look like. I really appreciate everything you've done. I tell everybody about you all the time and encourage all my friends to stop running the rat race and be your own business owner. But thank you, really appreciate it from all of us, have a great day. This is Rich, out.

[00:30:08] Scott: Hey Rich, thank you so much for the question and thanks so much for being a long time listener. I appreciate that, means a lot. So let me dive into your question and what I want to say here though is a lot of people they base all their decision on the BSR. Best seller rank for anyone that's brand new it's listening to the podcast. BSR is the best seller rank, most categories have that on their listings. Amazon gives them a rank that's always changing. Hourly it's changing and it's all based on sales and that's a way for us to get a gauge as how well a product is selling. Now there's tools like Jungle Scout that will also help us see that because they've taken that into consideration and then they've done some really cool things with an algorithm and they can not a project or not project they can actually see what the past you know sales, I guess they could project.

They can tell us like what is done over the past you know month or a year and they kind of take an average and kind of do all that stuff. So if you want to really understand numbers I would say Jungle Scout would be that tool that would give you a really close idea without even worrying about BSR. If you guys are starting from scratch, I think Jungle Scout is probably the number one tool that I would recommend like out of the gate. Like if I had a buddy come up to me right now and go, “Scott, I really want to get started in this thing what do you what do you suggest I do?” I'd say, “Well number one do your touch list.”

I tell everyone to do that you know figure out what's happening in your own life with things that you're touching products. If you're in the muscle cars like I said before obviously you're going to have a lot of stuff there. If you work on muscle cars there's tools that you use, this and the other thing and then you can start to see if there's any opportunity there for you. And using a tool like Jungle Scout is going to make that a lot easier, a lot faster and it's not that expensive. If you guys have not checked out Jungle Scout, if you guys are brand new, I definitely recommend you doing that. There's two versions. There's the extension which goes in chrome which that's the one I would recommend first and then there's the web app and that one there is more about this product discovery.

[00:32:12] Scott: But if you guys want to get a discount on that I am an affiliate for Jungle Scout but I use the tool almost every day. I know Greg Mercer very well, we're good friends and it's a great product, great company. You can get a discount on it if you head over to theamazingseller.com/js for Jungle Scout or you can just go to the resources page. But I think that's the one tool that I say everyone should have when they start, because it's going to speed up that process and you're not doing that much guessing, you're letting them guess for you but they have some algorithms that make it really close. So I would definitely do that because here's the deal, you can look at BSR, you can look at the numbers that you think that they're selling or what they've done in the past but there's no guarantee that that's going to continue.

There's no way that you can do that other than sometimes you have to trust your gut, you also have to see if it's a trend that's on the up or if it's on the down. You got to look at those different things and if you think that there's a product that's selling well right now and you can put your own spin on it will make it better by looking at reviews and all that stuff that we've talked about in the past then there's no reason to do a test order. I like doing smaller test orders like 250 to 500 units is a good batch of test products that you can really see if it's going to work and you can get some marketing behind it, you can do some promotions, you can even build a little bit of a list and do a launch like all of those things.

I think the one thing that a lot of people they miss out on is looking at the number of reviews and if it's still selling well and it has low reviews then that's a good opportunity for you because then that means that you don't have to battle and you don’t have to fight for reviews. You can let them naturally happen which I think is going to going to be very important moving forward but this way here you know that it's got steady numbers and it's not driven by reviews. So again and I wouldn't just look at one or two sellers, I'd look at probably five sellers so they can all validate that this is a good market and a good product to go into. So again to answer your question that is really a moving target.

[00:34:13] Scott: I have given the example like if you can find a product in certain categories that’s 10,000 or less, it's a pretty good market but you could say that same thing and go into a market or a category that's not that popular and you look at that 10,000 and they're selling like one a day if that or maybe one every two days. So it's going to change, that's why using a tool like Jungle Scout will definitely help and speed up that process and also take a little bit of the guesswork out of it for you. So hopefully that’s helped you, again I wouldn't want to give you a BSR number. Like if you said it's 650 in a good, well heck, not even in a really good, good category, they're still selling some per day but if you found something for BSR of 650 in home & kitchen for example or beauty or one of those categories selling lots.

And sometimes that might be too much, like sometimes that will make me not want to go into that space because then I know that they're a target. There's other people that are trying to get into this business that are going to go after those because they have great numbers. They might be selling 50 a day and that's not really my strategy. I want to go after products that I can land and I can sell without having to put a ton of marketing behind it where I don't have to do a massive giveaway and play that game and I have to worry about competing on reviews and I have to worry about 10 other people coming in every single week like those are the ones that people are going after because they want that home run. Like I want base hits and I think that everyone should go after base hits and I think there's more opportunity there.

So hopefully this answered your question and for anyone out there that's thinking about product research definitely, definitely check out episode 189. That one there, I go through number one taking the information and then really going back and looking at the history and then looking at the trends and all of that stuff to really make it an easier process for you to make that decision by not just looking at the surface numbers because a lot of times we can get fooled by the surface numbers and then we get the product and we're like wait a minute why aren't there any sales?

[00:36:16] Scott: Even my competitor it doesn't have many sales now because they just ran a massive promotion and they've only been selling for a month and a half. We got to go back and we got to look at the history, we got to look at the trends, we got to look at all that stuff and I do that in episode 189 and I’ll probably be doing an update on that one. Not much has changed but I think I should probably just revise that a little bit but 189 will give you a really, really good idea on how to look at a product and then do a little bit more data in the background. So this way here you have a better chance of landing a product that's going to sell and you're not going to be fooled by the numbers on the front end.

So hopefully this has helped you, again thank you so much for the question and everyone else that submitted questions, I want to thank you and if you have submitted a question and I haven't gotten to it yet, be patient it still may air on an upcoming show. I'm trying to stay as you know up to date as I can but they're coming in faster that I can't answer them but don't let that discourage you. Definitely ask your question and I'll do my best to get to it. You can head over to theamazingseller.com/ask and you can do that. You can ask a question and then the other thing is I want to remind you about sending in a note.

I would love to receive a personal note for you so I can pin it up on my board. I’m going to probably do a video of my office and my workplace and I’ll show you that board and who knows maybe your note will be up there but yeah go ahead and send me a note. A handwritten note would be awesome or type it whatever but you can do that by heading over to theamazingseller.com/notes and I will leave the address there that you can send it and then I will get them generally about every two weeks is when that mail will get sent to me directly.

Alright, so guys that's it, that's going to wrap it up. Remember that the show notes can be found that theamazingseller.com/343, transcripts, show notes, links, all that good stuff will be there and yeah you can get all the goodies on that page. All right guys so that's it, it's going to wrap it up. 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, “Take action.” Have an awesome amazing day, weekend, wherever you are and we'll see you on the next episode take care.

[END]

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LINKS MENTIONED IN THIS EPISODE

  • Ask Scott a question – HERE
  • Send Scott a note in the mail – HERE
    • The Amazing Seller P.O. Box 995 Fruitland Park, FL 34731
  • Make sure to check out TAS episode 339 – HERE
  • Make sure to check out TAS episode 312 – HERE
  • Make sure to check out TAS episode 189 – HERE
  • Catch Scott’s case study – HERE
  • For info on patents and trademarks click – HERE
  • Check out the latest TAS resources – HERE
  • 1kfasttrack.com
  • JungleScout

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