So many TAS followers love the chance to get Scott and Chris’ take on some of the issues and challenges they are running into as they build their ecommerce business. This is your chance to learn as the guys jump into another Hot Seat session. On this episode, they cover the 10x10x1 strategy, if it’s ok to launch a product with less than ten sales a day, how product variations factor into your product listing strategy, why it’s important to keep seasonal trends in mind, and so much more! If you are ready to step up your game and take your ecommerce brand to the next level, make sure to catch this helpful episode of The Amazing Seller!
What is the 10x10x1 Strategy?
How can you put your ecommerce business and your new product listing in the best possible position to succeed? Believe it or not, it starts from the beginning with using the right product selection criteria. On this episode of The Amazing Seller, Scott and Chris go over why the 10x10x1 strategy is a helpful starting place for sellers getting their brand up and running. The 10x10x1 strategy is finding a product that moves ten units a day for at least ten dollars. Don’t miss this episode as the guys expand on the best way to use these criteria and much more!
Why variations can save you from running out of inventory.
As you build your ecommerce business, it’s important to consider ways in which you can keep as many people as possible interested in your product. One way to do this is to add variations of your product that would appeal to your buyers. On this episode of The Amazing Seller, Scott and Chris talk about the many benefits of and some of the drawbacks of using variations in your product listing. A helpful point that Scott makes is that if you do include variations on your product, it may end up saving you from completely running out of stock of your products prematurely. To hear more on this subject from Scott and Chris, make sure to listen to this episode!
Make sure to consider seasonal trends!
How do you ensure that you don’t run into a massive drop off in sales for your product? While there are many factors that can occur that you can’t foresee, one factor you can prepare for is seasonal trends. Don’t get fooled into thinking that just because the product you want to sell is moving ten units a day right now that it will continue that number six months from now. Do your research and make sure that you don't’ overlook seasonal trends. Listen to this episode of The Amazing Seller as Scott and Chris discuss this important topic at length.
Take a long-term and multifaceted approach to building your brand.
What is your plan for growing your ecommerce business? Are you looking to make quick cash or do you want to grow something that will end up providing you profit for years to come? On this episode of The Amazing Seller, you’ll hear from Scott and Chris as they open up about the lessons they’ve learned and why it’s important to take a long-term approach to building your businesses. They guys explain how sellers like you can take a product that seems like someone would only buy once and leverage it to introduce that buyer to your brand that they can keep returning to. If you want to build a sustainable business, make sure to listen to this episode!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:00] What is the 10x10x1 Strategy?
- [5:00] Is it ok to launch products that will have less than 10 sales a day?
- [9:30] How variations can help your product listing strategy.
- [17:30] Remember to look at seasonal trends in product sales.
- [20:30] Broadening your net and creating a brand that keeps buyers coming back.
- [31:30] Takeaways from this Hot Seat Session.
TRANSCRIPT TAS 476
TAS 476: (HOT SEAT) MY Product Doesn't Meet Criteria of 10x10x1 – What Should I Do?
[00:00:02] Scott: Well, hey, hey, what’s up everyone? Welcome back to another episode of The Amazing Seller Podcast. This is episode number 476 and today we are going to be doing another…
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…Hot Seat session and this one is going to be fun, Chris, because we’re going to be talking all about the 10x10x1 criteria markets. Should we go into a market if we can only sell in a certain time or maybe just a one-off sale? That’s kind of the stuff we’re going to talk about. So, you’re ready to rock and roll, Chris?
[00:00:34] Chris: I’m ready to rock and roll. I’m fired up this morning, brother. I don’t know about you but I’m chomping at the bit if you will. I’m finally feeling kind of 100% again and I’m ready to kind of dive in and do some podcast stuff, crush out some stuff to the new brand and some of the cool stuff we have for TAS. So, if you want to jump into this, I’m game if you will.
[00:00:51] Scott: Yeah. I am. And I’m glad that you’re feeling better because I’ve been dealing with your cough for the past like month and a half it seems like and…
[00:00:57] Chris: Oh, it’s still there.
[00:00:58] Scott: And Skype is working for us now so that's always good. So, I think it's going to be a good episode, to be honest with you.
[00:01:05] Chris: Now you’re setting expectations.
[00:01:07] Scott: All right. Cool. Let’s get right to it. Like I said, this question came in, actually, it was a full-length email and rather than me just answer them one-off, I said, “You know what, let’s do this as a hot seat as we’ve done in the past.” A lot of people that listen love the hot seats and this one here is a little bit different because I titled it: My Product Doesn’t Meet Criteria of the 10x10x1. What Should I Do? And that's what we're going to start but there are some other questions that kind of came through as well.
Before we do dive in, let me just say that the 10x10x1 is something that we use as our criteria. Now, this does not mean that you have to stick to this 10x10x1 and I guess I should probably, Chris, explain what the 10x10x1 is if you guys are new, if you haven’t heard me talk about it before. But basically, what it is we’re finding low competition products as far as like they don’t have a lot of competition because they’re selling 10 sales a day. They’re only selling 10 units a day so a lot of the tools out there that people are looking at, they want to see them get 20 sales a day or 50 sales a day and generally, if they have 10 sales a day, that means that the reviews are less so that’s less that we have to compete with, so that’s why we like that. That’s our framework. That’s kind of like what we start with, but we found in the new brand that we shoot for 10x10x1 which is 10 sales a day, $10 profit per unit for one product. So, that’s the 10x10x1. We also talk about you can get to $100 per day using that exact model.
But here’s the thing. We’ve used that criteria and we found products that now do 30 a day or 50 a day, in some cases, 100 a day depending on the time of year. So, that’s where we start because that’s like our baseline but does that mean that we only stick to that? And the answer is not really. So, now that I’ve kind of explained the 10x10x1, Chris, why don’t you maybe distill down that email and kind of give us the first question and then we can kind of move through that?
[00:03:13] Chris: So, the big question that we have here and if I butcher your name and I apologize in advance I believe it’s Beryl like Meryl and if I’m crushing that email as angrily and let me know but as you guys know Scott and I suck with multisyllabic names. I can say the word, multisyllabic.
[00:03:30] Scott: Oh, that was nice. I don’t know what the heck that was. Go ahead.
[00:03:34] Chris: Scott, it’s words with multiple syllables. They’re big words but I can’t pronounce names so that is not one of my…
[00:03:41] Scott: You are sounding smart, my friend.
[00:03:44] Chris: That’s a first. I’m not great with names but I can sound really smart butchering them so I’m going to Beryl and if we get your name wrong, I apologize but basically the big problem that we have here is she has two giant touch lists right now and she has a market that has a ton of potential products. Some of them are really competitive and it doesn’t look like any of the products that hit the 10x10x1 criteria in terms of sales, Scott, are going to meet that same criteria in terms of like the reviews. So, they’re going to be a little more competitive but there are a lot of those products out there.
So, they wanted to get our thoughts on starting with three SKUs of 4x10x1 obviously launching one at a time because I would never suggest that people launch multiple products all at once. We’ve done that. It’s not fun even with multiple people on the team, not something I would suggest, but launching them in rapid succession is usually okay. So, starting with 4x10x1 so four sales a day at $10 profit for each SKU and then having a couple of different styles in each of those to push them over the 10x10x1. So, basically, is it okay to launch products knowing that they’re going to have less than 10 sales a day? That’s kind of what I’m getting out of that. Is that the same read that you gave to that email?
[00:05:02] Scott: Yeah. Absolutely. And here’s what I would say to that. First off, I want to know, are they consistent sales every single day, four? Is that like the minimum? Because if it is, then yeah why not? Like you’re still doing $10 a unit like you’re still making $10 and it’s four a sale so that’s $40. We get three products, we’re over that, right? So, I have no problem with that and we’ve actually looked at that ourselves. Like, we have one product that has now four SKUs almost. We’re almost at six SKUs. We keep adding but there are some that do 20, 25 a day and then there are some that do three a day. Are we going to get rid of those? No, because they’re still profitable and it’s part of that SKU in a sense or that parent-child relationship so why not?
And I think the big thing here also to note because we know the market. We know the market because they told us and we’re not going to air it here on the podcast, but my first thing also would be is look at finding a subpart of that market or really start tailoring your product line to fit that one part of that market. So, we've used this example before, fishing. Right? I think this is a good example. We have fishing. So, you have all different types of fishing. Well, let's go with bass fishing so there are people that are – they got bass boats and they’re in these tournaments and they’ve got all their bass gear. Just take it one step further and we can now we actually learn this by doing a coaching call or a hangout in our class is there are kayak bass fishing tournaments. So, we see how we just we went from fishing which is broad then we went to bass fishing which went a little bit, you know, we drilled down a little bit further and then we drill down a little bit further than that and went to kayak bass fishing. So, the exact same thing.
[00:07:00] Scott: So, Beryl, I would look at that, number one. I wouldn’t just settle on the 4x10x1, but I would go start going down that path. How can you figure out a way to angle or kind of get yourself positioned to where you’re really targeting that particular part? That doesn’t mean – Chris, can you hear that big truck going by right now?
[00:07:21] Chris: I can.
[00:07:21] Scott: It’s kind of loud. Can you keep it down out there? So, yeah, what we got to do here is we want to really just figure out how we can find products that really fit that part of the market. Then the cool thing is, and we'll talk a little bit more about this is then we can start to expand into those other ones that we might skip over, and we can start to go wider in that market. So, I know I went a little bit off track there on the 10x10x1 and the 4x10x1 type thing, but I want you to look a little bit further before you settle on the 4x10x1. I’m not opposed to it by the way. I think it’s great to fill out your product branding go wider versus deep. So, I’m not opposed to it as long as there are consistent sales. Chris?
[00:08:08] Chris: I kind of feel the same way on that, Scott. I think there is going to be products that meet that 10x10x1 criteria but if you looked around, if these are easy products for you to launch, I have no problem with that. And the two things that I would take a look at, Scott, is, is there ability to expand into higher volume products? Are there other products that meet 10x10x1? Well, we know for a fact that there are in this market. If we can take those products that get us that 4x10x1 and use the list that we build and those kinds of things to help us be able to launch those more competitive products, then that’s a checkbox in the right direction for me even if we’re only selling four a day on those products upfront.
And then the other thing would be something that you just touched on which is, can we scale those products with variations? And from the email, it sounds like there is a handful of variations that we could add to each of these. She said, “Having a couple of different styles to push me over to the 10x10x1 in each of those SKUs.” And I think as long as you're doing that, it's okay. The thing that I would caution with any time you're adding variations is adding a variation while it's slightly less complex than launching an entirely new product does still add complexity in the business.
From a business standpoint, you’re essentially adding a new product. You can test it a little bit easier. You can launch it a little bit easier but it’s another thing that you have to try to keep in stock and there’s a lot of positives to it but if we’re trying to keep a business as least complex as possible, that’s a terrible way of phrasing that, but you guys understand what I’m going for. We’re trying to make a business as simple as possible. Then anytime we add one of those variations, it does add complexity so it’s no different than launching another product that would meet 10x10x1 on its own. That being said, I think variations especially in a situation like this, Scott, are extremely powerful. Some of the variations that we’ve added, we added knowing that they were only going to add four or five sales potentially a day for us, but we added them so that they were there.
[00:10:05] Chris: And what ends up happening when you do that is, one, you're able to drive more traffic, two, you're able to a lot of times increase conversion rates. The only way that works though is if you're using the parent-child correct type of a listing where we’re saying, “Okay. We have the blue, the red, and the green.” Everybody can see them. They’re all in one listing under a parent-child relationship rather than on three different listings and the reason for that is people who come in on the black one might actually really like the purple one.
[00:10:30] Scott: Exactly.
[00:10:31] Chris: And so, if they only saw the black, they bounce back or what Google calls pogo sticking, right?
[00:10:37] Scott: Nice.
[00:10:37] Chris: They’d see the listing. They’d click the back button without looking at anything else and then they’ve looked for a purple one in the search results. If we have them on the page, they see that there’s a purple one, we have that ability to capture them. So, as long as you can scale out with variations and you can scale up through some additional products, you can use all of the momentum both with money and the list and the market, so it gets to some of those more competitive products fairly quickly, then I would say that it’s definitely worth taking a look at. I don’t think there’s anything wrong with selling a product that only sells for a day as long as you know that it sells for a day.
[00:11:14] Scott: Right. Yeah. If you have 10 products that are doing for a day, who cares? At the end of the day, you’re having more sales because you haven’t set up across just multiple products. It’s not a problem. And actually, I think moving forward, that’s going to be the model as far as like going wider and taking your products and going wider versus deep. I’d rather have 300 or 500 units in stock versus having to have 3,000 on one. It’s riskier, number one, because if we run out of inventory it’s going to take us a while to get it back in maybe and then the other thing is because we’re riding on that one. Everything kind of contributes. We’re noticing that in the new brand and that’s really our goal here moving forward in 2018 is really to try to add at least one new SKU a month whether that’s a variation add or whether that’s a brand-new SKU. So, and we’re seeing exactly that.
Now, one thing I do want to highlight here on the variations because I think it's worth noting is that when you have that variation like you said, Chris, you have a lot more opportunity to bring people in because some people might come in for one version even on pay-per-click. You can drive people to maybe one of those SKUs or one of those variations is less. Maybe the variation is a three-pack versus a five-pack then you can use it to really leverage that. Now, the other thing is, and this is something that we’ve actually had some success with is where if one SKU goes out of stock and you still have stock in the other two or three, it keeps the listing live. It doesn’t take the listing and make it go kind of offline in a sense where people go there, and it says it just says currently unavailable. It’s better if it says a release date or the time that it’ll be available. That’s better but a lot of times it just says, “Currently unavailable,” because if they don’t have any inventory in route, they can’t say a projected time of when they think it’s going to be there.
[00:13:08] Scott: So, we’ve actually experienced that where we had one of our top sellers run out and then we had the other one in stock and that was helping us keep that listing going and live and then the other one came in and then the other one ran out. So, it’s kind of like they help balance each other. It’s funny, Chris. I was just talking to another mutual friend and partner of ours and we are talking about the other brand that I don’t really pay much attention to but still brings in some money and we’re dealing with this right now with a product that has two variations. And it’s kind of like that like a three-pack, five-pack type thing and we’re going to be out of inventory in about 30 to 40 days and we didn’t plan properly so what I said was, “You might want to secure one of the variations and just go out of stock on that one for 30 days,” and then the other one will keep the listing going and then when that one starts to run out then you plug the other one back in so we can kind of stagger those two so we don’t run out of inventory. Does that make sense?
[00:14:04] Chris: It does, and I think that’s one of the things really what we’re getting at with variations is real estate, right?
[00:14:11] Scott: Absolutely.
[00:14:12] Chris: It’s giving us more real estate and it’s giving us more opportunity to get the sale and that’s always a good thing. I would always rather have two opportunities or three opportunities to get a sale than I would with one and I feel the same way and, Scott, people ask us this question too. If I rank number one for all my major keywords, should I start with PPC? And my answer to that is yeah, right? I’d rather have two spots on that page than just one. Same thing once we get them to the listing. I want to have as many opportunities to sell them on something as I can possibly get so variations for me are extremely powerful and I think it’s something that everybody should consider especially if you’re one of those people, Scott, that says, “I don’t have any product. I’m selling something that’s selling 15, 20 a day and I think there’s a market here, but I don’t know what else to sell.” Well, is there another color? Is there another size? Can you do a two-pack? It’s not going to detract from your current sales. It’s going to help increase that in 99% of cases. Nobody’s going to not buy because you have another option. The worst thing that happens is, is it a test?
[00:15:13] Scott: It’s going to give you more opportunity and a lot of times with variations what we like to try to do is a smaller quantity like there’s one right now that we have two new SKUs coming in that they’re variations and we don’t know if they’re going to sell because we’re kind of assuming that they will but we don’t know 100% so we just said 250 of each and we’ll see what happens. And then if they sell through, they do, they run out of inventory. We’re fine with that because we’ve got four other variations on that same listing that it’s going to keep things active. So, I just want to stress that you want to try not to run out of inventory if at all possible. We’ve seen what it does when you run out. It’s not fun. You can get back kind of quickly especially if you have an email list and stuff like we do but it’s just not fun because you’re looking back at the lost sales, that report that we don’t like looking at and it’s alarming at to what you could have made if you had inventory in. So, that can be bad.
All right. So, let’s kind of move through this a little bit more. Now, the other question I believe from Beryl was, “This market, I really like this market. I want to be in this market and I’m just not sure though like I can’t sell them things for the next 10 years like it might be something that we sell them once or maybe during that period of time in their life.” Like, if someone’s a senior in high school and you’re selling a senior in high school certain things, well, once they graduate, they might not need you anymore. It’s kind of like I’ve dealt with this with my son and stuff. It’s like recruiting. You’ve got people that they offer services to help you create a recruiting video, so they’ll charge you for that and they’ll help you maybe get connections and stuff but once you’ve got your college locked up, now what? Right? So, now what do I offer you?
[00:17:05] Scott: Well, you could offer them things for when they’re in college for the first time, so you could grow with them and build that brand to do that, but I don't necessarily think that you have to in this case. I think there are enough products to go really wide and I also think then you can create these relationships with other partners that you could just become an affiliate for their products and have some nice relationships, and I think you could make a ton of money doing that. I really do. What’s your thoughts on that, Chris?
[00:17:32] Chris: So, before we jump into that, I wanted to point out one other thing, Scott, about this 4x10x1. Knowing what the market is and it doesn’t matter what your market is, make sure you’re taking a look at this. This is probably the slow season for that market.
[00:17:47] Scott: Yeah. It could be.
[00:17:49] Chris: Even given the fact that they’re in Australia, right?
[00:17:53] Scott: Right.
[00:17:54] Chris: Again, I don't know what the weather is like. I don't know if it's the same type of a trend that you would see in the US if they’re looking in the US market, but I can tell you right now in the US market this is a slow season for this type of a product. So, make sure that that 4x10x1 is just right now.
[00:18:11] Scott: I agree.
[00:18:12] Chris: There may actually be a lot of upside in the next few months where you’re hitting 10x10x1. That’s important for two reasons. One, we might be able to get to 10x10x1 with those products and, two, for inventory planning. If we know that the demand is going to double, we need to plan for that upfront so that we don’t sell out when people are hot. And it’s one of the biggest struggles in any physical products business is trying to keep inventory in stock and keep turnaround time and you’re going to run out at some point. It’s generally not something that you can 100% prevent. We ordered a heck of a lot more inventory for Q4 than we thought we were going to need and then Q1 didn’t slow down. So, we ran out.
But knowing if it’s going to increase and how much is going to increase and being able to look at tools like Google Trends and CamelCamelCamel to kind of forward project what might happen in March, April, May, and June, we’re recording this in January, is extremely important. So, that was one thing that I wanted to keep in mind.
[00:19:15] Scott: Yeah. Well, let’s finish on that but let’s also mention this. Like, we’re talking you’re only looking at sales data from Amazon and you’re looking at it for a specific time maybe and you haven’t done that history and stuff. But what if we go out there and build our email list? What if we start really reaching more influencers in our space? We could probably say we could triple or quadruple or even 10X that number.
[00:19:43] Chris: For sure.
[00:19:44] Scott: Because now we’re able to take all of our traffic and either direct them to Amazon or direct them to our own web property. So, I think that’s the worst case would be the four and I think that you know if they’re buying them there then they’re probably buying them over here and if we can then get the attention of the market that are interested then we can probably assume that we’re going to be able to take that four and make a ten. That’s my thoughts anyway on that. I agree with you though too. I think you got to look at the data in the past on just the Amazon side of things, even look at Google Trends and stuff, right, but I think that four would probably be low so that would be my thoughts on that.
[00:20:22] Chris: Yeah. So, diving, Scott, diving back into the onetime sale thing, I think this is kind of a misnomer I think for a lot of people. There are a lot of markets where you think that it’s a one-time sale. But a one-time sale is not necessarily a one-time sale. I can’t think of anything outside of maybe a house which is less and less of a one-time sale. I’m going to stay somewhere for 30 years that is truly you buy it once in your lifetime thing. And so, even just within that market, there are reasons other than the main reason you would buy this that I could think of to market this product.
But beyond that, a one-time sale on that specific product, let's just assume that everybody only bought this product once. They only bought a bass fishing kayak one time. They're not going to buy one in three years. They're not going to buy one in five years. They're not going to buy one as a gift for anybody else ever. They only buy that one time. Well, we can still get other sales from that while they're hot by selling them the fishing net, by selling them the fishing rod, by selling them the bait, by selling them the tackle box, by selling them all of the complementary things that they’ll need both when they buy the bass fishing kayak and down the road, the things they’ll buy more frequently. They’re going to buy bait more frequently than they’re going to buy a kayak. So, I want to take a look outside of the initial product and see if there are complementary things that they can buy so that I can increase my average cart value or my average sale. Does that make sense?
[00:22:01] Scott: Yeah. Absolutely and I think that’s what a lot of people don’t see. That’s the other thing. We talk a lot about this when we kind of go through like figuring out products to sell or a market to go into and actually recently on episode 473 I did a new product discovery 24-hour challenge and those three action steps and we kind of go through that there as far as discovering like a market but then also discovering products like right off the bat without even hardly thinking about it. Now, if you have to work really hard to think about like what other products that they would buy, you probably aren’t in the right market or you don’t know a lot about that market, so you got to do a little bit more digging. I will give a shout out a little link here to that episode because I think it’s important that you guys go through this exercise if you’re at this stage. That’s TheAmazingSeller.com/473.
I also should highlight that we are actually going through or going to be going through this entire process in our Product Discovery Boot Camp which is brand new and depending on when you’re listening to this, we’ll be opening to just a small group of people or 100 people in our beta around here and we’re going to be going through this exact process of really finding a market and then finding the products that are tied to that market or that can be served to that market. So, if you guys are interested in getting on that early list or depending on when you’re listening to this, it may be open, go to ProductDiscoveryBootCamp.com and I’ll drop that in the show notes as well.
But that’s really what we’re talking about like going through this process and then figuring out the market like let’s say you do a touch list which we talk a lot about and then you’re like grouping them into like categories or markets and you’re like, “Okay. I touched my fishing rod and my tackle box today.” Okay. Cool. That’s a market. “I brought my daughter to ballet dance.” Okay. That’s a market. So, we’ve got those different categories and markets. Now, you got to be able to look at that market and go, “What products are they buying?”
[00:24:02] Scott: If you can come up with three to five products right off the top of your head, that’s a good thing. You do a little bit more digging like you say, Chris, you’re going to find 10, 15, 20 different products. Well, that one customer could buy all of them or five of them or whatever and sometimes they'll buy more than one. So, that's what you need to be thinking about especially long-term because we want to go wide, not so much deep and we want to try to give them as many opportunities to give them exactly what they want for that thing that they're into. So, that's my thoughts on that, Chris. I think it's really important that people understand that, yes, they might be buying a garlic press but they could buy a garlic peeler. They could also buy different accessories for cooking now because they are in that space. We know that and so why not capitalize on all of those other opportunities by giving them more of what they need and what they want. Make sense?
[00:24:56] Chris: I think that’s spot on and I think where a lot of people drop the ball is they say, “Okay. It has to be that thing that is super related to bass fishing, but it might just be a more generic fishing product.” A fishing rod they probably do make kayak bass fishing rods that are specific for that, but you could launch just a regular fishing rod and you're going to have a lot of crossovers there in terms of demand and building the brand value and some of those kinds of those things and you're going to get all of the benefits of that. So, just because the initial product that you're launching is a “one-time sale” and, Scott, a lot of the products that we've seen that we thought people would only buy one of, we actually have customers that come back and buy two or three or four because they like it and they're going to give it to their friends or they're going to give it to their parents or they're going to give it to somebody else as a gift.
And with the products that I’m seeing here, yes, a lot of them would be something that people would buy probably one time but they’re also going to suggest it to their friends or recommend it to their friends if there’s that. And then there’s a ton. I mean, Beryl, there are seven things in here that are complementary products so that’s seven sales, not one. We have the potential to sell somebody one person seven or eight or nine different things. I’m okay with that. That’s no different to me than them coming back and buying the same thing for me seven times. Would I rather that they buy it from me every month? Absolutely, but I’m okay with selling them seven things in one sale too. That works, right? That’s $70. That’s seven months’ worth of them giving me buying my super awesome supplement or whatever they’re going to buy for me every month. I’m okay with that because I’m getting that money upfront and then it’s my job to say, “Okay. What’s the next thing?” So, if they’re in the kayak bass fishing then what’s the step further? And you started going into the example of your son in like the recruiters, right?
[00:26:54] Scott: Yeah.
[00:26:54] Chris: So, they’re doing like high school basketball or high school football recruitment videos to give to colleges, right?
[00:27:00] Scott: Right. All sports.
[00:27:02] Chris: So, what’s kind of the next thing that they could offer? Because that is a one-time sale. You only go from highschool to college one time unless you’re weird. I can’t imagine a scenario where you wouldn’t be doing that. So, that’s a one-time sale. What other services could they offer in that type of a scenario? Is it college to pro? Is there something in between there that’s important?
[00:27:24] Scott: Yeah. I mean, there’s a lot that you can do there because, number one, we know that they’re into a certain sport, so we could even narrow it into there like so if we’re talking baseball so that we can do it for kids that are into baseball. We can do it into football. So, then you can just then start to tailor the next thing for those people at that level that they are. That’s just in the sport. Go outside the sport, you’re like okay this person is trying to go to college to play a sport. Okay. Well, they might have SAT problems to get into a good school. So, now you could partner with someone that has SAT stuff or you see what I’m saying?
Like there are other things that could be related and, again, I'm thinking of the fly here but there are two different areas there. We've got we're going to college and then we've also got that sport. So, there's thing and if you're doing it for like four or five different sports. It could be volleyball. Heck, it could be bowling. It could be golf. It could be any of these and then from there, you can start to tailor the message to those kids for that sport and then also for maybe getting better grades to get a better scholarship or whatever. There's a whole bunch of things that I'm sure you could do moving forward.
[00:28:29] Chris: Well, that comes to developing an entire solution. We’re going to sell the bass fisherman everything that they need and some of them are going to take us up on it and some of them aren’t. In the case of something like the sports highlight reel type people, they have exactly what you just talked about where their initial service is I’m going to develop a highlight reel and a website for you so that college coaches can see it. But once you’re actually in college or even before that, the SAT prep, once you’re in college, textbooks, they’re going to know where you’re going to school, so they can partner with housing people at your school to say, “Hey, go check out this really cool condominium,” and they’ll get a commission on that. When you’re ready to graduate, they can pass you off to a real sports agency, some of those kinds of things, and we have to think about the journey of that customer from entering the market until they have everything that they could possibly need.
And so, if we can do that, yes, there’s going to be some things that everybody buys upfront. There’s going to be some things that only like the experts buy or the super duper crazy into it bass fisherman might buy some things and that’s not going to appeal to everyone. And if we can think about that journey of that customer and, okay, let’s start with where they’re entering. Wherever this 4x10x1 product is, let’s say this is the bass fishing net. Well, before they buy a bass fishing net for kayak bass fishing, they also have to have a bass fishing kayak. They might rent it. They might buy it. Whatever that is. They’re also going to need the little thing that holds them in. They’re going to need the holder for the bass fishing net. There’s a lot of products that they need before and after they get that one product. Does that make sense?
[00:30:07] Scott: Yeah. They need a roof rack. They need straps like all that stuff like there’s a lot that goes into it. Again, you go got to think of the journey of that customer and I think that’s thinking again long-term versus just thinking about the one-off sale. And then once you can then start to build that email list which we always talk about then you just start asking yourself what content is going to help them further through this journey and then we can sprinkle in our products and now you get to touch the people in more than just one way as far as like, “Okay. Here’s a product to buy but then here’s a product to buy but also here’s how to use it or here are some tips on how to do this and, oh by the way we were using this.”
So, if you have seven products, you could potentially pitch that product to those people on the email list countless amounts of time as long as you’re wrapping it around with content and all that stuff that we talk about which, again, is for a whole another episode but I just kind of wanted to give you the big overview here of what we think about and especially moving forward because Amazon, it’s a platform. They’re changing all the time. We know that. I think they’re going to favor brands more as we move into the future. I mean, look at brand registry right now. Brand registry 2.0. It might be 3.0 in another year but right now it’s like you have to have a trademark in order to be even accepted into that program. And if you are accepted, I mean, I would say common sense says you're going to have a little bit more of an edge inside of Amazon. So, there are all of these things that go into it versus just thinking about the one-off sale.
So, I think we did a good job here, Chris, of explaining all of these things and probably gave Beryl a lot of ideas and a lot of things to think about but I don’t want to just give her something to think about. I want her to actually do something. So, my first thing would be is look at that 4x10x1 product or products and see if that’s just the low end and see if it’s consistent. And then from there start to ask yourself about building that list. And what would you build the list around? Like what part of the market are you going to be serving at first and then you can expand?
[00:32:11] Scott: Those are the things that I would do like right off the bat because if you build that asset, that email list and you get direction of the products you’re going to serve to that market then it becomes easy because now you just have to figure out how to build the email list which we talk about and it’s pretty easy. Just go out there and get people to raise their hand that are interested by doing a giveaway or a contest or something like that. And then from there, you start to get them content that’s helping them through the journey of where they’re going, and you also get to mention your products and then you get to launch and kind of get some of that juice from Amazon that says, “Oh wow, these guys are selling. We might want to pay attention to these guys.” And that’s pretty much it. That’s what I would do right this second. Chris, anything else you want to add before we wrap up?
[00:32:52] Chris: Yeah. I just want to throw out something, Scott, that you and I talk about all the time. 10x10x1 is not like written in stone tablets. Scott didn’t come down from a mountain with 10x10x1 divinely inspired. It’s a guideline. It’s flexible and it’s there so that you know what you’re getting. If you know you’re going to get four sales a day on average, that’s okay as long as you are cool with that. Just know that you’re going to make $40 a day and not $100 a day. As long as you know that going in and you can see that consistently, it’s okay especially if it’s going to be to put your toe into the market. If there’s that room to expand with variations and you can expand into higher volume products later then I would say it’s absolutely worth a test and I wouldn’t stop it from getting me started and that’s kind of a thing I think, Scott, that a lot of people get held up on. Product selection is a huge thing where people get stuck.
[00:33:51] Scott: Absolutely. That’s one of the biggest.
[00:33:53] Chris: Getting one under your belt is going to make all of the difference. And so, if it is a 4x10x1 product and we can feel confident in sourcing and launching that product then go source and launch that product. Just test it and see what happens and then start to branch out into some of the more competitive types of stuff. Does that make sense?
[00:34:12] Scott: Yeah. Absolutely. And I think we can wrap on that. I will let you guys know about the new product discovery 24-hour challenge episode I did, 473. I will link that up in the show notes or you can just go directly to TheAmazingSeller.com/473. It's a 24-hour challenge, guys. There are no excuses. You can go out there and do it within 24 hours and you can really get some, I think, you can get some ideas to then move on but also get the right mindset and the framework to move forward through that process.
And then the other thing is our Product Discovery Boot Camp which is brand new, something that we’re really excited about and that will be depending on when you’re listening, this will be in beta for the first 100 students and then from there we will be released to the public after we refine things and tweak things but we are going to be taking you through the entire process over four weeks that we go through on how to find products but then more importantly how to find markets and then decide what products we’re going to serve to that market first. And then we also look at validation and all of that good stuff but that’s all through this Product Discovery Bootcamp. So, definitely go check that out. If it’s not open, get on the early list and we’ll notify you when it does reopen and that could be found at ProductDiscoveryBootCamp.com. I’ll also link that up on the show notes which today’s show notes will be at TheAmazingSeller.com/476.
So, guys, that is it. That is going to wrap it up. Chris, I want to say thanks for coming by again one more time, stopping in on the podcast. You haven’t been on in a while.
[00:35:43] Chris: I know. It feels like forever.
[00:35:46] Scott: Well, here you are. All right, guys. So, that is going to wrap it up. Chris is going to – he’s going to do our exit here today I think with us. Chris, you’re going to, right?
[00:35:53] Chris: Well, I mean, now I have to. Put me on the spot.
[00:35:56] Scott: Can you do it without coughing?
[00:35:57] Chris: We’ll find out.
[00:35:58] Scott: All right, guys. That’s it. That’s going to wrap it up. Remember, as always, I’m here for you, I believe in you and I am rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, Chris is going to say it with me on the count of three. One, two, three. Take action!
[00:36:14] Chris: Take action!
[00:36:16] Scott: Have an awesome amazing day, guys, and I’ll see you right back here on the next episode.
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