What is the state of your ecommerce business? Is everything humming along and ready for 4th quarter or do you need a little shot in the arm to get you where you need to be? It’s time for another session of Ask Scott here on The Amazing Seller! On this episode, you’ll hear from Scott as he shares his thought of the week, an update on his TAS Inner Circle, why it’s so important to maintain a healthy mindset, an answer to a question from a TAS follower like you, and much more! Don’t miss a minute of this informative and engaging episode!
View failure as a learning opportunity!
Did you know that failure can be one of your greatest instructors? It’s true! Too often our society teaches us that we have to avoid failure and that we should be ashamed of failure but in many ways, failure is inevitable. You have to decide if you’ll let failure defeat you or if you’ll learn from it and move forward to become a stronger and more resilient individual. Sellers like you should take the time to examine your attitude toward failure, it could make all the difference. To hear more about this important subject, make sure to listen to this episode of The Amazing Seller!
Zero in on that one thing that's holding you back.
How’s your mindset these days? Are you growing as a leader and as a business owner or are you stalling? Have you built healthy habits into your daily routine that support and encourage your trajectory or do you find yourself struggling through the day like everyone else? The truth is, you won’t get where you’ve never been if you continue to do what you’ve always done! Invest in your mindset and remove any roadblocks or obstacles that are holding you back! Learn more from Scott about this vital topic by listening to this episode of The Amazing Seller, you don’t want to miss it!
How to sell products in a competitive market.
What should you do if you really want to get an ecommerce brand up and running in a competitive market? Is it even worth the risk? On this episode of The Amazing Seller, you’ll hear from Scott as he shares his helpful thoughts on this subject. According to Scott, one of the best strategies is to focus on a related niche market that helps you build an audience. Once you’ve done this, you can then start to pivot toward the market you really want to get engaged in after you’ve established yourself. Competitive markets are accessible once you’ve done the work to build your brand’s foundation! Learn more from Scott on this exciting episode!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:30] An update about the TAS Inner Circle project.
- [4:30] Scott’s thought of the week, there is no such thing as a failure if you learn from it!
- [9:30] What is the one thing holding you back? How’s your mindset?
- [12:50] Question: How can I sell products in a competitive market?
- [22:10] Closing thoughts from Scott.
TRANSCRIPT TAS 571
TAS 571: Ask Scott #178 – How Can I Sell Products in Competitive Markets?
[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 571 and session number 178 of Ask Scott. This is where I answer your questions here on the podcast and I do it every single week and I’m going to do it again here today. And today’s question is…
[read more=”Read full transcript…” less=”Read less”]
…a good one, and it is how can I sell products in competitive markets? It’s a great question, right? Well, I'm going to go ahead and answer it for you here, and I received that question, I believe, through YouTube, and if you guys have not submitted a question, you can do so by heading over to TheAmazingSeller.com/Ask or you can go over to my YouTube channel at TheAmazingSellerTV.com and do so over there. And I'm really excited to kind of share this with you because it's a pretty common question and a lot of people think that they can't compete in these markets, but I've got news for you. You can if you go at it a little bit differently and if we kind of talk a little bit more about this brand building thing that I've been touching on every now and then.
So, that brings me also to a little reminder. I wanted to remind you guys that Brand Accelerator Live is open for tickets right now depending on when you're tuning in. You can go over and see what the latest is as far as pricing and all of that, but I am really, really excited about this and as of right now that this is airing, we’re just about 12 months out and it's funny because some people said, “Scott, like why so far out like why so far in advance?” Well, it’s my first live conference where we are expecting 300 people and it's a larger event for anything that I've ever put on so I want to make sure that we did it right and I wanted to make sure that I delivered an extreme experience and I am going to do that, by the way. I got a lot of cool things that I can't wait to share with you. I got a special reveal that I’m going to be revealing there to everyone that's in attendance.
[00:01:54] Scott: So, anyway, the reason is there's a lot of planning and preparation that goes into this one and I just want to make sure that it is perfect, and everyone is going to leave there with an action plan and their brand is going to be accelerating at 100 miles an hour. That's really what I want. So, if you have not grabbed your ticket, head over to TheAmazingSeller.com/Live or you can just go to BrandAcceleratorLive.com. I'll link everything up in the show notes as well. So, this week you might hear my voice why I am a little bit extra pumped. Well, that's because I have some guests coming to town and those guests are my Inner Circle members. Now, some of you have heard me mention here a little bit about my new inner circle. This is where I have what I call them as my private clients in a sense, myself and my team. It's where we had an application process where people that were doing at least $25,000 a month or more could apply and they wanted to grow their business and scale their business to the next level and they wanted our help over the next 12 months.
So, we decided to put together our first group of just 10 people. It's a pretty high-level group and the reason why I'm bringing this up right now is, number one, I'm excited because these are people that I actually want to work with personally. We’re going to be in a room together for two days, eight hours each, and we do this three times a year and it's just exciting because these people are forward thinkers. They are people that will go out there, take what we go over and the strategies and they will go out there and take action. That’s what they're going to do. And that also brings me into my little mindset thought of the week which actually is funny it's about mindset because it's so, so important and I see so many people get hung up on the what-ifs. What if this, you know, what if I try this and it doesn't happen? Or, “Scott, I want to run pay-per-click, but I hear this one saying I should do 500 keywords and this person says I should do a thousand and this person says I should only do 10. I'm just so confused. Should I do it broad? Should I do a phrase? Should I do exact? Like, oh my gosh, like I’ve got all these things coming at me.”
[00:04:10] Scott: But the thing is, is like you need to just kind of like take $100 and throw at a campaign and see what happens. Like that's it in a nutshell, like that's what I'm saying. Like, there’s a lot of people that are stuck in that mindset of like what if, what if this doesn't work? What if this fails? And here's what I want you guys to get in your head. Okay. There's no such thing, and you've heard people say this for years, decades, there's no such thing as a failure if you treat it as an experience. Every single thing that I've done through this journey up to this point has taught me a lesson or has helped me understand a piece of marketing or a piece of the process. If you just change your mindset to where it's not a failure, it’s an experience, that it’s a learning experience where you've gained a bit of knowledge.
I’ve got 10 people coming in from all over the world. Actually, I take that back, nine people. The one Inner Circle member can't make it because he's from Austria and, oh, by the way, he’s doing like $500,000 a month in just the UK, I believe, but he can't make it because it was such short notice for him so he's going to come to the second one. So, there’s nine people coming and all of these people they have this, “You know what, I'm just going to go ahead and going to give it a try.” So, there's literally nine people that are coming that are forward thinkers. They are risk takers in a sense. I mean, we can say like risk-takers like they're just careless. No. We have a strategy, or we take one part of the business and we tweak and then we try but they’re at the level where they’re like, “You know what, what got me here is by me trusting in this process and understanding that parts of the process are not going to go my way,” like I get it but they have this forward-thinking mindset.
[00:06:04] Scott: And you know what, no matter how they got there, they got there. A lot of us have had bad experiences in the past that we kind of tell ourselves a story in our head that makes us not want to do it or ask 100,000 questions. I get it. There's a funny story years ago and I'll share this one because I think everyone can relate. I was about 23, 24 years old. I was in my construction job with my father's business which I thought it was going to be my long-term retirement move right back at 23 and I got introduced to Amway. And I went out there and started to promote the Amway, the plan, as they called it back in the day to all my relatives and all of my friends and anyone I knew. I actually went to my cousin’s house who was older than me at the time. She was married and everything and I was 23 and I went there, and I wasn’t a suit and tie guy. I’m still not a suit and tie guy and with Amway, you're supposed to go there in a suit and tie or you they want you to, tie, looked really like put together, business. You're just professional.
And I went to my cousins for dinner. Not telling her I was going to show her the plan and my wife and I showed up all decked out, and I showed her the plan and she kind of like was taken back a little bit. Never really said anything about it but I was really, really embarrassed and that really kind of hurt me moving forward because there were other things I wanted to maybe try that I didn't try because I felt embarrassed that other people were going to judge me. Other people were going to look at me that were my friends or family that go, “Oh, he’s just chasing that next shiny object,” and then I just started listening to people like Tony Robbins or people that were inspiring me that were helping to get me out of my own way and then I was able to make that switch and try something else and it kind of worked a little bit. Not like I was going to be able to leave my job type, but it worked. I got a result.
[00:08:00] Scott: Like kind of like put something up on eBay and it’s sold. Wow. Okay. So, I got through that little mental block, that little mindset trash that we all have in there, but my point is this. We've all had those experiences. We've all had something that didn't work. And that's going to happen, and most successful people will tell you they’ve had more things that didn't work than did work but the reason why the thing that worked, worked because they actually kept trying, or they kept learning through the experience and they looked at things that didn't work, not as a failure, but as an experience, and they learn and they built from that. And what I was saying before, before I got distracted with my own thoughts is I got nine people coming in, technically 10 people in my inner circle that are paying quite a bit of money to be part of this group and they all are trusting in my skills and my team’s skills from things that we've learned from building businesses for the past 15 years.
These are all experiences that I've learned through growing my photography business and then my digital online business within the photography space and then my eBay selling and then my email marketing. Like, all of that stuff gave me the skills that now I have people that want to join a very elite group for me to help them build their business with the skill sets that I built, and my team has built through our experiences, through our failures, like so that's the thing. Understand that you have a mindset thing that's blocking you and you need to identify what that is. What is that thing? So, that’s my exercise for you right now. What is that one thing that's kind of holding you back that's making you say like, “Well, what if? What if this doesn’t work? I want to do this but if I do that then I might look bad over here like figure out where that thing happened that's blocking you and identify it. And if you identify it, it’s going to become more clear as to why you're being held back and then you can rationalize with it.
[00:09:59] Scott: So, again, I just wanted to say that's a big one. The other thing is, is like what we continually put in our head, we feed our brain, we start to become, or we start to think alike. And again, you surround yourself with those like-minded people, those forward thinkers, you start to become one of them and then all of a sudden, things start to rub off and you start to elevate your game a little bit. So, that's the thing. When you surround yourself with those kinds of people or that kind of information, it elevates your game. And my daughter right now who's in fifth grade she's trying out for a sixth through eighth-grade volleyball team. Now, she may or may not make the team. I don't care but she'd still be number one. She's being forced in a sense, in a good way, to really elevate her game, get out of her comfort zone in a sense and all I'm really wanting from her and she wanted this, by the way, we’re not forcing her because she wants to play a little bit of a higher level where it’s a little bit more competitive. The other stuff was to her a little bit just beginner-ish. So, there's nowhere in between. It’s the very beginner or it's the more advanced, so she's going to try it and we'll see what happens.
But whether she makes it or not, she's going to want to elevate her game, and the people that are watching her, the coaches and stuff, see this so she's also been noticed for maybe high school or whatever right, all that stuff, but she’s surrounding herself with people that are more into the game. My son did the same thing all the way up through high school, all the way up through elementary school. He always played up. Whenever he would play down with other people or other kids that were like a couple levels down, he would always bring his game down. Have you ever noticed that? You see like teams that start playing maybe a team that isn’t as good, they start playing down and you’re like, “Why are they playing like that?” It’s because they’re playing down to the competition versus playing up. And so, I just really want you to understand that our mindset is huge, and it is key to success so really start identifying that and really download some good stuff into your brain and some energy. A lot of people say, “Scott, I listen to your podcast just because you give me so much energy.” That's awesome. I love that.
[00:12:02] Scott: So, keep coming back and I'll be here, and I will continue to energize you and kick you in the butt when you need a little kick in the butt to get you moving. We all need that. All right. So, that's going to end my little rant here, but you are in control of your thoughts. You are in control of your journey, in my opinion, and if you surround yourself with those positive energetic people, it's going to rub off. Trust me. All right. So, enough on that. Did I get you guys a little bit fired up? Are you guys starting to think a little bit differently? Hopefully, you said yes. I would love that. All right. So, let's go ahead and let's dig in. Let's listen to this question that I know you guys are all probably wanting to know my answer to and kind of my solution to and then from there we will go ahead and wrap this baby up. What do you say? Let's do this.
[00:12:55] Lloyd: Hey, Scott. This is Lloyd. I've been listening to your podcast for a little while now and I was wondering how viable the technology niche is. And I asked that because I have a huge passion for technology gadgets and the latest things are being released and new things in the news, all those different types of things, but I know that as far as beginning Amazon FBA that it is highly not recommended to go the technology route or anything electronic. So, also the other aspect is from a digital product or course perspective, I can't figure out anything that I could create to sell from that aspect.
But as far as building brand, which I know you preach over and over again, it does seem to fit as far as YouTube channel, a blog, and podcast. I see that as a viable niche, but those other two categories, Amazon FBA, and selling a digital product don't seem viable. So, I wanted to get your opinion on that and what your thoughts were around that. Thanks again. This is Lloyd.
[00:14:13] Scott: All right. That's a great question or questions I should say and, Lloyd, I want to thank you for listening, being a listener on the podcast but then also submitting your question. This is great because I have such an idea for you and anyone else. Whether you're in electronics or not, if you're going in a very competitive space like electronics is very competitive because there's a lot of big names out there pushing electronics or talking about electronics or even just technology and it's always changing. But that's the exciting part. Now, depending on the personality you have, or you're going to have a co-host like you can do a podcast like you said because it's always fresh content, you're going to listen in if you're a technical or technology guy or girl or maybe electronics, the new thing in this certain industry.
The only one thing I would probably say is I would try to narrow the focus a little bit. Versus just being anything electronic, I would try to go after a certain market or a niche and, yeah, I would go and try to tailor my discussions and my reviews and information towards that. Perfect example, okay, depending on where you guys heard of me which a lot of you are probably the podcast or maybe it's YouTube and when I first got started, all I was doing was documenting my journey, okay, selling on Amazon. So, now I get people that come to me, maybe even you and they walk up to me and they’re like, “Hey, Scott. Thanks so much for all the content. You're the Amazon guy,” and that's what I'm known as. Now, eventually and like right now, I'm starting to pivot away from that.
[00:16:12] Scott: And you might've noticed that now there's a lot of me talking about how to build a brand, how to do list building, how to build an outside sales channel. All of these things I always had an interest in. I've always been doing in business but to get the attention and to really start calling out to a certain market, I said, “Why don't I just start talking about this one thing? This way here people are going to tune in that want to know about this one thing. Now, there’s all different things in the one thing. There's all these different areas that we can explore on Amazon. We can talk about finding a product, sourcing, how to launch, keyword research, pay-per-click, like all that stuff goes under that same thing, same thing. Let's say that you’re a YouTube guy and you’re teaching people how to start a YouTube channel. Well, you have all of the stuff about how to get started but then you have equipment that goes along with that. So, maybe you're going to be talking about equipment for videographers or equipment and software for this certain industry.
So, that would be my only thing. Where could you carve out a little spot for yourself to be in the spotlight as the go-to person for this? And eventually, just as I'm doing right now is then you can start to open it up a little bit and say, “Hey, I know you're interested in this, but you probably are interested in this too because it's very, very much related.” If you're selling on Amazon, you pretty much want to start a business and you probably want to get more customers and you probably don't want to rely on one channel. Well, then comes in marketing then comes in building a business, talking about brand. That's what I'm doing. So, if you've noticed on all of my whiteboard Wednesday videos, how to build a brand because that's where I'm going now, but the spotlight that got me right here was how to get started selling on Amazon and it is still a great place to start selling.
[00:18:12] Scott: I always talk about that anyone I come across. The first time I talked to someone about a business idea, we want to figure out the market and then from there, we want to launch our first product on Amazon. That's where I would start. It’s where the traffic is. It's the easiest way to start getting momentum, start getting sales. But that's not what I'm talking about here. What I want you to do is start thinking a little bit in that way, how can we narrow down the scope, so you can go ahead and start the podcast? I think you should, by the way. A YouTube channel definitely should do that. And then here's what I would do. I would then start exploring the different products that you're going to be focusing your sites on as far as that market and then I would do a review on that product. So, let's say you have 50 products, take two weeks off, 50 weeks. One video every single week unboxing something. That's it. Eventually, you’re going to have companies contacting you going, “Hey, will you unbox my thing?” And then you get product for free and you're able to get content going.
But this way here people are going to be searching for these certain things and you're going to show up and you're going to be the go-to guy or girl depending on who’s watching this and you can then start to create this whole batch of content that's going to be really reaching the people that you want to reach and you’re going to be able to talk about stuff that you love. That's what I would do if I was you, and then the products, that comes easy. The digital products, that stuff will come too. There's definitely a digital products play for you somewhere. Don't know right now, but get started on what you can do and what you love doing, and that is investigating the upcoming technology, the upcoming electronic stuff in that market and then just go after that and be excited about it and share and add more goodwill to the marketplace and then that other stuff, the product side of things, that stuff will just happen and then here's the other cool thing. Another little tip. If you're doing these product reviews, you can sign up as an Amazon associate so now you can be an affiliate. The other cool thing is now you’re going to get people that are attracted that are these types of people, they’re going to buy through your link but then also anything else that's in their cart, you’re going to be able to see what they bought as far as history.
[00:20:17] Scott: So, now because of that, you’re going to start to open up your scope as far as what other people could buy from you and I would start building an email list. I would do all the things that I talked about in the brand building series and in our PACE model. This is a perfect model for PACE. If you haven't caught that, TheAmazingSeller.com/PACE. It’s a free resource. That's where I'm taking all of the principles in building a successful business and breaking it down into four pillars and definitely you want to check that out. So, hopefully, this helped you. Narrow down that focus. Go for it, man, and go out there and show the world how excited you are about this thing and then just narrow down that focus a little bit at first and eventually we could open that up. Everything else will kind of happen. But build that list and one way that you can do that is through email, but you can also do it just by getting a subscriber base just like this on YouTube and podcast.
Podcast I think is another great form of media that I think a lot of people aren’t taking advantage of. It’s probably the number one way people find me, and those people are so much more my loyal fan base because they hear me in the car or the walk or the run or the plane or the train for like 30 minutes, 40 minutes, sometimes an hour. There's such a connection there. And this is another good way but a lot of times on YouTube, you get distracted because you’re seeing something else. You might want to click on it. Podcast, boom, in the earbuds, 30 minutes generally. So, definitely don't discount that. So, I think I’ve talked enough on this. I'm pretty excited for you and anyone else out there that’s thinking about doing this, but I do think anyone out there can enter a competitive space, a saturated space as long as you have what you just said a passion for something, a hunger for something, and something that you would love to do whether you're paid for it or not. I think you can't lose. You’re just going to win.
[00:22:09] Scott: All right. So, there you have it. Another great question. Another great session. And, guys, I love hanging out with you guys and the crazy thing is, as I've always said to myself, “You know what, those Friday episodes,” because when I decided to do three episodes I’m like, “Man, that's a lot of time on the mic. I’ll make Friday shorter. I’ll make them like 10 minutes. I'll just open up, answer question, and we’ll get on with it,” and I just have taken this session and this podcast episode or episodes I should say to really allow me to share some of my thoughts just on business and life and all the stuff that goes along with building a business because really it's all about building a lifestyle business to me and a business that supports your lifestyle. So, I've taken the first part of these to really do that, and I always still tell myself though, “Scott, let's shorten up a little bit,” but I try, and I just can't. It’s just there's a lot of things that I want to make sure that you are aware of and I want to make sure that we stay connected.
So, anyway, this is going to wrap up this session. If you have any questions that you want me to answer on an upcoming Ask Scott session, head over to TheAmazingSeller.com/Ask. This episode can be found at TheAmazingSeller.com/571 and then another reminder, Brand Accelerator Live, if you want to go over and grab your ticket so we can go ahead and hang out together and accelerate your brand, head over to TheAmazingSeller.com/Live or BrandAcceleratorLive.com. You get the latest details over there. All right, guys. So that’s it. That’s going to wrap this 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, let’s say it with some energy today, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.
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