Expert's Guide to Winning on Amazon: Never Make These Four Mistakes!
It's Arek, twin number one, and today, I want to give you my honest review on Amazon. By the end of this article, you'll learn whether Amazon is worth it in 2022 and the worst four mistakes I made! But before we start, here's a little about myself and Brian.
Here's the deal: Brian and I are expert Amazon coaches helping students live to their inner potential. We help people achieve success and financial freedom by teaching them how to sell profitably on Amazon regardless of their experience level and business knowledge. Today, we run the FBA Startup program, a YouTube channel, and a blog to help new sellers learn multiple advanced selling models and scale their brands.
Did I mention Brian and I have been selling on Amazon since 2018? That means we have over four years of experience! And here's what we learned: Amazon is constantly evolving.
Starting an Amazon FBA business is a risk. But what differentiates the tier 1% earning $5,000,000 from the average $25,000 is being mindful of Amazon's changing marketplace and learning the skills to stand out.
There's a reason why only 2% of Amazon sellers hit the seven-figure mark. And if that's where you want to be, this article is perfect for you. Today, I'll share how I grew from $10,000 to $100,000+ and the most expensive mistakes I made during the first few months of my launch. Also, check out this video, where I give an in-depth review of my Amazon journey.
Is Selling on Amazon Worth It?- Honest Review and Expert Advice
I've been there: the thrill of building your own business, the zeal of hitting the six-figure mark, and the joy of saying farewell to your 9-to-5. But there's also the persistent fear of failing and constant stress that you're not doing enough, which leads to a severe case of analysis paralysis.
Good news: you can 100% achieve success on Amazon- 63% gain profitability within a year! Ease some of your stress by checking the four expensive beginner mistakes I made and how to avoid them:
Psst…Not a fan of reading? You can watch the video format of this article here!
Mistake # 1: Not Having a Mentor
As new sellers, your number one goal is to save money.
Unfortunately, being cost-sensitive is not always a positive thing, especially if it's stopping you from hiring a business mentor. Four years ago, I was in this exact spot.
But not having an experienced and qualified mentor to provide real-time guidance and insightful advice cost me over $4000! I made easily avoidable errors, such as hiring a freight forwarder based in the U.S. instead of assessing profitability.
Another preventable mistake was printing the ASINs on my shipment, meaning I had to re-label everything when it reached Amazon's warehouse. As a result, I lost thousands of dollars on extra labor and freight forwarding. Besides this, I lost over a month's worth of sales!
Mistake # 2: Failing to Run Profit Margins Based on the Launch Price
Another expensive mistake I made was running profit margins based on the sale price. As a result, I made little to no profits!
As a new seller with no social proof, the best way to differentiate yourself is to sell products at a lower cost. But it's essential to have at least a 30% net margin and to calculate the best and worst-case scenarios to avoid a negative ROI.
Running profit margins based on the launch price allows you to increase profits while aiming to reach your target price. Additionally, it's crucial to keep up-to-date with your inventory, or you'll lose a ton of potential customers.
Mistake # 3: Forgetting to Focus on Data
The Amazon marketplace is continually evolving, meaning the strategies that worked in 2018 are no longer viable.
You must make data-driven decisions to succeed in this billion-dollar marketplace in 2022. From in-depth keyword research to analyzing market trends, you must do your research to identify the potential to scale in different niches.
In addition, it's essential to understand your target audience, learn their pain points and desires, and provide a unique solution that perfectly caters to them. I recommend using tools like Helium 10 to help search for effective keywords, identify product success, and optimize product listings.
That way, you can make data-driven decisions, pinpoint profitable niches, and rank for the right keywords to ensure profitability. Plus, if you click this link, you can enjoy 20% off your first six months or 10% off forever!
Mistake # 4: Trying to Learn PPC on Your Own
Amazon PPC campaigns are a fantastic way of improving brand awareness and capturing qualified leads. However, this requires a particular skill set.
Therefore, it's essential to assess how your product stacks up against competitors, identify which methods work for your product, and keep testing and improving your campaigns.
Furthermore, learning how to convert prospects through highly optimized listings, vivid images, and catchy sales copy is vital. Once you build your skill set, you can exploit PPC to drive high-quality traffic to your product listing and grow a sustainable business.
The Bottom Line: What is My Honest Advice?
Amazon is tough. But it's much more difficult if you're trying to pull advice from ten different people. If you want to expedite your business growth and start your Amazon journey on the right foot, you'll need an expert mentor who's still on the game field and updated with the latest strategies.
Additionally, it's critical to develop an entrepreneurial mindset, stay committed to your goals, and build your skillset. That's the only way you can earn success in this expansive e-commerce marketplace.
Book a free call with Brian and me to transform the trajectory of your new Amazon business. Not only will we help you with the tips I mentioned, but we'll also teach you the best strategies, hacks, and tips to create a killer blueprint. You can also explore my YouTube channel and blog to discover more about Amazon FBA selling!