We’re going to go back to the Canton Fair in this next trip where we’re going to go through and do some training and some coaching, as well as do some guiding trips through the fair, all in the purpose of helping you find and add Amazon products to your line. All of the information, if you’d like to check that out is at MarkScottAdams.com/Canton-Fair.
The other event that we’re doing is Private Label Live. We’re going to have at here in Orlando, Florida, in Disney World, right next to the Downtown Disney. This is an event we did last year. We had so much fun and people enjoyed it so much, learned so much, that we’re going to go ahead and try and do that again. That’s going to be in late September.
All the details for that should be at PrivateLabelLive.com. In that event, literally, what we’ll do is put lots of smart people together in a room, try and do some group coaching, try and be able to put together some training and some ways to help people grow their business and talk about a variety of topics, but ultimately, it starts out with a premise of putting smart people in a room. Good things happen.
What we’ll do today, let’s talk about the 10 common things that are mistakes that I see people make. I have a good fortune to be able to coach a lot of people and work with a lot of people’s sales pages and see them work and go through this business, and I’ve had the good fortune where some of my students have not only made part-time income and lots have been able to be able to leave their jobs.
Many have even been able to make 6-figure incomes and multiple 6-figure incomes. I’m always curious as what makes the difference. What is that some people do that others don’t to be able to separate themselves from people who do really, really well and, quite frankly, some who don’t.
I got a quick list here of things that I thought of. If you can master these and avoid these, if you will, I think you got significant or better chances to be able to not only have a very nice business, but to be able to grow and scale it to whatever you want.
First thing I think is buying too much inventory. I had a conversation with a nice couple the other day that I asked them, I said, “Okay, what are your projected sales per month on your item?” They said, “About 300 pieces.” Okay, that’s fine. That’s about 10 a day. That’s a doable thing.
I said, “Okay, fine. How many pieces of inventory are you going to buy?” “The supplier said that we needed to buy 5,000 pieces.” If you think through that for a second, if their own projections are 300 pieces a month, that’s about 18 months worth of inventory. To make a long story short, we got them even down to 1,000 pieces, which was still a lot, but it’s still reasonable for what they were doing.
I can’t remember the dollar amount, but I think we saved them, I don’t remember, $4, 5, 6, 7,000 just by that slight change because in reality, the old saying goes, “Cash is king. It truly is,” but in reality, you’ve got more money to buy other products over the course of time.
It’s not the $4, 5, 6, 7,000. It’s the $30, 40, 50, 60, 70,000 that that investment could have made into another product. Little decisions like that, you have to be very careful of how much you put into your initial inventory.
The next one is overestimating or underestimating, I should say, the shipping amount. I get a lot of emails sometimes that say, “Gosh, my product was a dollar, dollar and a half, whatever it is, but the shipping was $2 an item.” It sounds counter-intuitive to know that their shipping is more than your item in many cases.
However, it’s the total amount that really, really matters, but when you’re sitting there calculating and realize that sometimes it can be more than the item, that’s normal. However, it’s still less than what it would be if you were to buy the product here in the United States or in Europe.
Underestimating the time till the first product. I have a lot of people who I talk in the initial stage, and they say, “Well, I’m going to get this done. I’m going to have this launched in 2 or 3 weeks.” I will say I was very fortunate when I went through my very first product.
By the time I contacted the supplier, took us a week to get the details worked out, a week for them to manufacture the product, and then a week to get it sent and listed in Amazon, roughly in there somewhere, but I think I had it listed on Amazon in roughly 20, 21 days from the first contact that I did with the supplier. Of course, I had to make a lot of changes. However, it was a very, very quick process.
Some people can get it done as fast as that, if not faster. Some it seems to take several, several, several months, but that’s fine. In reality, if you’re doing everything you should, it really shouldn’t take you more than 60 days from start to finish. That’s a normal time. I think anything less than that I think is pretty good, but allow for whatever time, if you’re doing your budget.
The next thing I think people do, the biggest mistake they make, is they just simply cheap out on pictures. You put money into it. You put time, you put effort into it and your product, and they’re okay spending money on product, but people won’t spend money on pictures.
When you see a listing that has cheap pictures, you can tell instantly and it just radiates of lack of quality throughout the impression on the whole product. Again, I think the pictures are your first impression and the most important impression because if you don’t win that conversion, if you don’t convince them that your pictures are good, what are they really thinking? Even if it’s subconsciously thinking about your picture.
I don’t know how many people I’ve seen run 95 meters of a 100-meter race and just quit because they won’t spend money on pictures, and then the next call is, “Well, how come my item’s not selling?” It’s lots of little things done well here is what makes you successful on Amazon.
Not using the right keywords. A lot of people don’t seem to understand the concept of … I use a tool, multi-tool, which I don’t know if everybody knows what that is, but it’s like a Swiss army knife where it does pliers, knives, screwdrivers, all in one little convenient tool, which you put in your glove compartment or take camping or whatever you’re doing as item.
From a ranking standpoint, everybody tries to rank for multi-tool, which has a lot of competition, lot of reviews, very hard to break in, but if you use the keyword, in this example, multi-tool for camping, you probably have a pretty good shot at being able to rank for multi-tool for camping or multi-tool for bicycling, whatever that might, motorcycles, motorcycling, whatever that might be.
If you’re doing and ranking for the right keywords where people are ready to buy, where if they’re typing in … Where I’m going with this is the terminology that’s called commercial intent. If you do try and set your entire page up to rank for a multi-tool, that’s really more of a research keyword anyway.
They’re not really sure what they’re looking to buy. On that buying scale of 1-10, 1 meaning research, 10 meaning buying, they’re probably at a 4, 5 if they’re typing in multi-tool, but if they’re typing in multi-tool for camping, they know they want a multi-tool, they know what they want it for, and they’re commercial or buyer’s intent is much higher. Maybe they’re a 7 or 8 on that 1-10 scale. They just need to find the right multi-tool for camping that they want.
If you set the right keywords up, your conversions will be higher because you’ll show up when people are searching for what they want when they’re ready to buy it, so you got to get that part right.
Next thing is poor copy. I guess this really goes along with the same thing as poor pictures, but if you keyword stuff, if you do all of these things that don’t make the census easy to read to the human being, if you make them hard to understand, if you don’t progress along and move them through as a story and why they should buy your item, then you’re doomed.
I tell this story sometimes quite often of buying a drill. Nobody buys a drill because they want to drill. You buy a drill because you want to drill a hole. Most people still sell the drill when what they should be doing is you sell the quality of the hole that the drill makes and then people will buy the drill. Your copy should be focused more on selling the hole and not the drill.
The other thing in there, too, is that I think most people, once they become and Amazon seller for a bit, they lose their focus a little bit and they ultimately end up becoming addicted to the strongest drug in the world, which is Hopium. They sit back and they stare at their listing every day, they look at the dashboard every day, they’ll check their sales page, and they sit there and just hope that their product does well.
This is not just set it and forget it. This is a business where you do need to keep up with it. You need the business managed in the back end. You need to take a look at the dashboard. You need to look at your numbers. You need to be able to run this as a business. There is no Hopium, hoping that it works. That’s just a recipe and formula for disaster.
The other mistake I think people make is that they simply don’t add enough products. I think they come into this thinking in terms of I’m going to introduce an Amazon product that’s going to make me $50,000 a month. Fine, 1% of 1% of 1% of 2% of somebody’s cousin maybe does that. It’s doable, but it’s not probable for the vast majority of the people.
The reason that I suggest that you add products that are not very competitive in the beginning is so you can learn what you’re doing and then have the knowledge and the experience to be able to scale up and then try the more competitive $10,000, $20,000 a month product if you so choose.
But again, 1 or 2 products is probably not enough for most people to make the amount of money that they really make because what you do with release a product, you have so much knowledge and so much experience and that’s your biggest asset is to be able to grow and scale as business as your experience and knowledge.
Everything that I put together, every seminar I do, every trip, whatever it is where I talk about just releasing products, I think if you can have a thing in place to where you release products, whether that be one every month, whatever you can afford in time and effort to do, whether it be one every two months, three months, whatever it is, but consistently release products and eventually you’ll get into the numbers that you want, where you want to be because in reality, some problems will exceed what you thought, some will not.
Some will do exactly what you thought. It’s the you don’t want to put all your eggs in one basket type of mentality. I think just the simple aspect of this is continuing to release products.
The last thing in this that I think is, or next to last thing, is not reinvesting in additional training. Again, could follow up with a Hopium type of thing. People think they know everything. This is a dynamic industry. It’s changing constantly. You’ve got to stay up to date on what things are doing.
You’ve got to learn, whether it’s from me, and I have different programs and different things for different stages, but whether it’s from me or somebody else, you’ve got to stay in touch. You can’t just coast after you get a few products up, or if you do, inevitably, it’s just a few days till the end because it’s coming. It might be a month, it might be a year, it might be two. I don’t know, but you got to stay up to date and you got to continue to stay ahead of your competition.
Those are nine things right there, I think the biggest things and mistakes that I think people will make, and I think they’re pretty easy to avoid, but the biggest mistake I think people make, I don’t know really if you could avoid this one, but it’s kicking yourself for not starting sooner because although no business is perfect by any means and certainly an Amazon business is not perfect, but I’m convinced it’s the best and fastest way to get to a 6-figure income period. You should just kick yourself or if you’re thinking about it and you haven’t started because if you haven’t started, you should start now.
If you’d like some free training on how to get going, you can take a look at the link here, which is MarkScottAdams.com/free-training. We’ve got some videos and some things that will get you going. Anyway, I hope just as you think through these things that you’ll be able to recognize some of them in yourself because no Amazon seller’s perfect. Nobody avoids every mistake, but the more you can avoid, I think the better you’ll be. With that said, good luck. See you next time.
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Mark Scott Adams is a serial entrepreneur who has started, built and sold six businesses. He has sold millions of dollars of physical products on and offline over the last two decades. He is currently a speaker, author and successful Amazon Seller. To take his free amazon sellers training click here. To Get his free product checklist list click here