5 Ways to Turn Your Amazon Business Into An ATM
TOP 250 SELLER, CHAD RUBIN, SHARES HIS FIVE BEST WAYS TO HAVE YOUR BUSINESS MAKE YOU MORE MONEY
As entrepreneurs, we aren’t just satisfied with the bare minimum. We don’t sell to just “get by”. We optimize and maximize in every way to sell more, earn more, and bring in that extra dollar. Selling on Amazon had been your first step — the first exposure of your product to the 40 million American consumers — and now you have the opportunity to turn that exposure into an ATM. Chad Rubin, a top 250 Amazon seller and CEO of Crucial Vacuum and Skubana, shares his five best ways to have your business make you more money. His tips include his list of essential tech to run his e-commerce business and general best practices across multiple channels.
1. Outsource and Automate
What do you do on a daily basis for your business? Undoubtedly, a large chunk of your day is spent doing repetitive work, going through the grind, while your mind is occupied with the plans you wish to execute. Why don’t you execute these plans? A lack of time should never be an excuse to prevent you from growing your business with innovative, cash-making ideas.
Repetitive tasks, or tasks that you despise doing should be performed by someone else. Outsourcing and automating these tasks can be accomplished by freelancers via UpWork / Fiverr, and utilizing unique specialty software such as:
Unified Post-Checkout Software: Skubana
FeedBack: Feedback Genius
Amazon Review Requests: YotPo
While these are just four pieces of software, they take care of 10+ tasks you need to complete daily — not to mention the countless hours you and/or your employees would waste on menial tasks. The idea is simply to free up your time and your employees’ time to work on your business and not in it. These services more than pay for themselves in time-saving and optimization of the tasks they manage.
Also remember that this ideology also applies to your employees. Ensure your employees are freeing up their time away from low value tasks and ensure their to-do lists coincides with higher value tasks with an emphasis on their skills and talents. More time means more opportunities to make more money.
2. Track and Hunt Your Competition
Knowing how to sell isn’t enough in e-commerce. Selling on Amazon is cutthroat, and if you want to become a top seller, you’ll have to get your hands dirty and hunt your competition.
Explore your competitor’s products, track their best seller rank performance and gauge how successful each of their products are. When competing on the same markets you’ll want to see what they do well and then do it better. Do they have an innovative design that customers appreciate? Design an even nicer one.
Test purchase your competition often as well. See how they package their product and how they ship the product. See if you can do better. Shipping can often be a drain on your capital if you’re not careful. However this practice doesn’t just apply to competitors. Purchasing from vendors in all sorts of markets can teach you as a seller how to efficiently sell or market your product in package design.
Study, study, study, and then do it better than your competition. Whether it’s your superior or inferior competition, study them all, and take over your category.
And if you can’t beat them, exclude them. A repricer like Appeagle allows sellers to exclude competitionby name, including Amazon.
3. Provide Bundle Options
Who doesn’t love a good deal? People are usually willing to spend extra upfront if they save money in the long run. Providing options for bundles and kits can give you the upper hand on sales. Take products that either are replacements or simply go well being paired with other products, bundle them, and shave off a few dollars. You will undoubtedly see an increase in sales and your average order value will get a nice boost.
Providing more options and listings allows you to control more real estate space. You’ll find more of your products climbing the page ranks on Amazon, and with your brand being displayed more frequent on these pages, it inspires trust and repeat customers. Not to mention it allows for excluding almost all competition since its unlikely other sellers will bundle exactly as you do.
4. Expand Beyond Amazon
Always remember: Amazon is a channel, NOT a business. It’s easy to become wholly reliant on this sales channel as it gives you access to millions of consumers. Would you invest your stock with one customer? No, you would diversify your business.
By utilizing multi-channel software to manage your inventory and prices across several channels, you’re guaranteeing yourself other avenues of revenue in case of the aforementioned issues.
Also, believe it or not, there are still millions of consumers who don’t shop on Amazon that you can also sell to. Be everywhere a customer may be, and sell.
5. Let Your Business Stand on Its Own
You’re building a brand that should stand on its own. Your aim should be to build a business that doesn’t depend on you and ideally, doesn’t always need you.
Each McDonalds isn’t personally overseen by the corporation’s CEO, but rather following the recipe and business plan exacted by their HQ, New York City’s McDonalds runs just as efficiently as Atlanta’s McDonalds leaving a networked hub of profit without the hands-on work.
Optimize your business entirely by using the previously mentioned tips to automate your business. Have the cogs turning without you moving the crank. How do you build a system that allows big important things to happen without your constant managerial oversight? By using operational documents, software, and inspiring proactive and independent work ethic into your employees.
Software such as Trello allows you to check the progress of your employees’ work progress and tasks at hand. You don’t have to hover over their shoulders to understand their responsibilities. Software likeGoogle Drive, Slack, and DropBox allow you to keep in constant communication and file sharing at hand to ensure your entire staff is on the same page.
You have worked hard to grow your business from infancy, and now, without you pushing the stroller your brand can run on its own. Using these tips we have mentioned, you should be able to work on what you want to work on. Remove the need to have to supervise over every aspect, make money without being in front of the computer, and expand your business to ultimately become a better entrepreneur.
This post was contributed by Chad Rubin, CEO of Crucial Vacuum and Skubana. Skubana is an all-in-one ERP system that seamlessly integrates with e-commerce businesses, 3PLs and warehouses, provides state-of-the-art profitability and multi-channel inventory management. Try Skubana free for 14 Days.