5 Business Lesson Everyone Should Learn When Selling on Amazon
Running an Amazon FBA business can be a great way to make passive income and break away from the nine-to-five lifestyle. Even though it can be super fun and easy, there are definitely some things that should be learned along the way to make it a successful venture. Nine University
has put together a video
of some of the business insider lessons that they have learned. Below are five of those lessons described. Let’s get right to it:
Business Lesson Number Five: Know Your Base
Whatever it is that you are selling, you have got to know who is buying it. Once people start to buy your product, it will pay off to learn who they are, what they do, and why they are buying your product. At that point, do not stop hammering away at your sales pitches and advertisements. People that have heard from you before are more likely to buy from you than the people on the other end of your ‘cold-calls’. Not to say that you should not try to expand your customer base, but you should put a lot of effort into the customer base that you know exists.
Lesson Number Four: Make it Scalable
When you first start your business, you will likely have a fairly easy time organizing. You will also likely be able to provide great customer service etc. Something to keep in mind, however, is that your business will grow and you will have less and less time. Be sure that as your business grows, you can maintain every aspect. This will mean that you should organize everything and manage your time as if you are crazy-busy right at the start. You should also make sure that your financial plan is scalable too.
Lesson Number Three: High ROI Takes Top Priority
When it comes down to it, Amazon FBA is all about ROI. But let’s face it, just about any business is. If you are selling a great product and a lot of people are buying it, it will not matter if your profit is not substantially higher than your investments. There are a lot of ways to keep your ROI high listed in the video above. One way is to make sure that your marketing campaigns are actually working to sell your products. Those are easy to track on Amazon Seller Central.
Lesson Number Two: Knowledge is the Best Investment
When doing something as intricate and involved as Amazon FBA selling, there is a lot of information out there and a lot of things that can be learned about the many avenues of the business. If you have to spend time and money on anything, spent it learning the business. If there is something that you do not know, research it. You can take classes, join forums, watch YouTube, or a number of other things. The bottom line in this business is that knowledge is power. The more you know, the more successful at Amazon selling you will be.
Lesson Number One: A Good Product Beats Good Marketing
If your marketing scheme is amazing and your promotion is perfect, your business will still not recover from selling a bad product. People will talk about it, your customers will be one-time purchasers, and your Amazon business will not do well. You have got to put your ‘money where your mouth is’ and provide people with a great product. Selling the wrong product can harm the business, but recovery is possible. If, however, you sell people a piece of junk, the word will travel fast.
Check out Nine University’s
website for more about Amazon FBA and how to do it right. These guys have learned a lot and are excited to share it with you!