Enter the 7/7 Score
There are plenty of articles online that describe sure-fire ways of succeeding with Amazon FBA in the shortest amount of time available.
I've written a few myself. Some are in-depth, and some are more of a detailed step-by-step type of thing.
After reading these, it got me thinking about what could be missing would be an article about how not succeed the fastest with Amazon FBA. But instead, how to FAIL with Amazon FBA. After all, if you know people are messed up, it may prepare you to sidestep their issues. As well as actually help you succeed faster.
Recently Kale Abrahamson and Taylor Hiott, co-founders of Nine University
sat down and recorded a video that described the steps they feel would help budding FBAers to fail FAST.
After watching this video, I thought it might be a good idea to summarize what they talked about. As well as show why so many people follow Kale and Taylor. And who thousands of people have taken their courses.
So let's dive into their take on how to fail the fastest possible way with Amazon FBA.
People make this often. It is almost always broken down into two elements:
1. They only want to sell what they are interested in.
2. They become overly attached to whatever product they decide to go with on Amazon FBA
Does this sound like you, or anyone you know? I'll admit, it is very easy to trust your heart over the numbers. I have decided, "Well, I've come this far with this product to simply walk away from it now, maybe if I just invest more people will start buying"... When in reality, it is never a good idea to throw good money after bad.
The biggest thing you must remember is that you are not the buyer. You are the seller. You aren't selling to YOU you are selling to THEM. If "THEM" aren't buying, you should pay attention to that.
Taylor suggests people focus most of their energy on product research.
Enter the 7/7 Score
Product research is a topic Kale and Taylor are very familiar with. In fact, it is one of the cornerstones they built Nine University on. Early on they created a formula that turned the FBA market on its ear. And is now considered by many to be the industry standard when it comes to picking a product to sell on Amazon. The 7/7 Score.
The 7/7 score is a formula that takes into consideration three things vital to the success of any Amazon FBA seller. Demand, competition and when you couple a 7/7 score of at least a 7/7. As well as guaranteeing a high ROI, at least 200%, you greatly tip the scale in your favor. Notice how they don't mention "emotions". They look only at science and data.
Maybe you love playing cornhole and you'd love to sell some cornhole lights. As a result, you look to see what the 7/7 score is for "cornhole lights". To your discovery it's a 3/4. As well as look at the cost of manufacturing and shipping. A batch to Amazon and you realize your ROI isn't 200%, it's 90%.
What would you do?
You love playing cornhole. Your buddy told you he would buy a set of your lights. You may be tempted to go for it. But when you look at the numbers, you would be smart to pass on this product. It would be very difficult to make this product work profitable.
Step 2: Don't Rush Product Research
This is something we see every day. People rush through product research and decide to pick a product. Just so they can get the ball rolling and to begin selling.
HUGE mistake. Product research is hard. It can take a while. Sometimes people fall into a product that passes the 7/7 score. As well as has a high ROI and they can just jump on it. I've seen people literally start their FBA journey. As well as have their first product shipping to Amazon. Before the first 30 days are up. As well as people take upwards of six months to find a product. It takes time. One thing to remember is the product research portion of FBA is where all of your money will be made. Don't rush this part. It's a sure way to fail.
Step 3: PPC Analysis Paralysis
PPC is Amazon's advertising platform. It is one of the main ways people drive traffic to their listings. The more people they drive to their listings, the more money they will make. So, it's understandable why people think PPC is important.
The first step many people take with PPC is to go to YouTube and start to watch every PPC video there is to learn.
Setting up a PPC campaign isn't hard, especially when you follow the tried and true method Kal and Taylor teaches in the Nine University courses. Therefore it's simple, anyone can do it if they follow along.
There is no reason to spend countless hours trying to figure out all of these advanced secrets, Kale likens it to learning how to dunk a basketball before you, learn how to dribble.
Step 4: Don't Budget Enough Money
Amazon FBA is not a get rich quick scheme. Newbies often think they will throw in $300 and start an Amazon FBA business. You won't be able to start a real Amazon FBA business without having some money set aside. You'll want enough to order samples, make your first order, and have enough set aside for your second order. The last thing you want to do is run out of inventory on Amazon.
Step 5: Doing It All Alone
There is no reason to try FBA all by yourself. Although, must ask for help. There are a lot of moving pieces to Amazon FBA, and no one is going to blame if you don't know what they all are.
Don't look for help from many people. This is a mistake. Because, oftentimes each of the people will give you different answers. Different pieces of advice that many times contradict what the person before told you. It can be a real mess.
Find someone who knows what they are doing and who can prove they are successful at FBA.
Step 6: YouTube is Great for Learning How to Clean the Grout in Your Shower, but Not So Much for Succeeding With Amazon FBA
There a ton of videos on YouTube from the so-called gurus who explain how to make money with FBA. I suppose some may have good points. But I've seen some experts make statements on videos that are totally wrong. Also, I think the only reason many of these people make videos is so they can make money from the YouTube ads. Again, I'm not saying YouTube isn't great. I love YouTube. If I need to re-wire my ceiling fan or learn some new cleaning hack, I'm all in with YouTube. But if I want to learn the intricacies of succeeding with Amazon FBA, I'm going to invest in a reputable course.
Step 7: Making Your Product Identical to Everyone Else's Product
This mistake is almost understandable. If you discover 5 different sellers on page one of Amazon are selling the exact same widget. And each is making $10,000 in sales per month, why wouldn't you want to do exactly what they're doing?
It's kinda hard to argue with that logic. Although I would say, "what if yours was the only widget that actually came with a carrying case"?
As a seller, your goal should be to make your product. Even if it is essentially the same product, appear better. In a perfect world, you would actually make your product a better product. But either way, you have to make your product stand out from the pack. Although, it may cost more to differentiate your product. As a result, you can charge more for your product.
Step 8: Don't Give Up
One thing we've already stated in the article is FBA is hard. As long as you know that going into it, you should be prepared for any bumps along the way. As well as prepared to invest some time to make it work. Do not quit. Just look at your FBA journey as a series of steps from point A to point Z. Once you know the steps, you can take one step at a time. Will each step be simple? Nope. But as long as you don't look too far ahead, and just concentrate on finishing the step you're on. you'll succeed. The only way to not succeed is to not complete and move on to the next step.
Step 9: Invest in Yourself
I have no doubt anyone can succeed with Amazon FBA if they make an investment in themselves. As well as learn how to succeed. As I said above, being a success with FBA is no more than completing a list of steps. Complete each step, move on, and pretty soon you've succeeded. Although, it is a lot easier if you know what the steps are.
That's why it's imperative to invest in yourself as well as a step-by-step education that'll walk you through all you need to know about how to succeed with FBA. One that will tell you all of the steps you need to take and one that will help you take and complete each step.