What You Need For Amazon FBA Success:
Over the past year my Amazon FBA business has sold nearly 100,000 units, generating over £1.4m, and that’s come as a result of me repeatedly following the same steps over and over whenever I’ve gone through the process of looking for and then selling a new product on Amazon.
ESSENTIAL 1: Having A Realistic Goal For Each Product
Before I even begin to think about searching for a new product for my Amazon business, I make sure that I’ve got a clear understanding of what the product needs to have when it comes to its monthly sales, its profit margin, and the Return on Investment that it generates. By taking this step before I start looking for a product to sell, I’m reducing the chances of me wasting time from doing un-necessary analysis on products that either wont make me enough money to be worth selling, or have a high risk of failure to set myself up for Amazon FBA success.
When thinking about the sales and profit metrics that my Amazon business needs to have, I always ensure that I keep things realistic, because I know that the higher I set my required sales and level of profit, the higher the competition and level of risk there is going to be. I would much rather sell 3 low competition Amazon products that together make £5,000 a month, than 1 high competition product that does £6,000, and so that is always reflected in the metrics that I set when thinking of my product avatar.
Typically, when searching for a new Amazon FBA product to sell, I’ll be looking for a product that meets the following criteria as a bare minimum:
By doing my research with these metrics always in my mind, I’m quickly able to determine whether any product that I come across is worth my time investigating further or not, and sometimes I’m able to do that in just a few seconds.
So, before starting your own research, do what I have repeatedly done to achieve my Amazon FBA success – make sure that you have a clear understanding of your own target product so that you’re not wasting time and searching for a needle in a haystack.
ESSENTIAL 2: Having A Great Supplier
My Amazon FBA business generates 7-figures not just because of my products, but because of my suppliers. Having a good supplier that can manufacture a decent product isn’t just a nicety these days – it’s an essential component for achieving Amazon FBA success. Regardless of how good your product might sound to the customer, if its quality is awful because you’ve got a rubbish supplier, then that’s only going to lead to one thing happening – failure and losing money.
The moment I think I’ve found a product worth selling on my Amazon business, I start searching for an Amazon FBA supplier that’s not only able to manufacture something of high quality, but also has good communication skills, is responsive and able to understand exactly what I want and how I want it. Working with a supplier that can’t understand you, or isn’t very responsive, is just as bad as one that makes awful products, so whenever I’m vetting who I want to work with, I’ll message them more or less on a daily basis to test them on these factors.
So when looking for an Amazon FBA supplier for your product, don’t just let the price point dictate who you go with. Of course it should play a factor, but for sure you also need to judge the quality of the product that they’re making by ordering a sample, as well as their communication skills by messaging them frequently. By testing all of these things, I’ve only built relationships with excellent suppliers, a key reason that I’ve managed to launch and scale products that have taken my Amazon business to 7 figures.
ESSENTIAL 3: Building A Brand Story
If you want to sell your own products and achieve Amazon FBA success, then you’re going to need to create a brand story, which doesn’t mean that you just need to stick a cheaply designed logo on your product and hoping it resonates with a customer. Instead, it involves you creating a story about how your product and your business came to be – a story that entices the customer to buy from you, because your brand resonates with them, and because of that they view what you offer as higher quality, differentiated, and more deserving of their cash.
Having an attractive and compelling brand story in my opinion is one of the biggest factors that’s contributed to my products and my Amazon FBA success, and in my view, doing a bad job on this part is one of the biggest reasons that most private label products don’t succeed, because the branding is poor, it looks unprofessional and it doesn’t resonate enough with the customer or give them a good enough reason to buy versus the sea of competitors.
If you want to see an example of what a good brand and brand story can do to a product – check out Chilly’s water bottles.
Just from looking through their Amazon listing you can see that everything is consistent and flows well when it comes to their brand story – they haven’t just stuck a logo on the product and hoped for the best. And because they’ve done such a good job with their branding, they’re able to charge a huge premium versus their competitors, when the reality is, both products are the exact same and are probably even sourced from the same factory.
So when putting your product offer together, don’t be tempted to just get a cheaply designed logo made and thinking that’s enough to convince customers to buy from you. Just like I’ve done, make sure that every single aspect of your listing and offer tells a compelling story that resonates with your target customer and convinces them that you’re a quality brand that is worth the premium.
ESSENTIAL 4: Having The Right Knowledge
Once you’re used to the process, selling your own products with Amazon FBA isn’t particularly hard hard, but it does require you to stay focused and on top of Amazon’s rules and policies.
Whilst it might not seem like it – there is a huge amount to learn when it comes to selling on Amazon, and often some of the steps that you need to follow can be quite overwhelming. Fortunately for me, I have an affinity with selling online and making money, and so over the years I’ve never had an issue with staying on top of the latest strategies needed to launch a successful product, because I’ve always been naturally interested in participating in facebook groups, attending presentations, networking events and so on.
So, if you want to launch a successful Amazon business, you’re going to need to invest a bit of time in learning the ropes and understanding the right strategies to use. Join Facebook groups, watch youtube videos and just generally try to learn as much as you can before launching.
If you want to take a slightly easier route and be guided through the exact process to follow with all the latest knowledge, then check out the Smashers Academy, which is my beginner to advanced Amazon FBA training scheme, where I will teach you how the latest tricks and tutorials needed to successfully sell on Amazon, all in a clear and concise way so that you don’t give up and fail before you’ve even started.
And those are pretty much the secrets behind my Amazon FBA success, by managing to build a 7 figure business selling products on Amazon: I set clear and realistic goals, I have a great supplier, built a believeable brand story, and I executed everything well using my knowledge of Amazon FBA.
If you want to know more about my Amazon FBA journey as a seller and as a mentor, read my blog post on My 5-Year Journey with Amazon FBA: What The Gurus Don’t Tell You.
If you want more information on how you can be successful with your own Amazon FBA business, check out my free training where I run through my exact 5 step strategy that I’ve repeatedly followed to continue launching successful products.
Or, if you’re ready to begin your journey and want to start with the best chances of success with a mentor, check out the Smashers Academy.