Zero to Eight Figures With Physical Products on Amazon
My Notes from One Traffic and Conversion Summit. – by RYAN MORAN
For some time now, I have been playing with the idea of including an eCommerce section into our business. In my spare time, (which I hardly have), I’d map out plans for different products to source for and the kind of markets that would need these products.
So, I got tickets to the Content and Commerce Summit organized by Digital Marketer, boarded a plane and landed in one of the most interesting classes the event had.
I must say, it took me a while to wrap my head around what he was saying but I figured it out in the end cause it resonated with the thought that had been on my mind for awhile.
So right now, I am just gonna share my notes with you on what to do to start selling physical products on Amazon and start making money from it. I don’t have a lot of success in this yet, but I’m going to get it.
So Ryan started out saying that the right people for your products or service are following your competition on Instagram right now. So you want to find who they are and get in front of them. If you can get in front of 10,000 people in your audience, you have the ability to add 7 figures to your business in 6-12 months.
Talking with different influencers and successful people on how to maximize these people so that it will turn to cash for him made him realize that many of them didn’t have their faces on sales pages. They had stuff they were selling. They had actual physical goods that people actually consume, not digital products.
Most buyers hung out on Amazon and the more you get to be in the face of your audience, the more your income increases.
Amazon bought whole foods a few months ago. Now, the prediction is that there will be a trend that Amazon will buy you out once you prove your sales, just like they bought Whole Foods.
They will move your products to the shelves of other companies that Amazon has bought and they will put it in front of their best customers and in retail stores.
Amazon takes products already converting and make it convert more by putting it in front of more people.
We have the ability to control media better than any other big brands. So why not do that and get more visibility?
To do this, you have 2 questions you need to answer:
a. How do I launch a physical product?
b. How do I Promote my brand?
The big mistake most eCommerce companies make when starting out: They come to the market caring more about the product rather than the person behind the purchase. It should be the other way round.
You should not be looking for how to sell and how many to sell but how to serve the people that want to buy.
The people are already there waiting to purchase so it’s critical to find out who we want to serve, the person behind the product and how to get the person.
So find 5-10 products that these people are currently buying and watch the behaviors so you are crystal clear on who you want to serve.
Becoming a 7 figure income merchant:
If your price point on a product is $25-$35 and you can make 20-40 sales a day, you need to get 3-5 products to get a 1m dollars a day business.
That’s the maths.
It takes 25-100 reviews, decent keyword rankings on Amazon, basic amazon pay per clicks and one form of outside advertising (from your media – Ig, fb ads, email lists) to get to 1m dollars in sales.
Now the big secret is Amazon grossly rewards outdoor advertising.
If they see you are driving traffic from outside sources to Amazon and it converts to sales, they will reward this effort. It will drive Amazon to highlight you and increase your ranking.
Yeah, you can hustle and grind your way to getting those first customers but with media, this becomes easier.
Show how you are different from others not through costs or how better your product is. Many times, it’s the relationship you build that stands you out from the competition and what you say you are. That “difference” stands you out and gives you the attention from your audience.
So to stand out in a competitive market and get them to rally around your product, you need to:
a. Say something different or be something different.
b. Run email promotions.
c. Be consistently visible to your audience.
It creates momentum cause amazon will push you through the ranks and get you viewed more times.
Now, if your difference is strong enough, then you can charge higher prices than your competition, scale up and then launch the next product.
When you launch product 2, the sales of products 1 will double. The reason is that you get more views and people are more aware of what you are selling, and it just continues to grow. With multiple products, you become a real brand.
This is what it takes to get to 7 figures with physical products.
When you release products to your audience, you can control and ask them to review.
So this quote stood out to me and got me thinking and it has become a goal for me to achieve.
“I consider it a win if my product is in my customers home; no matter where they bought it from.”
There are ways to do both models without cannibalizing the other. Meaning, you can sell on the outside using different media and also, within Amazon as long as you know the people behind the purchase and serve them well.
To turn an order into a customer… ok what I mean in plain speech is to get customers to be loyal, you need to work on the following:
Inserts and Packaging
Customer experience processes
Retargeting – staying in front of customers
Listening to their reviews, caring about them and serving them.
We use them to launch the next product.
The pivot from a 7 figure business to 8 figures:
a. The focus will move to building brand equity – keep building the audience.
b. Leverage video advertising – do more ads to get eyeballs on your products through videos and encourage repeat sales.
c. Actual product innovation – be creative. Hear what the customers are saying and spend money to create something cool that the customers may want. The competition will copy you.
Ryan didn’t stop there…
Moving from 8 figures to 9 figures
The trend is in the infrastructure. Look at what Agora publishing is doing.
***Launch multiple products to the exact ready audience.***
So basically that’s it. As soon as Ryan was done. I had the worst headache ever, I guess I was hungry. But this set me on a path to implement all I had learnt in the class and gave me more clarity on what I had to do to launch.
It was awesome.
So if you like this post, send me a comment and share it and if you have any questions feel free to put it up on our Facebook page and I will get back to you.