Jeff Lieber, founder of TurnKey Product Management, shares about his experience helping clients to grow their sales on Amazon. He shares the strategies that are working TODAY for his clients and gives you actionable tips for helping your e-commerce sales to thrive!
https://youtu.be/x0GRYflLwLI
Increase Customer Retention and Boost Sales with Targeted Promotions
Amazon’s Subscribe and Save program offers a fantastic opportunity for sellers to increase customer retention and boost sales through regular, automatic orders. By enrolling your products in this program, customers can receive their favorite items at a discount, delivered at regular intervals. This convenience, combined with cost savings, makes it an attractive option for many buyers.To set up Subscribe and Save coupons, you first need to ensure your products are eligible for the program. Once enrolled, you can offer discounts on the first order to entice new subscribers. Typically, sellers can choose from three base discount options: 0%, 5%, or 10%, with an additional one-time discount for new subscribers. This strategy not only encourages initial subscriptions but also fosters long-term loyalty.
The benefits of Subscribe and Save coupons extend beyond customer retention. These coupons enhance your product’s visibility on Amazon, appearing prominently on product pages and in search results. Successful campaigns have shown that these coupons can significantly boost sales and customer engagement. To maximize the effectiveness of your coupons, it’s crucial to find the right balance between attractive discounts and profitability. Continuously monitor performance and be ready to adjust your strategy based on customer feedback and sales data.
In conclusion, utilizing Amazon’s Subscribe and Save coupons can be a game-changer for your business. By implementing this strategy, you can increase customer loyalty, enhance visibility, and ultimately drive sales growth. Start leveraging this tool today to unlock its full potential
https://youtu.be/ThzP0Q9qAqk
In the February 2024 roundtable, the spotlight was on harnessing AI for competitor analysis, particularly tailored for Amazon. Attendees delved into the utilization of AI platforms such as ChatGPT, Bard, and Clod to extract insights on various fronts like category exploration, scrutinizing sales copy, interpreting reviews, and deriving insights from product images. Leveraging AI’s capabilities, businesses can efficiently gather data to inform their Amazon strategies, saving time and obtaining invaluable competitive intelligence.
Participants gained insights into how AI can facilitate the dissection of competitors’ sales copy to pinpoint crucial benefits, keywords, and trends, empowering them to refine their product listings for better appeal. Furthermore, AI-powered analysis of customer reviews offers a wealth of information on prevalent concerns, strengths, and weaknesses of rival products, assisting businesses in enhancing their offerings to align more closely with customer preferences. Additionally, AI tools like Bard provide valuable insights from competitors’ product images, serving as inspiration for creating visually captivating and informative content.
Throughout the discussion, emphasis was placed on furnishing adequate context to AI prompts to ensure precise and insightful outputs. By seamlessly integrating AI into their Amazon strategies, enterprises can gain a competitive edge by making informed, data-driven decisions and staying ahead in the dynamic e-commerce landscape.
https://youtu.be/5g39QHP10hg
The Amazon storefront is a crucial tool for brand registry, offering businesses a dedicated space to showcase their brand and product catalog. Acting as a mini-website within Amazon, it provides extensive customization options and is accessible via seller listings, PPC ad placements, and external links. Setting up an Amazon storefront involves logging into Seller Central, navigating to the “Stores” section, and adding brand information, product images, videos, and infographics, including shoppable images for an engaging shopping experience.
The benefits of the Amazon storefront include enhanced brand exposure through PPC advertising, brand consistency, and customer engagement via Amazon Posts. It also allows businesses to drive external traffic to their storefront, increasing conversions. Best practices for designing a storefront include competitor analysis, organizing tabs and categories for easy navigation, and creating high-quality content that highlights product benefits.
Tracking and optimizing the storefront using Amazon’s insights is essential, allowing businesses to monitor visitors, views, sales, and top-performing pages, and to perform split tests and seasonal updates. A well-optimized Amazon storefront is vital for brand growth, necessitating continuous monitoring and updating to align with evolving customer preferences.
https://youtu.be/-be8JcCccho
https://youtu.be/BvufZVUH-9I
Rule #1: The #1 seller on Amazon is selling at least $100,000/month minimum
This indicates a strong demand for the product and signifies potential opportunities for you to make an impact.
Rule #2: The Number Ten Seller’s Performance
Similarly, the number ten seller on Amazon should be selling at least thirty thousand dollars per month for your specific category. This shows that there is enough demand in the specific category that even the tenth seller has strong monthly sales.
Rule #3: The #10 seller on Amazon has less than 500 reviews
Its standing is a result of a consistent commitment to delivering exceptional value and ensuring customer satisfaction.
Rule #4: You can find at least 1 way to make your version of the product unique and significantly better than 99% of your competitors (longer battery life, durability, user-friendliness, etc..)
Differentiation is the key. Your product should offer a unique and superior feature compared to 90-99% of your competitors. It could be a distinct design, improved functionality, or enhanced quality.
Rule #5: The Price Point is at least $9.99 – $150
This range allows for flexibility in promotions, advertising, and maintaining healthy profit margins.
Rule #6: Repeat Purchase Product capability
Consider products that have repeat purchase potential. Items like coffee, supplements, and vitamins can encourage customers to become repeat buyers, contributing to long-term revenue growth.
Rule #7: You can clearly define and imagine who your ideal customer avatar is that would be proud to share your brand’s products on social media or at a party for example
Clearly define your ideal customer avatar. Understand their needs, preferences, and pain points. Your product should resonate with them, making them proud to share it with others.
Rule #8: Smaller and Lighter (ping pong balls) is better than big and heavy (like a ping pong table) because of cheaper storage and shipping costs.
When choosing a product, prioritize smaller and lighter options. Amazon fees can be significant, and reducing size and weight helps optimize profitability.
Rule #9: You can think of at least 5 other products that compliment this product and would serve the same customer and fit under your brand.
Choose a product that can be complemented by at least five other related items. By offering a range of products that cater to the same customer base, you can increase the lifetime value of each customer.
Rule #10: Avoid Low-Price Commodities
Steer clear of low-price commodities like paperclips or easily sourced items with narrow profit margins. Aim for products with at least 50% profit margins to ensure a sustainable business model.
https://youtu.be/UXNapqDV8J0
https://youtu.be/2z64nwkJ_VU
https://youtu.be/Kd6IMvHqEO4
https://youtu.be/Kd6IMvHqEO4
No snoozing on these dates! Set your reminders and let’s get planning!
https://www.turnkeyproductmanagement.com/wp-content/uploads/2023/08/The-Power-of-Networking-and-SOPs-in-E-commerce-A-Conversation-with-Jeff-Lieber.mp4
Today, we have a fascinating conversation with Jeff Lieber, the CEO and founder of Turnkey Product Management, a successful Amazon agency based in San Diego, California. Jeff shares his journey from starting his own brands to exiting them and finally establishing his agency in the ever-changing landscape of Amazon. We’ll explore the importance of networking and the role of Standard Operating Procedures (SOPs) in scaling an e-commerce business. So, let’s dive in!
Getting Started in the Amazon Space:
Jeff Lieber began his journey in the e-commerce world back in 2014, selling his own brands on Amazon. With firsthand experience, he witnessed the continuous evolution of the platform over the years. After exiting his own brands, Jeff founded Turnkey Product Management in 2017, transitioning from a seller to an agency owner.
The Importance of Networking and Partnerships:
Jeff emphasizes the significance of networking and building partnerships in the e-commerce space. He recalls meeting Ryan Moran from Capitalism.com early on, and their friendship led to an official advisory role for Turnkey Product Management. Networking allowed Jeff to learn from others, expand his knowledge base, and foster valuable relationships in the industry.
The Value of Standard Operating Procedures (SOPs):
SOPs are essential for scaling any business, including e-commerce ventures. Jeff stresses that SOPs streamline operations and enable entrepreneurs to delegate tasks efficiently. A combination of video and written SOPs proves effective in training team members to perform tasks at the same level as the founder. He also emphasizes the need to continuously update and refine SOPs to adapt to changes in the market.
Critical SOPs for Amazon Sellers:
For Amazon sellers, two crucial SOPs are listing optimization and product launch strategies. Many sellers neglect listing optimization, which impacts conversion rates and overall success on the platform. Jeff advises developing a checklist for listing optimization to ensure all components are present. Additionally, a well-structured product launch SOP can lead to more successful product introductions.
Turnkey Product Management’s Services:
Turnkey Product Management offers a range of services to e-commerce brands. For established brands with consistent sales, the full-service package includes Amazon channel management, listing optimization, advertising management, and launch strategies. Additionally, they provide coaching and SOP development for brands looking to improve their internal processes.
The Small World of E-commerce:
Jeff shares an intriguing anecdote about meeting Reggie Young, who had previously been a customer of Turnkey Product Management. The story highlights the interconnectedness of the e-commerce community and the importance of strong networking ties.
In this blog post, we explored Jeff Lieber’s journey from an Amazon seller to the CEO of Turnkey Product Management. Jeff’s emphasis on networking, partnerships, and the implementation of SOPs offers valuable insights for aspiring e-commerce entrepreneurs. Whether you’re looking to build an agency or scale your own brand, investing in relationships and effective procedures can be the key to success in the e-commerce world. Happy selling!
https://youtu.be/TH5GA3W6cV8
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