Here’s a list of the top 5 tips to scale your growth on Amazon.
Tip #1 Have a clear vision
The first thing that helps a novice seller to scale 7-figures and 8-figures is having a clear vision for long-term growth. It’s not all about driving profits. Build a roadmap and focus on the key actions that you need to take to reach your goal. You will reap profits in the process.
Tip #2 Narrow your niche
It’s not a surprise that most sellers try to pick the products that have high demand, and low competition. However, you also need to solve the pain point of a segment of the customers. Build your products in one-two niche and pick the best-selling ones to improve your profit margins. Separate the cash cows and stars in your products. Improve your products further by customizing them for your target audience, adding more variations, etc.
Tip #3 Develop a unique brand identity
Think about some of the biggest brands in the world. Coca-cola, Apple, Toyota, or Google. You associate them with attributes like quality, reliability, innovation, etc. Humans tend to relate products with emotions. So you need to build a brand that not only solves a customer’s pain point but relates to their emotions. And, that has the ultimate competitive advantage.
Creative content is one of the biggest ways to promote brand equity. When it comes to selling on Amazon, features such as A+ content and Amazon Stores are the norm to showcase your brand.
Branding is not just a memorable logo, but it makes customers know what to expect from your products or brand. However, creating a brand is not something that you achieve overnight. It takes months and years to build a brand. So if you did not think of it yet, start doing it now.
Tip #4 Amazon Analytics
All the points in this article are relevant only if you’ve got an eye for the right data. Amazon power sellers excel at understanding customer data, competitors’ data, and their own. You need to make the best use of the data you get from seller central. Track your sales, profit margins, top-performing keywords, competitors’ sales, and other significant metrics that determine your overall profitability. For effective management, try to put your system into autopilot by using a bunch of Amazon tools. You need to price strategically to stay profitable
Tip #5 Outsource when needed
Speaking of automation, you need to know what kind of activities to automate and outsource. Outsourcing is often under-utilized by entrepreneurs, especially solopreneurs who are used to working all by themselves.
Often, expedited shipping, listing optimization, PPC management, stranded inventory errors and getting new customers using multiple sales channels are the growth avenues for your Amazon business. They demand special attention during your growth phase. However, you can outsource the activities that either consume a lot of time or are unlikely to be your strength. Outsourcing them will save you time and effort, and improve your business efficiency.