Thu, 6 June 2019
Today, the mysterious Jeff Lieber joins Ryan and Max for an insightful interview covering the reasons why big brand tend not to be on Amazon as much (and why they should be) as well as a host of tips and important advice on expanding your business on Amazon.
Jeff is the Founder and CEO of Turnkey Product Management, a company offering a full portfolio of management options for automating your Amazon growth while freeing up capacity for you to work on your business. Jeff also built and sold a few physical products brand himself and receives Ryan’s highest endorsement.
Why should you be on Amazon, even if your brand is doing great on its own channels?
[1:54] Ryan starts by roping Max into a question about his initial shock with Amazon product sellers: he was struck by how far you can grow on Amazon by just focusing on product sales, and how inversely low performance seemed to be.
[3:10] How can companies use Amazon in a way that builds their brand rather than just focussing on product sales?
If your brand is successful through your own channels, you will benefit from bringing the branding and messaging to Amazon: make it a place for your existing customers to recognise you, and a way for new eyes to find you.
At the end of the day, having a diversity of sales channels will always make your company more valuable.
[5:07] Amazon used to be a low price, low margin product dumping ground and a lot of physical product sellers still treat it like that. But it’s still the largest pool of online hungry buyers looking for products just like yours. If you’re not there, you’re missing out.
[8:23] What can product sellers and brands do on Amazon in order to keep their margins high and avoid falling into the low price point race to the bottom?
Differentiate yourself, stay premium, pride yourself on quality and great customer reviews: live up to and keep earning your price point!
[9:57] Price, at the end of the day, comes down to your ability to fulfill the promise your brand makes. A better, stronger brand will command a higher price.
[11:41] Jeff shares that his more successful clients are always great at one or more of the following:
1. Audience building
2. Paid advertising
[15:38] Bigger brands are notoriously off Amazon, and the reasons may simply be because they have more control over their proprietary channels.
If that is the case you may simply need to shift your thinking: Amazon is the largest marketplace in the world, it should be one of your sales channels for 2 reasons:
1. Make it easier for your existing customers to have access to your products.
2. Meet new customers.
[20:49] Jeff built his own pet brand on Amazon — still the best place to launch a brand — and to day he firmly believes that having multiple sales channels is what ensured his business’ success.
[24:53] The biggest impact you will have from an Amazon presence is that customers that see you elsewhere will look you up on Amazon and immediately become a customer because the process for them is much easier.
But for that to happen you need to streamline your page by optimizing your bullets, your copy, your headlines, etc.
Max gets tactical — this is the one biggest missed opportunity he sees — and advises that your listing images should tell a cohesive story that includes the brand and taglines or a promise statement that can be consistent across products.
[29:06] Jeff’s biggest forward pushing items for growth:
- Launching new products
- Building (and using) your customer list
- Nurture 1 or 2 off-Amazon channels
[32:07] Ryan turns the floor over to Jeff to talk a bit more about Turnkey Product Management and he invites listeners to visit turnkeyproductmanagement.com/ryanmoran for some exclusive content.
Thanks for listening!
Mentioned in this episode
Direct download: TBT_6_03.mp3
Category:Business -- posted at: 5:00am EDT