Tue, 25 June 2019
Today’s episode is the Playbook for Amazon podcast! Jeff Lieber from Turnkey Product Management welcomes listeners to the show that is dedicated to helping you amp up your Amazon game.
TurnkeyProduct Management sells 8 figures per year on Amazon for it’s clients, if you’re looking for actionable tips, lessons and mistakes to avoid in your own business, you’ve come to the right place.
[2:19] Jeff launches the podcast by sharing where he is from and how it led him to where he is today.
[4:48] Launching physical products on Amazon was one of the many business models Jeff studies, and the one he adopted — he began his online marketing career with pet products.
Mistake: Ordering 15k worth of pee pads — a full container of goods!
Lesson: If you are just launching a new product line, you can do test orders or air ship a couple of boxes.
[7:07] Jeff’s forays outside of the pet niches — hot fads which ended up fading…
Mistake: Not building a company or a customer list.
Lesson: Don’t chase trends, focus on your core business first.
[8:09] How did he decide to go all in?
Tim Ferris’ fear setting exercise for making big decisions:
1. Write down and flesh out what your biggest fear look like — what is the worst possible scenario.
2. Write down the best or even the average scenario.
Decide if you are willing to live with the worst case and if the bst case is worth the risk!
[12:04] From jumping into his own company to being asked by friends to help them establish their business on Amazon, Jeff explains how he began consulting and how Turnkey started (they’re still a client today!)
Lesson: Sometimes the best businesses don’t start out as an idea to fill a niche but evolve from a natural need in the marketplace and often times from saying yes and being of service to someone else!
[15:10] Once you have a little bit of success, be careful of shiny shiny distractions (often under the guise of income diversification).
Mistake: launching too many companies!
Lesson: it’s very very difficult to manage many companies! And they end up all growing at an equally crappy rate.
Jeff Hoffman (PriceLine) once said: “I only did one thing at a time — don’t try to get a gold medal in 6 different events”.
[16:43] Chose the one thing you like doing the most, for Jeff it was Turnkey — not pet products.
Lesson: Do what you are most passionate about! And work with other people that are passionate and complementary to you, you will multiply returns.
[22:00] Jeff will be digging into the lessons he learned and mistakes you can avoid while selling your business and when you need to hire, in coming episodes, tune in for some great tips and more!
Thanks for listening!
Mentioned in this episode