Jan 10, 2022
Today I'm going to tackle one of the things that this podcast is all about—growing your business. These will be your 2022 business growth strategies for your Amazon and your product-based business. In e-commerce, everything is changing so rapidly that it's tough to keep up. Just when you think you've got it nailed, something changes. But guess what? There's nothing new under the sun. So if you're in business, you better be ready to make changes regularly because that's what's going to be required of you.
I begin this episode with a timely reminder that this is the last week that you can sign up for the in-person bundle-building workshop, and that we also have a virtual workshop available. This, then, brings me to the discussion today about business growth strategies. You don't have to be a billion-dollar global brand to get the lion's share of the market for your products and for the competitors around you. What you need is just an unstoppable business growth strategy. This episode touches on five strategies you can implement in 2022 to grow your business. These include minding your own business, where I stress that you need to know where you are and where you want to go to grow and stop chasing someone else's finish line or climbing someone else's ladder. I emphasize that you must know your business numbers, such as cost of goods, operation costs, sales, and your breakeven. Other strategies I explain in detail include marketing, diversification, meeting a need unmet by all the other products in the marketplace, and strategic partnerships. Finally, I give real-life examples and stories to show the practicability of these strategies. As we begin 2022, today’s episode will go a long way toward helping you ensure growth for your FBA business not only this year, but every year.
You can be part of the Amazon Files and Mommy Income community by joining our Facebook group using code word GROW, where you can learn more about bundling, ask questions, and participate in the conversation with other sellers. And if you're ready to take your business to a whole new level, visit MommyIncome.com/Coach to schedule your one-on-one coaching call today.
This week on the Amazon Files:
- This is the last week to sign up for the in-person Competent Wholesale Bundlers Workshop.
- 2022 business growth strategies for your business
o Strategy #1: Mind your own business
o Strategy #2: Marketing
o Strategy #3: Diversification
o Strategy #4: Meet a need unmet by other products in the marketplace
o Strategy #5: Strategic partnerships
- Why you must know your business' numbers
- Things to troubleshoot before you put PPC on your listing
- What A/B testing is, and why you need it
- Off-Amazon marketing strategies you can implement
- Why you should think twice about Facebook ads
- The shortcomings of retail arbitrage
- Margin-based versus volume-based business. Which is better?
- Why you should consider diversifying into brick-and-mortar stores
- Case Study of Dollar Shave Club's strategy.
- Case Study of the Taco Bell and Doritos partnership for Doritos Locos Tacos
- The value of documenting
"If you always do what you've always done, you'll always get what you've always gotten. And if you're trying to grow, you're going to have to do things differently."
- Kristin Ostrander
Quotes:
"Don't spend time chasing someone else's finish line or climbing someone else's ladder."
"You can make a really decent profit without having a huge business."
"You need to know where you are and where you want to go to grow."
"The money is made in the numbers. The money is made at the end of the day when you actually sell that product and then see how much you're making on it."
"You want to make sure that you're minding your business and who's doing what, when, and why are they doing it."
"Marketing does not start with PPC campaigns."
"In reality, if you're not offering what a customer wants, then more visibility isn't going to help you."
"Sometimes it takes time and energy and a little bit of love and a little bit of work to make the listing the best it can possibly be."
"If your listing is more than six months old, it's time to look at it."
"High quality, high-resolution images are going to sell your product. The title, optimized title will bring someone in via search. And once they get to your search, then they're going to be using the images to kind of decide if your listing is even worth looking at."
"A growth strategy can be what's already working and how can we enhance what's already working. That's called working smarter, and not harder."
"Get uncomfortable because that's where growth happens. It happens when we're uncomfortable. When we're chilling, and we're comfortable and whatever, we're living a life of ease - usually, there's not a whole lot of growth that's happening."
“You don't have to be a billion-dollar global brand to get the lion's share of the market for your products… what you need is an unstoppable business growth strategy."
"Don't pigeonhole or box yourself into just Amazon. If you've got great products that are selling well, it's time to expand them."
"Bundles disrupt. And why do they disrupt? Because they're bringing something new and relevant while saving people money, saving them time, saving the environment, all these different things."
"Disrupt by using bundle strategies that are different than anything else."
"You need to know your customers' pain points or their desires, and satisfy their needs. And all you have to do is do it slightly better than your competition."
Related Content:
- 2022 Workshops - Coupon code: workshop50
- Wholesale Bundle System
- Email questions
- Learn With Us
- Coaching
- The Amazon Files Hub
Grow Your Amazon Business!
Thanks for tuning into this week's episode of The Amazon Files, the show to help Amazon sellers along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don't forget to share your favorite episodes with your friends on social media! Use the codeword GROW to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don't forget to check out our website and subscribe to our mailing list for even more resources.