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Tune in weekly and hear Trent Dyrsmid interview today's leading digital marketing professionals to uncover the strategies, systems, and processes they are using to scale their businesses to seven figu... more
FAQs about The Scale Your Agency Podcast | Bright Ideas:How many episodes does The Scale Your Agency Podcast | Bright Ideas have?The podcast currently has 388 episodes available.
July 27, 2021BI 372: From Bankrupt to a $60M Beverage Business (Ft Aaron Hinde) Flowster Live Demo https://flowster.app/live-demo/ Episode Highlights [04:43] — Aaron introduces LIFEAID LIFEAID Beverage Co. started by making products for the CrossFit community. They aim to make beverages that are healthy and enjoyable. With 3,000 retail accounts, LifeAID earned $16 million revenue this year and continues to grow by 25-30% every year. [08:22] — Control your choices and mindset When the real estate market crashed, Aaron had to file for bankruptcy. His finances and ego both took a hit. Our perceptions form our thoughts, words, and actions. These directly affect our choices and the results that they create. By controlling his words and actions, Aaron found that he started to progress — slowly but surely. Overcoming adversity requires that you change your language. [13:54] — Breaking free from the victim cycle Being a victim means you are not in control. Discard the "cause and effect" mindset. Adopt the mindset that "cause plus reaction equals effect." We have the ability to choose. [17:06] — Ditching materialism When the house he had worked on for 17 years burned down, Aaron took this experience as an opportunity for growth. Don’t assign permanence to material things. Words, thoughts, and actions are what last forever and hold the most weight. [19:31] — Dealing with bankruptcy After going bankrupt, Aaron and his family lived in a 400-square foot RV. LIFEAID started as a side hustle with a fellow CrossFit enthusiast, Orion. Eventually, they decided to devote their time entirely to LIFEAID because they couldn't serve two masters if they wanted their business to succeed. Their finances were tight during this period. This experience served as a lesson in humility for Aaron. [23:36] — Choosing your target market and offering them something new Looking for tips that they can apply to their business, Aaron joined a high-level marketing group. There, Dean Jackson advised him to choose a single target market. By doing so, you can focus your time and resources on putting together a great product. Aaron emphasizes that you should bring something new to the market and not follow the usual path to compete in the market. [28:55] — How is LIFEAID different from other energy drinks? Rather than an energy drink, LIFEAID belongs to the healthy energy or performance energy space. Their ingredients consist of moderate hits of natural caffeine with green tea, nootropics Alpha-GPC, GABA, and B complex. It's cleaner and more sustainable approach that aims to stimulate the brain and nervous system. LIFEAID costs more, but it’s different and healthier than other energy drinks in the market. [31:26] — Creating their products Because of his background in nutrition, Aaron is well-versed in the right ingredients to use. Aaron researched the best ingredients to use and worked with a food scientist to make LIFEAID's first products. [38:12] — Hiring the right people Don't hire people out of desperation. If you do, it might cost you more in the long run. Instead, make sure that your prospects are a good cultural fit and can keep up with your company’s progress. [41:35] — Increasing business capabilities Focus on learning new things. Encourage holistic growth for the business. Pass on what you learn to the team so that you are all growing. Assess your goals. If you are not satisfied with the results, choose better. [44:41] — Developing the business process It's better to develop your business process sooner rather than later. Aaron hired a consultant who helped them set up a quarterly vision statement. Creating the systems and processes for your business is a constant work in progress that you revisit and upgrade over time. ...more48minPlay
July 20, 2021BI 371: How Justin Kelsey Quit His Finance Career to Build a $500K Digital Agency Flowster Live Demo https://flowster.app/live-demo/ Episode Highlights [3:19] — Kelsey introduces VAXA Digital Agency and explains his background Kelsey worked in finance before switching to the creative industry because of his passion for video editing. He started VAXA as a side hustle in January 2020 and turned it into a full-time business in March 2021. Business slowed down when the pandemic first hit, but it has since started to gain momentum and boomed. [7:33] — How Kelsey decided to quit his job Kelsey dabbled in a few side hustles before finally hitting the nail with his digital agency VAXA. It's important to know when to cut your losses, even when you’ve invested money and effort into something. Sometimes, the best thing to do is to shut it down. Even when VAXA made Kelsey six figures, he didn't jump to make it his main job just yet. However, Kelsey knew that if he wanted VAXA to earn $40-50k a month, he’d have to go full-time with it. He never knew the exact time to jump off — he just did. It helped that Kelsey got support from his colleagues and peers. [15:11] — Bootstrapping vs. debt financing There are pros and cons to each method of starting a business. Kelsey wonders if they could have doubled their growth rate had he invested more capital or acquired debt financing. Aside from using one credit card to buy their initial equipment, Kelsey shares that everything was positive cash flow. They charged clients upfront, which they use to pay contractors and salaries. [20:28] — VAXA’s current customer capacity Kelsey is confident that they have the capacity to deliver outputs for eight retainer-based customers a month. He is considering expanding the team if they hit 10-12 customers a month. On the possibility of scaling to 80 clients, he shares that he would replicate their teams and have them follow the systems that they built. [25:53] — Kelsey shares how he creates systems The first thing that Kelsey systematized was editing, including the standard fonts they would use, the colors that pop out, and how to insert graphics. Kelsey reverse-engineered his output when creating a framework, dissecting it by figuring out the hook, benefits, problems, social proofs, and call to action. He then built flowcharts for employees to follow. They also built systems for production day (such as hiring talent, booking Airbnbs, sending out the schedule) and client experience (onboarding, forums, sources for materials, feedback forms). There are many tools you can use to track and manage your processes. [34:25] — Kelsey explains the importance of opportunity cost Hiring people and expanding his team have allowed him to focus on other revenue-generating things. There will be an initial drop in quality as new hires learn the ropes. But eventually, they catch up and produce good results — sometimes better than what Kelsey can make. Understand the value of your time. Don’t incur costs; use your time to generate revenue. [40:45] — Kelsey on outsourcing Not all outsourcing has to cost you money. Finding people willing to work on commissions is also hugely beneficial. [42:21] — How did you get your digital agency’s name out there? Kelsey had no outbound strategy for the digital agency. Being active on social media, engaging with other people in the same community, and expanding your network all play a significant role in organic growth. Consider an affiliate program as that can also generate more customers. [46:22] — Building his connections Kelsey joined as a beta member in the Facebook group “Trends” in December 2018. He blocked off 15-20 minutes of his day to engage with the community, establish rapport, and set up a solid client base. Kelsey launched VAXA through a post in the group and got 40 leads by offering a 90%-off trial for anyone who needed an e-commerce video ad.< [50:24] — How are you getting business now? Kelsey mixes inbounds and outbounds. He still finds value in Trends because he has established a connection with the members, and his name is well-known within the group. Cold emails are effective, but not the same as going through a community that already knows your name. They still do not do paid advertising for the digital agency, but Kelsey would consider it if they were ready to expand their business. ...more54minPlay
July 13, 2021BI 370: How a Heating Company Increased Revenue 5X Within 6 Months Using SEO (Ft Neil Sheth) Flowster Live Demo https://flowster.app/live-demo// Episode Highlights [02:51] — Neil introduces himself and how he became an SEO consultant Neil was an investment banking project manager before he started his SEO journey in 2009. He worked on his business evenings and weekends until it grew. Initially, he wanted to hire agencies to help his business grow. However, he found that he was more than capable of solving his problems. That’s how he fell into the world of SEO strategy. [05:13] — Neil shares his client’s experience with SEO Neil worked with a client who sold thousands of products, including heaters, online. This client’s traffic mainly was from paid advertisements. They wanted to know how they can grow their sales organically. Neil introduced an SEO strategy to his client, along with the factors that can affect SEO results to manage their expectations. [10:15] — Factors that you need to consider when looking at the speed of SEO strategy results Brand new sites will not be trusted by Google right away. Sites that have more history will have better domain authority. The more trusted sites link to your site, the more Google trusts you. Determine how optimized the site and the content are for Google and the users. When site architecture and content are optimized, it becomes easier for Google to rank your website. [17:29] — Neil’s SEO strategy and tactics Identifying architectural issues in your site and clearing them up contributes to the site’s reputation. Creating content with keywords targeted to your users will make them find the products faster. Optimizing category pages declutters the site, which heightens the experience of Google and its users. The more good data is given to Google, the higher a page can rank. [34:07] — Why SEO is a compass that builds your brand organically online Tactics for SEO strategy on this front include blogs, social media presence, and non-sales-related newsletters. The effects of this SEO strategy will snowball over time. When you broaden your view, you can fill your content calendar with exciting ideas. [39:34] — Link building practices to avoid and do You can hurt your site by buying links from the wrong places. Buy links if the site is genuine and high-quality. Running a blogger outreach campaign is also a good idea. Create unique content if you want it to be shared. [49:20] — Why an SEO strategy involving link building pays dividends Link building is a component of SEO strategy that takes time. However, it can be a better investment than paid advertising since it provides value to your site over time. You can do a mix of building links and increasing your domain authority, depending on your keywords. ...more57minPlay
April 13, 2021BI 358: How To Start A Newsletter For Profit (Ft Codie Sanchez)Episode Highlights [04:11] — Codie introduces Contrarian Thinking and her background Codie started as a conflict journalist working in Wall Street asset management. Her experiences led her to create a newsletter dedicated to sharing knowledge with others and help people gain financial freedom. The newsletter aims always to ask questions about what we think we know about finance. [08:42] — What are the pros of having a newsletter? Having an email campaign is more reliable than social media platforms. Social media platforms can change their algorithms, directly affecting you. An email campaign ensures that you have a direct link to your readers and consumers. With more media going for clickbait, there will be a rise in local newsletters and those that have a specific niche. Newsletters have a great margin for profit. [12:29] — What are the cons of having a newsletter? You have to produce content regularly. Also, newsletters are less scalable than other businesses. There are also a lot of people who have newsletters and email campaigns. People often underestimate and are not aware of what can be monetized in this business. [13:52] — Codie shares her revenue lines Codie shares her different revenue lines for Contrarian Thinking: info products, premium membership, mastermind, ads and sponsors, affiliates, ancillary channels, and merchandise. She encourages people to start first with info products and eventually to build more revenue lines. For more information about the different types of revenue lines, tune in to the full episode! [17:44] — How to continuously grow your subscribers Codie shares her first time reaching out to immediate contacts about her new venture. She eventually reached more people through social media marketing. Cross-promotion is also encouraged — Codie shares how she reached out to other newsletters to do this. You need to be consistent with your content. Even if you lose subscribers, don’t feel discouraged. You need to get over the hump and continue producing content. [23:29] — How to know if you can handle having a newsletter Codie advises understanding the 3 C’s before starting a newsletter. These are cash, check, and curiosity. You need to make sure you have something that people can pay cash for. Next, you need to check how big the potential market is, and true fans will only make a small percentage. Be curious about everything. Continuously learn from people and situations around you. [26:57] — Codie’s reminders about newsletter growth There will always be pushback in your success. Your growth can make people in your life nervous. You will not be able to know what will happen to you. You cannot answer everyone. There will be times you have to say no to people reaching out to you. [33:14] — How to buy newsletters instead of building from scratch If you don’t want to build a newsletter, you can buy it from someone else instead. At its core, newsletters are assets and can be sold. You just need to know how to value them properly. You can also use other newsletters to support and funnel their subscribers back to your newsletter. There are several platforms where you can buy newsletters. Tune in to the full episode to hear Codie’s discussion. [39:27] — Where to start a blog Codie herself uses several platforms to host her blog, each with different pros and cons. Now, she is using Substack, MailChimp, and FUB (FollowUpBoss). Listen to the full episode to hear Codie’s experiences with the different platforms! ...more46minPlay
March 30, 2021BI 357: The Science of Successfully Sourcing Products From China (Ft Nathan Resnick) Episode Highlights [04:14] — Nathan shares how he started product sourcing His background as a foreign exchange student in China led him to import products from Asia. Sourcify is a B2B eCommerce manufacturing platform helping hundreds of high-growth eCommerce brands. Nathan is also the founder of Bubble Hotels. [05:27] — Launching Sourcify They initially charged companies upfront to manufacture products for them. They have teams all over Asia handling supply chains of over 150 mid-sized eCommerce brands and numerous Fortune 500s. [06:38] — How Nathan funded Sourcify They went through Y Combinator, which is an accelerator program for startups. Through the three-month program, they raised $2.5 million. Nathan was one of the only non-technical solo founders to ever go through Y Combinator. Most companies have co-founders and technical teams. [09:25] — How they acquired their first customers Nathan used his content marketing background to put out valuable content. His approach focuses on providing value and bridging the content space gap instead of pitching. Within the first few months of business, he was writing in major eCommerce blogs. It was possible because he built relationships with the blog owners and writers. [15:06] — How Sourcify increased its top of the funnel They built a software tool for product management and manufacturing. Their sourcing teams in Asia do the behind-the-scenes work. At the same time, they can also sell the project management system to the brands they handle. [17:50] — Questions Nathan considers when building a business Am I going to regret not doing this in the future?” “Is it going to be fun and enjoyable? Is it something that I want to learn?” [18:24] — Sourcify’s source of growth Sourcify’s growth is all inbound and referral base. Sourcify comes up as one of the top search results when you search China or Vietnam manufacturing. They ask for referrals from existing customers after proving their success in their service. [19:35] — Sourcify’s customer onboarding process The company sends their specs and samples, which they send to their main office. They'll choose a handful of factories and assess which is the best fit to produce samples. After approval from the customer, they start the production. They make sure to have third-party inspections before shipping the product. Customers either already have specs and designs or want to improve an existing product line. [22:17] — Gotchas and best practices The main approach is going to Alibaba and other global sources to find suppliers based on the same products. Nathan suggests reaching out to 10 to 20 factories and getting samples from two to three factories. Getting products from other companies or looking at bad reviews of products helps you see how you can improve — and later sell — products. The 30-70 payment term is the most typical in product sourcing and is where third-party’s importance comes in. The production generally takes 30 to 60 days. Supplier platforms have their internal advertising platform. Hence, the top search results are not necessarily the best supplier. [28:44] — Going viral with FU During Conor McGregor’s fight with Floy Mayweather, McGregor wore a suit with FU pinstripes. When it went viral, Nathan had the idea to recreate it in other products. It was a success as their products went viral in a week. ...more32minPlay
March 16, 2021BI 356: The Business of Buying And Selling Amazon FBA Brands (Ft Mark Lewyn)Episode Highlights [02:28] — Who is Mark Lewyn? Mark co-founded Sorfeo — an eCommerce company that acquires Amazon private label brands. Mark was the managing director of JEM Partners. They used data analysis to create and distribute popular consumer products through a global network of eCommerce platforms. Mark is also the owner of his private label brand that he created from scratch. Finally, he is the author of a book called The $500 Start-up on Amazon: How a dad of three launched a business on Amazon and escaped the hamster wheel of nine to five. [03:35] — Coming up with new product ideas that have something to do with the patent office Mark recalls when he came across a product that costs $80 on Amazon but only $5 on Alibaba. Out of curiosity, he started researching the product and found out that the patent has recently expired. He realized that he can compete by charging a lower price and still be making a very nice profit. [6:08] — Sorting through products on the Patent and Trademark Office website Like most websites, the Patent and Trademark Office website has a search function you can dig through to find products with expired patents. Utility patents typically last for 20 years. Meanwhile, design patents usually last about 15 years. [7:35] — What’s next after finding an opportunity? Once you find a product you’re interested in, begin the standard product research. Nine out of ten times, you’ll see that they are charging a premium for that product. Check out Mark’s book to know more about how he sells these products on Amazon. [12:04] — Mark’s advice in starting a business Get over the analysis paralysis problem — take the first step! You don't have to spend much money to start a business. You can usually start with a small amount and get the real product going. Don’t be afraid of failure; flops provide valuable lessons to learn. Go through a whole bunch of different ideas. It’s a process of going through good and bad ideas. Mark settled on the Amazon private label model because of the low cost. He saw it as an exciting opportunity. [17:00] — Amazon FBA brands Amazon’s private-label ecosystem has been booming recently. About eight or ten companies are in the business of buying existing Amazon FBA brands. This is a massive opportunity for people who want to sell their businesses. [21:04] — Want to sell to a roll-up company, but you don’t want to start from scratch? One strategy is to buy a couple of microbrands and pool them together. Then streamline operations and grow sales. In 18 months, sell it to a roll-up company. The research process in finding microbrands can be systematized and handled by a VA. ...more26minPlay
March 09, 2021BI 355: Selling Your Company For Maximum Value (Ft John Warrillow) Episode Highlights [3:16] — John shares the current trends on how to sell a business They analyzed the data on pre-COVID value builder questionnaires last November. The results showed that the pandemic had made material differences on how to sell a business. Business owners are looking to sell 20% sooner, and they’re looking to sell to a third party. [4:50] — John identifies the biggest mistakes in selling a company His book's whole idea was to provide a playbook on the best practices in selling a business. The most common mistake is getting lured into a proprietary deal. In this kind of deal, the buyer offers lower, knowing that there is a lack of competition. They may also protract diligence, leading to retrading or value diminishing. [7:00] — Why businesses should create a market for their company Creating a market for your company will guarantee that the offer you’re getting is fair market value. Two to three legitimate buyers are enough to ensure a fair offer. [9:44] — John shares the effective process of planning and preparation He uses the analogy of staging in home selling. Doing a "renovation" is a valuable strategic process. It is building a transferable business. Process documentation is a big part of the renovation project. [11:17] — John explains pre-diligence Pre-diligence is having answers to all the questions you might be asked when marketing the business. Doing a full pre-diligence project ensures that the due diligence goes smoothly. Also, it signals to the acquirer that they have to compete with other potential buyers. Pre-diligence is having all possibly necessary documents on hand and in one place, such as your leases or employee agreements. Documenting your processes prepares you for pre-diligence and due diligence. [20:26] — What’s the importance of having SOPs in how to sell a business? Having SOPs eases fears that business buyers have. Massively-acquired companies have tremendous resources and people, making it easier to run after the acquisition. Individual investors, who often acquire small businesses, need the checklists and a manual on how to run it themselves upon acquisition. [22:42] — The three types of buyers Individual investors Private equity groups Strategic investors [24:30] — How to gain leverage during the negotiation phase Signing a no-shop clause will make you lose your leverage in the negotiation. Before signing a letter of intent (LOI), ensure that the acquirer is aware of the other competing offers. Make sure you negotiate any conditions that are vital to you before signing the LOI ...more28minPlay
March 02, 2021BI 354: B2B Sales Hacking For SaaS In 2021 (Ft Max Altschuler) Episode Highlights [3:27] — Max’s background on B2B sales Max joined the sales side of Udemy, an online education marketplace. He wondered how he could generate more revenue with fewer resources, which became the sales hacking foundation. Max started his company, Sales Hacker, which grew from 0 to 80,000 subscribers. In 2018, Sales Hacker was acquired by Outreach, where he took over as the VP of Marketing for Outreach and then transitioned to the VP of Sales Engagement. [5:53] — Why sales have become more difficult through the years The number of companies selling keeps growing. There are now a lot of channels for people to sell on. Sales became more competitive when SaaS companies started to blow up. When the COVID-19 pandemic hit, businesses became limited to online channels of selling. This means that the market has become saturated. If they want to survive in the competitive environment of sales, businesses must know how to experiment and adapt using A/B testing. [8:39] — Strategies to grow SaaS sales Upsell your current base. Get a list or database of your target market. From that database, find trends that you can use for lead scoring. Think about how to reach the different cohorts of that database. Gather good reviews from supporting customers to help attract future customers. Collect important information from potential customers like their needs, interests, and resources. [17:18] — Scaling up your business and building a team Sales are not one-size-fits-all. Try experimenting, see what works, and iterate on that. Understand your customers’ day-to-day. Then design a process for reaching out to them. Make sure that you are seen as a trusted consultant, not as a salesperson. [22:29] — How to design your outreach campaign for desktop emails and mobile emails You can do longer subject lines for emails your customers will view on a desktop. You can also get creative and send PDFs or images. For mobile emails, do shorter and more conversational subject lines. Think about the process of closing a deal step-by-step. [26:28] — A product-led growth strategy can impact your messaging approach In product-led growth, there’s no need to employ as many salespeople. This can mean lower costs compared to sales-led growth. Sales become more transactional rather than conversational. You’ll still want to highlight the benefits of your product. Whether you employ a product-led growth strategy or a sales-led growth strategy, you'll still need to hire salespeople or support to ensure your product's success. [29:35] — Other mistakes that people make in their B2B sales efforts The silver bullet strategy doesn’t allow you to apply the appropriate marketing methods to some of your customers. False attribution or tying attribution to the wrong metric can mean that you can't accurately measure your progress. [31:46] — Max’s favorite sales hacking training resources In 2015, Max wrote a book called Hacking Sales, which goes over many sales tools and technologies. Max’s latest book, Sales Engagement, is about engaging with companies in this ever-changing world. Other books that Max likes include Chris Voss’s Never Split the Difference, Mark Roberge’s The Sales Acceleration Formula, Trish Bertuzzi’s The Sales Development Playbook, Keenan’s Gap Selling, and books by Anthony Iannarino and Jeb Blount. Max also uses the Outreach software as his sales engagement platform. He also recommends having net new data sources from companies like LeadIQ, Seamless.AI, and Dun & Bradstreet. Having software like Bambora, Terminus, Demandbase, and Sixth Sense will tell you which companies you should target. [34:39] — Sentiment tracking by Outreach Reply rates as a metric of success isn’t enough. It's also essential to analyze reply intent, such as positive replies, objections, and unsubscribes. Outreach has recently released a sentiment tracking tool that better measures your success using a reply intent metric. This tool enables companies to understand if certain email sequences are truly working or not. ...more39minPlay
February 23, 2021BI 353: Knowing When To Stop Being CEO (Ft Tucker Max)Episode Highlights [03:09] Scribe Media A lot of people needed scribes—people who put other people's thoughts into words. A woman asked Tucker if he could be her scribe to get a book out without the typical painstaking effort of writing a book. Scribe Media now has 260 employees and has done 737 books with almost a total of 200,000 reviews on Amazon. [05:24] Hiring Someone Else to Be Scribe Media’s CEO Tucker kept hiring people who were better than him to do his job. Tucker eventually hired a professional CEO who made his business perform 20 times better than when Tucker was in the position. [06:51] The Importance of Bringing In Experienced Leaders If someone is good at finding needs in the market and figuring out a way to satisfy those needs, then they’re probably not good at all of the other skills of running a business. Being an entrepreneur is the rarest thing right now. It’s easier to find people that can take established roles to scale the entrepreneur’s ideas. If you try and do everything, you’re going to do most things poorly. You'll be a lot more successful if you focus on the things you love and are good at. [09:09] Tucker’s Annual Revenue Before Firing Himself Tucker’s company reached $1.5-2 million in their second year. He decided that he wasn’t the best person for the role anymore — he needed real, experienced leaders. [10:22] Step One: You’re Not the Best Person for the Job It's challenging to let go of the position because your ego can get in the way. Tucker realized that he was suffering and wasn't enjoying how he spent his days. He valued his company’s mission more than his image, so he needed to get out of his position and hire someone else. [18:27] Step Two: Understand Who You’re Looking For No one’s going to knock on your door and beg for the CEO position. You have to find that person. Tucker painted an attractive vision of Scribe Media. JeVon, the new CEO, wanted to be a part of that vision. Tucker offered JeVon the opportunity to be the head of Scribe Media and take the credit. Scribe Media was JeVon's lowest-paying opportunity, but he was working for more than just money. [21:54] Evaluating Your New Hire JeVon was first brought in as an advisor but soon started running meetings. Tucker tested JeVon’s honesty by taking appropriate opportunities to be vulnerable around JeVon and sharing personal sentiments, and seeing if he would be vulnerable in that situation as well. Traveling with someone can also help in getting to know them. [24:22] What to Do to Find Another CEO Create an avatar CEO—think about what type of person you need to run the company. Then determine how you’re going to sell to that person. Prepare against the counterarguments to your sales pitch. [27:29] Compensating Your New CEO JeVon was outperforming his contract, and the company was scared of losing him because he was still getting offers from other companies. Tucker always made sure to know what JeVon wanted. After a year and a half, they were able to figure out their final situation. They were open and honest about what they wanted and had an evolving conversation about it. Business and personal are not separate. [33:36] Vetting Your New CEO Tucker would not only evaluate the prospects in meetings but also in informal events such as dinners, drinks, and dancing, They also put the prospects in casual situations. The evaluation begins as soon as the new hire arrives at the airport. Make use of referrals/ [39:18] How Tucker’s Life Changed After Giving Up His Job Tucker is doing two new projects. One is a memoir program. The other is a new publishing arm. He’s becoming the best version of himself, and no one bothers him. ...more45minPlay
February 16, 2021BI 352: How To Get Started Selling Private Label Products On Amazon (Ft Eleonora Pogorelova)Episode Highlights [03:50] — eCommerce trends in late 2020 and going into 2021 There is a decrease in restaurants, travel, and luxury products. Ten years of eCommerce growth happened in just three months of the pandemic. The consumer behavior shifted to online shopping with the convenience of fast delivery. The costs of acquisition right now are much higher compared to 2019. Meanwhile, there is a reduced cost of entry as website building has become cheaper. [08:51] — Establishing a private label business on Amazon Choose the professional account when setting up on Amazon and make sure you have all documents ready. If you have a product already, you’re all set. However, if you don’t have a product yet, you have to make sure that it is marketable. Invest money in advertising and growing your brand. [12:47] — The characteristics of successful and unsuccessful Amazon sellers Successful Amazon sellers: They educate themselves, have dedication and persistence, and share their expertise. Unsuccessful Amazon sellers: They keep their expertise to themselves, and they don't ask for anyone's help. Unsuccessful sellers also go for trendy products that may not last. [18:38] — Best practices for sourcing products A profitable product has a high demand and low competition. Avoid products that are easily breakable and have chances of becoming obsolete. You have to consider factors like profit margin and market depth analysis in identifying preliminary products. Product matching allows you to evaluate the cost of the product and the return on investment. Set aside money for marketing, shipping, and other business growth strategies. The average budget for private label sellers is around $2,000 to $5,000. [26:53] — How did product sourcing change over the past year? While there were issues in delivery times when the pandemic started, there were no significant product sourcing changes. [27:38] — Biggest mistakes and tips in sourcing products The first mistake is going all-in without a concrete plan. The second biggest mistake is going after a trendy product. Before working with a supplier, make sure to see samples, reviews, and prices. Remember that you have more business elements (marketing and shipping) to spend on other than the product cost itself. [31:14] — Who is IO Scout? IO Scout is an all-in-one tool for Amazon sellers. It includes a product finder tool, product tracker tool, keyword research tool, sales estimator, and FB calculator. They also offer a Google Chrome extension and inventory management. Their ideal customers are any Amazon seller, from newbies to experienced sellers. They go after wholesale businesses, private label businesses and force arbitrage businesses. According to Eleonora, IO Scout is a one-product-fit-all. ...more34minPlay
FAQs about The Scale Your Agency Podcast | Bright Ideas:How many episodes does The Scale Your Agency Podcast | Bright Ideas have?The podcast currently has 388 episodes available.