Selling online, especially on Amazon, has never been easier, and can bring you hundreds of thousands of dollars fast! Once you understand the system and put things in place, it's like having an ATM machine just delivering money to you. The best part is that you don't need a special education and you don't need very much money to start. This step by step process will bring you from beginning to end and as long as you follow it, you will have a million dollar business.
Buy Low Sell High
It's the first thing they will teach you in business school, you have to buy for as little as possible, and sell for as much as possible. The key is making sure you sell for high enough! It's not good enough to just make a profit because there is a difference between making a profit and being profitable. Being profitable means that with the money you make, you will be able to pay for all your overhead, grow the business, and pay yourself. So how do we know when we are profitable and how do we get people to pay more money for something that sells for less on the same website? In order to be a monster seller, you must plan your product launch carefully, not just throw things on the site and hope for the best.
At the time of writing this, you can go on Amazon and choose a niche, let's say Toys for under $25. A huge list of fidget toys pop up, this is the hot thing of the moment. One of these is called a fidget spinner and there are unbranded versions selling for $2.20 with about 400 reviews, and there are branded versions selling for $19.99 with 1700 reviews. The exact same product but the branded version gets nearly ten times the revenue and a higher number of sales.
Find Your Niche
We want to find low-cost products to sell for a high return. I suggest finding something to start with that cost under $1 to buy from a supplier, then sell it for $10 to $20. Salehoo is a directory of high quality suppliers that can get you low-cost goods. www.salehoo.com
Get Keyed In
You are going to do some ad campaigning and are going to need to know what the best keywords are for your campaign, in order to do this you will have to run a few simple tests to figure out what the best keywords are.
Ad words keyword identifier helps you find the hot keywords for your product
Bing Ads- Less competition
In order to get the highest return, you must add value to your product, and the easiest way to do it is through branding.
For about five cents you can add a brand name to your product and consumers will instantly perceive a higher quality product than the same unbranded item your competition is selling. You can often double or triple the selling price!
Fulfillment centers will mail your orders out for you, some will even brand your product, and box items in your branded boxes for you. The best centers will take your product directly from the factory, brand them, box them, and send them to your client. The one thing you also need to get them to agree to is small non-bulk orders or orders of one item at a time.
Amazon now has a fulfillment center, so you don't have to hold on to inventory, and can be completely hands-off of the product.
Don't even think of just putting your product on the market, running some google ads, and waiting to see what happens. You will fail.
A product launch must be planned. You are going to briefly disrupt the market so you have to be ready for the results.
Sales and Reviews
Amazon wants two things from the products that you sell, that is sales and reviews, when you have these two things, your product goes straight to number one.
Spike the algorithm- You are going to buy a 24-hour facebook ad that will nearly give away your product to 100 people. You will create an ad that will state that for the next 24 hours you are selling your product for $1 in order to get reviews back on Amazon. The ad will take them to a one-page website that will have the promo code and the reminder to leave a 5-star review if they feel it deserves it. Follow up with everyone who hasn't left a review after 3 days and ask for a review.
In 24 hours the 100 items will sell out and over the next 48 hours, the reviews will come in. This will push your product to number one on Amazon for your product and your product will sell like mad at full price.
You can also run ads on Google or Bing to help drive sales at this time.
When you first do this process, you will want to experiment with a small number of items. Like 300 to test with. 100 to give away and 200 to sell. If they sell out in a blink of an eye, you need to order more product, and repeat the process with a couple thousand. If it continues to sell keep scaling up!
The video below describes the process in further detail.