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…answer your questions here on the podcast and I do it every single Friday, every single week and yeah, I'm excited to be back here. We are in July. I can't believe that we are almost halfway through July depending on when you're listening to this. Fourth of July has come and gone.
It is crazy and I know it's not going to be long before I'm going to be saying, “It's August and then September and then Christmas.” It's just, we know time flies, it doesn’t wait for anyone and even just myself thinking about my daughter getting married is just like, “Oh my gosh.” Like I sit there and go, “How did that happen?” I mean she's 22 years old and it just makes me feel like I need to slow down and I need to… I mean we all say that. We got to slow down. We got to slow down. As entrepreneurs it's hard, it's hard. Even for me to tell you to slow down… I'm telling myself to slow down and just really take it in and enjoy each hour and I do. I set up my lifestyle to be able to enjoy that but even when you do that you look back and you're like, “Where did the days go, where did the months go, where did the years go?”
So, just one little reminder here for you, not on Amazon or selling products or anything like that. Just take a minute to take it in. Take a minute to take it in. Sit down, maybe even by yourself in the morning or at night when the kids go to bed and just think and take it in or maybe when your kids are around you or you're at a family event and you're with that person that you're like, “I just want to take in that time because it does not wait for anyone.” And I'm building a lifestyle business. That's what I've been doing now for the past 18-20 years. Since I've been working for myself is really building a lifestyle business and that's what I'm doing and I think that's what you're doing because you're listening to this and you probably want to have that freedom and that lifestyle business.
[00:02:12] Scott: But let me just warn you. As you become an entrepreneur, as you become a self-employed business owner, you are going to find that you could be working non-stop. Nod your head right now if you're saying to yourself, “Yeah, I know exactly what you mean because since doing this I feel like I’m working a lot.” And I do work a lot but it's on my own terms and I actually enjoy what I'm doing. So that's a big difference there. Just take a minute to take it in and really just the people that you're with or even the birds chirping or whatever just enjoy this time that we have and I'm giving myself a little advice right here now too because that's definitely what I have to do.
I'm recording this right now. After I get done with this, I'm going to jump in the car with my kids. We're going to go over have lunch. We're going to take a little bit of time this afternoon to do a few things that we wanted to do and we've got a few things planned tonight. So I am doing that but I want to even be more present when I'm with the people that I love or with friends and family and all of that and I've gone on a little bit of a rant here and I apologize for that. But hopefully this has been helpful to you because I know how busy we can all feel and that reminds me that I wanted to remind you that when you're looking at building a business, it can be overwhelming. It can be just like this huge thing that you have to do and I want to just remind you of this. Simplify the process. Simplify the process.
Yes, you want to map out that plan, that blueprint, whatever you want to call it, but it needs to be done one bite at a time. And let me just tell you, when you get something done that's on that list or that one bite at a time, it feels good. So there's nothing wrong with creating a little checklist and then you can check that off. I mean for me today, my thing is I need to record a couple of episodes of the podcast which I enjoy doing, I'm here hanging out with you and I have a couple things that I need to do with my business partner in the new brand and we have to touch base, we have to maybe go over a few things but then that's it.
[00:04:20] Scott: I'm good for the day and if I want to do other things I can, if I have an hour here and there, but I'm pretty much going to be present and I'm going to feel good because I got those things done. But it's like when you have things half done and you got to be getting them done, you can't really focus, you can't really be present. I know you probably relate to that because a lot of people do. But just remember, simplify the process and take one bite at a time. One bite at a time. But, it's important that you do take one bite at a time consistently. That's another big one.
Don't take one bite at a time now and then wait a week and a half to do the next bite. Try to be consistent even if you're only doing small little mini bites at a time because it's really, really important. So today what we're going to be doing, is we're going to be going over some pretty cool questions and I'll just give you like a heads up. One of them is on buying FBA businesses and a little bit of an issue that they're facing or that they had some questions on. Insert cards with low conversions. I'm talking about a product that was launched. It got some bad reviews and they've updated the product so what should we do with that?
Then from there I've got a message that was sent in by a TASer and it's really just them explaining what they're doing and I really wanted you to hear this because it's like how you can look at success and the attitude of people that are going to be successful no matter what and I want you to hear that. I'm going to play at the end and I'll talk a little bit about that. But guys, remember if you guys want to submit a question and have me answer it on an upcoming Ask Scott session, just head over to theamazingseller.com/ask and then record a short message there. Leave your first name, maybe where you're tuning in from and then from there just leave a short message and I'll do my best to air it on an upcoming show. Then the show notes, the transcripts, can be found at theamazingseller.com/385 and you can get all the goodies there.
[00:06:16] Scott: Alright guys, so I'm going to stop talking. I know a little, I went a little bit long there on the beginning but I just never know how the beginnings are going to go. But I think it's going to be helpful for you especially if you're feeling what I've been feeling and maybe you can get a grasp on that. So all right, let's go ahead and dive into today's first question and I'll give you my answer. Let's do this.
[00:06:40] Chris: Hey Scott. My name is Chris. I’m tuning in from New York City. I love the show. Thanks for all the help. My question is related to the conversation you had with Justin from Empire Flippers. I’m actually thinking about buying an FBA business and one of the wrinkles in that transaction is that the seller will not turn over the actual Amazon account because he has other products that are not part of transaction. So you would basically just get the product and sell it on a new account. It’s a product that’s selling a few thousand units a month and has solid amount of reviews.
So my question is, how would a new account, getting connected to that product impact sales and how do you think the fact that we’re not getting the sellers Amazon account should impact the price we pay for this business? Thanks a lot and keep up the good work.
[00:07:32] Scott: Well hey Chris, thank you so much for the question all the way from New York which I’m originally from, you guys know. Not New York City. I was upstate New York but hey, we're still like neighbors. So thank you so much for the question and it's a good one. It's actually a really, really good question and that episode that you were talking about, for anyone that hasn't listened to that, that was episode 329. Episode 329 I talked to Justin Cooke from Empire Flippers which they buy and sell FBA businesses and just ecommerce businesses in general and definitely something that I've got on my radar and if one comes across my desk then I'll definitely be interested in doing that as far as purchasing something that I feel like I can improve.
I talk through that with Justin and we talk about all the ins and the outs and what I would do if I was buying and what I'm looking for as a buyer. The one thing that would I guess make it hard for me to be 100% all-in, is if I had to do exactly what you're explaining. Where someone has a good product, it's selling well but it's on their sellers account that they're not willing to give up. Because the problem with that in my eyes anyway, is that they've got ranking, they've got stuff happening on that sellers account. The minute that they just stopped selling it and allow me to sell it, I've got to basically create a separate entity in a sense where it's not going to have the same love in a sense.
It's almost like I'm starting from scratch because I can't really control that unless I have access to their sellers account. So what it sounds like they want you to do, is they want to just say, “Oh, we're going to give you the product, we're going to give you the brand name and you can go ahead and sell it on your own.” That to me, that's not like I'm buying a business that's going to be already getting sales. I have to almost like start over again in a sense because there's no way to take that product and then add it to my sellers account at least that I know of. If there is and someone's listening, please let me know but when I talked to Justin the last time there was no way to do that.
[00:09:35] Scott: The best way to do it is to hand over the keys to the seller's account pretty much and then from there you can then change all of their information to your information. The banking, the LLC, like all that stuff and then you have full control. That would be a red flag for me. I personally would not do that and anyone that's thinking about selling their business, consider this in the beginning. If you have an account, for example, if you're starting an open brand and you have 10 different products in there in all different markets and you only want to sell one of those off, it's going to be hard for you to do that because people are not going to want to do exactly what we're saying here.
They're not going to want to just say, “Oh, you're going to allow us to do that, you’re going to stop selling that, you're going to let that inventory run out and then I'm going to start that listing under the brand on my account and I'm going to start over.” So if Amazon was basing any of their ranking factors on my seller’s feedback and seller’s account and authority and all that stuff, it's going to affect it. Again this is my opinion and it's going to affect it because if you have an account that's five years old, I just opened a brand new account, that there is going to affect your ranking. Again, it's my opinion. Maybe someone can prove me wrong but that is my understanding and again I don't want to have to start over in a sense.
Now, if the price was right I guess, like if someone said. “Listen, I've proven the concept, I've sold it, I've done $100,000 in revenue in sales, it's proven that the concept is working, no one else is really selling it then here's the manufacturer, here's the product, we branded it, we're going to sell you the brand name.” That's different. If you want to do that and you think that that's going to be something that you can then just run some pay-per-click, do a launch and you're going to be able to compete because you don't have a lot of competition, that might be an option for you.
[00:11:26] Scott: For me personally, everything would have to be pointing to like, I'm the only one selling it or there's a strong brand awareness that people they're going to be searching for that brand and that's going to be my brand. That's the only way I would do it. But for me, what I'm looking at, is I'm looking at a seller's account that is doing well or a brand that is doing well and then all I got to do is just take it over, pay them some money, switch over my account details and then I'm controlling that sellers account now and that brand is solely on that account. Then that way there I'm just like picking up where they left off. It's like me saying like, “Listen, I'll just buy you out.” That's it and then it's mine now.
So again, some things to think about if you're considering this, not saying that it can't work. It's just everything has to line up there and there's some factors there that you need to figure in. So hopefully this has helped you. Hopefully this has gotten back to you in enough time to where you're making that decision and if not I wish you luck on whatever you do decide. But these are some things that you need to consider when looking at buying an Amazon FBA business. Again, like you said, I think it was just one product and you didn't really say if there's a big email list, you didn't really say any of that stuff. Which again if you had some of that stuff then that would make it easier because then we can just let them know that we have a sale or something on our new sellers account but it's the same brand.
So hopefully that makes sense, hopefully that helps you or anyone else listening and again guys episode 329. I'll link that up in the show notes to today's episode but theamazingseller.com/329. Great interview with Justin Cooke from Empire Flippers and yeah, they vet them out, they get all of the paperwork, all of that stuff done. But in this case it sounds like they're just going to sell the product with the brand and then you're going to move it to your brand which I'm not a huge fan of that model. So let's go ahead and listen to the next question and I'll give you my answer.
[00:13:22] Phillippe: Hey Scott here is Phillippe from Switzerland. First of all I want to thank you a lot for all the precious information that you give us. They are so useful. My question is, let's say that I get some bad reviews for my product and according to those radios I make some small improvements, some small changes to the product. Is there a way to cancel those reviews since they are no more up to date or should I make new listing or should I just reply to those reviews saying that I made those improvements that they asked? Thanks a lot and have a nice day. Bye, bye.
[00:14:20] Scott: Hey Philippe, thank you so much for the question all the way from Switzerland and I always say this but I'm going to say it again, it just always gets me fired up when I'm able to connect with people from all over the world and this is just another perfect example. A listener from Switzerland. Thank you so much. There's a couple of different things that we need to consider. Number one, how long has this been selling? Does it have some traction because the one thing is we don't want to lose traction? So my first thought was, if it's been selling for a little while, you've got some reviews coming in and they're not all bad but you have some that are coming in and those bad ones you're now going to be improving on the product.
The simplest thing that you would do is just comment back to those people on the reviews and say, “Our new version is now updated.” And you might even want to say, “Contact us so we can send you another one,” or a new one or an updated version or something like that. It might be something as simple as doing that. Again, I think you should call it out. I think you should definitely let them know that there's been updates to the product because of these issues. So that's the first thing. I think you should be open and honest and transparent on the front end because then people will read through the reviews, then the review doesn't seem so bad because you fix the problem or you're fixing the problem and you’re listening. So I think that's tip number one. Now the thing you could do, is you could just start over.
You could start a brand new listing and that could be the updated one and then you just close the other one out. Let it run out of inventory and let it just fade away. You could do that. You're going to lose any momentum you had and all that stuff but you're going to be starting over. You're going to have a newer product. It's going to be an updated product. You don't have to worry about those negative reviews. So honestly I would need to know that. Like is this something that you're like, “Oh man, I put so much energy into this, I had some good momentum but I had a couple of these negative reviews that I think people are going to read, it's going to hurt me and now I got to start all over again.”
[00:16:22] Scott: If that's the case then do what I said in the first remark. It’s where you would then just call it out in the review, say that you've fixed it, you have an updated version 2.0 whatever and let people know that and then you what you would do is that one variation you would just let that sell out or even if you wanted to send those back to yourself and then from there create another variation that would be the updated version and then that way they're the listing stays intact. But the other way that you could do it, is to just start a brand new listing from scratch and start over again under your sellers account. So if your sellers account has a little bit of season or a seasoned account or a little bit more of an authority then this one here you're not going to lose that as well.
So again, you'll still have that on your sellers account as your main account but you're going to have to start a brand new listing. That's the downside of doing that. It's really your call but those are some things to think about. And again, how bad of a review was it? Was it like a really like the product really stinks and it didn't work at all or is it just something that says I wish that they handle was a little bit longer. You know what I mean? So that's why I'm giving you a two and a half star or a three star or whatever or even a one star.
Like why are they saying it and is it that big of a deal? If it is, then you might want to just kill the listing and start over or if it's just a modification it’s going to make the product a little bit better, then you might want to do the other, where you just phase out the one, add the new one, address the reviews to the people that have left them, that way publicly you've acknowledged it and then letting people know that it's updated and it's a newer version.
You might even want to put a newer version or updated version in the bullet or maybe even in a title or something like that just to let people know that it's a newer version now. So anyway, that's what I would do and this is again another reason why you always want to create your listings with variations even if you don't think you're going to have a variation because this gives you the ability to be able to have one that you can phase out and then the other one will be live and you can share the listing in a sense.
[00:18:28] Scott: So hopefully that helped you. Keep me posted though. Let me know how that works out for you and I would really be interested to see what happens there. Alright, so let's go ahead and listen to another question and I'll give you my answer.
[00:18:41] Gerhart: Hi Scott, this is Gerhart from London in the U.K. My question today is about insert cards. I have a product and I’ve probably sold about 500 units in a space of two months. I have an insert card that I put inside the packaging. One side offers a quick start guide. The other side offers some of the goodies we’re going to give away like a discount coupon code and a free eBook if they go and they register a guarantee. Of the 500 products that I've sold, I have had one registration, one addition to an email list. And my question to you is, how would you troubleshoot this? What would you do to try and get people to sign up for this? The card is professionally designed. I followed advice from a previous podcast. So I'd like to hear your thoughts on this. Also thanks for all the great content you guys put out there, it’s good work. Cheers, awaiting your reply. Bye.
[00:19:57] Scott: Hey Gerhart, thank you so much for the question and it's a good one and I know a lot of people want to know what is the best way to use insert cards. For anyone that's brand-new or doesn't really know what an insert card is, it's just think about it as another piece of material that they receive in the mail when they get the package. It could be inside your packaging. It could be a four by five postcard. It could be even be just a full-size piece of paper, it could be whatever. I like insert cards to be at least a four by five or even a four by six. I like it to be on heavy cardstock glossy. I like it to look professional but the other thing I do is I like it to be simple. With not a ton on there.
Now one side you said is like quick start guide. I think that's fine because people are going to want to touch it then because it's a quick start. The other side now is where we want to be able to get them to enter their name and email address. Well okay, it sounds like you have 500 people that receive this and you had one email address. So that is very, very poor as far as a conversion rate. So now first off let me just say that you are going to get lower conversions on a piece of mail that gets them to enter their name and email address. Generally we're seeing… I mean if you can get a 5%, that's pretty good.
So for 100 people you get five email addresses that would be pretty good and then some people would say like, “Well does it even matter?” Then why even bother? Well why not? Like why not? At least you got five. I think you could do even better than that. If you have and this is I think one of the issues that you may be having and the reason why you're not getting that good of conversions, number one, I don't think the offer is good enough. You didn't say what the discount was. Is that 5% off? Is it 10% off? Is it even 20% off? Maybe that's not a good enough offer. Maybe what you need to do, is something that you know they want and that you're going to do as a giveaway.
[00:21:56] Scott: Maybe you're going to do a monthly giveaway for the main thing. So let's just say for example, we'll go back to the fishing example, let's say that you sell tackle boxes. Well you know that they bought the tackle box because they got that in the mail, why not drive them over to a contest page that they can enter in? And then all you're going to do is you're going to give away 12 fishing poles for one a month. So for the year that's going to be 12 fishing poles. That's part of your thing or maybe you don’t want to do that. Maybe you want to do something else. Maybe you're going to give them… I don't know maybe you'll give them a $25 gift card every single month or you're going to have that they can be entered into a $25 Amazon gift card. We don't care.
At this point we know that they're a fishing customer or a customer that bought fishing gear. Let's flip this around. If I wasn’t doing this in an insert card and I said to you go build an email list and use a $50 Amazon gift card or $100 Amazon gift card to get people to enter, that would be bad. Because then we're attracting just people that want free Amazon cash. That could get shared in other groups where people are like, “Oh cool, I want to win free cash.” But in this case, we're turning it around. The only way they're going to see this offer is if you send them a tackle box or your product.
So we know they've already qualified themselves as a person that's interested in your product. So hopefully that makes sense. Now you could set this thing up to where it's automated and we talk about this as far as building our email list. We did a free workshop. You can you can go over to theamazingseller.com/buildlist and you'll find that over there and it’ll show you how to set this stuff up. But I would create a unique one for just my insert cards. So it would be like a monthly raffle and then all they would do is they would have to go over there enter their name and email address and they would be entered into the monthly drawings. Not just one, you can enter them in every single month and pick a new winner.
[00:23:53] Scott: Now if you wanted to, you could do something where like I said, it could be a fishing pole… And I'm using that as an example guys. Obviously you're not going to use a fishing pole if you're selling beauty care items. I'm using that as an example. But let's just say that it was a fishing pole. Let's say that fishing pole was $100. So every single month, you're going to give away $100. Same difference, let's say you did $100 Amazon gift card. So one winner. Out of those 500 people that you got, let's say because it's a $100 grand prize that they can win, let's say out of that now you get 50 of those people.
Well now 50 of those people have registered there and raised their hand you immediately on the back end could give them a coupon code in an email and say, “Thanks so much for entering we look forward to letting if you won and oh by the way while you're waiting here's a 25% off coupon.” So see we can do that now because we have their email address. So the upfront cost of getting that, you're only doing that, you're only going to do $100 worth of prizes but you're able to then make that offer a lot more compelling. A lot just a lot of people will want to enter that versus you just saying get 25% off or even 10% off of your next item or something like that. I would give that a try.
Again, we got to be creative with these offers. We have to like think about our audience. What would get you to enter your name and email address? I know if I just bought a guitar and well let’s not even say guitar, let's say I bought strings for my guitar and in that package it said, “Enter your name and email address to win a $250 guitar or a $350 acoustic guitar or something like that.” I would probably do that because number one, I'm a guitar player and I'm going to probably just want to go over there and see what else they have or what else they offer and that's going to get me into their system. So I would definitely do that. Again, just some ideas here and I can go on and on and on with these ideas because that's what I like to and I love doing this stuff.
[00:25:52] Scott: I love brainstorming ideas and what would make a good offer but I would test it and I would track it and the way that you would track it is you would have a separate landing page as we call it and again guys if this sounds all foreign, if it doesn't sound like it makes any sense, you're definitely going to want to check out the workshop that we did again because we lay everything out there for you and it's totally free, themazingseller.com/buildlist. So go check that out and it'll make more sense. But I would create a unique link, very easy link. I would use something that's not long and then I would drive them to a landing page that was only for my insert card people.
So okay, I'm going to stop because I can keep going and I don't want this to get too long. Hopefully that answered your question. Let me know how that goes and let me know if that helps you. So let's go ahead and wrap up today's episode but before I do, I did want to play something for you. I want to play a message that came in from the Ask Scott little audio line or voicemail or whatever we want to call it. It's a little recording area where you can record your messages. So definitely do that if you have not done that. I want to hear from you guys. So definitely do that.
But I want to play this because I think it's really important that you understand that a lot of what we're doing here, a lot of the things that we're doing are not going to just come easy and we're going to go through ups and downs and mindset and attitude can either make you successful or make you not successful because well I’m just want to play this because it just proves that it takes work but it also takes a good attitude and a positive outlook and keep moving through this system. So I'm going to play that for you really quickly then we'll wrap up today's episode. Let's do it.
[00:27:34] Listener: Hey Scott, I actually live in California and I just wanted to send a quick message on your action. I was just listening to one of your podcasts. Thank you for all that information, really appreciated but I'm really excited. I actually started listening to you probably about six/seven months ago and finally had a chance. Just finished launching a product on Amazon. It was actually in a very competitive industry but I'm excited about it. I was passionate about it so I thought I'd give it a shot and it's in the beauty and health care products niche but just got it launched, had some starting sales, have an uphill battle but looking forward to it.
I enjoy listening to all your stuff and hopefully I would love to chat with you one day and just share some stories. I also have a family business I work in as my day job but thank you. Thank you for everything you've done. Appreciate it. Again, my name is sharbourmel and look forward to hearing from you, thanks.
[00:28:34] Scott: So first off, let me just say that I'm not even sure that I want to try to pronounce his first name, sharbourmel I think is what it was. I apologize for that and again sometimes I can't hear that well on the audio message but hopefully I came close. But what I really wanted to highlight here is and for everyone listening, is that like he submitted this because he wanted to number one let me know that he's actually moving forward. He also said a couple of key things. He knows that he's in a competitive space. He knows it's going to be an uphill battle but he's looking forward to it. Big, big, a big thing there is that he's already expecting it so he's prepared and he's looking forward to it.
A lot of times we don't realize that we learn so much from the climb, from going through the journey. He's willing to do it. He's also working in a family business that resonated with me. That's what I've done for years and then he's also excited about this new business venture that who knows maybe it's going to piggyback off of the current family business. I don't know that but I just want you guys to understand that attitude has a lot to do whether you succeed or not and he has a very good attitude. Now I'm not saying you got to say, “I know it's going to be hard and I'm excited about that.” I'm not saying that you have to be like faking like that.
You don't to be like pretending that you really don't care but I do want you to enjoy the process and understand that it is going to take work but you need to enjoy the process. If you enjoy the process and think about everything that you struggle with, you’re learning, it'll make it a little bit easier as you go through the climb. Because the climb is really you going out there and working your way up to where you want to be. And let me just say this, I don't think that you'll ever stop climbing.
[00:30:32] Scott: I don't think you should and what that really means is you shouldn't stop learning. I think we could always become a little bit better and we can always not just… I don't even want to say perfect something because I don't really believe in perfection. I believe that we always are working towards becoming better but the climb is really you going out there, understanding it's going to be a climb and then enjoying in that process. And yes you're going to get frustrated.
Yes you're going to feel like giving up at times but if you have that attitude and if you have the right mindset, nothing will stop you and that's why I wanted to play this because I think it's huge that people understand that including yourself and trust me I felt that. I felt the ups. I felt the downs. I still do. Every time something doesn't work, you feel like, “Man this just didn't work.” But then I have really trained myself to say, “What did I learn from that? Wow, we're not going to do that again,” or maybe sometimes there's not even a clear answer to why it happened but you got through it and then that gives you that confidence that you can get through that.
Again guys, I just wanted to highlight that for you. I know it's important for you guys to understand that not everything is roses. It's not just everything isn't perfect and it won't be but as long as you understand that moving forward and you have a good attitude and you have a good support system, it sounds like he's got a really good support system, you guys do too. You're part of The Amazing Seller Podcast community and you guys can always go over to theamazingseller.com/fb and join that community if you haven't done so already and just go in there and be supportive with each other, lean on each other, learn from each other and just know that there's other people out there that are probably going through the exact same thing or already have and they can help you through that part of your journey.
[00:32:20] Scott: Alright guys, so that is officially going to wrap up this episode. I know I went on a little bit of a rant here and there but hopefully you guys are cool with that. Every time I go to a live event I always mention the rants and people say, “Scott love the rants, keep them coming.” So I may just keep them coming. I will keep them coming. I don't know any better.
So alright guys, that's going to wrap it up. Remember you guys can ask me a question by heading over to theamazingseller.com/ask. The show notes, transcripts, can be found at theamazingseller.com/385 and you can get all the goodies over there guys. Remember, as always, I'm here for you, I believe in you and I'm rooting for you but you have to, you have to… Come on, say it with me, say it loud, say it proud, “Take Action.“ Have an awesome amazing day and I'll see you right back here on the next episode.
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