Complexity can be simplified if you have the right tools. Scott has your back. He looks for every bit of advice, tips, scenarios, and insights that will help you excel in your business. Because of his diligence and networking abilities, Scott came across a helpful blog post from Jeff Cohen and his team. On this episode of The Amazing Seller, Scott and Jeff go over the tools you need to leverage your marketing list, how to garner reviews for your product, and how to go from good to great levels of success. You don’t want to miss this powerful and practical episode!
Imagine, you have some products that have been slow or nearly impossible to move and Amazon is letting you know that you have an increase in storage fees coming. Should you pay it? Can you liquidate it? What do you do? Jeff Cohen came across a similar scenario when he heard from one of his clients. That client proceeded to utilize “Snagshout” and successfully liquidated his product, made money, and sold additional products in the process. If you are facing a similar situation or you just want the peace of mind by having the tools necessary to tackle it if it comes up, you came to the right place!
On this episode of The Amazing Seller, Scott sits down with business leader Jeff Cohen. Part of their conversation touched on garnering reviews for Amazon products. Jeff gives some helpful tips to keep in mind when trying to accumulate a good number of reviews.
- Don’t ask for a review if the product was purchased at a very heavy discount.
- You cannot ask the buyer for a positive review.
- You cannot tell the buyer what to write in the review. No examples of a perfect review.
Listen to this episode to get more useful tips and insights from Jeff!
Sometimes the easiest solution to a lot of problems is sitting right in front of you. Why not use the tools you have and the resources at your fingertips to solve issues you run into? Jeff Cohen points out that one of the greatest advantages to building a marketing list and cultivating a brand following is leveraging that when the time comes to liquidate products. He suggests that if you need to liquidate products quickly, offer them at a great discount to your brand following. It makes them feel special and it solves your problem. It’s a win, win! To hear Jeff expand on this thought further, make sure to listen to this episode of The Amazing Seller!
It has been said that the enemy of doing something great isn’t doing something poorly, it’s settling for good. Where are you settling for good rather than pushing for great in your business? One area to be aware of according to Jeff Cohen is your storage fees through Amazon. He says that a lot of people focus their research and time trying to figure out how much it will cost to get their product to Amazon but less focus around how to manage their storage fees once it gets there. He is convinced that this one issue is holding a lot of business leaders back from seeing significant sales and profits. Don’t settle for good, shoot for great! Learn more from Jeff on this episode of The Amazing Seller.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:45] Scott welcome Jeff Cohen to the show.
- [4:00] Jeff talks about liquidating products quickly.
- [7:00] What’s the news around the big review change?
- [10:30] Jeff’s tips about reviews.
- [15:50] What is the average return on getting reviews from giveaways with and without solicitation?
- [21:20] A strategy for liquidating products.
- [26:40] An update on “Snagshout”
- [31:00] Jeff talks about list building.
- [34:20] A special deal for TAS followers.
- [36:45] Scott stumps Jeff.
- [39:00] Jeff and Scott talk about Seller Summit.
- [44:00] One last piece of wisdom from Jeff.
TRANSCRIPT TAS 324
TAS 324: (Case Study) How to Liquidate Product FAST and Make Money in the Process
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 324 and I am really excited to share this next case study with you because I know that it’s probably been on your mind or it will be on your mind eventually and that is like how do I get rid of inventory and not get penalized on a long term storage fee?
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…Or maybe I’ve picked a product that’s slow moving and I just want to get it out from under me and you’ve probably had those thoughts. I know I have and there is a solution and that’s what we’re going to share with you because there’s a case study that we’re going to reveal right here. It’s how this one seller liquidated his product pretty fast and made money in the process and sold additional products in the process, pretty crazy.
I actually learned of this by reading the Seller Labs’ blog and then I reached out to Jeff Cohen who actually works with Seller Labs and I said, “Jeff, what’s the deal here? Give me a little bit more details,” and he did. I said we got to get you on the show, we got to talk about this. I think this is a great strategy for people that are thinking about liquidating their product and then getting some benefits out of it and that’s exactly what we’re going to do.
Today’s case study, like I said, was a blog post and there are some tools involved that made this all happen. What I decided to do is have Jeff create a page at sellerlabs.com/TAS with all of the information, all of the tools that were used and all of the different things that made this happen. It’s not that much but it’s there and also those guys over at Seller Labs are really awesome people. You guys know I only stand behind products that I believe in and that I know them personally.
Jeff I know personally and I always put my stamp of approval on those guys. They’ve agreed to give a nice little discount if you do want to try any of their tools. Definitely go check out sellerlabs.com/TAS if you want to check that stuff out. Like I said, the full blog post will be listed there as well, the one that I read that got me interested in this whole thing. But like I said, I wanted to have Jeff on because I wanted to go deeper into this case study.
[00:02:01] Scott: I wanted to get all of the facts and that’s exactly what we do here, plus whenever you talk with Jeff you always learn something. But I will say one thing, I did stump him. Jeff if you’re listening back to this I did stump you but because of that something really awesome is going to happen because I did stump Jeff Cohen.
You’re going to have to wait to hear what that one detail is which is pretty huge by the way and some of those cool things that they have planned that they’re going to be rolling out here really soon which I’m pretty pumped about. You’re definitely going to want to check out that page, sellerlabs.com/TAS and you’re going to want to listen to this entire episode because there’re some really cool things happening over there.
All right guys, I’m going to stop talking now so you guys can enjoy this conversation that I had with my good friend Mr. Jeff Cohen, enjoy.
[00:02:47] Scott: Well, hey Jeff, what’s going on man? How is it going brother?
[00:02:52] Jeff: Hey Scott, thanks for having me back on. Everything is going great, just kind of rocking it with 2017 starting.
[00:02:58] Scott: It’s a pretty awesome year so far, lots of things happening. The one thing that I wanted to talk to you today about is not just the review updates and all of that stuff. We can talk about that forever because everyone’s always still saying, what do we do now? I don’t really want to go down that road but I did want to have you on today to really dig into maybe even just a little bit of like what have you been hearing around that since the new year?
Then what we can do is start to talk a little bit about deal clubs and then how we can maybe utilize a service to actually liquidate our products and not necessarily use them for doing a promotion which you still can do. You guys posted something that got me interested in this by the way and I think that I told you that I read that one blog post. It was a case study that you guys had did with a gentleman that actually was, I think he was facing some long term storage fees and then he ended up using Snag Shell and then he was able to get rid of some product that way pretty quickly. Is that how it went down?
[00:04:06] Jeff: That’s pretty much the story. He was looking at his account back in December, just to give really quick for the people don’t know how to look at your potential long term storage fees. You go into seller central and then under inventory there’s a button called Inventory Dashboard. From the inventory dashboard you can run what’s called an inventory aging report. Once you’re looking at your inventory aging report it gives you all of your inventory in buckets. Zero to 90, 91 to 180, 180 to 270 and up. Anything that sits in the 91 days old is something that you should start keeping an eye on as a seller because there are two times a year. One happens in February one happens in August where amazon asses long term storage fees.
It was December, he was looking at this support and he realized that he had a lot of product and it wasn’t really selling well and he was going to get smacked with a pretty big long term storage fee. I think his fee was going to be like $3,100 and it was for a product that… He was done selling. He had made the projection on the product, he produced the product, he brought the product over and it just didn’t do as well as he thought that it would. So he needed to do something before he ended up spending a bunch of money just giving Amazon money to hold this product.
[00:05:50] Scott: That’s huge. I know people in my personal little circle here that they’ve been hit with some pretty massive fees. To some people it’s like, “Okay, well how much is that per unit if you spread that out?” But to a lot of people that could be a couple of dollars each unit depending on the time of the year and the storage fees and all that stuff. I know just with the fourth quarter fees they were astronomical which was insane, it’s a whole another topic.
He ended up being able to liquidate them and I really didn’t think about this too much as far as like we could just discount our product even at cost, get rid of it and then recoup our money back and then be done with it. If we’re still going to sell on that account we’re then seasoning our account by selling this product and it’s still showing that there’re sales being made. Maybe you could walk us through that in a second but before you do give me your thoughts though.
We’re past January now in 2017, what’s the talk still right now, if any, about the big review change and how you’re launching products? Is anything changed or is it still the same, well we can get reviews so we can’t launch products? Is that what you’re hearing out there?
[00:07:10] Jeff: I think that a lot of sellers have come down. A big thing that we talked about back in the previous podcast was around an idea called FUD and I know you and I have had some good conversations around FUD. FUD is F-U-D, fear, uncertainty and doubt. It’s what happens when we get a little bit of information but we’re not really sure what that information means so we start coming up with all these ideas and stories and people start coming up with suggestions on what to do but nobody really knows what to do.
I think that a couple of months later everyone has settled down. They understand the new normal, if you will and new tactics are starting to change, to emerge for what you need to do. The sellers who are still trying to do the old way of doing things, giving away a ton of product, trying to get reviews for those products, using review clubs, they’re starting to feel the pressure from Amazon coming down on them.
What I have been advising sellers, I think you’ve been advising sellers as well is that the processes need to be mutually exclusive. If you want to give product away, for trial to drive sales velocity, it’s okay to do that but don’t expect or even encourage reviews to be coming from those products that you’re giving away at a discount. The biggest tactic that I’ve seen sellers do that’s really working is, step one, optimize the hell out of your listing.
Just optimize your listing back in keywords, all that. Step two, start running PPC campaigns. Step three is have your email funnels set up so that your full value sales are driving reviews for your product. We have several clients who have come back to us and have said that just by optimizing their listing they were able to get the first five, six sales that they needed to get product reviews to then be able to start their PPC to then get their sales velocity going. There are still ways to do it, it just takes a little bit longer to get it done.
[00:09:38] Scott: I agree with that 100%. I also think it depends on the competition that you’re facing and how many reviews you’re going up against. That’s why a lot of times now when we’re looking at products to source and to bring to market a lot of times we are looking at the amount of reviews that are there and if they’re getting sales with a low amount of reviews. This way we know that we don’t have to go so aggressive with trying to get a bunch of reviews.
That’s one thing that I always tell people like when you’re in that research phase like think about that. If you want to go with the more competitive, with the more sales and I always tell people if you’re getting after the product that’s getting 100 sales per day you’re going to have more competition period. If you’re going after the one that gets 10 sales a day consistently you’re going to have less competition and building yourself around that.
[00:10:21] Jeff: There’s a few tips that I’ve been giving people, let me just run through them really quickly because there’re things that I think people are still doing wrong. One, don’t ask for a review if the product was purchased at a very heavy discount. We own Feedback Genius. We have a vested interest in people emailing their customers to solicit reviews. Why do I say that? Because Amazon has said that the process of giving products away in exchange for reviews is a violation of their terms of service.
I don’t look at the letter of the law, I look at the intent. Based on the intent of the terms of service that Amazon wants they don’t want you doing heavy discounts and getting reviews. You can use a filter within your email that says if the product was purchased at a discount greater than X then don’t send the review. If the service that you used doesn’t have that filter you can turn your emails for that product off while you’re running that process. It’s important for people to understand that.
The second is, you cannot ask the buyer for a positive review. You have to move your language away from, “If this was a 5-star product please consider giving me a review.” We have evidence that Amazon is actually identifying people using that in their emails and sending them notifications and warnings. People need to stop asking for positive reviews. You cannot tell the buyer what to write in the review, so you cannot say like, “Here’s an example of what a perfect review would look like.” You can’t do that.
[00:12:15] Scott: Let me write it for you.
[00:12:16] Jeff: Scott you’re laughing but these are things that sellers are doing and they don’t understand that they shouldn’t be doing this.
[00:12:23] Scott: It’s funny because I actually purchased products recently just for myself and I’m getting a lot of that still and the hard thing is they’ve already maybe printed it on their insert cards and I’ve never ever recommended doing that to put it into print to get them to join the VIP for a discount code I think that’s fine but you still got to be careful with what you’re doing there. Definitely not like, “If you thought this product was a 5-star leave a review and if you think it’s anything less than a 5-star, email me.” No, don’t do that.
[00:12:58] Jeff: You can’t do that anymore. I think you could get away with that a year ago, you can’t get away with that anymore.
[00:13:02] Scott: I would definitely stay away from doing that for sure. Let’s go back a little bit now. The one question I did want to ask you because the dust is kind of settle like you said and people are like this is the new norm, we’re going to rethink about this or you got a bunch of people jumping ship. They’re going to say, “I’m just out of here, I want to get out of here.” Well, they can liquidate their product with what we’re going to talk about here.
Let me ask you this, running a service like Snag Shout or any of the other review clubs out there or types of groups, what would you say that now that they’ve changed things do you feel like the people that are still in those groups are now retrained to not leave the review? You know what I mean?
[00:13:53] Jeff: Yeah. I would say that shoppers, the discount shoppers are better at not leaving the disclaimer. Back in October when this first happened a lot of them were still leaving the disclaimer and so if you prompt them to leave a review they might still be up to leave a review. If you’re not prompting them to leave a review they’re just going to buy the product and be like anybody else.
I think there are some shoppers who still buy products and want to write reviews and you can’t do anything about that. What I always say Scott is that you’re looking for a natural motion within Amazon, the number of people who are looking at your product page versus buying your product versus writing reviews. You don’t want that to be 100 people buying your products and 80 reviews and that’s how the old system used to work.
You want 100 people buying your products and eight to 10 people writing reviews, that’s more natural in Amazon’s eyes. The best way to do that is if you’re giving away a lot of products in a short period of time don’t solicit reviews from those people. There’s a chance you’ll still get some reviews but you’re not going to get the high volume for 50%, 60% of the people writing you reviews like you would if you possibly solicit them.
[00:15:22] Scott: That’s a good point because, like you said, in the past you’d send out, and that was your goal really is to give out 100 and get 75 reviews. You wanted it for that reason, at least a lot of people did. For me it was personally like I want to spike the algorithm, I want to get on the radar of Amazon, I want to get in the algorithm and start ranking and then the reviews were, to me, like a buy product to that but I didn’t want to get some obviously.
You did bring up a good point there, what is the average, do you think right now? I have my opinion on this, but what’s the average review/feedback given from just a regular customer that’s buying your product? What have you seen from some of the data that you guys have over there at Seller Labs?
[00:16:09] Jeff: With or without solicitation?
[00:16:11] Scott: I would say, well both. What if you don’t send anything out at all or then what if you send something out that maybe adds some value, maybe a free PDF, something like that and then maybe follow up with, “Hey, can you do us a favor and let Amazon know how we did for you because we want to make sure that you’re taken care of?” Something like that.
[00:16:29] Jeff: I think that if you are just selling your products and you’re not soliciting reviews you’re going to see a review rate somewhere in the 1% to 2% range.
[00:16:38] Scott: Okay, that’s about what I think.
[00:16:40] Jeff: If you have a decent email follow up you can push that to 6% to 8%. If you have a product that engages with the customer then you can push that north of 10%. I’ll give you an example, if you have a product… Let’s use the garlic press. A garlic press is going to be something that you could possibly push into the 6% to 8% but there’s not a real emotional attachment to the garlic press. It’s not a repeat purchase, it’s not something that’s going to invoke a real emotion.
If you have a product that can invoke an emotion with our brand or that’s a repeat purchase of your brand then you’ll start to see your review rate get higher as people become more dedicated and connected to your brand.
[00:17:33] Scott: I think it’s like if you had a product let’s just use the Go Pro. You’re using the Go Pro, you’re on their YouTube channel, you’re posting your videos, you’re excited about that and you want to let people know about that thing, those people I think would be in the higher percentage because they’re engaging like you said. I actually had one of those little lenses that you clip on your iPhone to make it a fish eye or whatever. They had a great, great follow up and a great way for you to actually go to their Facebook page and then post your pictures and show them off and stuff.
It was a way for you to use the product and share what you’ve capture with their product and I think that’s different but you’re right, that right there to me would be higher than it would be for just a garlic press that you said, “I really love this, it helped me make some really great meals.” That might be it but not going to be…
[00:18:20] Jeff: That’s the difference between a product and a brand. The easiest way to give somebody a definition of a brand is that a brand evokes an emotion. I got my kids a toy over Christmas, and it happens to be a seller’s toy so I’m not going to mention exactly what it was, and my kids loved them. Still a month later my kids are still playing with the toy which means it’s actually a good toy.
I want to be an advocate of this brand because I feel like it’s actually a good product. I have an emotion towards the brand because it’s actually bringing something positive back to me. You’re a basketball fan, I’m a basketball fan, how do you feel about the Evolution basketball? We all know it’s a better basketball than the other basketballs that are out there. Therefore if you buy an Evolution basketball you’re more likely to write about how much better it is because you spent money on a premium product, you felt you got the quality of a premium product and you want to share that.
That’s an emotion that’s evoked from the brand and if you have a product that can do that you will get a higher return on your reviews.
[00:19:39] Scott: I totally agree with that and you’re right. A brand is different. It’s a brand experience sometimes or like you said the emotion and for you your kids were having fun with the toys and they keep coming to you and be like this is awesome and then you’re like this is cool. It brought joy to my kids and my kids keep saying how much they love it and if it’s something they want to buy more of or in addition to or something like that they’re going to keep bugging you about it so it just shows that they enjoyed it. I agree 100% with that.
Let’s dive in now. The main reason why I wanted to have you on was to really talk about this liquidation strategy in a sense because I get a lot of people that contact me. They’re like, “Scott I’ve got this product and either I sent too much in and I want to be able to get it out of there. I don’t want to pay to have them ship it back to me or I don’t have a place to store it. I want to just get rid of it and then I can maybe start reordering again and only keep in a 30 or a 60 day supply. What do I do?”
In the past I’ve said just figure out a way whether it’s give the product away at a discount with maybe an influencer in your space or maybe even Craig’s List, you can do a discount there. There’s different ways you can do it there. I actually had someone on that actually does buy out liquidation but it’s going to be really, really cheap he’s going to buy it for. He even said that’s your last resort.
Why not actually have customers buy it that might want it at a deep discount and then you at least recoup that money? Then you’re also getting the benefits of a sale through your Amazon account. That’s what I want to dig into. Can we dig through how this would look and what your thoughts are as far as like if someone said, “Jeff I’ve got like 300 units that are in Amazon’s warehouse and I want to basically liquidate those,” for whatever reason, what would be the strategy moving forward? What kind of pricing should we do?
Should we only do what we have invested in and maybe figure out the pick and pack or should we go less than that even take a little bit of a loss? What’s your thoughts on that?
[00:21:39] Jeff: It’s definitely a mathematical equation and you have to determine how much money you have into each unit and obviously you want to maximize how much money you’re getting out of each unit. You also want to look at your time horizons. When are you going to get hit with your next set of charges? In this particular case study Patrick started looking at things in December knowing that he had till February 15th before he got hit by this larger long term storage fee.
When he started discounting his products he discounted them at… He started at a 40% discount, he had to raise it to a 50% discount to start driving some sales. If he’d gotten further and further along and the product wasn’t moving he could have kept increasing his discount to move the merchandize. Now, Scott this isn’t a new concept. We used to go to a mall, we used to stand in a mall and we used to see that the store we were at yesterday had it at 40% off and it has it at 50% off and we know if we come back in two weeks it’s at 60% off.
It’s just a matter of bringing this concept into your business world and I think that a lot of sellers become emotional to a product and so it’s hard for them to just say, “Hey, this product isn’t working. Whatever cash I can get out from this gives me cash to put into my next product and whatever I can reduce from my fees gives me more available cash into my next product.”
This could be a matter of getting rid of the product entirely or it’s possible that one of your variations of the product isn’t selling very well and you need to move that. If you have the opportunity, if you’re dealing with a variation that’s the best case scenario. The reason why is that let’s say you have a pink, a blue and a green garlic press and the pink garlic press is not selling very well, you can actually go and liquidate your inventory of pink. As you do that you’re actually going to drive sales velocity back to the parent ASIN and improve your overall rank for all of your other products.
[00:23:57] Scott: That’s a good point.
[00:23:58] Jeff: If you’re dealing with a variation liquidation could make a lot of sense because of the network effect or the halo effect that you’re going to get with your other products. If you’re just specifically talking about one product; you don’t have variations, if you’ve decided that you’re not going to manufacture this product anymore then it’s really just deciding how much money you want to get out of it and what time frame you want to get that cash out of the product.
[00:24:28] Scott: Actually I pulled up that blog post that was written and I was just reading a little bit more of the details and I wanted to explain that. We’ll link this up in the show notes for everyone. His name was Patrick. Basically he had a liquidation campaign for his ottoman and basically by also doing this he also sold 93 ottoman’s organically at $29.99 which resulted in $13.46 of gross profit per unit.
[00:24:57] Jeff: That’s the halo effect that comes from the marketing promotion you do of your product. While his intention was to liquidate his product it also increased its ranking to drive more sales. That’s where sellers have to be careful because it’s very easy that Patrick could have gotten excited at that point and said, “Oh wait now I don’t want to liquidate this.” He made the commitment that he wanted to be done with this product. He didn’t have to give away every single unit at a discount because of the halo effect that came from the units he was giving away at a discount.
[00:25:40] Scott: That’s really awesome. I’m just reading a little bit more here. Basically it says, “He earned $1,879.62 in gross profit and avoided an Amazon long term storage fee of $3,145.” All being said he created $5,014 positive swing for his Amazon business which is pretty awesome to be able to do that. That’s really cool and that’s why when I’ve seen this come through, I get all of you guys’ email and stuff. I’ve seen this and I reached out to you immediately then I said, “We got to get you on the show and talk about this.”
I think this is something that could benefit a lot of people by using this not just for a launch but to actually use it to liquidate. Or again, just to get rid of that ASIN that isn’t performing as well as you had hoped or a variation like you said and then having that halo effect which I think is cool. Really, really cool.
Take us through now, you and I talked a little bit before we jumped on here. There’s some things that have changed a little bit with Snag Shout and I want you to talk a little bit about that. I love the platform, I love what it’s doing now especially because you have some other cool things planned. Maybe you can give us a little inside information here as far as what it was, where it’s going and how we can utilize it?
[00:27:02] Jeff: Snag Shout is now referred on the Seller Labs’ side of the business, so the business side as Seller Labs’ Promote. Essentially Seller Labs’ Promote is a portal for promoting your product to generate sales. Within Promote there’s a set of tools that allow you to run discount campaigns and you can push those campaigns to Snag Shout, so the Snag Shout market place still exists and it’s not changing in any way, shape or form.
What we’ve done is we’ve expanded the platform to promote your products beyond Snag Shout. We have deals with other deal sites where we syndicate our offers that are created within promote to other deal sites. One example would be like Slick Deals. If you run a deal on Promote you can create what’s called a syndication campaign and your deal can also go to a website like Slick Deals and other discount websites like that that we have partnerships with.
You can also push that to Snag Shout and to our 250,000 shoppers who are on that platform. Then we recently released what’s called a landing page tool where you as a seller can actually create your own landing page for coupon discounts. How you would use this is, you would create your coupons and your campaigns in Amazon, the same way you normally do. You would then create a unique landing page for your product.
We host that page for you, you would drive traffic to that page from a Facebook community, Pintrest, Google ads however it is that you drive traffic to it. They would grab your coupon from that site giving you the email address and then you as the seller actually can build your own email list and those emails that you collect within your landing page are owned by you as the seller.
[00:29:06] Scott: Let me ask you about that quick. I’m really excited about that. I think everyone listening right now knows that that’s a big move for a lot of us right now. We’ve been talking a lot about it over here at TAS and there’s a bunch of different ways that you can do the collection of emails for your own launch list and all of that stuff. But let me ask you this, so when we connect into that page can we connect our own email provider or are we just going to get a download of those emails and then we’re going to upload those into our third party tool such as A-Webber Convert Kit, something like that?
[00:29:37] Jeff: Today it’s going to be a CSV download but we are going to build integrations into some of the email providers that will give you one step that will just push it right in.
[00:29:48] Scott: That’s good. There’s a couple of other little plugins that I’ve been playing around with that they actually do something similar to that where you’ll export and import them. I do like and I think you know, one you can have them directly put into the email provider. A lot of times you’ll get a little bit better of a delivery rate and stuff like that because of them being confirmed and all that stuff. Anyway, that’s a whole other conversation but that’s awesome.
I think that’s a cool add on to this new extension of the platform that you’re already having. For people to understand the power of being able to go out there and not have to maybe contact Slick Deals or any of these other bigger deal sites and not having to go out there and figure out how you’re going to get your ad display there you can literally use this as one portal and then push it out to where you want to push it out to get more reach. I think that’s really, really important.
It’s not going to be hard to liquidate product especially if you discount it right. I think that’s the other key. You can’t go on there and expect to give a 3% discount, expect you to go ahead and get a ton of people to buy your product. Although you may but for me personally it’s got to be something attractive. Don’t you agree with that Jeff?
[00:31:00] Jeff: It has to be something attractive although I think people are able to move the needle somewhere between a 40% and a 60% discount much greater than probably what they originally thought. Now Scott, I know you’ve been teaching your audience a lot about list building. If you have your own list and you’ve been building your own list through your marketing efforts then the landing page tool is a great tool for you to use even in a liquidation strategy in addition to what you can get from Snag Shout.
Because your list might be actually willing to buy your product at 25% discount. It’s all relative. When you go to a deal like Snag Shout or any of the other ones that are out there, most of those people are looking for a deal. When you build your own list, when you start building your own community, whether it’d be a Facebook community or Pinterest or Instagram around your brand, then the discount doesn’t have to be as great to drive the reaction from your customer.
That what’s awesome about building your own community and your own list is, the old methodology a year ago was that you built your own review club. The new methodology today is that you actually build a group of people who are interested and are engaging with your brand. If you’re able to do that and you offer them a 15% or 20% discount you can sometimes get them to move the needle on your product.
If you have a product that you want to liquidate you want to give that to your list first because you want to basically go to them and say, “Hey, you’re on my list, I’m no longer going to be selling this product. We’re discontinuing it. We want to give you the first rights to buy this product at this discount.” Make them feel special for what they’re doing. Ask them to share it with their friends and things like that.
The landing page has social and everything built into it so you can actually link them to your Facebook page, your website, your twitter account, whatever social you want to push with them because it’s a page that you own. It’s your product, it’s your brand, we’re just facilitating the transactional relationship between the customer and the coupon for you.
[00:33:17] Scott: I absolutely love that and there’s a lot of different things that we can use inside of just this platform that you guys have created in this portal which I think is really cool and it’s something that I’m definitely going to be using. I got together the other day with one of my team members and we were talking about a certain brand that we’re working with and I’m like we have to use this right now because we have a couple of products that could be getting hit with a storage fee.
We want to be able liquidate those and a couple of slow-movers, so why not go ahead and just push them out here and again it’ll allow me to test the platform myself personally and use it. Although I know a lot of people that have used it that are very happy with it and anything really with Seller Labs. It’s been really good and just being able to know you personally Jeff and knowing the company that you guys represent that’s everything to me and that’s everyone with TAS.
I think everyone that listens to my show knows that that’s why I don’t just hop on the bandwagon of the next tool because I could. I only want to support the ones that I believe in and I know that are going to be there for the long haul. I know that you guys are over there at Seller Labs. Let me ask you this, is there anything special for TAS that they’re going to get if they head over and check out the tools that you guys have over there? Is there anything? Do they have to go to that page and see a special surprise pop out at them?
[00:34:38] Jeff: What we’ll do Scott is what we always do. We’ll load the page up. The URL is sellerlabs.com/TAS. Sellerlabs.com and then just the letters TAS. We’ll load that page up with all the content we’ve talked about, so we want to give all the content first and then we will load a special deal for Promote. I got to get used to calling it the new name for all of your listeners.
What we’ll do is we’ll take one of our larger packages and we’ll discount them down so that you guys get a really good deal on the products. The way that Promote works is that the pricing is all the same as it used to be within Snag Shout we’re just adding all of the extra tools within that. It’s not going to be an increased price, we’re actually going to decrease it for the TAS listeners. What we’ll do is we’ll give you what we call our plus plan which is our 149 plan at our pro-plan price.
That’s almost a 33% discount off of that. For the $99 pro price you’ll actually get our plus plan which allows you to do more within the system without have to pay more for it.
[00:35:59] Scott: That’s awesome and I appreciate that and I know that the listeners will as well. Definitely check it out and that’s… What is that again? Sellerlabs.com/TAS?
[00:36:11] Jeff: Yes.
[00:36:11] Scott: Super simple. Head over there, check it out or just go to the show notes which I’ll give you guys the link to that when we do our wrap up. I think this is definitely a great thing that we can have in our tool box. Again I’m not a huge guy here thinking that you got to have all of these different tools. I think there’s a select few and I think this is definitely one of them that I would want to have in my tool box which I will because it gives us that reach that we can have instantly.
We can build a list in the process which I’m a huge fan of at this point in time. There’s a bunch of different ways we can do it. One question on that Jeff, are we able to on any of those landing pages put a Facebook pixel? I stumped Jeff everyone, Jeff is stumped. Jeff can we do that? We stumped Jeff everyone, first time ever. Let’s mark that down.
[00:37:06] Jeff: My answer is that you cannot do that but I don’t know why you can’t do that. I need to check with the programmer to find out.
[00:37:13] Scott: I was going to say so. Maybe we’re going to add that in right here right now. We’re going to actually talk to the programmers who are going to have that built in. That’s a huge thing if we can do that because you’re driving people to a landing page. We take our Facebook pixel we drop it in that page and now we can retarget those people even if they don’t enter the coupon.
Maybe they got busy, maybe they were in a market and they were shopping with their kids and they got busy. That’s a huge thing if we can definitely do that and then we can start building a lookalike audience and all of that fun stuff. If it’s not there Jeff bring it over to the developers and tell them to start working on that like pronto.
[00:37:49] Jeff: I’m already typing them.
[00:37:50] Scott: He’s typing, I can hear him. Jeff is typing. That might be a first though that Jeff was lost without words because Jeff likes to talk.
[00:38:00] Jeff: I’m lost without words because it’s a really great suggestion and a really great feature. I’m going to push that and we’ll add it to the show notes so people know whether it’s been added by the time we publish the show. I’m going to put the pressure on the programmers and tell them it has to be added by the time… That’s how thing works. Marketing and sales goes out and we go out and make promises and then the programmers have to do them based on what we say. Bargaining any major technical hurdles we’ll get that added.
[00:38:33] Scott: Guys head over to sellerlabs.com/TAS, a bunch of goodies over there and some discounts. Yes I am an affiliate for Seller Labs, so to be 100% transparent with you guys but I only support the people that I believe in and Jeff is a good friend of mine and I also know the guys over there at Seller Labs are also an awesome team of people. They’re in it for the long game. They’re not in there just to create a product, take your money and then leave tomorrow. Definitely go check them out. One last question and this won’t stump you, I don’t believe Jeff, you are heading the Steve Chou’s Event this year, right?
[00:39:07] Jeff: Yes.
[00:39:08] Scott: I was talking to Steve which I’ll leave a link to that too as well. I’ll be speaking there this year. Jeff you said you’re not speaking this year?
[00:39:25] Jeff: I am going to be… If you sign up Seller
[00:39:27] Scott: I got you, I know what you’re doing. Go ahead and explain what you’re going to be doing.
[00:39:30] Jeff: If you sign up for the VIP package I’m going to be leading the mastermind. I think there’re four moderators for the mastermind which actually occurs the day before the event. What that is it really is a chance for us to work a little bit more one on one with each of the people that are there in tackling and handling their problems, their concerns and what’s stumping their business.
It was actually something at last year’s conference. I’d never seen this done before at a conference and what Steve does for his VIP ticket holders is he actually… I think you did this too maybe Scott. He pairs them up one on one with speakers that are at the conference in a mentoring type of situation. We would actually meet with the attendees once before they came to the conference and then we would sit down with them in a private room at the conference that really was a chance to work through a problem or a situation that we had.
I really enjoyed it and the people that I worked with I think got really great value out of it. When he asked me to come help moderate the pre-conference, I guess it’s a workshop mastermind, I jumped at the opportunity to do it because I enjoy sharing as much as you do and as much as Steve does and working one on one with sellers to help them grown their business.
[00:40:56] Scott: That’s actually really fun. I love doing that stuff. We sat down, it was supposed to be a 30 minute session mine ended up turning into an hour. I just was on a roll. We just really dug in and it wasn’t rushed or anything. It was fun. I’m looking forward to it again. I learn a ton just by attending these. I get a lot of other… I meet a lot of great people and then networking, so there’s a lot of great thing.
I’ve been to a few events now in this space and I have to say this one here he keeps it relatively small and also very actionable. He literally tells us speakers like I want you to actually teach something and not just tell a story. I love that because I’m a lot like that too. It’s like, show me what to do so I can go out there and do it and apply it and he’s big on that. I’ll link up in the show notes to that too guys if you’re interested.
I probably will be doing again like I did last year like a little private TAS meet up there for anyone that attends and we can just get to know each other a little better and hang out. Who knows? Maybe we can get Jeff to come over and hang out with us and have a beverage or two that would be fun.
[00:42:04] Jeff: That I will quickly say yes to.
[00:42:07] Scott: That wasn’t hard.
[00:42:08] Jeff: Scott the one thing that I think your listeners should understand about his show that’s different than some of the other shows, about half…He ran two tracks and about half of the content was Amazon and the other half of the content was building your business off of Amazon.
If what you’re looking to do is learn more about building your business beyond Amazon it’s got a lot of great content that will cover that information. Some of the other conferences in the space are very Amazon centric and so they don’t get into things about emails and Shopify and how to optimize your SEO and all that type of stuff. It’s something for you to take a look at the agenda and see and that’s the best way for you to understand whether a show is right for you is to look at the agenda and see if those are topics that you feel you would learn from. Personally I believe the real value at a show is going to meet the people that are there and they were great quality people at the show last year and I’m sure they will be this year.
[00:43:15] Scott: I’ll echo that. Having the two tracks I think was really cool and the funny thing is, is you’ll have a successful seller that’s not selling on Amazon yet they’re just ecom. They’re just doing ecommerce. They’ll be there sitting on some of the new lessons of how to get your product launched on Amazon or vice versa. I think that that’s a great mix, I really do because it just goes to show you even though you might have a very successful ecommerce business you might not be utilizing the Amazon channel yet and that’s why you’re there or the other way around.
I think it’s really cool how he did do that. I know this year he’s tweaking a few things but it’s going to be fun and I’m a big fan of Stevie. He’s a great guy, great friend of mine now and I think it’s going to be a lot of fun. I just wanted to make sure that you were going to be there which I heard that you were.
I heard you weren’t speaking so I’m like but what’s he doing and I asked Steven he did tell me that, he said you’re going to be moderating. That’s it. Do you want to give any last little bits of advice before we wrap this up Jeff?
[00:44:17] Jeff: Yeah. I always know to save one because you always ask me that question at the end. Since we’re talking about long term storage fees, Amazon fees, managing your fees, it really is the difference between a good profitable product and a great profitable product. A lot people spend time when they’re researching their product trying to understand how much it’s going to cost to bring the product and land it in Amazon.
If you don’t look at once your products at Amazon how to manage those fees you’re going to lose all the profitability that you thought you were going to have. There’s one constant that we all know is going to keep going in this Amazon world and that is that Amazon is going to keep raising their fees. Therefore, we as sellers have to remember that Amazon is a fulfilment center and not a warehouse and that we as sellers have to manage our fees as part of our business to make sure that we’re optimizing our profitability and our mix of products and our cash flow.
It’s important for you to take a couple of minutes out of your day, wrap your head round that, determine what you need to do to do that, take action on that to make your business better and then do the research and take that action.
[00:45:34] Scott: I agree. I think knowing our numbers is a big deal as far as where you are. If you don’t know that that long term storage fee’s coming up and then you get hit with it and then ‘boom’ all of a sudden like Patrick here that would have been $3,100 coming right out of his pocket. He was able to snag it, no pun intended, and able to get rid of that thing and actually make some money in the process and boost his listings and his account and all of that stuff. That was a pretty cool story.
Guys, I will link everything up on the show notes and you can find everything over to sellerlabs.com/TAS and Jeff will have a bunch of resources there and some cool discounts for you guys to go ahead and check out some of those tools which I’m a big fan of. Jeff I want to thank you again brother, this has been awesome. I always love chatting with you and I’m sure we’ll be chatting again whether it’s on another podcast or maybe we’ll see each other again at another event or the one in… It’s in May 20th or something like that, in Fort Lauderdale. That will be fun. Just want to say thanks again, you always bring it and I look forward to seeing you soon bud.
[00:46:43] Jeff: Thanks for having me, I appreciate it.
[00:46:47] Scott: Was I kidding? That was awesome. Another great conversation that I was able to have with a good buddy of mine Jeff Cohen. I have to say though, whenever we do these calls, anyone, it doesn’t even matter if it’s someone that I know or I don’t know I always say to them, “Listen just imagine it’s you and I sitting down having that cup of coffee, that drink whatever and just chatting about this topic,” because I want it to be natural, I want it to be non-scripted.
I may have one or two or three bullet points that I want to hit that I want to make sure that I cover but I always allow it to go where it needs to go and it’s great. When I get to talk with Jeff we definitely start digging into certain areas and he’s got a ton of information. He’s immersed in this business so I know he knows a lot about the ins and outs. That’s really what it’s all about for all of us to be able to know how to maneuver this ecommerce space and that’s hopefully what you got out of today’s episode.
Again it’s just another thing to consider if you’re thinking about liquidating or you want to know how to liquidate this is a great strategy and I definitely, definitely recommend going over to sellerlabs.com/TAS and there’ll be a bunch of goodies there. There’ll be the case study there that we reference to, there’ll be some other resources about the last episode we did on reviews and there’ll also be some discounts there if you wanted to go ahead and give those tools a try.
Guys that’s pretty much going to wrap it up. Oh I should remind you as well if you want to head over and check out the show notes to this episode that can be found at theamazingseller.com/324, transcripts, show notes, all the goodies will be there as well. That’s going to wrap it up, remember I’m here for you, I believe in you and I am rooting for you but you have to, you have to… Come on say it with me, say it loud, say it really, really proud, “Take action.” Have an awesome amazing day and I’ll see you right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
- Seller Labs Twitter page: twitter.com/SellerLabs
- Seller Labs Facebook page: facebook.com/sellerlabs
- Blog – Seller Labs
- Snagshout – Seller Labs
- 2017 Sellers Summit – The Ultimate Ecommerce Learning Conference
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