“Start-ups don’t die, they commit suicide…90% of start-ups fail because the founders get bored, discouraged, or something else, and they move on to other things, not because of some catastrophe.” – Justin Kan
Your Amazon startup is like your newborn child; it requires constant attention and care to really take off. 5 experienced veteran entrepreneurs reveal how to nurture your new startup in this tell-all.
FBA is Your Trump Card
Paul Grey of Amazon’s ExportX claims that Fulfillment By Amazon opens a wide array of possibilities for business.
- The Best Customer Service: Once ExportX, a firm that sells regional products to the US, discovered FBA, they knew that it was going to be their “magic ingredient”. Products were now brought into the US with the best possible CS at the lowest possible cost.
- Selling Globally: FBA also enabled them to go global as a growth tactic because selling internationally means that Amazon sellers reach all their potential customers, all over the world.
Don’t Be the First, Be the Best Amazon Seller
Jack Dorsey of Twitter fame says that you need to be the best version of a great idea.
- Don’t be the First: As an example, he mentions MySpace – one of the first platforms to truly explore the social networking space. Few years down, it had failed, which is why he believed that being the first one to explore a great idea is overrated.
- Be the Best: Instead, look to be the best version of that idea. For example, if you’re looking to break into an existing Amazon niche you may be daunted by the competition. However, if your product is the best bring offered on the platform, the customers will come.
Measure Everything in Your Amazon Business
Go Daddy’s Bob Parson believes that you need to assign figures to everything.
- Know Exactly Where you Stand: Assigning reliable figures to every aspect of your business means that you know exactly where you stand in the arena. You can use Amazon tools to compare your position to that of your competitors’.
- Data Improvement: Parson also believes that data that is constantly being watched, improves over time. This is because as a startup, you’re continuously trying to figure out what you’re doing wrong and how you can improve it.
Give Undivided Attention to Customers
Bernie Thompson of Amazon’s Plugable Technologies believes focusing on the customer sparks innovation.
- Take New Technology Directly to Customers: If you’ve built something new, bypass the gatekeepers and test the products directly via your customers because ultimately, it’s their choice, their likes and dislikes that will decide the fate of your idea. If it fails, pay attention to customers and you’ll eventually find something that works.
- Better CS Equals Expansion: Thompson also claims that allowing Amazon to handle customer services through FBA made his company better at technical innovation. Eventually, they were able to expand from Amazon US to Amazon UK, Canada and Japan.
Optimization Will Improve Amazon Sales
According to James Amazio, a private label seller, Amazon listing optimization brought him his first profit.
- Better Pictures: Amazio says that usually, customers are looking for something very specific which isn’t found easily on Amazon. If the display image includes that feature, customers are more likely to purchase.
- Keywords as Trigger Factors: Similarly, some textual cues can also prompt customers to buy your product because they think it’s different. Find out the right keyword by using an amazon software like AMZ Insight, and use them in titles, bullets and descriptions.