PricingScan Podcast

By: Nicolas Bourdeau
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  • Summary

  • Podcast to discover precious advices to improve your sales on Amazon.
    © 2023 Nicolas Bourdeau
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Episodes
  • Hit 7 Figures and Beyond in 7 tips – 2021

    Hit 7 Figures and Beyond in 7 tips – 2021
    Aug 20 2021
    Making seven figures in 2021 and beyond this decade is not impossible. There are rapidly growing industries and technological advances, and plenty of individuals and businesses will experience growth and financial gain. Remember these habits and strategies to help you attain financial freedom. 1. You must have multiple streams of income. This is one of the oldest lessons in the book. The more streams of income you create, the more likely your chances of earning seven figures. Sure, one income stream can potentially reach the million-dollar mark, but it can be a bit risky to put all your eggs in one financial basket. Aside from earned income, where you’re exchanging time for money, you must invest in other streams to free up time while also reaching financial freedom. Passive income is the main way to do so, which you can generate by creating digital products, as one example. Residual income from affiliate marketing or rental-property income can also get you closer to your seven-figure goal. To successfully manage different income streams, one must learn the skill of delegating. As Richard Branson has expressed, “As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation. I have to be good at helping people run the individual businesses, and I have to be willing to step back. The company must be set up so it can continue without me.” 2. Create products and services people need. The products and services you offer have a direct effect on your earnings, and seven figures is attainable if you focus on price, value and demand. Consider high-ticket products, services or packages to appeal to some of your most dedicated clients. Regardless of high ticket prices, new products and services are a good way to earn more money in the new year and decade. Provide more valuable options to your customers and they’ll appreciate it, all while you scale your business. 3. Scale properly. Before scaling your business, be sure that your customers will want what you’re building. Beginner entrepreneurs often make the mistake of overlooking this step. From there, be sure to maintain enough inventory to satisfy demand, and bear in mind that most businesses keep popular items at a higher supply. 4. Media exposure is key. Utilizing the media is important when showcasing your business and what you offer to a wide range of possible customers and clients. Target as specific an audience as possible, and don’t be afraid to refine the audience your ads are targeted to. Be clear and confident in what you offer, and revenue will likely increase. 5. Invest in your business and yourself. To scale your business, you must reinvest by outsourcing more tasks to focus on growth, equipment for more efficient operations, marketing, etc. As mentioned earlier, investing in other areas of income is crucial, but it doesn’t stop there. Be sure to invest in your education to increase your skills and your health to stay active and on top. Not only do you have to do what’s best for your business, but also for yourself. 6. Avoid burnout. As much as people would like to think otherwise, it’s not healthy to be working all the time. Lack of rest will decrease performance, and experiencing burnout imposes additional health risks. You can lose focus of the goals you set, and little to no progress will be made in the upcoming year. Manage time to achieve goals, and set aside time to rest and grow. As successful business mentor Merel Kriegsman states, “If you attempt to pull a ‘just keep swimming’ strategy, your ability to receive awesome things in your life starts to lag behind the results you’re seeing in your business, and that’s when self-sabotaging behavior will come and bite you in the butt.” 7. Hang around other seven-figure earners. Almost every successful entrepreneur has advised this, but that’s because it really is important. If you hang around five millionaires, you’ll be far more likely to become one yourself...
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    5 mins
  • What is ACoS (Advertising Cost of Sales) on Amazon?

    What is ACoS (Advertising Cost of Sales) on Amazon?
    Aug 11 2021
    How do you calculate ACoS? Amazon ACoS is how much you spend on Amazon advertising in order to generate $1 in revenue from that spend. Similar to Google’s ROAS, ACoS is a great metric for PPC marketers to see if advertising campaigns are profitable. Your Advertising Cost of Sales is calculated by taking your ad spend and dividing it by your number of sales. For example, if you launch an ecommerce campaign that generates $600 in sales, costing $168 over a certain time period, you would take $168, divide it by 600, and get your Advertising Cost of Sales of 28% cost for every dollar of sales you make. This means you spend $0.28 on Amazon Advertising for every $1.00 of revenue from that advertising. Why is ACoS important? Your ACoS will help you determine how successful your ad campaigns are on Amazon and how much it costs to be a profitable seller. Of course, you’ll first need to define an ideal target for your Advertising Cost of Sales so you can see just how much profit you’re making. To do this, you’ll need to look at the cost (and break-even point) of your products. What is a good Amazon ACoS? There is no perfect Advertising Cost of Sales on Amazon that you should strive for, it can vary by company, product, and goal! So then how do you determine the best Advertising Cost of Sales for your ecommerce campaigns? Ideally, you’ll want to get the highest sales revenue possible, combined with the lowest ACoS possible. Because low ACoS means high profitability and high ACoS means low profitability, sellers tend to push for low ACoS unless they are working on a specific awareness or sell-out strategy. Determine target Amazon Advertising Cost of Sales To determine your ideal Amazon Advertising Cost of Sales, you’ll want to find your ideal profit margin and work backwards. The average ACoS that advertisers strive for is between 15%-30%, but remember that every company, product offering, and marketing strategy is different, and can affect the ideal ACoS. Related Resources Would you like to win a Free Lifetime trial of PricingScan + a cash bonus of $ 1,000 ? Also Take advantage of PricingScan’s 15-day trial, the First Amazon Sellers Platform with Zero fixed Fees. The post What is ACoS (Advertising Cost of Sales) on Amazon? appeared first on PricingScan.
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    3 mins
  • What Amazon selling strategy fits you the best?

    What Amazon selling strategy fits you the best?
    Aug 2 2021
    Retail/Online Arbitrage Retail arbitrage works by buying products from retail stores, thrift stores, and other online marketplaces like eBay and then selling them at a higher price on Amazon. If you check sales and clearance bins often you can usually find products selling for less than they’re listed on Amazon. Books are a popular item to sell with this strategy. To make the process a little easier you can download the Amazon Seller App. This will allow you to scan products that you find in stores with your mobile device to see if they’ll be profitable to sell. Retail arbitrage is a great way to start selling on Amazon. Just keep in mind that it can be quite time consuming and isn’t very scalable. Wholesalers Wholesalers are businesses that buy products from manufacturers in order to resell them to retailers. They offer lower per product pricing than retail stores allowing you to make a profit on each sale. They also generally have lower minimum order amounts than manufacturers. If you find an existing product you want to sell you can locate a wholesaler that offers the product and purchase it in bulk to resell on Amazon. This is a solid strategy assuming you have enough money to buy wholesale and can find the right product to sell. However, keep in mind that you’re selling existing products in their original package. This means other sellers will likely be selling the exact same product, which leads to more competition and can result in price wars as you battle with other sellers for the buy box. Private Label Products If you’re looking for the strategy that offers the most potential revenue then this is it. A private label product is one that you designed and branded yourself. The process is actually easier than you think. Once you’ve found a product and niche you think will be profitable, start thinking about ways you can improve on that product. Then go to the Alibaba or Aliexpress sites, find manufacturers and vendors that make those products, and speak to them about your ideas. Most companies will be happy to work with you and create products with your desired alterations. They’ll also let you choose colors, send you samples so you can test the quality, and put your branding or logo on the product. This strategy can be very successful, but it does require quite a bit of work initially. However, once you manufactured and developed your product you can easily reorder it just like you would from a wholesaler. Related Resources Would you like to win a Free Lifetime trial of PricingScan + a cash bonus of $ 1,000 ? Also Take advantage of PricingScan’s 15-day trial, the First Amazon Sellers Platform with Zero fixed Fees. The post What Amazon selling strategy fits you the best? appeared first on PricingScan.
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    3 mins
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