My 3 Step Formula for a $1,000,000 Business - EP131

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Welcome To Episode #131 of the Amazon FBA Private Label Show Podcast!

In this episode I give you my 3 step formula for creating a $1,00,000 dollar business and brand.

Listen to this Amazon FBA Podcast!

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My 3 Step Formula for a $1,000,000 Business - Amazon FBA

Recently I was at SellerCon in Las Vegas and I was listening to a presentation given by Ryan Danial Moran. Ryan was talking about how Amazon FBA has changed a lot over the years and that we as business owners need to think differently about our business and brands. Tactics that worked just a few years ago no longer work anymore. Ryan specified that we as business owners need to become real entrepreneurs and build real brands that we can grow and scale on and off of Amazon. We have the power and the tools to create real brands that are making money and making a difference in the world.

In this podcast I break down my 3 step formula for creating successful brand and how you can get to your first $1,000,000 in sales. You will see that once you build a real audience around your brand and products that achieving your sales goals will be easy. The focus should be on building real assets that you can control such as e-mail lists, ManyChat audiences, and social media assets. If you build valuable assets that are engaged with your brand and content then you won't be so reliant on the changes that frequently happen on Amazon FBA.

THE FORMULA TO $1 MILLION
  1. Find a niche and a specific customer to serve
  2. Build your audience + Launch 3-5 related products
  3. Your brand X-Factor

Now if you are just starting out selling online and on Amazon FBA then the thought of hitting $1 million is sales for the year may seem unattainable. If you follow the formula and shift your mindset a bit then you will find out you can easily hit the $1 million mark very quickly.

  • $1,000,000 = $2,739 per day
  • Sell 5 products doing just $547 per day per product
  • Sell 5 products at $25 doing an average of 22 units a day for each product
STEP 1 - FIND A NICHE AND CUSTOMER TO SERVE
  • Build a brand and a business in and around a niche that interests you.
  • Generate ideas by writing down your interests and hobbies. Also browse Amazon categories for ideas.
  • Make sure the niche is thriving and has lots of demand
  • Build a customer avatar for your target customer
    • Age, Sex, Education, Interests, Hobbies, etc...
    • What does your customer care about?
    • Where do they hang out online?
    • What problems are they facing?
  • Design your business, brand and products around solving your customers problems

STEP 2 - BUILD YOUR AUDIENCE + LAUNCH 3-5 PRODUCTS

  • Research and identify your first core product
  • Start building and growing your audience and lists
  • Start posting enraging content on social media
  • Invest $5-$10 per day on Facebook ads to grow your platform and audience
  • Start building your email list and ManyChat audience
  • Include your new and growing audience in on your products development
  • Build excitement for your upcoming product launch
  • Launch your product to your new "tribe" and use Amazon PPC
  • Get tunnel vision on getting your product ranked to page 1 on Amazon
  • Ask your "tribe" for testimonials of your brand and product
    • Share these as pieces of content
  • Use product inserts to build a VIP customer list

Repeat the process for product # 2

Repeat the process for products 3-5

  • Start using other larger influencers audiences to launch products with
  • Continue spending money every day on content and Facebook ads to grow your audience
  • Become obsessed with your customers product/brand experience and journey
STEP 3 - YOUR BRANDS X-FACTOR
  • Why does your brand exist?
  • What separates your products and brand from the competition?
  • Understand that people care about what your brand represents
  • Connect your brand with a purpose, charity, movement, idea, etc...
    • Then communicate that to them often
  • Focus on creating raving fans

The fastest way to get to $1,000,000 from a small micro brand selling on Amazon FBA is to get your customer to buy from you over and over again. Once they buy from you once they should be exposed to your brand story and what you represent. If your brand has an X-factor that speaks to your target customer then they will support you and buy the rest of your products over time. That's how you win. When you can get a single customer to buy everything you have to offer because they know and trust you.

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WANT ACCESS TO A FREE AMAZON TRAINING COURSE?

RESOURCES MENTIONED IN THIS EPISODE:

Jungle Scout Market – Hire pre-vetted Amazon experts to help you build, run and grow your Amazon FBA business. Created by the Jungle Scout team.

Upwork – I have been using this site for many years now to find freelancers and workers to complete various tasks for me. You can find people to do just about anything that you need done in your c-commerce business.

For all other resources and tools that I use in my Amazon business please see the resources link.

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My 3 Step Formula for a $1,000,000 Business - Amazon FBA

131 episodes available. A new episode about every 14 days averaging 33 mins duration .