Love him or hate him, you can't deny that Jeff Bezos is an absolute genius when it comes to building an eCommerce business. With over 200 million monthly shoppers visiting Amazon every single month, it's an extremely attractive eCommerce marketplace for people to set up their business in.
But with thousands of merchants flocking to Amazon, how can you not only start but also scale an Amazon FBA business to 6 figure months in a short period of time?
We spoke to Benjamin Tan, an active 7 figure Amazon FBA seller and founder of AMZ Family, one of the leading Amazon training communities in Asia.
Benjamin is known to help individuals to build 5 to even 6 figures per month Amazon business even if they have zero prior experience, with one of his students generating over US$800,000 a year as a single mom with 3 kids.
We spoke to him and asked him to share some tips for anyone who's looking to start and scale their Amazon FBA business this year.
Choosing the right product
It shouldn't come as a surprise that having the right product is crucial when it comes to selling on Amazon. But the question is, what product should we sell? We asked Benjamin how both he and his students are able to find winning products consistently.
"It's all in the research", says Benjamin. He then added, "I always advise my students to find products that fulfill these criteria. Does it have a WOW factor? Does it solve a problem? Is it appealing to a large audience? If it matches these criteria, then you're on a good path. I also get them to use a product research tool called Helium10 to see how many competitors there are, and how well the competitors are doing. We always want to sell products that have a handful of competitors and that the competitors are generating a decent revenue each month. This allows us to have a rough gauge on how much we're likely to generate each month."
Launch Strategy
Import the product, list it on Amazon, collect millions of dollars. That's what many people think selling on Amazon is. But that's not true at all! When faced with fierce competition, it's important to have the upper hand by having a great launch strategy.
"I had to learn this the hard way. It's only when I paid to learn from the top Amazon sellers and how they were able to generate 6 figures a month, then I started seeing results for myself." Said Benjamin.
He then went on to add, "There are a couple of strategies and tactics to launch a product, but I teach my students to stick to the fundamentals. Focus on creating a great listing, optimize for keywords, have great pictures, have good copies and headlines, and run a PPC campaign."
With the number of new success stories coming from the AMZ Family Facebook group every month, we're pretty sure that sticking to the fundamentals works!
Create a compelling offer
Just like any other business, creating a compelling offer is what differentiates those who are able to sell 10 products a month as compared to those that are able to sell 100,000 products a month. Furthermore, with how competitive the Amazon marketplace is, it's crucial to create a great offer if you want to scale consistently and profitably.
We asked Benjamin how he creates offers that are irresistible to his customers.
"It's all in the market that you're selling to. If you're able to identify a market that has pain and your product solves it, you have a great offer. Think of it this way, if your audience are people who are people who want to lose a ton of weight without going to the gym, but yet don't want to give their delicious bacon up, and you introduce to them the Keto diet, they'd go crazy for it, which is the same for this. I always include how I'm solving the pain or problem for them in my product descriptions. From there, I'll create an irresistible bundle for my products and I'm able to sell it for a higher price. Higher profit margins!" said Benjamin.
Naturally, there are many other ways to start and scale an Amazon FBA business, but if you're looking to start with a relatively low budget of US$2,000 to US$3,000 and scale it up to 6 figure months, we'd definitely recommend for you to check out Benjamin's Amazon training community, AMZ Family.
