Deciding to launch a product on Amazon is probably a huge investment for you, which is why it’s essential to do it right the first time. The ultimate goal is to sell your product. Some Amazon sellers would say that after the first sale, the rest shall follow. You must be asking how would that be possible?
Well, the answer to that question entails smart work.
That’s right; you read it correctly! Selling on Amazon does not necessarily require hard work. Instead, you need to know how to play things strategically. Basically, every step you take during your product launch process is critical for a successful product launch and long-term profitability.
Here are 10 tips on how to sell products on Amazon:
1. Sell Your Unique Brand
If you’re already planning for long-term success, it’s ideal to start with your personal brand. We’re talking about putting your own label on a particular product you’re interested in selling.
One of your options is to manufacture your products. Alternatively, you can find a white-label manufacturer where you can purchase them at a wholesale price, or mainly at cheaper rates.
The point is that selling a product labeled with your unique brand provides a strong sense of identifying factors that will leave a mark and build a connection with the consumers.
2. Find A Profitable Product
As a retailer, you need to conduct market research on the product you’re planning to sell. You have to find out three things:
There are several product research applications or tools that can help you identify whether there’s an opportunity for you to pursue selling the product and result in driving increased sales and generating a high ROI.
3. Relevant Content on Product Listing
Selling on Amazon entails product listings. On each product listing, you need to provide all the information that the consumers need to know.
Product information provides a basis for consumers whether the product is worth spending their money on. It should be concise but complete. The listing includes images that supply extra details on the benefits and functions of the product. And, of course, the price should also be indicated.
4. Apply Necessary SEO Techniques
There are strategic SEO techniques on how to sell your products on Amazon successfully.
One of the critical factors here is to make your product visible to your target audience. When they come looking for your product, you need to get ahead against your competitors by appearing on Amazon’s top suggested list.
List your products based on Amazon’s search engine algorithm. It would be best if you familiarized how to include relevant keywords on the title/headline of the product. This method allows your product listing to rank on the search results pages, preferably among the highest on the first one.
5. Split-Test Product Listings
As a part of optimizing your product listing on Amazon, you have to conduct a split-testing technique.
Algorithmic split-testing provides options that direct you on how to strategically position your product based on several factors, such as keywords, titles, features, pricing, images, and descriptions. These elements can fundamentally increase your product’s conversion rates for higher profitability.
Automated tools are available for controlled split-testing. You can perform split-tests on different variations within the same intervals to get optimal results.
6. Implement the Right Pricing Strategy
You have to implement the right pricing strategy for each product you’re selling.
First, you have to calculate your manufacturing costs or total cost of goods (COG) if you have a wholesale supplier. The COG amount is your baseline for calculating the retail price suitable for Amazon. Ideally, the retail price should stay within your competitors’ pricing rates and the affordability rate of your target market, while providing a profitable markup.
7. Sell with Product Promotions
Promotions are effective conversion factors in marketing products inside or outside Amazon. Offering limited-time deals on newly-launched products are eye turners for consumers, especially if you’re still establishing your product or brand.
You can easily create a promotion on Amazon Central, set-up promotion codes, and advertise to product buyers who are always looking out for discount deals.
Don’t forget to split-test your promotional pricing before launching.
8. Analyze Your Competition
Always compare your products against your strongest competitors. You have to track their latest strategies after the product launch.
One way or another, your competitors are just as eager to get ahead of you in shifting buyer interests by changing their strategy mid-game. Never forget to keep an eye on their marketing angles to ensure that you’re not getting behind sales and rankings.
9. Manage Orders Through Fulfillment By Amazon (FBA)
Amazon offers fulfillment services to all sellers, which you have the option to utilize, and they’ll take care of processing shipment and delivery of products to the customers.
This benefit allows you to save up time and money from handling fulfillment processes on your own. Especially if you’re not yet capable of handling this type of service, it’s better to take advantage of a proven secure fulfillment system than risk losing customers.
10. Enforce Excellent Customer Service
Positive feedback on customer service always wins the day.
Training your people to execute excellent quality in dealing with complaints or concerns establishes and maintains a good relationship with your customers. It’s imperative to make sure that you have the best team that can exceed the customers’ expectations and provide them with a better shopping experience.
Launching a product on Amazon might, by far, be the biggest risk you ever have to take, but doubting your success rate won’t be of any help. So, you have to change that mindset. Improve your confidence by learning the tricks of the trade.
Is it profitable to sell on Amazon? Yes. Definitely!
You can achieve a profitable rate on your retail business if you devise a plan and apply the right strategies on how to sell your products against hundreds of competitors on one of the most popular online marketplaces.
Learn how you can market your brand and grow your retail business. Reach out to Retailbound today!