4 Simple Ways to Keep Your Amazon Sales Strong
Even for the most prominent players in the world of business, complacency is the greatest enemy. Do you remember what caused the 2008 financial crisis? It was complacency. Nobody is too rich to care.
For Amazon sellers who have found that they’re making small but steady profits, complacency is a death knell. You don’t have to want to conquer the world and make millions, but if you take your eye off the ball, your gains won’t last long. Staying afloat and profitable is about adaptation and careful control.
If your competitors are getting ahead of you, they’ll stay ahead unless you respond appropriately. Below are a few simple steps you can take to analyze your performance and plan for future success.
1) Use the Tools Available to You
There are many extensions and seller tools that you can use to analyze performance on Amazon as an FBA seller, and almost everyone uses them in some shape or form. The thing is, not everyone uses them to their full potential, simply because they can get a bit confusing.
Having someone break down each tool can inform you about which are most suitable for your business and how you can best utilize them. For example, the Project FBA team provides a handy breakdown of the best tools out there and explains how they best work for sellers.
Time is money, and wasting time trying to figure out arcane-looking interfaces is a losing game for the inexperienced. Consult the experts and learn how to make the marketplace work for you.
2) Know Your Bestsellers — and Why They Sell
Here’s the first half of a cautionary tale about diversifying. Your bestsellers should give you an indication about what you do well, but you have to know why they’re doing well. Check the reviews and see what people like about it.
Say you produce portable speakers, and people like them for their sturdiness and easy transport, but the sound quality receives only average reviews. One concern should be working on sound quality, but here’s the lesson: you’re excellent at producing solid, portable electronic goods.
If you want to diversify, take that as your lead rather than move into the market for large speakers.
Many businesses see diversification as a must, but it needs control. McDonald’s knew from their early menu that people love cheap, fast food in convenient packaging, but producing gourmet burgers would require an entirely different process. Which way do you think they went?
3) Know When to Trim
Here’s the second half of the cautionary tale: you have to recognize when part of your business is leaking money and stop the rot. If there’s a straightforward fix, make the change. If you don’t know what you’re doing wrong or how to fix it, shut it down and go back to what you know.
Sometimes projects fail, and it can be hard to accept that. You can throw time and money at better marketing and sales software, but knowing when to cut your losses is a concept that every successful business must understand.
4) Listen and Respond
Say one of your products goes out as faulty, somehow. The first thing the customer tries to do is get a replacement or a refund. If they can’t find how to get to you, they leave a bad review — and they mention that you’re hiding.
As a seller, you need to be accessible and responsive. A high level of customer care gets you positive reviews and excellent word-of-mouth recognition. Be approachable and replace faulty products immediately: show that you take pride in what you sell.
You have to keep your eye on every part of your operation: letting anything slide will drag the rest with it. If you remain vigilant and have a quick, well-planned response ready, your sales and reputation should grow exponentially.