Amazon Networking, Private Label Retreat, Brand Licensing & More!
In this episode of The Amazon Seller Podcast, we share our experiences from the recent private label retreat that we held in Breckenridge, Colorado. Being able to connect with other sellers in person is an awesome experience. Sharing best practices, building trust and potential partnerships is extremely valuable.
Setting goals and taking action are two of the things we regularly encouraged retreat members to follow up on. In fact, several of the attendees were able to connect with suppliers and order samples over the weekend we were there! So, what about you? Take action and get some samples ordered!
After our retreat in Colorado, Andy & Liran headed to a licensing show in Las Vegas. Whether you have already started building your own branded private label products or not, it is important to always be looking for new opportunities to grow. If you do go to a licensing show in the future, we recommend that you go with a portfolio of your products, the sales history, your expertise, potential of future products with your brand and just be prepared for these types of questions.
We are always looking to differentiate our private label products from the competition on Amazon. For that reason, getting licensed with a brand could be an awesome way to differentiate your products. If you ever want to take your branded product beyond Amazon, into retail stores, it could be easier to pitch your product to those stores as well if you are partnered with a larger brand that is well-known. A licensing deal is typically a 3 year contract, in our experience, and you will typically need to make a minimum guarantee of sales that you can produce. We recommend that you try to extend the minimum guarantee to 18 months.
Licensing doesn’t have to always be with a major brand, however. At the licensing show we attended there were plenty of smaller rights owners there that we could have inquired with. Small brands and unique art from artists are still opportunities to differentiate your products without trying to contract with a major brand that might be out of your current abilities.