7 Habits of Successful Amazon Sellers
7 Habits of Successful Amazon Sellers
By Liran Hirschkorn
There are many business models that one can make money on with Amazon – whether its arbitrage, private label or drop-shipping, however, I have found in talking to sellers every day, that there seems to be certain activities and strategies that successful sellers have in common. These 7 Habits of Successful Amazon Sellers are outlined below:
Habit #1: Networking
If there’s one thing that you cannot outsource, it’s networking with other sellers. The key to networking is giving value without expectation – good networkers will do their best to reciprocate and continue the relationships they build long after the initial meeting is over. While most networking can be done in Facebook groups, there is really no substitution for face to face networking – which is why going to conferences and masterminds is a great way to build those relationships. Sellers who are willing to take the time, money, and energy to go to an event are more serious about their business and these are the types of individuals you want to get to know.
Habit #2: Zag not Zig
Smart & successful Amazon sellers know that following a herd mentality is a recipe for failure. To avoid the herd mentality, you must train yourself to think about the activities and sourcing strategies that other sellers are not doing. For example, source more expensive products or oversize products. Make design or material improvements to products. Don’t just do what seems easy, because that’s the route most sellers will take – think about what you can do to gain a competitive advantage that other sellers are unwilling to do. Then execute a plan to get it done.
Habit #3: Life Long Learning
The Amazon platform, eCommerce, and the technology that supports it, changes on a regular basis so you need to stay ahead of the curve. Modeling and learning from other smart sellers makes sense, so dedicate time daily or weekly to reading, listening to podcasts, or watching instructional video content. As business owners, we can also benefit from books or videos related to hiring, scaling, and growing a business. Personally, I also take time for self-development – the skills you need to grow a business to $1MM a year in sales are vastly different than the skills you need to grow to $5MM in sales – and for me it’s about the journey and the person you become through the process.
Habit #4: Taking Action
A big difference between successful Amazon sellers and unsuccessful sellers is not the amount of times they succeed, but the amount of times they fail. Successful sellers take action and fail more times than those who are unsuccessful. The key is they take action, while sellers who are too scared to pull the trigger on an inventory buy, never move forward. View your failures as your Ph.D. in Amazon, and don’t be afraid to take action—while you may not be successful right away, the only way to learn and move forward is by taking action.
Habit #5: Outsourcing
At a certain point in your business you will realize that you can’t do it all yourself. In the beginning, you may want to roll up your sleeves and do everything – but you don’t want to do that forever. Eventually, as the owner of the business, you will discover that you don’t want to do the $10/hour tasks – you want to focus on the tasks that will pay off at $100/500/1000 an hour. Things like shipping products in to amazon, book keeping, uploading images to amazon, monitoring reviews, and removing negative feedback are just some examples of things you should outsource. You’ll be surprised at what you can do with the free time you have once you start outsourcing.
Habit #6: Knowing the 80/20 Rule
Understanding the 80/20 rule of your business is critical for success. There are so many things you can choose to spend your time on – from sourcing products, optimizing listings, sponsored ads, fb ads, landing pages, Shopify®, ClickFunnels™, and the list goes on and on. Ultimately, you need to take a look at your business and the activities that are your 20% that produces 80% of your results and spend most of your time on those, while dedicating a smaller percentage of your time to explore other potential growth activities.
Habit #7: Staying Focused
Successful sellers have a strong focus within their business. They don’t try something new for one day and give up, or change business models every other week. They stay focused on the activities they know produce results. When the latest shiny object comes up, they don’t lose focus. Maintaining focus every day creates habits that lead to the success of your business.
We hope you gained great value from learning about our 7 Habits of Successful Amazon Sellers.
What are your habits that create the success in your business?
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