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“There are different ways to incentivize it, but the general idea being that by creating awareness, by building brand awareness for your brand on Amazon, you're going to see increases in sales across all your other channels. So by doing that, you will be able to build those lists on Shopify or whatever other platform you're selling from. It's just a matter of time now when we talk about customer lifetime value again.” - Mike Begg
Hello everyone! Get ready to level up your Amazon game! 🚀🎧Tune in to my latest podcast episode with my guest, Mike Begg. He co-founded Amazon Advisors and has generated over $500 million in sales for his clients. We also tackled the best ways to start marketing a product on Amazon with a small budget. Lots of valuable insights to unpack and here are some of the takeaways of the episode:
Mike Begg: A Background in Ecommerce and Digital Marketing
Mike Begg is a seasoned professional in the ecommerce industry. He co-founded Amazon Advisors in 2015 and has since generated over $500 million in sales for his clients. His work extends beyond just sales, as he also operates courses to educate Amazon sellers and helps brands expand into Latin America.
I was particularly interested in Mike's insights as I have a personal interest in selling on Amazon, having previously launched a food business. Mike's journey into Amazon selling began while working at Sears, where he started by selling Kindle eBooks and then moved on to selling physical products through retail arbitrage. Eventually, he started importing products from China under his own brand and selling them online, leading him to co-found Amazon Advisors.
The Complexity of Selling on Amazon
During our conversation, Mike highlighted some of the common mistakes people make when trying to launch a business or sell products on Amazon. He emphasized that one common mistake is underestimating the complexity and competitiveness of the platform. Success on Amazon requires strategic thinking, investment, and a keen understanding of SEO, sales copy, and image quality to improve conversion rates.
Mike also stressed the importance of advertising on Amazon, noting that the majority of sales on Amazon come from the first three products on a search results page. Therefore, aiming for page one rankings is crucial.
Leveraging Amazon DSP for Advertising
We also discussed Amazon DSP, a programmatic advertising platform that allows sellers to target existing customers. Mike suggested using DSP to create custom audiences based on customers who have already purchased your products on Amazon. By targeting similar audiences and driving them to your website, you can leverage Amazon's advertising platform to benefit your overall advertising strategy.
Understanding the Amazon Funnel
Mike introduced the concept of the Amazon funnel, which involves different ad placements and targeting strategies. He explained that there are different advertising types and campaigns that can be used to target each level of the funnel.
For instance, sponsored products advertising, which appear in search results, are great for the bottom of the funnel because people searching for specific keywords have a high intent to buy. As you move up the funnel, Mike suggests leveraging DSP and sponsored display to maximize impressions and visibility.
Building Lifetime Value on Amazon
One of the challenges of selling on Amazon is not acquiring customer information and the difficulty of building lifetime value. Mike emphasized the importance of being on Amazon to maximize visibility and sales. He explained that by focusing on Amazon and building brand awareness, sellers can see sales increases across all channels.
Improving Customer Experience and Generating Sales
Mike and I also discussed ways to improve the customer experience on Amazon and generate more sales. We suggested including promotional messages and discounts in product images and product inserts. We also touched on the importance of reviews on Amazon and how sellers can request them through the platform.
Advertising on Amazon: A High Return on Investment
Mike explained the potential return on investment for advertising on Amazon. With a small budget of $2,000 to $5,000 per month, businesses can generate a significant return on their advertising investment. He stated that clients typically see a return on ad spend of 2.5 to 4 times what they spend on the platform.
Starting and Growing Your Amazon Business
For those starting out, Mike recommends starting on Amazon as it offers a great opportunity with higher conversion rates compared to other platforms. He emphasizes that a crazy investment is not necessary, as long as you have a good manufacturer and ensure the quality of your product. The key is to learn how to advertise and grow your account, and there are plenty of free resources available for education on these topics.
In closing, I want to express my gratitude to Mike for sharing his expertise on selling on Amazon. His insights are invaluable for anyone looking to start or grow their business on the platform. I look forward to the possibility of meeting him in Guadalajara, Mexico someday.