AMAZON FBA: Why I Decided to Stick with Product #1
https://youtu.be/kFF0IOv6N40
Why I decided to stick with product #1:
I owe you an explanation.
In several videos, you have watched me hem and haw about sticking with my first product and re-ordering versus moving forward and trying my luck with somethings else.
I’ve decided to go all in and re-order my first product. I believe that I can make incremental changes to increase my margin overtime, as well as raise my sales. I can turn this product from a zero to a hero.
Watch to see what I mean!
Transcript:
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there has been a lot of hand-wringing
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about this that you will be happy to
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know I’m ready to move forward
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hey welcome back for another episode of
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the disrupting tea queer beginners
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filled businesses I am glad you’re here
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today because I am going to tell you all
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about why I ultimately decided to stick
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with product one so you all know you’re
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very well acquainted with the struggles
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I’ve had with product one and it’s just
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kind of lack of profitability I wasn’t
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making any money off of it at all and so
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I talked about it in other videos and I
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was like I don’t know what I’m going to
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do and I finally know what I’m going to
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do and that is I am reordering I’m going
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all-in I guess on another 250 order unit
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of product 1 and this one is going to be
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successful and it’s going to make me
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money and I have the numbers to back
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that up I know why and that’s what I’m
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going to share with you today so as I
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mentioned before product 1 I was selling
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at $24.99 and when I first launched I
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was selling quite a bit and then it just
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kind of was tapering off that I was
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averaging between 1 and 3 sales a day
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really more like two or three a day at
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that $24.99 price point however was PBC
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and with the cost of goods and all that
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stuff I was really making very little
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money probably less than two dollars a
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unit depending on what my PPC spent had
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been for the day and I was like this is
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crazy I mean because it is crazy right
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like you don’t go in business to make $2
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$4 a day and so I was like this isn’t
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working I don’t think that I’m going to
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do 4 with this I think I’m just going to
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say this was not a success and go do
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something else then I got the
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opportunity to shop with Scott bulk
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we’re on this podcast which is really
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cool somehow I worked my way into a free
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coaching call with him and he was like
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you know I really think that you can do
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some stuff to lower your cost and if
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you’re already selling and you’ve
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already invested in getting photography
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in UPC code and all that stuff and you
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can probably turn this around and I was
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like yeah okay
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I really just thought I was humoring him
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a little bit but like there’s no way
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like you don’t know my life come on but
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what I did was I contacted some shipping
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companies from freight forwarders that’s
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the word I was looking for and I got a
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quote back and I
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save $700 plus on shipping those 250
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units and and that’s she C shipping I
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love you a little bit more for air
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shipping I’m still waiting on that final
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quote but they said it was going to be
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pretty competitive so we’ll see I’m
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excited about that I also contacted my
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supplier and asked for a discount on
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pricing they said that because I wasn’t
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ordering more it’s a higher moq to get a
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lower rate I’m not ready to invest that
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much money if you’re like $8,000 in
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product costs I’m not really ready to do
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that yet but you know we are working
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towards I know what my next goal is to
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be able to get lower cost on on the
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products so this is exciting this is all
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good stuff turns out there is money to
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be made or saved in this case selling so
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now the next shipment if I sold it
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$24.99 I know I could make a profit
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that’s pretty exciting I probably get
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out more around five dollars a unit
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which isn’t that pretty I would be
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pretty happy with that
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but let me tell you I am really excited
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about ordering products one again as I
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was getting lower in inventory I’ve
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raised my rate I raised my rate from
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$24.99 to $29.99 which is absolutely
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like top a market for this product and I
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was like you know it’s going to slow
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down I’m probably only going to sell one
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every day or so but who cares not making
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money anyway and least that way I’ll
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make a little bit of money and I will go
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out of stock before I give this
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opportunity to order and more funny
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thing happened myself looks doubled so I
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went from selling about one to three a
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day at $24.99 to throw in four to eight
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a day at $29.99 that’s more than
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doubling but you get my point
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I was shocked so now not only do I know
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at $24.99 I can make it okay profit
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selling this product but at $29.99 I can
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make a better product and potentially
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sell way more sign me up that was the
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happiest accident I think I’ve ever had
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so but here’s the problem right I raised
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my price so I wouldn’t go out of stock
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and now I’m selling faster than I’ve
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ever sold before so I’ve raised my price
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again from 34 sorry from $29.99
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to $34.99 and sales dropped but they
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went down to the same rate I was selling
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at $24.99 I’m back into that 1 2 3 sales
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range rate and I’m like I can’t even
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believe so you’re telling me for the
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first 175 units I could have been
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selling them at the same velocity sing
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sales velocity for $10 profit more I
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mean that now I’m making even with my
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high cost – good 12 dollars and five
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cents a unit profit much so hey guys
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here’s the cake away tester price
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because you don’t know where you’re you
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know your sales of your profit curve is
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going to peak out because my peaked out
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at $29.99 and I never would have guessed
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that for my first 250 units that I saw
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I’ve had very low PPC spent I’ve got it
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started that I have not spent a lot of
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money on it I think five dollars a day
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would be like the absolute most I’ve
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spent so far I also did no outside
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marketing I had nothing outside driving
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sale to Amazon’s with read people to buy
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my product and then finally I had no
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giveaway I have mentioned in the past
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also the giveaways just never really
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appealed to me that much I really never
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wanted to play that game I did talk with
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this guy who runs fetcher which is in
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partnership with jumbo Scout and he was
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like you know if you gave away like 25
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units five a day for five days that
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could really bump your VSR you probably
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really surprised at how many fields you
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started to get just from doing that so
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it’s something I am considering and
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still just it’s not excited about it
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it’s still not excited about just giving
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away product but if you can spend a
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little money to make a lot of money then
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that’s a trade that we should always
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make so the other thing that I did not
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do on the very first unit if you order
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or shipment now I have some other areas
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that I know I can improve in order to
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probably sell at a higher sell
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philosophy right lower my BSR that would
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be adding more pictures right now I only
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have studio photos I don’t have any
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lifestyle pictures and I always hear
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that people really like lifestyle
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pictures another thing is I could do
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giveaways if I choose to do that and
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then the last thing would be the
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hence brand content I don’t have that
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currently only available through brand
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register which I were working on but
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it’s a longer process now we need to get
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trademark we’ll talk about that in
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another video but I looking at that
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enhance brain content because a lot of
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my competitors have that that’s just
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something else that I note will only
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help it certainly is not going to hurt
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so we’re going to work towards that also
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I guess in the end of the day I was just
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like Megan this is a good product and
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it’s selling with you basically doing
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nothing with it so if we put a little
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effort into it we can probably sell a
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lot more and that’s what I’ve decided to
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do is really focus on making product one
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is success and I will tell you that
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there are some of you guys in the
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comment section that kind of kicked my
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butt on me wanting to just drop it and
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move on to the next product and not
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really taking time to figure out what
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was wrong what I did wrong with the
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first product so thank you guys so much
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for being that support and that
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accountability for me I couldn’t do it
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without you do you have any questions
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about anything I didn’t cover here about
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how it ultimately came to the decision
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to stick with product one reorder and go
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all in on it
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leave those down in the comment section
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below I will certainly be checking in
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and happy to answer any other questions
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that you have for me there
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as always guys take care have a great
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week I will talk to you next time
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there has been a lot of hand-wringing
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about this that you will be happy to
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00:00:04,140 –> 00:00:09,570
know I’m ready to move forward
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00:00:06,859 –> 00:00:11,400
hey welcome back for another episode of
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00:00:09,570 –> 00:00:13,620
the disrupting tea queer beginners
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00:00:11,400 –> 00:00:15,660
filled businesses I am glad you’re here
7
00:00:13,620 –> 00:00:18,300
today because I am going to tell you all
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00:00:15,660 –> 00:00:20,520
about why I ultimately decided to stick
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00:00:18,300 –> 00:00:22,619
with product one so you all know you’re
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00:00:20,520 –> 00:00:24,210
very well acquainted with the struggles
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00:00:22,619 –> 00:00:26,310
I’ve had with product one and it’s just
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00:00:24,210 –> 00:00:28,949
kind of lack of profitability I wasn’t
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00:00:26,310 –> 00:00:31,109
making any money off of it at all and so
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I talked about it in other videos and I
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was like I don’t know what I’m going to
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do and I finally know what I’m going to
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do and that is I am reordering I’m going
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all-in I guess on another 250 order unit
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of product 1 and this one is going to be
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successful and it’s going to make me
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money and I have the numbers to back
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that up I know why and that’s what I’m
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going to share with you today so as I
24
00:00:50,940 –> 00:00:56,520
mentioned before product 1 I was selling
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at $24.99 and when I first launched I
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was selling quite a bit and then it just
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kind of was tapering off that I was
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averaging between 1 and 3 sales a day
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really more like two or three a day at
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that $24.99 price point however was PBC
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and with the cost of goods and all that
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stuff I was really making very little
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money probably less than two dollars a
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unit depending on what my PPC spent had
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been for the day and I was like this is
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crazy I mean because it is crazy right
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like you don’t go in business to make $2
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$4 a day and so I was like this isn’t
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working I don’t think that I’m going to
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do 4 with this I think I’m just going to
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say this was not a success and go do
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something else then I got the
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opportunity to shop with Scott bulk
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we’re on this podcast which is really
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cool somehow I worked my way into a free
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coaching call with him and he was like
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you know I really think that you can do
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some stuff to lower your cost and if
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you’re already selling and you’ve
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already invested in getting photography
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in UPC code and all that stuff and you
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can probably turn this around and I was
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like yeah okay
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I really just thought I was humoring him
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a little bit but like there’s no way
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like you don’t know my life come on but
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what I did was I contacted some shipping
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companies from freight forwarders that’s
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the word I was looking for and I got a
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quote back and I
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save $700 plus on shipping those 250
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units and and that’s she C shipping I
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love you a little bit more for air
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shipping I’m still waiting on that final
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quote but they said it was going to be
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pretty competitive so we’ll see I’m
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excited about that I also contacted my
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supplier and asked for a discount on
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pricing they said that because I wasn’t
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ordering more it’s a higher moq to get a
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lower rate I’m not ready to invest that
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much money if you’re like $8,000 in
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product costs I’m not really ready to do
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that yet but you know we are working
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towards I know what my next goal is to
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be able to get lower cost on on the
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products so this is exciting this is all
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good stuff turns out there is money to
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be made or saved in this case selling so
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now the next shipment if I sold it
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$24.99 I know I could make a profit
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that’s pretty exciting I probably get
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out more around five dollars a unit
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which isn’t that pretty I would be
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pretty happy with that
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but let me tell you I am really excited
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about ordering products one again as I
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was getting lower in inventory I’ve
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raised my rate I raised my rate from
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$24.99 to $29.99 which is absolutely
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like top a market for this product and I
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was like you know it’s going to slow
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down I’m probably only going to sell one
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every day or so but who cares not making
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money anyway and least that way I’ll
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make a little bit of money and I will go
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out of stock before I give this
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opportunity to order and more funny
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thing happened myself looks doubled so I
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went from selling about one to three a
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day at $24.99 to throw in four to eight
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a day at $29.99 that’s more than
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doubling but you get my point
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I was shocked so now not only do I know
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at $24.99 I can make it okay profit
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selling this product but at $29.99 I can
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make a better product and potentially
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sell way more sign me up that was the
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happiest accident I think I’ve ever had
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so but here’s the problem right I raised
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my price so I wouldn’t go out of stock
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and now I’m selling faster than I’ve
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ever sold before so I’ve raised my price
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again from 34 sorry from $29.99
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to $34.99 and sales dropped but they
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went down to the same rate I was selling
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at $24.99 I’m back into that 1 2 3 sales
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range rate and I’m like I can’t even
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believe so you’re telling me for the
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first 175 units I could have been
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selling them at the same velocity sing
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sales velocity for $10 profit more I
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mean that now I’m making even with my
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high cost – good 12 dollars and five
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cents a unit profit much so hey guys
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here’s the cake away tester price
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because you don’t know where you’re you
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know your sales of your profit curve is
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going to peak out because my peaked out
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at $29.99 and I never would have guessed
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that for my first 250 units that I saw
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I’ve had very low PPC spent I’ve got it
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started that I have not spent a lot of
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money on it I think five dollars a day
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would be like the absolute most I’ve
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spent so far I also did no outside
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marketing I had nothing outside driving
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sale to Amazon’s with read people to buy
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my product and then finally I had no
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giveaway I have mentioned in the past
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also the giveaways just never really
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appealed to me that much I really never
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wanted to play that game I did talk with
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this guy who runs fetcher which is in
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partnership with jumbo Scout and he was
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like you know if you gave away like 25
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units five a day for five days that
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could really bump your VSR you probably
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really surprised at how many fields you
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started to get just from doing that so
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it’s something I am considering and
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still just it’s not excited about it
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it’s still not excited about just giving
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away product but if you can spend a
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little money to make a lot of money then
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that’s a trade that we should always
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make so the other thing that I did not
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do on the very first unit if you order
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or shipment now I have some other areas
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that I know I can improve in order to
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probably sell at a higher sell
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philosophy right lower my BSR that would
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be adding more pictures right now I only
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have studio photos I don’t have any
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lifestyle pictures and I always hear
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that people really like lifestyle
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pictures another thing is I could do
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giveaways if I choose to do that and
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then the last thing would be the
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hence brand content I don’t have that
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currently only available through brand
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register which I were working on but
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it’s a longer process now we need to get
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trademark we’ll talk about that in
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another video but I looking at that
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enhance brain content because a lot of
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my competitors have that that’s just
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something else that I note will only
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help it certainly is not going to hurt
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so we’re going to work towards that also
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I guess in the end of the day I was just
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like Megan this is a good product and
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it’s selling with you basically doing
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nothing with it so if we put a little
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effort into it we can probably sell a
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lot more and that’s what I’ve decided to
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do is really focus on making product one
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is success and I will tell you that
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there are some of you guys in the
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comment section that kind of kicked my
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butt on me wanting to just drop it and
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move on to the next product and not
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really taking time to figure out what
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was wrong what I did wrong with the
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first product so thank you guys so much
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for being that support and that
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accountability for me I couldn’t do it
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without you do you have any questions
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about anything I didn’t cover here about
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how it ultimately came to the decision
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to stick with product one reorder and go
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all in on it
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leave those down in the comment section
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below I will certainly be checking in
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and happy to answer any other questions
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that you have for me there
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as always guys take care have a great
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week I will talk to you next time
You can watch this video at The Bootstrap Boutique YouTube channel here.
You can watch more at The Bootstrap Boutique’s YouTube channel here.
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