Have you just started taking steps to build your business? Or have you been at it for some time now? On this episode of The Amazing Seller, Scott has some wisdom to share and questions to answer that will be helpful no matter where you are in the process. Listen as Scott shares a vital truth that has inspired him on his journey to success. Also, he addresses questions from TAS followers like you! Don’t miss out on Scott’s helpful insight and contagious enthusiasm!
Small Wins add up to fuel success in life and business
Everyone is focused on the big wins and the splashy success stories. That’s what gets the clicks on web articles and even newspaper sales. What you won’t see celebrated in the headlines are the small wins. So why should you care about the small wins? When you stack up small wins over time, that leads to a story of success. Big gains and overnight success stories are the exceptions, not the rule. Most people live their lives and experience growth both personally and professionally just a little bit at a time. To hear Scott expand on this idea more, listen to this episode of The Amazing Seller!
1K Fast Track
What is holding you back from getting started with your own business today? Is it fear of failure that is holding you back? Or is it a lack of capital? Whatever it is that is keeping you from taking action – Scott has a plan to help you get started! Scott has successfully launched his passion project, The 1K Fast Track. He has already helped many TAS followers get started on the road to success and he wants YOU to be involved in the next group. Find out how you can get started with the next group by following the link included in the resources section at the end of this post.
Chinese Sourcing Sites for your products
Is Alibaba the best option for sourcing your product? What about another Chinese sourcing site called “1688” that is cheaper but is only in Chinese? With an ever changing economy and dealing with partners in a different country, uncertainty is a common feeling for a lot of business owners in this market. Scott has been through a lot of these same scenarios and he has a vast network of colleagues whose wisdom he can draw upon. On this episode of The Amazing Seller, Scott goes through the benefits of using a site like “1688.” He also addresses some possible advantages that Mandarin-speaking business leaders and entrepreneurs can leverage for additional income. If you’ve been wondering whether the sourcing site you use is the best option out there, you have to listen to this episode!
Issues with Brand Registry
Are you getting ready to launch a product? Are you still in the research phase? There are some important things you need to know regarding brand registry. Scott breaks down how vital it is to have your business’ brand or logo on your product and also on your website. This is how Amazon verifies that you are the owner of that brand. Navigating these questions regarding brand registry and be very confusing and maybe even frustrating. Make sure you listen to this episode and search through previous The Amazing Seller episodes to cover all your bases.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:00] Small Wins.
- [3:50] A little win from a TAS member.
- [6:00] 1K Fast Track Update.
- [8:00] Question #1: Do you have any experience with the sourcing site “1688?” How can a mandarin speaker leverage their skill in the marketplace?
- [12:30] Question #2: The product I’m selling doesn’t have my company name printed on it. Is that going to be an issue with brand registry?
- [19:40] Question #3: Is it a good idea to put together a kit and enter a fairly competitive market and then possibly sell individual components in this market once I’ve established myself with the kit?
TRANSCRIPT TAS 322
TAS 322: Ask Scott Session #98 – Small WINS – Chinese Sourcing Site – Brand Registry – Bundling Popular Products
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 322, and session number 98 of Ask Scott. This is where I answer your questions here on the podcast and I do it every single Friday and I love doing it. You guys have heard me say
[read more=”Read full transcript…” less=”Read less”]
…this time and time again but I really truly do. So keep them coming. If you have a question and you want me to answer on an upcoming session of Ask Scott head over to theamazingseller.com/ask and the only thing that I ask of you is to put in your first name, where you are tuning in from and just a brief question and I’ll do my best to listen to it and air on an upcoming show. I gotta say guys I mean you guys that have been following the podcast for quite a while probably already heard how I was living in New York for years.
I lived there for over forty years and I just recently moved to South Carolina and I am loving this weather in February and I know that it’s probably not normal that it’s 70 degrees in February. Usually around the 50 mark would be a good day but we are having 70’s and I am so excited. Actually on a walk this morning with my wife and the sun is out and we took the old seventy three mustang out the other day, went to lunch and oh man, I’m just loving this weather and I’m really happy if you couldn’t tell about this weather. I love it. We are going to get into today’s questions and what I did want to do though is I wanted to highlight something here and I think on the last Ask Scott session I forgot to do this so I’m going to do it this time.
I’m going to try to keep doing these and I think that it’s important that we have these I guess these different things that we think about on a weekly basis and maybe continually bring them up or write them down. One of the things that I’ve been thinking about a lot lately, not even just this week but really I thought about a little deeper this week and that is small wins.
[00:02:01] Scott: And that’s my thought of the week. What do I mean by this? What do I mean by small wins? We always want to go out there and we want to win big, we want to go out there and do something and get this huge result. That’s awesome, it’s like playing the lottery. I’m not much of a lottery player and if you guys don’t know that little fun fact, I don’t think I’ve ever played a scratch up… Sorry I’ve done a scratch up as a gift, I don’t go out and buy them. You pick six or pick eight or whatever it is, the quick picks or any of that stuff.
I’ve never done any of that stuff. My father used to do a little bit of it and again it’s like that dollar in a dream. I’ve never bought into that and I’m not really a big believer in buying into winning big without putting in the time or without having those small little victories along the way. If you guys haven’t heard my story episode 300 definitely go check that out it's where I go through my entire journey up to today or this year. It really just shows you these small little wins and those wins also allow you to learn through that process so if you really can get your head wrapped around that, that it’s about those small wins, those will actually get you to the bigger wins because they are going to compound on each other and start to build on each other. I want to highlight this right here and give a couple of shout outs because I think it’s important that we do that.
Inside of our bigger TAS group are a group of over like 40,000 people in there now which is amazing and you guys are awesome in there, all you TASers so I want to give you guys a little shout out, a little love. But I wanted to highlight this one here and I’m going to probably butcher the name I apologize but I’m still going to give the shout out. I think it’s pretty cool but it was Ruwanaka. Ruwanaka is how I think you pronounce that, Ruwanaka. I’m going to say that one more time, Ruwanaka. I hope I pronounce that right. But anyway, Ruwanaka says this right here in the Facebook group and says,
[00:04:07] Scott: “Hey everyone, just thought I’d share my little win here. I just hit $5,000 of sales in 30 days, super exciting, triple exclamation point. We launched last October and sales are starting to pick up recently looking really hopeful.”
What they mean here is last October meaning in 2016 so just before fourth quarter. But now we are after fourth quarter and this is what’s really cool is that they’ve had fifteen sales today that they posted this and I think it was $1,357 in the past seven days and the past 15 days it was $2258.26. Pretty awesome, pretty awesome and that was the screenshot that I’m looking at right here and I’ll link this up in the show notes but the other thing they said was, “Hey Scott, thanks for the help and getting to this point your podcast pretty much taught me FBA, really, really excited about the potential of FBA.” and then did a little “whoop whoop” and then some smiley faces.
I love this stuff because it shows me that number one, you are taking action but more importantly you are okay with the small wins to get you to a certain place. Some people would be disappointed that they haven’t gotten there or they’ve been at this thing for ten months or twelve months and they haven’t gotten the results that they thought they should be getting. Maybe they have still just been consuming and not doing. You guys have heard me say that time and time again. We can consume, there is so much information out there, there’s other podcasts that have popped up since I started mine and some of them are good. It’s like there is a lot of information so take that information and just channel it, focus on what you can do and then go after the small wins.
Go after the small wins and that is one of the main reasons why I decided to do this thing we are calling the 1K Fast Track because I wanted to be able to take people that were paralyzed in the sense because they were either afraid of picking the wrong product or maybe they didn’t have enough cash or just not ready or just not willing to jump in yet.
[00:06:07] Scott: The 1K Fast Track has been awesome and I wanted to give you a little update on that. We actually did a little pre-challenge before we actually started the class. We did a little pre-challenge, a seven day pre-challenge and told everyone to go out there and clean out their house or their attics or wherever, a room and start listing stuff on eBay. “Forget about Amazon for a second I want you guys to just get some results.” Within seven days we had over $3,400 generated from that little pre-challenge. So to me it’s a way to get you seeing that this thing works, not just Amazon, not just eBay that you can actually do something and get a result.
In this case it was results in getting money back because you took something and then you sold it. It proved to yourself like this thing can actually work and then from there you build upon that. I can’t stress that enough, it’s really about the small wins and however you do that, I don’t care, just do something that’s going to give you a small win and then reflect on that win and then build upon that win. That’s what I want to just leave you with for this week. Focus on the small wins, stack them over time.
Let me just say that one more time, “Focus on the small wins stack them over time.” It’s a powerful, powerful thing if you can just do that. You might even want to write this down using your sharpie on a little post it note and then put it on your computer, focus on the small wins, really, really powerful guys. It could be in fitness, it could be in business, it could be in life, it could be in a relationship, focus on the small wins, stack them over time.
Guys, let’s go ahead and let’s get started. I’m excited if you couldn’t tell I mean I’ve got a beautiful day out there, I’m going to take another walk after I get finished with this episode, with you guys and I’m going to probably go have lunch with my wife and then do some more planning for a couple of Amazon things that we have in the works which is pretty awesome and I’m excited about. Let’s go ahead and listen to this week’s first question and I’ll give you my answer. Let’s do this, what do you say?
[00:08:12] Brendan: Hey Scott. This is Brendan in Colorado Springs I love the podcast and I just had a quick question about sourcing. I was wondering if you had any experience with using I think it’s called 1688 for sourcing as opposed to Ali Baba. The reason I ask is because I speak fluent mandarin and I thought it might be advantageous to go directly through a Chinese sourcing site because I thought maybe I could get better prices or something like that. I was wondering if you had any idea whether or not this was true and if not, can you think of any other ways that a mandarin speaker could leverage this skill to their advantage as an FBA seller.
Seems like a really valuable skill in this business but I haven’t, I currently haven’t found exactly how to apply it. That’s it for now, love all the great content, have a good one.
[00:09:01] Scott: Hey Brendan thank you so much for the question and thank you so much for being a listener. I do appreciate each and every one of you and I want to thank you personally for listening and I do appreciate you. This is pretty cool, I’ve actually heard of this website, I’ve never looked into it myself personally because I don’t speak that language so I’m not going to do that but you bring up a really good point. For anyone that does speak this language, why not? I think that is an advantage for you, with anything. If you are going to another country and you speak that language you are probably going to have a little bit of an easier time communicating and then from there reaching other people that people like me aren’t going to be able to reach unless I hire someone like you which also brings up another great point maybe for you, maybe not but that’s something that you have that a lot of people don’t have.
You could hire your services for just communicating with these people on sourcing products, just another random thought that I had popping in my head as I’m sitting here doing this. If you and I were having that cup of coffee together that’s what I’d be saying. “Brendan maybe you can do this also for other people and charge a little bit of a fee so this way here you can also raise some capital to fund your private label business.” Again there is a lot of assets that we have that we don’t even realize is a huge asset. Anyway talking about this website its 1688.com is the website, I’ve heard of it, I’ve actually seen it before. I didn’t go much further than that because obviously I wasn’t going to be able to take advantage of it or at this time.
If I had someone in my inner circle or someone that I can reach out to I may have but because I’ve already gotten through the initial stages I’ve got a pretty good network of people that I can reach out to and help me with this. I know guys over at Guided Imports they can help with this but this particular idea is a pretty good one I believe for anyone that does speak this language.
[00:11:02] Scott: Or if they know someone that does because again there is going to be less people on there especially in our world in a sense because we are all going to a very similar place Ali Baba, Ali Express or maybe some of the other known ones. But this would definitely to me be an opportunity for you and I would also consider doing some I guess freelance work if you will as far as like saying maybe I’ll do ten of these a month for people and charge a small fee and then you can have a little side income that could also fund your private label business to get started so just another thought for you.
Anyway I just wanted to say I think this is a good opportunity and guys if you haven’t checked it out it 1688.com is the site and you can go check it up. I’ll link up the show notes as well. You are going to go there and probably be, “Oh this is cool but I can’t communicate really that well because I don’t speak that language.” You are going to find someone like Brendan that can actually do some translation for you but I definitely think that’s it’s an opportunity. I have never used this so I can’t say 100% if its good product going through there. I’m hearing that it’s similar to Ali Baba and again it’s another market place so definitely check it out. It’s another avenue for us private labelers to go out there and find sourcing and yeah, check it out.
Brendan thanks again for the question, good luck and let me know how you make out. I’d really like to know after you’ve used their site but I would definitely go for it for sure. Alright let's go ahead and listen to another question and I’ll give you my answer.
[00:12:41] Caleb: Hey Scott. Caleb here checking in from Columbus Ohio. I want to thank you for everything you do. You are such an incredible resource. I’ve learned so much from you. Really can’t thank you enough, I appreciate you being such a helpful person. You really do your best to help others and I appreciate that. Anyway, I’ve got my first product selected, I have a manufacturer that I’ve been speaking to, the final sample actually just got finished today. I just got pictures in my email this morning, really excited, probably be another couple of days maybe a week before I can get my hands on that. My question relates to brand registry. Now my product is not going to have my company name printed on it. It’s going to be a sub-brand and logo than going to have printed on this product. Is that going to be an issue grand registry since the brand I’m going to try and register is not going to be the exact same name as my company? I really appreciate your help and thanks for everything.
[00:14:01] Scott: Hey Caleb. Thank you so much for the question all the way from Columbus Ohio. Again thank you so much for being a listener and the kind words. I do appreciate it, thank you. Alright, so let’s dig in to this question and I think I understand the question but I’m going to go through it again out loud here so we can dig into this. From what I’m gathering is you are a brand new seller, you’ve created a brand new seller’s account and its XYZ deal site or something like that is your brand name I’m just going to say that. Then you want to launch something in the kitchen space that’s going to be sold by that brand and that brand could be its own name, it could be XYZ Kitchen Supplies and then you are going to maybe possibly do another one.
We call this open brand where you have your main brand, let’s call that the store in a sense and you are going to have multiple brands underneath that. Now the thing is is when you first start brand new you are going to have to have a product that you’re brand-registering. If that’s in the kitchen space that’s where it’s going to be tied to and then you would need that branded on your product or on the packaging of some kind. Then you are also going to prove that you have a website that’s selling that brand and you are going to have to have that product on your page that is showing that it’s your product but then also that you are driving that link back to Amazon. It doesn’t have to go back to Amazon, they would like that but this way here it shows you that you are the owner of that brand because it’s on your website, your website has your logo.
The one thing I found and things are always changing. We all know that in Amazon so this might be different. Whenever you listen to this, maybe you listen to this six months after I recorded it, it could be different but the way it is right now currently is, and for me I did this a while ago but it was like if I didn’t have a logo clearly marked on the website that matched the product they came back and said, “We need to see like this, it’s not looking right in a sense.”
[00:16:06] Scott: They want that branding throughout so I would think if you have a main brand XYZ wholesale or XYZ great deals, whatever your main brand is, if that is what you are brand-registering and you want those products underneath it to be brand registered I’m not sure that that’s going to work if you just brand your main website as XYZ great deals and then have all these products. It’s like, think about this for a second, if you were Walmart and you are selling all of these different products, Walmart isn’t brand-registering all of those individual ones, those brands underneath Walmart are.
Hopefully that makes sense, you would have to go and brand-register for those individual brands. Now with that being said, if your first product is the one that you are brand-registering then that might be a little bit different. I know this is confusing but I wouldn’t necessarily worry about I guess brand-registering all of the brands underneath there. I would try to do the one main brand and hopefully within that main brand it’s going to be linked to your first product if that makes sense. It sounds like it’s confusing but it really doesn’t have to be but I think in the beginning you might be overthinking it. I think I would try to just get your account brand registered and however you do that do it because once you do that your other products under there could go underneath that brand.
Hopefully that makes sense but I wouldn’t overthink it. I would just try to, like you said you have your product, I would try to get that branded, I’d get my website built, I’d get the branding and the logo and everything on that website so it comes back to Amazon saying, “Oh yeah everything is tied together, this makes sense.” Then you are brand-registering anything underneath that brand. Hopefully that makes sense, a little confusing I know but I think what you are doing could be a little overkill in the beginning stages.
[00:18:08] Scott: Again that’s what a lot of people do, you are not alone, a lot of people do it including myself. You try to think way way down the road. You are not there yet so I wouldn’t worry about it. When the next product comes along that’s going to be into a different brand then worry about how we are going to brand-register that and then start going through the motions and honestly you are going to learn that by submitting the stuff to Amazon that they require and then you are going to say, “Do I have this stuff, don’t I have this stuff, what do I need to do?” I would say though, if you are branding your product as that brand of that particular product line not your overarching brand then I would make sure that that brand is on there.
An example would be if you are XYZ great deals, you are not going to brand your product that’s a garlic press with that brand name. I would brand name that to be whatever that kitchen product line is going to be. It could get a little tricky but I know I’ve done it where my main overall seller's account is not the name registered on that brand. It does work, again Amazon is always changing so I can’t say it’s always going to work but that’s what I would do. I would just start submitting the stuff but I would not brand the garlic press that’s in the kitchen space as my XYZ great deals. Hopefully that makes sense. I know that was a little confusing but hopefully it makes sense and that’s my advice, that’s what I would do. Alright so let’s go ahead and listen to one more quick question then we’ll wrap this baby up you guys can get on with your day and we can get rocking and rolling. Let’s do that, lets listen to one more question.
[00:19:50] Steve: Hi Scott. My name is Steve, first of all man I just love your show, I love everything you are doing for everybody here so much great information and you are also a really good teacher. I’ve heard some of your courses and the way you explain things is just so clear and so easy to follow. I really appreciate that so I want to encourage you to keep up the great work. My question is about competition and I guess and niching out from competition, a competitive market. The market I’m considering is competitive, it’s not horribly competitive but I would say it’s like a 4 out of 5 competitive for the individual pieces. There are several different brands I’m selling, nothing that’s a huge name but much of they looks like small sellers.
When you’re in the individual pieces that are between $8 to $12 that’s pretty competitive but if you can bundle it and sell it as a kit or a set then it looks like there is a lot less competition. And that could be workable and if that’s within the criteria that you discussed. So my question is am I doing the right thing by putting together a kit and entering this fairly competitive market and then possibly being able to sell individual components in this market once I’ve established myself with the kit?
Or I’m I just kidding myself and tricking myself in a way into getting myself into a competitive market that I will just get slammed in where I have to spend a ton of money to get any sales? So I would love to get your input on that or can I just sell some kit or a set full of components from a very competitive market as a separate unit that appears to be less competitive. Is that a viable strategy? Thanks again so much for everything and I look forward to hearing your answer.
[00:21:52] Scott: Hey Steve, thank you so much for the question and again thank you so much for being a listener. I appreciate you and I appreciate the kind words so again thank you. Yeah this is a great question and there is some I guess some challenges or there is also some really good benefits to doing this. And I guess the one thing I would ask you first again if we’re having that coffee, we’re sitting across that table from each other which we kind of are right now. So here we go. I would be like, Steve ok that’s awesome, you found a market that has products that are selling between $12 and $15 and they are selling really well pretty competitive. We don’t want to go there. But what we want to do is we want to take two of those products or three of those products and bundle them together.
And then what we want to do is sell that as a kit and if people already are buying these separately and they’re buying them maybe frequently bought together and those things. If those things you have kind of researched and seen that that is the case then the benefits are these. You’re going to be able to capitalize on the traffic from all three types of products. So when someone is searching for garlic press they going to find you. If someone is searching for the garlic bag whatever storage bag if they even make one I don’t even know and then that would be there. And then another one that was like garlic brush or a garlic cleaning brush or whatever, and then you took all three of them and put them together you’re right. Now, we are able to drive traffic to each one.
And if your prices is right where let’s say for example they are buying that stuff for $13.97 and you can grab all three of them and sell for $19.97 or $24.97 or something like that then that’s a great deal. Right, that’s awesome. Now the challenges are this, do people really want all of the three items?
[00:23:51] Scott: Well we just said that yes they are because we’ve kind of looked at the data but then again is that same customer buying all three of them or is one person only buying the one not the other. We don’t really know that but if we could test this that would be my first thing. So how many can we buy of each individually can we buy 250 and then do like a small 250 like a small run. Right, where we going to take all three of them put them in a package, start running some pay-per-click to this and see if people buy it. Instantly we can see by just running some pay-per-click because we going to run pay-per-click on through all three of those top keywords that are driving sales on all those three different products. So again we start to see some this data, we start to see oh these guys are coming in and buying the whole thing. Oh these people are coming and not buying. So we can get an idea on what the market is doing what the keywords that people are searching for. Which ones are buyers? Which ones are not and all that stuff? That’s really cool.
The other challenge is now we’re taking three products. So technically we’re taking three SKUs, alright it’s going to cost us more money to land. We going to bundle that so we’re going to have to put all that into one package. It’s only going to need one UPC or one SKU but we’re not going to be able to burst that thing apart. So now if we see that ok cool that’s great we got that thing to market, we’ve got a little bundle, we got a little kit but now we want to break that apart.
Now we want to sell each one of those individually which again I think is another smart strategy because now we can say alright you can buy the kit or you can buy all of them individually. So now we get to attack the market on a smaller level but again I wouldn’t go the smaller level first because that’s where it’s really competitive. So again I think your thought process is great but again you have to understand you are still entering a competitive market.
[00:25:49] Scott: And I don’t know what competitive is that you are referring to. Is it 50 a day is it 100 a day? How many reviews are we talking about? Are we talking like about hundreds of reviews? Are we talking about thousands of reviews? Like those are other things I would taking into my equation. Then I would want to see really the depth as far as like ok are they all very similar products, are they made up of the same components? What is going to differentiate mine other than it’s a bundle? Is it just a bundle, is that the differentiator or is it now yours is a bundle but also has a couple extra features on the certain device? Like there is all these things that are going to come into it.
But I think at the least I would try to get the three products or four or how many ever it is, I would try to create those bundle kits and I would try to get them launched and I would drive pay-per-click traffic day one. And I would see if I can get sales without any reviews then I’m onto something. And then I would see. In the beginning I don’t even care how much I’m really spending on that. I just want to see if it converts. All I want to do is see if that actually is resonating with the people that are searching for the garlic press but then they end up buying the garlic press plus the garlic brush and the garlic bag. Like I want to know that or maybe I only advertise or I’m sorry I’m going to set those three campaigns.
One of them I’m going to be targeting the garlic brush, someone searching for the garlic brush is then going to lead into actually buying the bundle or the bag vice versa whatever. But then we are going to see the data right and if we see the data then that’s going to give us a lot of the insight as far as what the market is going to do here. Maybe that price point is too much, maybe the price point of $24.95 is too much, it’s just not going to work. The numbers not going to work. I would rather test that with a bundle and you know what if the bundle ends up costing… Let’s say that that bundle is going to cost you like eight bucks and you are going to try and sell it at $24.97. Worst case if you can’t sell the bundle at $24.97, lower to $19.97, you might blow out of them.
[00:27:52] Scott: And if that doesn’t work guess what you still got room to move. Sell it for $16.97 and I can almost guarantee you are still going to break even. It’s not going to be more than $8 in FBA fees and your cost was $8 so really you are going to liquidate that so that would be another option.
So I wouldn’t feel really that much risk as long as I can do small test run of maybe 250 units. So I know that was kind of long ended but there is some discussion, there is some pros and cons. And you’re right if you can get in there and start getting some momentum and start selling then you can very easily add on those additional items that are inside of the kit and break them apart. And then you can kind of compete in there without having to compete one on one if that makes sense. So hopefully that helps, keep me posted on that. Let me know what you end up doing there. I would be curious to see and yeah I would love to hear back from you.
So guys that’s pretty much going to wrap up this episode of Ask Scott. This is session number 98 by the way and episode 322 so if you want to download the transcripts, the show notes all of that stuff head over to amazingseller.com/322. And again all the links that I discussed there will be there as well and yeah, would love to hear any more questions you guys have. Just head over to theamazingseller.com/ask and then I’m going to remind you guys what we talked about in the very beginning. Really, really think about this. Go after those small wins, focus on the small wins, stack them over time. I’m telling you it’s a powerful concept and if you can wrap your head around it you can do really, really big things.
Alright guys so that is going to wrap up this episode. I want to say thank you guys for being listeners. I truly appreciate each and every one of you and stay active in the Facebook group, the TAS group that is and yeah keep supporting each other. Alright guys that’s it, that’s going to wrap it up. Remember I’m here for you, I believe in you and I am rooting for you but you have to, you have to do something for me and what that is is take action. Have an awesome day guys I’ll see you right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
NEW To The Blog and Podcast?
I created a Page Just for You called…START HERE!
If you enjoyed this episode share the love with your friends…Click To Tweet the show.