This is it, it’s time for another session of Ask Scott here on The Amazing Seller podcast! Are you ready for your weekly dose of excitement and enthusiasm? What are you waiting for?! On this episode, you’ll hear from Scott as he shares some exciting news about a new TAS contest, what he’s been thinking about lately with his thought of the week, and the answer to a question from a TAS follower like you! Jump in for this short but powerful episode, you don’t want to miss a minute!
A new TAS contest, get the details!
Don’t miss it!! There is another TAS contest that you can enter and possibly win access $3,000 of valuable TAS content. What are the details? If you win, you’ll get a scholarship to the Private Label Classroom, Product Discovery Bootcamp, and TAS Breakthrough U which includes a monthly coaching call with Scott and Chris. Scott has also included some valuable runner-up prizes that will be well worth it as well! How do you sign up? Easy! Just go to the contest link included in the resources section at the end of this post!
Look for the good!
Let’s face it, our culture has conditioned us to only focus almost exclusively on the negative aspects of our situations. That can lead to a depressing and demoralizing outlook on life! What’s the solution? How can you go against the grain and find a way to not only survive but thrive!? According to Scott, it all comes down to changing your perspective, commit to finding the good in whatever situation you find yourself in, it’s that easy! Don’t give in to the negative aspects whatever has happened, choose to find the good. To hear how Scott has let this wisdom play out in his own life, make sure to listen to this encouraging episode of The Amazing Seller!
What to do when your inventory starts to run low.
What should you do when you see your product inventory start to run low? What steps can you take to preserve your keyword ranking? On this episode of The Amazing Seller, you’ll hear from Scott as he goes over the ways you can prepare for this likely scenario. First off, Scott stresses how important it is to avoid running out of inventory as much as possible, you don't’ want to slow that momentum! If you do run out of inventory, Scott suggests going out with a BANG! Keep up your sales and make sure Amazon knows that you can serve their audience effectively. When you get your product back in stock, Scott suggests aggressively ramping up your PPC efforts and spiking your sales by driving your email list to the product listing. To hear Scott expand on these tips and more, make sure to listen to this episode!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [3:00] A special TAS contest announcement.
- [6:30] Scott’s thought of the week.
- [10:45] Question: I'm running out of stock, how do I keep my keyword rankings?
- [16:15] Closing thoughts from Scott.
TRANSCRIPT TAS 538
TAS 538: Ask Scott #168 – I'm Running Out of Stock (How to KEEP My Keyword Rankings? + Winning in LIFE and Business
[00:00:02] Scott: Well, hey, hey, what’s up, everyone? Welcome back to another episode of The Amazing Seller Podcast. This is episode number 538 and session number 168 of Ask Scott. This is where I answer your questions here on the podcast and I’m going to do it again today and if you were listening to the last episode or last Ask Scott episode that is, you heard me talk about how I’m going to…
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…do this a little bit differently now. I am going to be answering one specific question on the podcast. I’m also answering that question on YouTube and these questions that I’m going to be answering right now where pulled directly from The Amazing Seller blog where you could type in your answer. Now, I will be still answering the recorded ones in the future. So, if you have a question that you want me to answer on an upcoming Ask Scott session, you can still head over to TheAmazingSeller.com/Ask. You can either type in a question or you can record your message.
Again, I’m going to be doing this here on the podcast but I’m going to be doing it also on YouTube so if you guys are not checking out the YouTube channel, shame on you. You got to head over there and check out the YouTube channel. All right. Go over there and check it out, TheAmazingSeller.com/YouTube or just TheAmazingSellerTV.com. It will take you to the same place and, yeah, been doing a lot of cool things over there, Whiteboard Wednesdays where I’m talking all about brand building and giving you tips over there. Those have been a lot of fun and a lot of great feedback on those as well. So, stay tuned for more to come so I’m really enjoying those. And then also I’ve been doing the Ask Scott session on video over there and that’s been a lot of fun because now I can see your comments and I can address those and also get other ideas for more videos that I’m going to be creating, more training. So, again, you definitely want to check that out, but I do appreciate you listening here on the podcast.
[00:01:56] Scott: It seems that I’ve got people that listen only on the podcast and then there are some people that only find me on YouTube. I’ve got some people that do both but it’s funny because I was getting some feedback from people that were watching YouTube and saying like, “Scott, I really haven’t had a lot of time to be listening for a 30-minute timespan, so I’ve been just checking out the YouTube stuff.” That’s great. That’s what it’s there for. Or sometimes people just want to see a more visual or just me on camera. Not sure why but anyway, that is what’s happening out over there. All right. So, definitely check that out. But today what we’re going to be talking about is this here. “I’m running out of stock. What do I do?” Like, what do I do so I can keep my keyword rankings and if you guys have ever run out of inventory, you know it can be quite a struggle getting back up and running. If well, number one, if you’re out of inventory for a while but then also your keyword if you start losing rank and then competition and all of that stuff so that’s what I’m going to be answering here on this Ask Scott session and this will be from the YouTube video that I did so I’m going to be playing that here for you in a second.
So, before I do get to that though, I did want to make a little announcement here. Now, you might have already heard about this if you’ve read my emails and if you haven’t, you should be. So, what I’ve announced is I’m going to be doing something special here and that is I’m going to do a little contest. I’m going to be giving away over $3,000 in prizes and some of those are going to be including a scholarship to our Private Label Classroom. I haven’t done one of these in a while as far as giving one of these away. That’s a $1,500 value, actually $1,497, but that will be increasing here in the future but right around $1,500. And then Product Discovery Bootcamp, you’ll get access to that as well and then also TAS Breakthrough U which that’s only offered to our students that actually joined one of our programs and that there is where you get connected to the community, but you also get additional training and you got to jump on a coaching call every single month with myself and Chris Schaffer and we work with our classes. So, you get access to that.
[00:04:04] Scott: A 30-minute virtual coffee with me, so we’ll jump on Skype and we’ll answer anything that you are struggling with and then I’ve also got a few other surprises up my sleeve. Now, if you want a chance to win that grand prize which I’ll have some runner up prices as well, but the grand prize will be that $3,000 worth of prizes that I just kind of rattled off there but all you have to do to enter is go to TheAmazingSeller.com/Contest. Now, another thing that I’m doing here is I am testing our new updated GiveawayBoost. So, if you guys are familiar with GiveawayBoost, we created a plug-in with Chris Guthrie and Chris Schaffer and we built something that we wanted to be able to build our list and do all that good stuff. So, what we’ve done is we’ve added another component to it.
I’m not going to go into all the details here but it’s a 2.0 version now where we can actually do landing pages for coupons in exchange for their email address and all that stuff and we’ve got a cool feature set built on the backend of it for our thank you pages and you’ll be able to see this live in action right now if you go to TheAmazingSeller.com/Contest and you enter, the thank you page will have some of these additional share features that we’ve built in. So, these are going to be offered or are offered for anyone that is already a current GiveawayBoost customer or if you decide to use it in future, it's a 2.0 version right now. So, what I would do is definitely go enter because what do you have to lose? Nothing. Just go check it out TheAmazingSeller.com/Contest and then from there you’ll be able to, number one, enter but you’ll also get to see on the backend how everything works, and I’ll also be giving you guys a little bit of a play-by-play during this process. So, I’ll be kind of telling you how everything is working, what we’re tweaking, why we’re doing it, and how we’re doing it and all that fun stuff, and I’ll be reporting back here on the podcast and on YouTube so look out for that stuff to come.
[00:06:14] Scott: Now, I’m not sure if you can notice or if you can tell right now but my voice is a little shot and there’s a good reason for that and also leads me into my thought of the week or thoughts of the week because I just got back from a Yankee game and they were playing the Rays in Tampa or actually St. Petersburg which another funny story, this little side note. I sent my email out letting everyone know I was going to Tampa to watch a Rays game against the Yankees. I was a corrected that it’s actually St. Petersburg. And the funny thing is I don’t think they’re much of a fan because they actually said that ruins my credibility because I didn’t know that the Rays played in St. Petersburg, not Tampa, even though I drove through Tampa to get there and I was just talking about my trip to Tampa to go visit my father and then visit the Rays and the Yankees.
But anyway, it’s just funny how people they want to correct you and also just voice their opinion on that it doesn’t make you credible because you didn’t know. Anyway, my voice is a little shot because we were yelling and screaming, having a great time. We got beat though by the way. The Rays actually swept us. There was a guy behind me as I was there reminding us that we were going to be swept. So, it was a little painful, but my voice is shot because I was rooting, and we actually went to the 11th inning on the second day so that was fun. We almost won but we didn’t. But that leads me into the story and the story is this, the Yankees lost but I won. Now, what the heck do I mean by that? Well, what it means is did I really lose?
[00:07:59] Scott: I spent a weekend with my father. I was in the car with my family. We had a good road trip. You know, we’re able to spend some quality time but I also got a picture and I actually posted that picture on my Instagram page. If you’re not following me on Instagram, you can head over to Instagram.com/ScottVoelker. You’ll find me there. I’ll drop it in the show notes here as well, but I posted a picture there of myself, my father, and my two kids. It was Kayla and Scottie, my oldest daughter couldn’t make it, and my wife, and we’re standing there in front of Tropicana Field. So, we’re hanging out and we had a picture and, yes, we lost but technically I won because I had a great day, great weekend, great travels, and a moment that I’ll never forget like we all hung out. We had a great time. Yes, we were bummed that we didn’t win but we’re still okay. We’re all right. So, I didn’t lose. I didn’t lose because the Yankees lost. It was just a game. They didn’t lose either. They lost but that’s just one loss. They still got a whole season or half a season to go.
So, business is a lot like that. We’re going to have failures. They are lessons. They are lessons that we learn. I love thinking about or thinking about this like if I was going out fishing and I’ve done this before. My father and I would go fishing and we would both say like it’s early in the morning, no one’s up yet, we’re out fishing, whether we catch of fish or not, we won because we had a great day together or a great morning together. We had a bond and spent some of that time together. Yes, if you’re in a bass fishing contest, you might look at it a little differently, but I didn’t, and the same thing goes with business. There are things that I’ve tried in the past that didn’t work or didn’t work as well. That’s okay. They’re experiences, and I’ve learned from those, what to do, what not to do, or maybe that was one thing that helped me get from one place to the other.
[00:09:55] Scott: So, I just want you to think about everything that you’re doing right now whether that’s life or in life, in business, whatever, think about it as an experience and something that you’re able to take away whether that’s a picture, whether that’s a thought or a memory, any of that stuff, really think about that stuff because that stuff really means a lot to me and I think you can probably take your spirits and turn them around if you can think about it this way because everything we do is an experience and we didn’t lose unless we give up but we can take things away from what we’re doing and I see this all the time in other successful people whether that’s in life or in business. So, don’t forget that and I just want to share that with you. So, let’s go ahead and listen to this question and then my answer and then we will wrap this baby up and you guys can get on with your day. What do you say? Let’s do it.
[00:10:53] Scott: “What’s the best way to keep momentum going for the keywords that I’m already ranking on and not losing placement?” Well, first off, Sammy, that’s a great question and I’m sure that a lot of us including you may be watching is thinking this or maybe this has happened to you in the past. So, here’s going to be my short and my long answer to this. Number one, you don’t want to run out of inventory if you can help it because when you run out of inventory depending on how long it is, it could be hard to get yourself back up and running or sometimes in the meantime you’ve got competition that comes in and now you’re kind of going against those guys once you get back in stock and they’re starting to gain some ground but sometimes it’s unavoidable like I said. So, the one mistake I see a lot of people making is they just jack their price way up, they double the price, and then they slow sales way down. The problem with that is you’re telling Amazon that your product is not selling well anymore.
And then let’s say, let’s just use an example, if you’re selling 20 units a day consistently, 20 sales a day, boom, boom, boom, and then all of a sudden you jack your price and then no one’s buying it anymore or maybe two people are buying it now per day. You went from 20 to 2 sales per day. You’re telling Amazon that your product isn’t really being sold anymore and people don’t really want it because they’re still looking at a lot of impressions coming, a lot of traffic coming to your listing, but no one is buying it or only two people out of all that traffic is buying it. That’s not good. We don’t want that. Now, you can if you want to slowly, and I say slowly, bring your price up just a little bit and see if that slows it down by maybe a couple of sales a day. That’s not a terrible idea but what I would prefer to do is just go out with a bang. I’d rather keep that sales velocity going, keep that flywheel going, and then once you run out of inventory, you’re out and then Amazon will remember you as the business that was selling a whole bunch of units when you’re back in stock.
[00:12:52] Scott: Now, if you’re going to be out of stock for more than four weeks, well then you got to start thinking to yourself, “How do I get that momentum back?” Well, number one thing that you want to do is turn on pay-per-click and hopefully, you already have some campaigns that are not running anymore that once you turn those on, that will just bring that traffic back and it’ll be a few days and then you’ll be back up and running. That would be the best-case scenario but now let’s say that it’s going to be a little bit harder to get your momentum back because pay-per-click sales were only part it, organic with some of it. So, now what you need to do is you need to spike the sales and really get a rush of sales in the next five to seven days. How do you do that? Very similar to how we launch a product. Number one, yes, we’re going to use pay-per-click but, number two, we are going to email our list if we have that list that we can email. If you don’t have a list, I would recommend building one in your market so this way here you have that leverage to be able to do that. You can leverage that list and then spike sales and then the minute you spike sales, you’re able to start ranking again.
Now, this is also saying that you, and I’m going to guess that you probably were, is that your listing is optimized. So, here’s the other thing and this little side note, do not change anything when you go back live. Don’t change your title. Don’t change your bullets. Leave everything as is until you get back up and running again because we don’t want that to affect when you go live that that will then hurt your rankings. We want to keep everything as close to being the same as possible. So, what I would do is I would run a promotion to your list even if you offer 30% off, 40% off, whatever is going to take for the next five days to basically get those sales back. And then maybe it’s going to be three days you’re going to notice that your ranking is coming back then you can end your deal if you want to or you can let people know that you only have a certain amount that you’re going to do this with, maybe it’s the first 75, whatever it is. You want to do that so this way here you can spike the algorithm once again and then they’re going to say, “Oh, wait a minute. They’re back. They’re back in stock. Oh, let me look at the data points. Oh, yeah, they were converting really, really high before.”
[00:14:53] Scott: Now, if you slow down sales dramatically by spiking or raising your price, the problem with that is now you’re going to get all that momentum coming back and then they’re going to look at your data points, “But wait a minute here, whoa, time out. They were converting really low over here. They were doing good then they dropped. Why?” So, then it might take a little bit longer to convince the algorithm that you’re back up and running so this way here you can start to rank again. So, the short answer is try not to run out of inventory and if you do, depending on how long you’re going to be out of inventory, you are going to have to go back in and start getting some sales right out of the gate and that’s going to start with pay-per-click and then from there it’s going to be emailing your list or if you don’t have a list, you can always reach out to other influencers or other people in your space and do a promotion for their audience. All right. So, that’s what I would do but again, try not to run out of inventory. Sometimes it’s unavoidable. It’s happened to us and sometimes you just do and that’s okay. Just run out with a bang.
[00:15:53] Scott: All right. So, hopefully, that helped you. If you are about to run out of stock or you ran out of stock and you’re going to be getting your stock back, whatever, hopefully, that helped you and give you some things to think about to prepare yourself for that, so you can get yourself back up and running or hopefully prevent yourself from running out of stock for that long and just keep that momentum going. All right. Now, I want to remind you a couple of things. Number one, I want to remind you about our TAS contest, over $3,000 in prizes so check it out over at TheAmazingSeller.com/Contest and then also I want to remind you that if you have a question that you want me to answer on an upcoming Ask Scott session, head over to TheAmazingSeller.com/Ask and then also the show notes to this episode can be found at TheAmazingSeller.com/538. All right, guys. So, that is it. That’s going to wrap it up for this addition, this episode of Ask Scott.
All right. So, guys, remember, as always, I’m here for you, I believe in you, and I’m rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.
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