Mon, 26 September 2016
TAS 260 - 3 Things Millionaires and Billionaires Taught me about Choosing Good Products and Retail vs Online Sales
One of the things Scott enjoys is learning from the successes of others. One of the ways he’s able to do that more effectively is to pass along what he’s learned by teaching you about it. Lately, he's been learning quite a bit concerning retail VS online sales from the television show, Shark Tank. He’s hearing some repeated themes and stories from the show and wants to pass along his observations to you so that you can learn some of the things he’s noticed. So take a few minutes to invest in your own education by hearing what Scott has noticed from the experts on Shark Tank. You’ll be glad you did.
Do you understand what “proof of concept” means?
One of the things Scott has noticed when he watches Shark Tank is that the investors always ask about sales numbers right from the start. Why do they do that? It’s because sales numbers indicate that there is already interest in the type of product that the newcomer is proposing. That’s called “proof of concept” and it means that there's good reason to expect success with the product you’re wanting to create and sell. Scott’s got some ideas about how you can use the tools provided on Amazon to discover if there’s adequate proof of concept for the products you want to sell, on this episode.
Do you have to educate people about your product before they will buy?
People come to Scott all the time with a great new product idea that is entirely original. He’s all for new products coming to the market but he also knows that if there're no other products in the market like it then there may not be enough demand to warrant creating the product in the first place. On this episode, Scott’s going to talk about that situation and give you some ideas for what you should do if your DO indeed have an entirely new product.
What should you do if you have an entirely original product?
Anytime a world-changing new development or technology comes on the scene there’s a ton of work and money that goes into helping the public understand exactly what it is, why it’s needed, and how to use it to best effect. As Amazon sellers, few of us have the resources to launch that kind of product on the scale needed to accomplish all of those things. What should do if you have a world-changing product that nobody’s heard of? On this episode, Scott gives you some suggestions regarding what he would do if he was in that situation.
Why do you want your products to be in retail stores?
Many of the people who bring product or company ideas to the Shark Tank TV show are seeking investment money because they want to get their products into retail stores. That’s not a bad idea but many times it’s premature given their situation. On this episode, Scott shares what he’s noticed about the advice the “sharks” give those people and relates it to Amazon sales and business. You’ll learn a lot from what he has to share so be sure you listen.
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