Smart Marketing and Amazon Business Tips with Ezra Firestone
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We’ve always talked about smart marketing strategies to help you win on Amazon.
A huge part of that strategy is setting SMART goals for your business.
Often, most Amazon sellers find it difficult to meet these goals. They lose sight of their dreams and eventually lose motivation to continue with their Amazon business.
So we sat down with Ezra Firestone, serial entrepreneur and founder of Smart Marketer, to talk about what it takes to be a strategic CEO.
We also discussed smart marketing strategies, leadership, and the top mistakes you should avoid as an Amazon business owner.
Let’s get started.
Why running a business isn’t for everyone
As Amazon coaches, we often hear of the reasons aspiring Amazon sellers go to this business model.
Most go into it thinking it’s a great way to make fast cash.
Some become sellers with the thought of time and financial freedom.
The biggest challenge is, most beginners start with a romanticized idea of business.
There are four major reasons businesses fail: lack of funding, ineffective business planning, ineffective marketing, and inadequate management.
Some think that having funds can get them far. All they have to do is hire a virtual assistant and get the whole thing running.
While it might be true to some extent, running a successful business requires more than having money.
If you’re one to break under pressure or quit when things get hard, then being an entrepreneur is not right for you.
Most think that an Amazon business model is easy. There is tons of free content out there that you can use to get started.
And with so many Amazon coaches and success stories online, it’s easy to assume that it will bring you fast cash.
What most don’t know is that Amazon is just like any traditional business model. It requires grit, patience, and setting SMART goals.
It also requires learning new skills and setting up the right systems to get consistent results.
Running a business might not be for everyone. But it sure is worth it if you do it right.
What are the top mistakes for Amazon sellers?
It’s common for new business owners to get into business expecting to get quick results immediately.
It takes time and consistency to make things happen.
As a business owner, you need to be aware of your strengths and know what you need help with.
Running a business is like growing a garden. You need time to grow and nurture it. You also need to know how to maximize your resources to increase your results.
Part of this growth includes investing your time, energy, and resources, including your personal growth and mindset.
This also includes understanding and investing in advertising, product launches, and hiring the right people for the job.
The problem is, most people quit too early. And most expect the money to come in easily.
As an Amazon seller, you need three things to succeed in this business.
One, you need to have a great product.
Two, you need to have an excellent support system.
And last but not least, you need to invest in marketing and advertising your business.
How do you improve your products? Read your reviews and get honest feedback. And take this feedback to improve your products and launch process.
This also means taking negative feedback constructively.
Customer support is also a key factor for success. Provide FAQs and communicate with your clients consistently.
Make sure you put information on how you can be contacted and respond as quickly as possible to concerns.
For returns and refunds, make sure the process is quick and easy. This way, your customers and clients would know they’re in expert hands.
And last but not least, don’t skimp on marketing and advertising.
As an Amazon seller, you should maximize your ad spend and think of it as a necessary cost.
The more you invest and optimize your ad strategy, the better your brand and sales will do.
Continue to market and make a good promise. And ensure that you deliver on that promise.
Remember, the key to success involves in you being consistent and patient with your results.
5 Smart Marketing Tips from Ezra Firestone
Ezra Firestone is one pioneer in the eCommerce industry.
Ezra is also an amazing strategist and content creator and advocates finding a balance between having successful relationships and careers.
And today, we’re honored to share his smart marketing tips on how to become a successful CEO for your Amazon business.
Serve the world unselfishly and profit
One of the most impressive things we’ve always enjoyed about Ezra’s messaging is his view about making money.
Ezra has been hustling since he was young. And through the years, he has followed the mantra of serving the world unselfishly and making a profit.
When you are of service to others, you profit from it. It can be as wisdom and experience, and it can also be monetary.
For Ezra, his motivation is to create and nurture his relationships. And part of that is becoming a successful producer and making money.
This mindset has become his motivation to create better services for others. It also helped him structure his business to support the lifestyle he wants for his relationships.
Most entrepreneurs go into the hustle, with money being the top priority. They want to sell so they could make money.
If they don’t hit their target sales or profit, then it means they failed. In the end, they get frustrated, burned out, and eventually quit the business.
To be successful in the business, focus on setting goals that matter to you. Structure your business in a way that serves your purpose.
When you focus on your service and how it can improve your lives and others, the profit will follow.
Your business does not define who you are
Most entrepreneurs equate their worth to that of their business.
As long as their business is doing well, then they consider themselves as a success.
Research shows that entrepreneurs treat the business as they would their children.
MRI images show that entrepreneurs and parents have the same response when talking about their ventures and babies.
These bonds create influence their brain’s reward response and other mental factors that are associated with judgment.
You might think, aren’t we supposed to be invested in our business?
Well, the answer is yes and no.
Being too emotionally involved in your business may cloud your judgment. This might lead you to make decisions that could harm it unintentionally.
How do you work around this? You need to recognize the attachment and separate yourself from it.
Think of your business as a production cycle you take part in to achieve your financial goals. It’s also a means for you to create an impact and contribute to improving the lives of many.
Businesses can fail anytime. And if it does, remember that it’s not a reflection of you as a person.
Make sure you know who you are outside of your business. Look at it and see if you’re happy even outside of your results.
Is your business such a part of your identity that you can’t live without it? If you’re saying yes to this, then it’s time to assess yourself and your priorities.
Consistency is the key to success
We often get asked about the best time to go outside of Amazon. They also ask what they need to confidently say now is the perfect time to expand the business.
As a serial entrepreneur, Ezra has taken startups into multimillion companies. According to him, the key to success in any business is all about consistency.
All businesses want to expand. The question is, do you need to if you’re doing so well in Amazon?
If you know how to do Amazon, then it makes sense for you to repeat the process until you reach a consistent stream of income.
The great thing about Amazon is that it already brings you a steady amount of traffic. People are already there to buy. All you need to do is learn how to market your products effectively.
Platforms like Shopify and eBay can be great options to start with. But venturing out into these platforms may mean spending more time, energy, and resources to learn its dynamics.
It also helps to understand why you want to expand.
Do you want to earn more? Or maybe reach more audiences?
There’s no problem if you’re already hitting your profit goals consistently. But if you want to expand thinking it will get you more sales, think again.
The amount of energy and effort it will take you to master another platform like Shopify can be a bit overwhelming.
Imagine, it’s a new platform where you’ll need to spend more to get more people’s attention.
What’s great about Amazon is that it generates its traffic of ready buyers, unlike platforms like Shopify and eBay.
This means you’ll need to invest more in advertising and generating traffic through social media and Google Ads.
You can always start with a new business outside of Amazon. But if you’re not consistent with your strategy and actions, then you still won’t get the results you want.
You should aim for consistent results first. Then create a system to help you maintain consistency even if you’re out of the picture.
Once you do, then move forward with a new platform or business altogether.
Understand your cost of customer acquisition
This matters in deciding how you want to grow your Amazon business, according to Ezra Firestone.
As a business owner, you need to have a good understanding of the cost of customer acquisition.
You can be successful with a less profitable margin structure on Amazon compared to outside of it.
That’s because Amazon already has buyers there. All you need to do is understand how to advertise your products and get to the first page.
It’s a different story for marketing and selling on eCommerce platforms. Unlike on Amazon, you’ll need to build the technology infrastructure on Shopify to bring customers in.
You need to have a good understanding of how traffic works on the web, from SEO, Google, and Facebook Ads to creating email lists and nurturing customers.
Then there are the landing pages, email marketing, abandoned cart strategies, and even drive visibility towards it.
But don’t think it’s all bad. Investing in an eCommerce business model outside of Amazon has its perks too.
All the assets you get while on Shopify are considered your property.
All data you collect from your buyers can be used for re-targeting and other marketing purposes. You can also be much more profitable compared to Amazon.
But again, you need to look back and check on how much it costs to gain buyers.
So before rushing into a new platform, look at your margin profiles first. Consider how much it takes to buy traffic from sources and compare it to how much you’re selling your products online.
If it takes an average of $15-$100 to spend on ad costs from social media, and you sell an average of $10-$15 per product, then you’re on the losing end.
Always check on your numbers, and profit margins before you decide.
Invest in your team
Leading a team requires you to lead from the front, middle, and end. You are responsible for all that happens within the team.
How you are in the business will also reflect on the team you have. If you show up with a positive attitude, generosity of spirit, and the intention to do well, you’ll do well.
Sure, you’ll need to hold people accountable for their actions. You’ll have tough conversations with them. You’ll need to have a clear vision and consistently communicate that vision with them.
But ultimately, your team will reflect you. Your energetic input ends up being your team’s output.
That’s why you should invest in your team and its members.
Investments are not limited to money. It also equates to time and energy.
As a leader, it pays for you to take care of your people. When you do, they take care of your business as well.
Listen to the full podcast below to hear more about Ezra Firestone’s smart marketing tips.
Smart marketing involves having your basics right: the mindset, the team, and product, and the services you offer as a business.
To be successful, you need to have SMART goals and the right expectations.
You also need to be consistent with your actions and intentions.
Getting these things right will help you create a sustainable and scalable business.
That’s what smart marketing is all about.
Need help with smart marketing strategies for your Amazon business? Send us a message at email@example.com.