With the holidays over and Q4 behind us, many sellers find themselves faced with a major decision:
How do you use Q4 profits to reinvest in your Amazon business?
Yes, a fruitful Black Friday and Cyber Monday is a good problem to have, but not knowing how best to reinvest in your Amazon Business with profits from Q4 can cause sellers to miss major opportunities for growth in the new year.
1. Expand Your Product Line (Launch New Products)
In 2020, Amazon’s share of the ecommerce market was a staggering 47%, and by the end of 2021 they are projected to officially take hold of 50% of online sales.
Now, more than ever, it is imperative that Amazon sellers treat their businesses as true brands, establishing clear branding and a diverse product portfolio.
Launching new products is a high-impact way to invest in your Amazon brand. New products can be as simple as a new color or size variation, or can be something totally new, yet related to your existing best-sellers.
If you sell cat litter mats, you can launch a new size or color variation, or you can expand into a new line of pet beds, cat trees, food and water dishes, etc.
Begin outlining your ideas right away so that you have time to properly communicate with your supplier, make adjustments to samples, and properly plan your launch.
Bonus Resource: Don’t forget to learn the ins and outs of what a Product Launch actually is, so you can pre-plan and get the highest return on your launch. Click here to our related article.
2. Revitalize Dead Products
Not every product will be a winner. In fact, sometimes a product that should be a winner will flop. Maybe it is because you didn’t handle the launch properly, or perhaps you had a competitor using some black-hat tactics to bury it.
No matter the reason, a dead product doesn’t have to be a lost cause. There are concrete steps you can take to make a product rise from the dead.
If your product failed due to a defect, don’t let pride get in the way of opportunity. Listen to customer feedback, then revamp, restock, and relaunch!
3. Improve Your Media (Images & Video)
Trust is paramount for Amazon shoppers. Even though shopping on AMZ has become the norm, the underlying fear of making a bad purchase from an unscrupulous brand is still present in the minds of customers.
You can overcome the fears of your prospective customers and establish yourself as a trusted brand by maintaining a high level of professionalism with every single touchpoint and interaction. This means having a storefront, listings, posts, and ad content in tip top shape.
A profitable Q4 is a great opportunity to reinvest in Your Amazon Business by improving your A+ content, product images, lifestyle shots for listings, media for Amazon posts, and more.
You can replace those Photoshopped stock images with quality lifestyle shots, get some customized graphics for a storefront subpage that promotes cross-sales, or even have some new videos created for Sponsored Brands Video ads.
4. Invest In Yourself
Your ship can’t sail without a captain.
Investing in yourself is just as important as investing in ads or media.
It can be something as simple as a long weekend away to get some perspective, or a trip to a personal development event.
5. Attend Industry Events
Cutting edge tactics, advancements in technology, and industry shaking collaborations all begin long before the average seller learns about them. If you want to know what’s happening in the world of Amazon, go to where the experts go.
Industry events can be wonderful learning experiences. Further, never underestimate the power of a good networking opportunity.
These events usually feature guest speakers from major names in the Amazon and ecommerce space. There’s usually a vendor area as well, which is a great way to meet face to face with potential software and service providers.
If you’ve ever wanted to grab a coffee with me and pick my brain about how to Reinvest in Your Amazon Business, these events are a great place to find me.
6. Hire Experts
Running an Amazon business is… time consuming.
Really, ridiculously, absurdly, overwhelmingly time consuming.
There are experts out there who can take certain aspects of the business off of your hands, freeing up your time so that you can focus elsewhere (be it another area of the brand, or on your personal life).
Entourage Management Services, for example, provides sellers with an entire team of actual experts with years of experience, managing the day to day of their Amazon advertising. The Entourage team gets to know each brand they manage as if it were their own, understanding customers, competitors, and the little nuances that make each brand unique. They then use this knowledge to build and implement an advanced Amazon advertising strategy, designed to meet the goals of the seller.
To learn more about Entourage Management Services, and to schedule a free exploratory call with their team, click here. We can help you Reinvest in Your Amazon Business for the new year!
Entourage: Software to Scale Amazon Ads and Results Driven Management.
