#463 – Margins, Moats, & Purple Cows: How to Actually Profit on Amazon with Steven Selikoff
What if understanding financial fundamentals could transform your Amazon selling journey from mediocrity to profitability? Join us as we uncover the entrepreneurial insights of Steven Selikoff, a trailblazer in Amazon’s original FBA program, who began his journey selling homemade firecrackers and transitioned to a successful career in the wholesale market. Steven’s diverse experiences, from fashion photography in New York City and Italy to his no-nonsense business approach, provide invaluable lessons for anyone striving to succeed in the competitive world of online selling.
Steven sheds light on the often-overlooked aspects of e-commerce, emphasizing the importance of prioritizing profitable sourcing over merely chasing top-line sales. Many sellers find themselves entangled in the allure of impressive gross merchandise volume, only to realize profitability has slipped through the cracks. Through compelling anecdotes and real-life examples, Steven highlights how understanding your financial numbers and strategic sourcing can drastically shift the trajectory of your business, moving beyond superficial metrics to achieve sustainable success.
As we explore the significance of product differentiation, Steven shares his expertise on crafting unique market strategies. From premium dog treats to pillowcases for pet owners, he illustrates how catering to unmet customer needs can set you apart from the competition. Learn about securing your market advantage through effective strategies, including NNN agreements, intellectual property protection, and rigorous factory inspections. This episode promises a treasure trove of actionable advice for those ready to rethink their approach to online entrepreneurship and gain a competitive edge.
(Timestamps) –
In episode 463 of the AM/PM Podcast, Kevin and Steven discuss:
- 00:00 – Entrepreneurial Journey With Stephen Selikoff
- 17:27 – Profitable Sourcing Over Flashy Marketing
- 19:37 – Chasing Quick Wins in Business
- 21:17 – Calculating Initial Amazon Selling Investment
- 29:00 – Bully Sticks for Dogs Product
- 30:21 – Unique Product Differentiation for Success
- 35:47 – Product Development Strategies for Beginner Sellers
- 39:51 – Navigating Manufacturing and Intellectual Property
- 40:56 – Protecting Your Product and Market Advantage
- 45:16 – Protecting Your Product and Timeline
- 54:50 – Successful Product Development and Factory Inspections
- 56:12 – Innovative Pillowcases for Pet Owners
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Want to absolutely start crushing it on eCommerce and make more money? Follow these steps for helpful resources to get started:
- Get the Ultimate Resource Guide from Kevin King for tools and services that he uses every day to dominate on Amazon!
- New to Selling on Amazon? Freedom Ticket offers the best tips, tricks, and strategies for beginners just starting out! Sign up for Freedom Ticket.
- Trying to Find a New Product? Get the most powerful Amazon product research tool in Black Box, available only at Helium 10! Start researching with Black Box.
- Want to Verify Your Product Idea? Use Xray in our Chrome extension to check how lucrative your next product idea is with over a dozen metrics of data! Download the Helium 10 Chrome Extension.
- The Ultimate Software Tool Suite for Amazon Sellers! Get more Helium 10 tools that can help you optimize your listings and increase sales for a low price! Sign up today!
- Does Amazon Owe YOU Money? Find Out for FREE! If you have been selling for over a year on Amazon, you may be owed money for lost or damaged inventory and not even know it. Get a FREE refund report to see how much you’re owed!
- Check out our other Amazon FBA podcasts including the Serious Sellers Podcast, as well as our Spanish version!
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