In this episode of The Cart Insiders podcast, we welcome serial entrepreneur, founder of EcomCrew, and host of the EcomCrew Podcast, Mike Jackness. As a business owner and a respected authority on selling on Amazon, Mike goes deep into tips for maximizing your Amazon store sales this holiday season—including discounting strategies and paid product listings.
Mike starts by discussing the importance of solidifying your supply chain and logistics, drawing upon previous experience to suggest that those with the most complete and comprehensively-stocked inventories will ultimately gain the most profit this season.
In terms of pricing and discounts, Mike explains why this year he is choosing profit over revenue by avoiding discounts. He’ll go into why he believes the loss of margins, inventory, and extra workload isn’t worth the revenue. In fact, Mike is considering increasing pricing, and he’ll explain how the trend of self-gifting plays a role in this strategic decision.
Mike goes on to share his tips for Cyber Weekend, discussing his methods for bringing value to customers without cutting into margins. He goes on to explain the importance of building a community through curated lists and the strategy of offering discounts only on products that need to be shifted to selected customers.
While pricing is one aspect of your Amazon listing, gaining awareness of the product is another battle. Mike opens up opportunities with paid listings, sharing a personal story and offering words of caution when it comes to automating your ad spend. And while he believes paid advertising should be ramped up overall, he’ll discuss the paid ad trends on key dates such as Black Friday.
Mike then shifts gears and provides tips for optimizing product listings and ways to differentiate from other sellers. At a time when customers are going to be flooded with similar product images, Mike believes that lack of image optimization is the number one overlooked aspect during this busy period.
Listen to the entire story, including Mike’s number one overall tip for holiday preparation.
Main discussion points
- Learning from his experiences from previous years, Mike discusses his decision to not discount this holiday season, and why he feels other sellers should also consider a similar strategy.
- Mike shares his tips for Cyber Weekend, discussing his methods for bringing value to customers without cutting into margins. He’ll discuss the importance of building a community and offering discounts only on products that need to be shifted to selected customers.
- We receive Mike’s insights into product listings and ways to differentiate—a crucial detail in a time when customers are going to be flooded with quite similar images. Mike believes that lack of image optimization is one of the most overlooked aspects during the holidays
- While some companies rely on organic traffic during the holiday season, Mike believes that paid advertising is very effective and should be ramped up. He discusses how best to do this, citing his past experiences of wasted advertising spend and recommending a more hands-on approach to reflect busier periods.
- Finally, Mike shares his best sources of ecommerce knowledge, including industry news, podcasts, books, newsletters, and more.