Live interview: Igor Kustow Vs Kevin King. Ile kosztuje uruchamianie na Amazon?

Live interview: Igor Kustow Vs Kevin King. Ile kosztuje uruchamianie na Amazon? 00:00:02 Okay, it says that we're online and now streaming on Facebook. Okay, give me one second. I will check if we're online. Yep, we're there. Nice. 00:00:20 Okay. Let's wait a little bit till some people will join. Because we have like one viewer or something like that. It would be a shame to start with one viewer. Where are you currently? I'm in Austin, Texas. Nice. Have you been born there? No, I've been raised here though. I've lived here in Texas most of my life. Been in Austin like the last 25 years. But no, I wasn't born here. I see. But I'm a Texan. And no, I don't ride a horse to work. I don't have a cowboy hat or boots either. I see. No, but Austin is like this little oasis in the middle of Texas. It's different. Most of Texas is very liberal; I'm sorry, very conservative. And Austin is very liberal. So it's kind of like this. 00:01:23 Most of Texas is kind of flat and like prairie land, but Austin's like hilly and we have like 90 vineyards here and stuff. So it's a really cool town. It keeps getting voted the number one place to live in America. So more and more people are moving here all the time, making the traffic really bad. I actually know Ryan Moran. He's from Austin too. And that's basically two people. Yeah, there's a lot of digital marketing here. A lot of Amazon people, a lot of digital marketing people. Austin seems to be like a big center for that. Okay, I see. Okay, so let's – oh, okay. I will share this interview to my – somewhere, to my page or whatever. You do a bunch of Facebook Lives? 00:02:11 I mean, a lot of times you get a small amount of people that show up on live, and then a lot of people watch the replay in the feed. Yeah, that's what we're experiencing too. Yeah, we just did one last week. I had like 70 people live and like 5,000 people watched it in the feed. One moment, just sharing. And I think a bunch of people will join soon. Okay, now. Yeah. Okay, Kevin, let's jump right into it. So basically, Kevin is one of the amazing speakers on June's event in Kiev. And I just wanted to run this interview so some of you guys would know Kevin a little bit more. So, Kevin, I met you in Inner Circle Mastermind this March, and I liked your content and your experience a lot. 00:03:09 But no one actually knows you here. Yeah, that's true. I haven't made it across the pond yet. But yeah, here in the United States, I've been selling, I've been doing e-commerce for about 25, 30 years. I go back to before there was even a Google or anything like that back in the old days. I've been selling on Amazon for about 15 years, but more like on the vendor side through a special program called Advantage as a private label seller for the last three years. I have five different brands. Some of those brands actually develop the products and actually sketch them out on paper and have molds made and produce them. Traditional private label where you find something in China or somewhere, 00:03:52 and you you kind of customize it a little bit and put your logo on it I do seven figures on Amazon a year and sales I also speak it like you met me in San Diego at the event I speak at a lot of different Amazon events here in the States in fact in June when I come over for your events Which I'm really looking forward to I saw the video On the website the other day, I was like, man, that looks like an awesome day of learning and an awesome day of partying. I can't wait. Got me really psyched up, really pumped to get over there. So I speak at a lot of events here in the States. I'm speaking at four different events in June all over Europe. 00:04:29 And then I also do mentoring. I mentor people here in the States doing about half a billion dollars a year in sales in total in the Illuminati Mastermind. And then also train a lot of new students in my Freedom Ticket course, which is a course for brand new people. I see. Can you maybe tell more about how you started on Amazon? What were the numbers? How did you jump into this private label business? Yeah, I never actually took a course or a class. I had another business before in e-commerce and I was kind of writing it out. In 2007, I decided to travel the world for a year where I would spend like two weeks in the office and two weeks on the road. I ended up going to all seven continents in about 90 countries. 00:05:16 But that one year turned into about seven. So I did that for like seven years. So I had a really good lifestyle because I had a different e-commerce business. Well, that one started to wind down. I was kind of riding out the way, milking it for the last little bit of money I could. and then in uh 2015 i saw a course from amazing or something they were doing some promotions for uh one of their courses on the on the internet and i just i watched the little free videos they had and i was like hey you know what i don't need to pay for this course Five thousand dollars or whatever they're charging. I know how to do this. 00:05:52 I've been I've been importing from China from my other business I've been doing this internet marketing and everything for a while. So, it was a natural for me. So, I decided to jump in with with five brands. And that's that's how I got started. So, my first product went live in August of 2015. And right now, I have about 15 SKUs. I don't have a huge inventory, my philosophy is more, less SKUs, more money per SKU rather than more SKUs and less money per SKU. So, you know, some people like Will, I saw him speaking, he goes really wide. I like to focus and, you know, I've been there where I've had a big company before and I had a lot of people working for me, and I really don't want to go back to that. 00:06:36 So, I like to try to find these SKUs that can do quarter of a million to a million dollars a piece a year potentially, and just focus on that core group. And so that's what I do. And like I said, I started with five brands. I'm gonna get rid of probably two of those because they were kind of like just testing, and the focus on the other three, they're actually making most of the money. I see. And if you had like, let's say maybe $20,000 now, what would be, would you start private-level business, and what would be the starting point? What would you do? Yeah, people, to get into this, the number one question people always ask is, how much money do I need to start this business? 00:07:20 And the answer that I always give them is, you need two and a half times, so $50,000. 5 times your initial inventory level. So it's all dependent. There's people that say, hey, I started with $500, and you hear these stories on the webinars and on the internet and YouTube. I started with $500, now I'm a millionaire. But I can tell you, Most of those people that did that, they might have started with $500, but two weeks later, they were getting more money from their uncle or taking it out of their bank account or something. There's more to the story that they don't tell you because this business takes money. If you're successful in this business, if you just want to make a little bit of extra money on the side, take a nice vacation, maybe pay off a little bit of debt, you can start with lower money. 00:08:00 But if you want to treat this like a real business and have a really good success and take care of your family and have a legacy, you need to come with a little bit more money. That amount varies. I mean, so if you have $20,000, that's a really good starting point. That's an awesome starting point, more than what most people. But it all depends on the product you choose. So let's say if you're going to choose a product that's going to cost you, say, $3 to have it made and have it shipped into Amazon, and you're going to order 1,000 of those to begin with, well, that's $3,000. So you multiply that by 2. 5, so that would be $7,500. 00:08:34 That would be the bare minimum you would need. So it all depends on the product you choose and the cost, how much you actually need. The opportunity there used to be everybody used to teach, find something really lightweight, really small, fits in a shoebox, you can air freight it over. There's still some products out there that exist like that, but those opportunities are not nearly what they used to be. More of the opportunity now for successful products is on the higher end, more expensive products. There's a lot of opportunity in that, so that takes more money, and you don't have to sell as many. Some people say, 'Is Amazon saturated? Is it too late? Did I already miss it?' And the answer is absolutely no. Three years ago, it was easier. 00:09:19 You didn't have to have as much money. The competition wasn't as fierce. So now it's a true business. You can't just come into it like this is punching your winning lottery ticket. It's a true business. But if you approach it right and focus on the four fundamental things that it takes to succeed in this business, um, you can, you can do very well. And the United States is where a lot of people start, uh, because it's the biggest market, but it's also the most competitive, um, so it's a great place to potentially start. But I know people that have are only selling in Europe, uh, they live in the United States, they don't even sell them in, in the United States, and you know, I know a 21-year-old kid doing, uh, he dropped out of Dartmouth, he's doing like 10 million dollars a year or after, after one year just selling in Europe. 00:10:02 So the opportunities are good, but there's like 12, I think it's 11 or 12 Amazon markets. And so you can pick the market you want to start in that's most comfortable to you and just expand out from there. Amazon is growing. You know, if you look at the numbers, it's like 20% or 30% year over year. It just keeps going up and up and up. And I don't see that stopping anytime soon. So, it's a great opportunity. And what I always tell people too is, like, look, you know, you could take $5,000 and you could invest it in a really good mutual fund. Like on Wall Street here in the States, and 00:10:36 with the you know like the best one, and if after three years you're gonna have about seven thousand five hundred dollars you're gonna make about twenty five hundred dollars in interest if you're in the best investment mutual fund out there, but if you take five thousand dollars and put it into an Amazon business and you actually treat it like a business and you don't have to take the money out to live on and you can keep rolling it over, you could potentially take that $5,000 to $52,000 or more in the same period of time. So the return, the opportunity for high return in an Amazon business is incredible. And probably the best thing that most people overlook right now in this business is to build something and sell it. 00:11:10 So there's always the people that want to quit their job, they want to make a bunch of money, but if you're able to build, treat this like a business, not take money out, just keep reinvesting, in about a year, a year and a half's time, you can actually sell the business. And that's where the best opportunity is right now is in selling this business. There's companies popping up here in the States that are buying Amazon businesses. And so if you can start one and focus on it and just grow it to 300,000 or 500,000 or a million dollars in profit in a year and a half, you can sell that for about three times your profit. 00:11:43 And so you can take all that money out, put a bunch in the bank, pay off your bills, and then you'll have some extra money that you can start all over again, do it again. It's great leverage. I've never seen anything like it in the history of business that's so powerful. Okay, well, I'm going to interrupt you. Sorry. That would be my strategy from now. So, Kevin. What would be the perfect product for you to start, like, at this point? What would it be like? What would be the cost, the complexity of the product? Well, to pick a product, I can't say this is the perfect product because, you know, some people put out lists, here's 100 great products to sell on Amazon, and I would stay away from those lists because that's what everybody does. 00:12:25 So, you go online, you're like, oh, this is a great opportunity right now, but everybody else is looking at the same products. I can't tell you this is the perfect product. There's so many variables. What you want to do to find a product that's good for you is all based on keyword demand. So it's not that I have a good idea, I'm going to make a better light stand or I'm going to make better headphones or whatever. You want to see where the demand is on Amazon based on keyword research and see what people are already searching for and see where the opportunities are there. What tools are you looking at to evaluate this? I use Helium 10 tools. They're Cerebro and Magnet keyword tools because it has real Amazon data. 00:13:06 There's a lot of tools out there that take Bing or Google data and they interpolate it, but it's not the real data. So you have to be careful with that. Viral Launch also has some tools that are good. Market Intelligence and their product finder are really good tools too. They also have the data. And there's another one called Seller. tools. Those three are the main tools that I use when doing my product research and keyword research. They're really good tools. The lucky thing for us, if you're just starting in this business, is the tools are way better than they were three years ago. In the last six months, there's been a huge evolution of the tools. It makes it actually a lot easier to find real data and to find real good opportunities. 00:13:48 So, keyword demand, what are you looking at? What should be the numbers? Well, on keyword demand, I like to see at least 6,000 exact searches. You could do less than this, but if you want a product that's going to sell about, in the U. S., that's going to sell about 20 units a day, I like to see a keyword search demand of about 6,000 in the exact. And I like to have at least three keywords that have that. At least three keywords that describe this product that have at least 6,000 exact searches per month. I have a 10-point, it's called the Freedom Ticket Product Test. It's like 10 points that I recommend people look at when choosing a product. 00:14:27 And you want eight of those 10 to pass to have a great chance of success. And one of those is that keyword demand. What would be the other seven? The other nine? Maybe I'll have to show that when I present in the Ukraine. But some of the others, I mean, just real quickly off the top of my head, some of them like you don't want more than three of the page one for any keyword to have over 1,000 reviews because that means it's going to be very competitive to actually compete with them. Reviews are the currency of Amazon. So reviews, if there's a lot of – products that have a lot of reviews, it's going to be very difficult for you to overcome that social proof. 00:15:11 You might have to settle for position number five or six on the page, not number one or two. Also look to see that there's not too many products being sold by Amazon, shipped and sold by Amazon, because Amazon, if they're buying it and they're selling it, they don't care about the price. They could always undercut you. Sometimes Amazon doesn't even care if they make money on the products they sell. So that's one. I like to see that most of the products are not, you know, there's not too many of them that are more than two years old because products that are more than two years old, there's a strong history that's built in. I like to see that the ROI is at least 150%. A lot of people focus on profit margin. 00:15:58 They say, hey, look, you know, I've got a 30% profit margin or 40% profit margin. In this business, if you talk to most of the top sellers that are doing millions of dollars, private label, their profit margins after you take away all expenses are around 20 to 25%. That's typical. Now, sometimes you'll find an outlier that has higher than that. But if you hear people in the Facebook groups or somewhere else saying they got 40, 50% profit margins, more likely than not, they're bullshitting you. They don't have all the data. That's just a that's not the full profit margin. But profit margin is only on paper. That's why the advantage, like I said earlier, is selling this business because let's say you do grow this to a million dollars a year in sales and you have a 25% profit margin. 00:16:42 So that means a $250,000 profit. That's awesome. But I can tell you, you don't have $250,000 in your bank account. You might have $10,000 in your bank account because you're constantly having to use that money and buy more inventory and stay ahead of it. Because if you're successful, you've got to keep spending more and more money to make sure you don't go out of stock. Because the worst thing that can happen on Amazon is to go out of stock. It really kills your momentum and it's almost like starting over if you're out of stock very long. So ROI is how many times you turn the inventory. It's your return on investment, which stands for something. 00:17:15 So what I recommend is you find products where you can turn it at least four times a year, and six is better. Now, what does the word 'turn' mean? The word 'turn' means that if it's four times a year, basically you're reordering every three months. So, divide 12 months by four, and every three months you're getting more inventory in. The better you can, the higher that number can be. Like if it's a six, that means every two months. That means you're turning your money over faster. And that's the key to success and growth on Amazon is ROI. So you want to focus on, that's a very important metric. So those are, I mean, those are a few of the things that I talk about in the Freedom Ticket Test. 00:17:53 Sure, thanks for sharing. And okay, so you told me out of stock is the worst thing that can happen. I totally agree with that. But it happens. So what's your strategy for solving it? You hear a lot of different theories on this. Some people say you should raise your price and slow down your sales so you don't go out of stock. Say you know you're going to go out of stock. Some people say, 'Raise your price so the sales slow down so you don't go out of stock.' I think that's the absolute worst thing you can do. You see a lot of stuff in Facebook groups from people that are talking out the side of their butt that really aren't doing this and don't really know the numbers behind it. 00:18:32 Amazon works on an algorithm works on history. And so that history is based on like one day, three days, seven days, 14 days, a month, six months. So there's these formulas based on how well you've performed, what your average sales are in those periods, and they mesh them all together and that helps you determine how you rank. So if you, if, If you raise your price and slow down your sales, you're lowering your average sales per day history. That's a bad thing. So what I like to do is just keep the price the same and just run out of stock. If you're only out of stock three to seven days, it's not going to hurt you too bad. But if it's longer than that, it's hurtful. 00:19:07 So what I do is I actually go and I close the listing. And it's kind of scary for people because they're like, 'Oh, I don't want to close my listing.' But if you go into Seller Central and on your inventory, there's a little option there where you can actually select the product and say 'Close this listing.' That doesn't mean delete it. It doesn't go away. All the pictures, everything stays there. But what that does, it's a little trick, a little tactic, a little ninja trick that stops the counter. It basically stops the Amazon average counter. So it basically quits counting, you know, because if you run out of stock, it's zero every day. So if you were selling 10 a day, you know, for a week, that's, you know, 70 in a week, you're averaging 10 a day. 00:19:46 But if three of those days you were at zero, now you're only at 40 for the week. And you divide that by seven, you're at, you know, you're at six a day. So it's a big jump. But if you actually close the listing when you run out of stock, then it will stop that counter at the 10. Now, it might start up at nine, depends on when you catch it. And then when you come back into stock, you just turn it back on. You just hit relist. And now you're going to have a much better chance to recover your position faster because there's not a bunch of zeros in there that's hurting your average. So that's what I recommend people do if you're going to run out of stock for an extended period of time to really help you. 00:20:23 Because if you don't do that, when you come back, if you're out of stock for a month, You basically have to start all over in a lot of cases and relaunch and everything. How do you do relaunch? How do I do it? Well, I don't recommend doing a relaunch. That's why I recommend you do the closed listing. Amazon gives you a grace period, at least in the United States, of about 28 to 30 days. So when you first launch a new product, it has no history. And so, that first 28 to 30 days is kind of like that's when you want to come out with all guns shooting when you launch a new product from day one. You don't want to wait. 00:20:58 You don't want to put your product up there and like, okay, I got to get some more pictures before I do that. You want to come out right away. But if you have to do a relaunch. You're going to use tools like Cerebro or Keyword, a tool from Viral Launch, and they're going to give you an idea of how many per day you need to sell to be on page one. So you're basically going to have to do either Facebook promotions or use a giveaway service that's going to sell these at a discount to try to get your momentum back. It's going to cost you a lot of money. I see. I see. Yeah, that's what we've been doing when we want relaunch. So basically. 00:21:33 And the thing is, if you do a relaunch and you didn't close the listing when you ran out of stock, then it's going to be even harder because you have to sell even more to overcome all those zeros. Yeah, and for a longer period of time, right? So not for seven days, like for 14, 30 days. 14, and some people even say, like I think Triant Turcu over in Romania, he recommends 21 days on it. So it's much more difficult. It's much more difficult than an initial launch. What is your opinion on, you know, like, ASIN refresh, like, when you change only ASIN? So, like, when you delete the old listing, then you create a new one. What's your point on that, take on that? Yeah, there's some people that that's a tactic. 00:22:20 You know, if you launch your product and you get a bunch of bad reviews right away, you're like, oh, I want to start over. You know, my competition came and gave me a bunch of bad reviews. Or you can use that if a product got suspended. You know, say you probably got suspended and you're fighting with Amazon. A tactic that people do is: I would make sure you have everything backed up, make sure you have your bullets and descriptions and all your pictures, you know, in a Word document or something on your computer. Then you can go in there and you can delete the original one, and you can actually take the, as long as you take the SKU, the SKU number, and you add a new, create a new ASIN, use the same SKU number, it will bring everything over. 00:22:55 So that's like a little ninja trick to, basically create a brand new listing with the same product and get rid of some old stuff. I see. All right. So let's say you have a new product coming on Amazon in three, four days. What would be the launching process for you? So if I get a new product coming, as soon as it gets into stock, I'm going to turn on PPC right away. Some people say, get some reviews first. Remember what I said earlier that those first 28 to 30 days are critical. I don't like to waste a single day. Now my conversions might be a little bit lower if I don't have reviews. Some people may not trust it, but I don't care. I need to get the ball rolling. 00:23:40 So I will turn on the PPC really heavy. I spend a lot on my PPC. I put really high bids and I go after a lot of keywords because And I know I'm going to probably lose money on that launch, but I need to get the data. The only way to know from Amazon exactly which keywords are making you the sales is by running sponsored ads. They don't tell you organically. You have no idea. So, I need to know which keywords are making my sales, which ones are getting the clicks, and which ones are converting. And oftentimes it's different than what I think. And those are the keywords that I need to focus on if I'm going to do a launch or if I need to change my title a little bit to focus on those keywords. 00:24:19 I'll go find some other keywords that are similar to them. So, I'm going to start PPC right away. I'm also brand registered here in the U. S., so Amazon will allow me to get the first five reviews for $60. I'll pay them. So, I let Amazon start to do that. I personally don't use friends and family. I don't do any of that. I mean, a lot of people do, but I just personally don't. I believe in putting out a really good quality product with a really good listing, and the sales will come more organically and naturally. And then I'll also start running some Facebook ads to try to get people in to buy the product at a heavy discount. 00:24:55 If I have an email list of similar buyers that say, you know, it's a dog treat or something, and I have other people in the past that bought dog treats from me, I will email them with a discount and a special URL, two-step URL to go through that has the keywords in the URL. And I'll often use a service like Casey was speaking at your event, his viral launch service, to actually do a big promotion as well over an 8-10 day period. And then sometimes I also will reach out to influencers if I know some or have worked with in the past or if I'm I haven't. I'll find someone in that space and say, 'Hey, let's do a giveaway. You'll promote my product. 00:25:35 We'll give away some to your audience and drive some traffic over that way. The key is you want to send traffic from as many places as you can when you launch because that's a good signal to Amazon that you're serious. You don't want just everything coming from one place. The more places, the more traffic sources that are coming in, you're going to get a little bit of love from Amazon. It's going to help you. So those are some of the things that I do when I launch a brand new product. Thanks for your answer. And let's talk about numbers. How much money do you put into the initial launching process? It can be a lot. I mean, I've spent $20,000 sometimes to launch a product because it was in a very competitive space. 00:26:15 And by spending $20,000, what I mean is, let's say it's a dog treat. And according to the keyword research and market intelligence and Cerebro tools, they'll tell you, okay, if you want to be on page one, if you're not on page one on Amazon, you're basically dead. Not a lot of people, only like 20 to 30% of the people go past page one in the search results. And you really want to be above the fold, which means on the top half before you scroll. So one of those first, second, third, fourth, fifth positions where most of the money is made. And so to be in those positions, it can be very competitive. And so to show Amazon that you can compete there, you have to sell as many per day as those people. 00:26:53 So if I'm going after a dog treat that people are selling, let's say, 60 a day in those top positions based on the data research that we've done, I'm going to have to give away 60 units per day for 8 to 10 days. So let's call it 10 days. So that's 600 units. And let's say this is an expensive product. Maybe it costs me $15 to make it. So that's $15 times 600, which is $9,000 right there in my cost of the product. I'm having to give it away really cheap. Like maybe this product sells for $40 or $50. And I'm having to give the product away, you know, to get people to buy it, to get that momentum for maybe $5 or something, something really low. 00:27:34 So I'm losing money on every one of those I sell. Plus I have to pay Amazon their fees. Plus I have to... which can add up to quite a bit of money. Plus, I have to pay for the Facebook ads or if I'm using Viral Launch, the promotion. So it can add up to a lot of money in some of the more competitive spaces. Now, if you go after something that's not competitive, that's selling five units a day or something, it's much cheaper and much easier. But if you're going after the big money-making guys, it can take a lot of money. And so there's been a couple times where I ended up canceling a product. It just didn't work. 00:28:08 Um, you know, I did all my homework, did all my research, and did the promotion, and I just couldn't make it work, I couldn't make the numbers work. I say, actually, I really like that you were um aiming at like $ 150 that would uh, that's the minimum, yeah, yeah, that was uh, I was like thinking about a lot lately so that's nice takeaway. And actually one of our uh, listeners, watchers right now, Anna is asking the same question that we already talked about, how to avoid getting out of stock, how to stop the listing. So basically, Anna, you just need to close the listing. You just go to the back end of the listing and just click close. It's scary to do it. 00:28:53 People are like, 'I don't know about that.' But don't worry, it works really good. Okay. So I have a bunch of questions from what you said. So let's say you have five reviews and you launched this like heavily ads and everything else. How do you get new reviews, right? So what's your review rate? It depends on the product. The better the product fixes someone's problem in their life, the more likely they are to give you a review because they're really happy. I mean, I have a dog bowl. It's a slow feed dog bowl, and I designed it from scratch. I sketched it on a piece of paper, had the 3D printing made, had the molds made, so I have no competition. 00:29:38 That dog bowl really solves a lot of people's problem because a lot of people have dogs that eat too fast and get sick or have gas or throw up or whatever. And so this forces them to use their tongue to go around all kinds of little obstacles in the bowl and slows them down. And people love it. So they naturally go and give me really good reviews. But one of the tactics that I like to do to get reviews is, I actually like to run a video contest. I will actually run using a different website like boast. io, B-O-A-S-T. io, it hosts videos. And so I will actually either put in my insert or in my follow-up emails, or sometimes I'll even run Facebook retargeting ads to my current customers and say, hey, look, we're holding a contest for the best video of the month. 00:30:26 If you take a video just with your cell phone of you say you and your dog enjoying the product or you using the product or whatever We're gonna choose choose the best one each month. So all you have to do is go here to to boast io It's like an app or you can do it on a computer Record a video and then I have all those videos that can then share into social media, but then the better ones of that What I do is if they do a good one, I will actually say, hey, you want some extra entries in the contest? Just go post your video on Amazon. I don't tell them to write a review. I don't tell them, give me five stars. 00:31:03 I don't say anything like that that would be against the terms of service. Just say, hey, for five extra entries, just go post it on Amazon. And a lot of them will do it. And to post a video on Amazon, you have to write a review. It forces them to put a review there. And so then each month I will go through and I'll pick one video and I'll say, hey, this is the winner. You get a free year of dog treats. Every month we send you a free bag or whatever it is. So you have to think outside. That's just one little tactic that can work. You have to think outside of the box a little bit and get a little bit more advanced in today's world of getting reviews. 00:31:43 But you don't need to worry. I mean, some people stress over the reviews. So the thing I say is, like earlier, if you pick a product where everybody has over a thousand, a lot of the top guys have over a thousand reviews, your chance of catching up to those people, unless you're going to do something really black hat, is not going to happen. That's why those products, if you're going to pick that, you're just going to have to accept that, hey, I'm going to be in the middle of the page. It's going to be very hard for me, and it's not worth fighting to get higher. You're just happy. I'm making my 10 sales a day or whatever the number is, and you're just happy. And there's nothing wrong with that. 00:32:17 But you only need, there's been statistics done on reviews, on social proof, and 21 seems to be the magic number. Once you get to 21 reviews, people, for whatever reason psychologically, people start to trust it a lot more. That's enough of reviews for people, you know, if you only have five or ten reviews, people are like, ah, that's not quite enough. But once you get to 21, for whatever reason, most humans will say, okay, this is legit. And don't worry if you get some one-star reviews. You actually need some one-star reviews. I mean, you don't want a one-star review that's like just tearing your product apart. Those are really bad, those you don't want. But a few more general one-star reviews actually helps you than hurts you because people, if all your reviews are five-star, people are going to have doubt. 00:32:59 They're like, oh, is this? This is fake. And you can check that for yourself on your competitors. If you're ever doing one of the things that I do when I'm searching for products is I download all the reviews of my competitors. So let's say I'm selling a new dog bowl. I will go to the top five sellers of dog bowls. I will use the Chrome browser and use the Helium 10 Chrome extension, which allows me to download all the reviews into a CSV file. So I don't have to sit there and page through all the reviews. I download them all. I sort them and I filter them by one star, by five star. I look for opportunities. What can I? What can I fix? What are all the people complaining about? 00:33:34 How can I fix that in my product? The five-star ones and four-star ones, I look at what are people saying? Why do they like this product? So I should use that wording. Sometimes the customers will write your listing for you. You can just take their wording and put it in the word of the customer and use that in your listing and your bullet points. But I don’t like to do that if most of those reviews are fake because sometimes, you know, there’s people that are doing all kinds of stuff to get fake reviews or they’re buying, having people buy it at full price and then giving them the money back by PayPal or a gift card. And there’s software tools like Fakespot . 00:34:07 com that will actually analyze the reviews on Amazon. They’ll give it a score of A to F. And so if one of my competitors says his score is below a B, I discount those reviews. I don’t trust them. I do that also when I’m buying products for myself. For me personally, if I'm buying a product, because I know how the game works, so actually I have a little browser plug-in that just tells me right on Amazon's page what the score is. So I like to get all those A's and B's because those are real customers and analyze those and see what I can fix. I see, I see. Thank you. Thank you for that. We have a bunch of questions in our chat here under the video. 00:34:48 The most popular question is how to learn English so I can understand all of that. Is someone translating right now? No, no, no. Actually, a lot of people are understanding. It's just a couple of them. They're like, okay. I'm sorry. I speak fast. I'm sorry. I'll try to slow down. No, no. I think that's all right. So one of the questions is do you use autoresponders to get reviews or to communicate with your clients? Yeah. I think I use autoresponders, but I only send out one or two emails. Some people send like five. I think that's overkill. The first email that I send out, I don't even ask for a review. I send it. It's all tips and tricks. It's just like, thank you for buying. Be careful when you get the package. 00:35:37 Don't use a knife to cut the top. You might damage it. Or if it's something they're cooking with, here's five tips of how to. Better prepare or something, or if it's a dog treat, you know, it's, it's, it's like, you know, dogs really like this. If you do this, it's tips, it's just straight up tips. Um, and, and nothing else. I don't ask for reviews or for feedback or anything. And then about a week or two later, depending on the product, I'll send a second email. Uh, and then I'll say, Hey, I hope everything's going great with your product. Um, love to get your feedback. Uh, if you don't mind, you know, if you can write a review, what kind of rates do you have in there? reviews ratio or something like that? 00:36:15 Well, the problem right now is Amazon's, a lot of people can opt out. So about half the emails you send don't even get delivered. So that's a big problem right now. And I think Amazon's going to go, maybe later this year, my guess is they're going to start restricting how many emails you can send. They may cut it to like one or something. So I think the number is going to go down because too many people are using it like spam and the customers are not having a good experience on Amazon. So, yeah. I see. Another big question here is how do you launch expensive products if you cannot actually do giveaways, right, because the cost of goods is too high? Well, sometimes on expensive products you still have to do a giveaway. 00:37:02 I mean, that's why I say, you know, that number earlier is how much do I need to start this. But oftentimes expensive products don't sell as much. So, you know, you might have a product that sells for $200 and maybe your cost on it is, say, is $50. But so you have $150 in the top line profit there. But you might only sell 10 a day or five a day or something like that. You're not going to most of those products unless you're into some of the really high-end electronics or something, a lot of those are not selling 100 a day. Or if they are selling 100 a day and I don't have the money, I'm not going to do that product. 00:37:38 If I only have the $20,000, like you said in the beginning, I'm going to find something that, just do some quick numbers in my head, if it's selling 10 units a day. My cost is say this make it easier numbers. It's a hundred dollar product. My cost is thirty dollars than selling ten a day So I need to I need to give away ten a day for let's say eight eight to ten days I was called eight days. So that means I need to give away eighty of them and my cost is thirty dollars So that's two thousand four hundred dollars in my cost And I got my $20,000 budget. That's part of my budget, and I make it work. 00:38:16 But the beauty of that selling 10 units a day of $100 products, that's maybe making you, say, a profit of $30 a day after you take all the fees and everything away, you're making $300 a day by just selling 10. You don't have a lot of competition. You don't have a lot of people. Typically, you don't have a lot of Chinese people trying to get on your listing and stuff. That $300 a day, if you were selling something cheaper, a $15 item, and maybe you're only making $2 on each one, you would have to sell 150 of them a day to actually be able to make the same amount of money. That means it's going to be more competitive because it costs a lot less. 00:38:59 More people are going to try it. You're going to constantly be fighting off people. You're going to have to probably having to take your price down over time, to where your margins are low. So that's why the higher-end stuff is a great opportunity right now. I see, I see. Thank you. So, okay, next question that I have for you. Basically, it is what is the key to success on Amazon? The key to success on Amazon is focused on the four things. There's lots of ninja hacks, and I'll be sharing some of these in my presentation. Presentation, uh, in Ukraine, uh, in Kiev there in June on June 23rd um uh and people love them I mean in our Illuminati Mastermind every month we we give away like seven hacks here's like some cool stuff you can do today like it's gonna potentially impact your sales tomorrow. 00:39:51 People love that stuff. But hacks often quit working after a while. So, what you want to do is you want to focus on the four principal things. Don't treat this like a get-rich-business. Treat it like a real business. Those four things are: You have to know how to source a product. You have to know how to use the keyword tools, like we talked about, to actually find good products. Find what the demand is. The second thing is you have to know how to create a good listing. You have to know how to get good pictures, how to write good copy, how to do a good title, how to make sure all the keywords are in your listing appropriately. The third thing you have to master is how to launch a product. 00:40:30 You've got to know how to promote it and how to launch it, like we've talked about. And the fourth thing is you just do it all over again. You just rinse and repeat. You stick to those four key core principles and master those, you're going to be fine. Okay, to sum up our conversation, I have a bunch of takeaways. I will just go through them so maybe guys would just note something. So basically what you said from the very beginning is when you plan your initial launch, you need to have money like $2. 5x your initial inventory. At a minimum, yeah. Then make sure that there is enough demand. By keywords, you're using Helium 10, Envira launch tool. So basically, 6,000 execs for at least three keywords. 00:41:24 So then you have this eight points out of ten. The most important are, let's say, ROI, at least 150%. We need to look for products that can turn at least four times a year and if you go out of stock just close the listing don't be like brave guy and I'll be all right just go there and close the listing and uh yeah then you described your launching process I'm not going to go through that but I've actually noted about post. It's correct boast yeah with a B-B-Boast Yeah, B-O-A-S-T dot I-O. It's a great video hosting website to use for getting videos and video reviews and stuff. Great. I will definitely check it out. Yeah, basically that's one of my main takeaways out of our conversation. Thanks for being here with me, with us. And I really want to see you in Kiev, hear your amazing content. Yeah, I'm looking forward to it and it's going to be exciting and hopefully I'll give you guys some really good stuff. So bring your notebook and your pen and be ready to write really fast because I'm going to be giving you a lot of cool stuff. Thank you, Kevin. So see you in Kiev. All right, man. We'll see you soon. Yeah. Bye-bye.