It's that time of the year when we look back, take stock and plan ahead. It's that time of the year when we make resolutions and arm ourselves with strategies so that we may succeed in work and in life. For many of us, failure is not an option.
Today, we announce the release of a book that packages some of the most valuable and hard-earned insights from our successes and failures as a private-label electronics brand selling on Amazon for 7 years. Available now on Kindle, Flywheels and Feedback Loops: A Guide to Success for Amazon Private-Label Sellers, by Bernie Thompson with Joni Sensel, is a book that can change the way you run your Amazon business.
The release of Flywheels and Feedback Loops was intentionally timed with the turn of the year, to offer timely strategies and learnings to online sellers like yourself, so that you may arm yourselves with a game-plan to jump-start the new year. Here is a sneak peek into what to expect from this book.
What is the Flywheel Effect in the Amazon World?
If you've been selling on a Amazon for a while, you probably have first hand experience with the "Flywheel Effect", the delicate cycle of sales velocity and success, that could either turn vicious or virtuous, depending on the smallest action or inaction on your part. Just like the laws of physics, a product in motion tends to stay in motion, and a product at rest tends to stay at rest.
Success on Amazon requires fast responses to customers and Amazon itself. It requires you to inject energy into the flywheel, by almost any means necessary, to get it moving. And then, steady effort to keep it that way.
With the Flywheel, Comes the Feedback Loop
A feedback loop, for our purposes, is a cycle in which the output of one process becomes the input into the same process. Asking new buyers for product reviews that encourage a purchase by other buyers is one example. Feedback Loops in the Amazon eco-sphere turn otherwise linear, “one and done” exchanges into ongoing cycles of interaction. These are the very relationships that power the sales flywheel.
What Does Success on Amazon Look Like?
Success on Amazon is always a tricky business. You can never really feel safe and settled in any spot. Other than the common fears shared by marketplace sellers about account and listing suspensions, there is a daily struggle to stay on top of listings, warding off hijackers and keeping an eye on competition. Any small mistake can turn into a slippery slope.
When you move from a number two or number three position into the top spot, the sales increase is typically not linear but exponential. Unfortunately, the reverse is also true. So what is the trick to striving for a higher spot or to stay in your top spot? The answer lies in harnessing the power of positive feedback loop and mitigating the negative feedback loop in the right ways. The book talks extensively about strategies to harness these loops to your advantage.
Who should read this book?
If you are a private label seller on Amazon, then this book is for you. We do not intend it as a substitute for common sense or a thorough reading of Amazon policies and contractual agreements and those of other online marketplaces, not to mention applicable laws.
The New Year is a great time to reset our thinking, recharge our batteries and allow the flow of fresh new ideas for a fresh new start. We hope that our book Flywheels and Feedback Loops: A Guide to Success for Amazon Private-Label Sellers, will help you do just that! Happy Reading!