Last week I shared a blog post (in public I show my Stupid Pricing Mistake – Gasp) – and also shared that my patience is often tested.
What To Do When The Numbers Will Not Add Up To Profits
I wrote that article just 7 days ago… If I had waited 7 days (with patience) I would have been able to price this product in the $18 range (which was my plan).
I’m going to share what the product was and why I feel pretty dog-gone stupid today: (all chalked up to learning)
Yes – Amazon has finally run out of stock and now the only “smart” sellers are left with the profitable priced and ranked product. 🙁
Amazon Best Sellers Rank: #3,022 in Toys & Games
I’ve actually used this “stupid” selling tactic on more than one occasion. Sigh…
What Did I Do With My Pricing Today?
I went through each product and made sure I had them listed at a good ROI (Return on Investment) right now… today. Sales have slowed (I was getting used to selling at least 40 items a day).
I started reading a book recommended by Chris Green… How to Sell at Margins Higher Than Your Competitors
I remember the first time I spoke to Chris – and he asked (over and over) “What are your margins?” Chris is a darn smart guy… and I put him in the category of “One Of The Few I Pay Attention To When It Comes To Selling Smart On Amazon” – Right up with Jordan of FBAFinds.com.
I’ve been on a bunch of forums (the free ones) and there are some really stupid people sharing advice on those forums. I means S.T.U.P.I.D. (and I don’t use that word very often). In fact I’m often shocked at how rude (I mean Ugly Rude) the most prolific members of those forums can be. I think they do this to drive out those of us with weak stomachs.
Anyway… Chris recommended reading the book about selling at high margins – so while I was on vacation this weekend I downloaded it to my Kindle. I didn’t get far into the book before I had a few head slapping (I knew that) moments and started making a better “plan” for my business.
If I want to be “profitable” and not just in business – I need to pay attention to margins and pricing and inventory and … and… and… LOL
Essentially… the purchase of these slippers was a “Good Buy” on my part… I just let that silly “impatience dude” nudge me in the wrong direction.
“The money is made in the sourcing, not the shipping”… Always Be Sourcing!
p.s. I should add to my “motto” about sourcing – The money is also made when you follow your own rules and stop getting impatient.