Published Date: March 24, 2022, at 10:05 AM
Building a million dollars business on Amazon sales is a dream for most people.
But, what about hitting the billion dollar mark?
Today I’m going to share how my mindset changed after having a mastermind session with a seller who built his very own multi-billion dollar brand!!
In Today’s Roundup:
- The Big Idea: How To Build A Billion-Dollar Brand
- Tribe Spotlight of the Week: Right People Equals Great Results
- Meme of the Week
THE BIG IDEA
The Secret to Building A Billion Dollar Brand
Reaching a million dollars on Amazon sales is already a very big achievement…
And if you have been opening my emails, you know that Nate and I are furiously trying to hit 8-figures this year as part of our $10M challenge.
But, what about building a brand that is worth over $1 billion?
Not long ago I wouldn’t have even thought that big. But that changed recently after speaking with a seller who did just that!
Spencer’s Journey & Our Takeaways
I’ve been hosting a millionaire mastermind group within the Amazon Seller Tribe that is only for group members who have sold over a $1 million in a 12 month period…
And in my last mastermind call, I brought on a special guest named Spencer who created a brand (Solo Stove) that eventually went public and hit a market-cap of over 2 billion dollars!!
I asked Spencer to speak at our virtual mastermind because all of the members are trying to become $10M+ sellers – and Spencer has done that (and much more)!
He started selling on Amazon in the early 2010’s after working for a popular sourcing company in China. He used his sourcing knowledge to private label his own brands and created several brands over the following years.
He shared his inspiring journey with our mastermind and here are a couple of the big takeaways I had:
- Target 70-90% gross margins – Spencer aggressively targeted products that had 70%+ gross margins (which is pretty high). It can be tough to find products with that strong of margin, but doing so really gives you the ability to allocate more dollars to marketing. And if you are looking to sell your product off-Amazon, you’ll likely need gross margins in this range to effectively run ads. Having super high margins also allowed Spencer to scale up his brand without ever taking out a loan or adding in more money after his initial seed money.
- Keep launching new products – Spencer’s billion dollar brand wasn’t his first brand. In fact, he started several successful brands before Solo Stove. And the lesson that was reinforced in my mind is that you likely won’t strike ‘gold’ on your first try. You need to always be looking for opportunities and just keep launching new products. Then, when you find ‘the big one’ – you can go all in.
- Build a team – Once Spencer and his brother wanted to sell their brand, they ran into a big problem. They didn’t have a strong team! They realized they needed to work themselves out of the business by hiring and training the right people. They did just that and it allowed them to get a much higher multiple when the time came to sell.
Building your own brand:
After talking to Spencer, I’ve definitely had my mindset shifted. Spencer is very intelligent, but he really is still just an ordinary guy who worked hard and took the right calculated risks. More than ever, I see that anyone can build a 7, 8, 9 or even 10-figure brand online! We live in an exciting time
Watch our full discussion where Nate and I share more insights we picked up from Spencer.
PLUS, you’ll learn the FIVE ways to find a good niche if you’re just starting out as a new seller on Amazon.
So, click the link below to listen to our full discussion.
TRIBE SPOTLIGHT OF THE WEEK
The Right People Equals Great Results
Find Out How This Amazon Seller Turned His eCommerce Business Around For The Better By Following The Right People
Are you on the verge of quitting your Amazon venture because you feel like you just aren’t getting the results you wanted?
Now, before you do that, check out this story. Y
A few years ago one of our Amazon Seller Tribe members named Clay was ready to quit Amazon.
He got into trouble by some bad actors in the Amazon space who were essentially running a scam. By doing so, he lost not just a couple thousand dollars… but over $30,000!!
He felt like he let down his whole family and he was ready to get back into the workforce just to support his young twins. He did everything he could for his family after his wife died. He wanted a better life for his children.
But, before he decided to quit, he took one last leap of faith and joined the Amazon Seller Tribe group during the Tribe 2 coaching round.
His resilience paid off as he recently just hit a $1,500,000 rolling 12-months in his Amazon business!! (Check out that 36% YOY growth!)
As you can see, the Amazon Seller Tribe is not just your typical group where people give out false promises. Or where some ‘gurus’ are running a ponzi scheme…
It is a community of real sellers supporting each other and aiming to be better sellers.
So, if you’re looking for a group where members are positive and helpful in the successful times and the rough patches, then the Amazon Seller Tribe is the place for you. Click the link below to start your FREE trial today.
AMAZING FREEDOM PODCAST SPOTLIGHT
From million dollar mindset to BILLION dollar mindset:
In today’s episode, Nate and I will share with you the things we learned from talking to a seller who built a billion dollar brand. If you’re excited, click the link below to listen to our full discussion:
- 2:06 to 3:03 The power of keeping your eyes open!
- 5:53 to 6:23 Insider Magazine: Volume 2 is out!
- 18:36 to 19:21 Customer reviews are gold!
- 21:30 to 22:10 Make the market prove that there’s a demand!
- 23:52 to 24:19 Do we risk selling products without getting a patent?
- 26:47 to 27:16 Look for the hidden niches where there are fewer products on Amazon!
P.S. Can you do me a quick favor? Please leave feedback on our Apple Podcast to promote it. Means a lot!!
MEME OF THE WEEK
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