As the largest and latest round of stimulus checks make their way into bank accounts across the USA, we take a look into how you can use it as an investment into your business.
According to the IRS, about 90 million Americans were sent their $1,400 stimulus checks on Wednesday alone, with more to be sent in the coming weeks.
The newfound financial flexibility creates opportunities previously not afforded for those fortunate enough to receive the $1,400 as “extra” money. One popular way to view the stimulus check is as an avenue into investing, but investing isn’t limited to stocks.
Instead of investing in another company, why not invest in your own?
Whether you’re a longtime seller, beginner, or considering leaping into FBA, there are plenty of ways to rejuvenate or jumpstart your Amazon business with $1,400. By investing in your e-commerce business, you could easily turn your stimulus check into a long-term money-making machine.
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We should mention this isn’t necessarily a guide. Every seller’s journey is different. The options we’ll highlight below are merely a few options you may want to consider. With prudent planning, these options present a promising opportunity for you to get a great return on investment from your stimulus check.
Without further ado, let’s dive into it!
Elevate Your Product Research Game
When it comes to selling on Amazon (and in most aspects of life), having the luxury of reliable data to base your decisions on is a tremendous luxury. For Amazon sellers, this is made possible through product research.
Whether you’ve yet to begin your FBA journey or have a catalog full of successful products, product research is crucial for sustained profitability. When you have access to comprehensive market data, it’s almost like having the answers to a test.
While reliable Amazon sales data is crucial at all stages, it’s especially vital for beginners. The research that goes into deciding upon your first product serves as a foundational aspect of your Amazon career. Choosing to source and sell a product without conducting intensive research with data you can trust is a surefire way to make your first product your last product.
So if you’re beginning to look into FBA, test out a few software providers. Most software providers will offer a free trial, giving you time to see if they’re right for you.
Feel free to test trials from different software providers simultaneously to compare and contrast the data. If you notice any inconsistencies, don’t be shy. Ask their customer service team how they arrive at their numbers. With such an important decision that can pay off handsomely, don’t leave any stones unturned.
Aspiring Amazon entrepreneurs aren’t the only ones who can take their product research game up a notch. Often, Amazon sellers don’t utilize all tools within their toolset.
Whether there are underutilized tools in your current software plan or an opportunity to upgrade your plan for additional access, there’s no better time than now to explore unfamiliar tools. Amazon is constantly evolving, so sellers must evolve with it.
Boost Your Business with Captivating Creatives
It’s springtime! You know what that means. Spring cleaning!
For Amazon sellers, the seasonal cleaning isn’t limited to dusting ceiling fans, clearing out the refrigerator, and giving your home a good deep cleaning. It may be worth considering if your listing creatives are due for an upgrade.
Do your listing’s copy and product photography abide by Amazon requirements and follow the style guidelines? Is your competition doing something with their photos that seems to be working? Are you maximizing your visibility by having a keyword-optimized product listing, or are you missing out on indexation for keywords customers are using to products like yours?
These are just a few of the questions you should ask yourself when considering updating your creatives.
Even if your product photography is in tip-top shape, additional photos can still provide plenty of benefits for your business. For example, possessing extra product images opens the door for creative advertising.
One way you can spruce up your advertising with enhanced photos is Amazon Posts, a relatively new option to increase brand visibility. Amazon Posts is a social media-like platform within Amazon that allows brand registered sellers to flex their advertising muscle. Appearing on product detail pages selected by Amazon, brands get the ever-important chance to poach customers from competing listings.
The best thing about Amazon Posts? It’s totally free. Well, submitting your Posts is free, anyway. You’ll still want professional photos capable of enticing customers to earn a click. Since Amazon Posts is somewhat new, it’s flying under the radar of many sellers, but can be an incredibly efficient weapon for stealing customers from the competition.
Additionally, having extra photos come in handy if you sell outside of Amazon or may consider selling elsewhere at a later time.
Lastly, having extra photos at your disposal provides an even better opportunity to experiment for peak optimization. Once you’ve got premium product photography, don’t forget to split test! With a plethora of split testing sites to choose from, it’s an easy step to maximize your conversions and profitability!
Flex Your Marketing Muscle with PPC
Another great way to invest your stimulus money into your business is by using it to take the next step with Amazon PPC (pay-per-click) advertising.
Although Amazon debuted PPC advertising in 2012, it has grown considerably over the last 2-3 years and shows no sign of slowing down. With Amazon expected to net nearly $13 billion in advertising in the United States marketplace alone, the company has every reason to continue pushing and developing PPC.
Whether this means finally taking that PPC course, creating your first campaign, or trying out an unexplored ad type, doing it with a bonus $1,400 makes it a prime opportunity to experiment with PPC.
For sellers currently selling, it especially makes sense to test out new campaigns now as plenty of customers are flush with their stimulus money and tax season right around the corner.
After all, you’re not the only one receiving the stimulus. More customers shopping with more money is a recipe for more customer searches. As your product appears more frequently through search and on competitor listings, the sample size for your campaigns grows larger and, thus, more reliable.
Fortunately, the options are flexible for you regarding your PPC campaigns. Set your budgets as low or as high as you feel comfortable with, and barring disaster, let them run until the reporting data begins to stabilize. Once they’ve matured, you’ll have real data on your performance that you can use to optimize to your advantage.
Scale Your Store by Expanding Your Brand
Suppose you feel like you’ve squeezed nearly all the juice you can out of a product. First off, congratulations! It’s every Amazon sellers’ goal to reach and maintain peak performance, but what do you do once you’ve achieved it? For many, it can be a never-ending pursuit of perfection.
However, it may be more beneficial to scale your brand by finding your next home run. Think of your stimulus check as $1,400 off the development of your next product, and this becomes especially beneficial.
Of course, this entirely depends on your goals, resources, and risk appetite. Ideally, the learning curve for launching a new product shortens with each new product. If you’ve built a strong brand on Amazon, the likelihood of your next product being a success increases exponentially.
Instead of squeezing every penny possible out of your current storefront, dig into your sales reporting numbers and do your best to determine the best course of action for your business.
Don’t miss out on the opportunity to supercharge your Amazon business! Whether jumpstarting your entrepreneurial career or looking to take your existing e-commerce operation up a notch, investing in your business with your stimulus money could provide an excellent, long-lasting return on investment.
No matter what you decide to do with your stimulus money, enjoy it! Without a doubt, extra cash in your pocket is nice. But creating long-lasting, sustainable sources of income is even better.
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