FREE Amazon FBA Training: http://brightideas.co/fba
In this video, Trent shows you the four ways that he and his team use to find profitable products to sell on Amazon in 2019.
Being able to find profitable products to sell on Amazon is the #1 skill you need to have to succeed. Picking a niche is important...but it doesn't end there.
When it comes to wholesale product sourcing, you need to have systems for each method that you are using.
In our case, we have systems for email sourcing, systems for direct mail sourcing, systems for trade shows, and more.
The reason that systems are so important is because without them, you will have a very difficult time effectively outsourcing all the grunt work to your team of virtual assistants - and for us, that is absolutely critical!
To discover the best methods for finding profitable products to sell on Amazon, go to: http://brightideas.co/fba
My email sourcing system: https://brightideas.co/bi-213-sourced-20-new-wholesale-products-first-30-days/
My trade show system: https://brightideas.co/how-i-use-trade-shows-to-find-new-suppliers-for-my-amazon-wholesale-business/
How to select the best way to prep products: https://brightideas.co/ecommerce-marketing-how-to-determine-if-you-should-use-a-prep-center-vs-your-own-warehouse/
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Trent Dyrsmid is a serial entrepreneur, husband, and father. His 3 private companies generate millions a year in revenue. Profit Magazine named Trent's first company as one of Canada's PROFIT 100 fastest growing companies for two years in a row before he sold it for 7 figures in 2008. Today, thanks to his relentless focus on creating scalable business systems, Trent's team runs his multi-million dollar eCommerce company without Trent's day to day involvement so that he can focus on growing is recently launched business process software company.
Trent: Hey there everybody. My name is Trent. Welcome back to another episode of the Bright Ideas daily nugget. This is episode number 106. And in today’s episode, we’re going to talk about different methods to source products for your Amazon wholesale business. And once we’ve talked about that, we are going to answer a question from Chris McNamara. So without further ado, let’s get into it.
When it comes to sourcing, there are four sourcing methods that I think all of you should be doing, and we are doing all four of them. Email sourcing, first of all, this is what the folks at the TWF group teach. This is what our web’s product is exceptionally good for and that is, we’re basically just using software to suck big lists of products down into our potential products that meet your criteria in the spreadsheets, and then you’re emailing, cold email to all of those particular brands.
This is an actual extremely effective method of sourcing; it is what grew our business from zero to a peak of $280,000 per month. As we’ve slid into a bit of a hole, it is the one of the primary methods that we are using to crawl back out of that hole again. And I have covered email sourcing at length in other videos, and I’ll make sure that I put a link to some of that other content in the comments for this particular video. So email sourcing, absolutely critical. That’s the blocking and tackling of product sourcing in the wholesale space.
In addition to email, I know personally, several folks who’ve done very well with distributor sourcing. And we’ve never really put a whole lot of effort into it in the past, but it is something we are going to put a lot of effort into in the future and here is why. When you source from distributors, profit margins are probably going to be narrower, you don’t have to get an exclusivity contracts, you don’t have to talk them into selling to you, etc. You’re simply just calling up a sales rep at a distributor, you’re using software to analyze their large price lists, and you’re looking for opportunities.
Now, you may need to get a little bit creative to find opportunity to find margin. Things that you could consider doing of course, are bundling, looking at, well, here’s a popular product that has lots of demand, and maybe here’s some other sort of related popular product.
For full transcript, visit https://brightideas.co/nugget106