Insight. It’s what separates the Amazon seller winners from … well, those who don’t win as much. Is that a nice way to put it?
The truth is if you’re an entrepreneur running an Amazon business you know just how much information there is to be aware of, and how important it is to be aware of it.
How is product X doing? How much profit did it make last quarter? How does it compare to Product Y? Where are your most likely buyers? Are your ad campaigns stacking up? Are they profitable?
The list of what you need to know in order to effectively manage your business is long.
Gaining insight, therefore, is key.
Navigating The Amazon Forest
The real Amazon is a rainforest. A big one. Very big, actually.
The Amazon we’re more used to, the online one we deal with every day, is a forest in its own right, also huge. A forest of information, products, activity, sales, advertising, inventory, competitors, and on and on.
Organizing this volume of data takes more than simply being a great woodsman and knowing which side of the trunks the moss should be on. Those skills help, no doubt, but at the end of the day, you need more than business savvy to manage your kingdom and make it grow.
You need tools.
Why do sellers need tools? The simplicity comes down to a few fundamentals on which any business thrives, whether selling on Amazon or not.
Entrepreneurs are looking for:
- Automation. Basically, ways to automate all the functions that can be automated, saving time so they can focus on – you guessed it – bringing in more business.
- Insight. There’s that word again. Hard to scale a business if you’re losing track of exactly what’s causing what, how each aspect is performing, etc.
- Advantage. Things that give them a leg-up, whether it be tools to optimize a product listing or ways to get better results out of their marketing. Online entrepreneurs are looking for an advantage in the field that pushes them to the front.
Fortunately, the right set of software solves these needs.
Having (The Right) Amazon Seller Tools
When you’re in the forest, being able to see, having complete information and insight with which to navigate, makes all the difference. The right set of tools gives you this.
With the vast amount of information that needs to be evaluated in an Amazon business, made more complex with each new product, each new brand, or, let alone, each new store, sellers are looking for help and insight in a few key areas:
- Data Analytics & Oversight
- Customer Insight
- Listing & Keyword Management
- New Product Discovery
- Inventory/Supply Chain
Tools exist for each of these; a good suite provides them all.
Having tools to help manage and expand your Amazon business is almost as necessary as other basics, such as having a computer or a place to work from.
Things quickly become impossible without them.
Managing any business means having consistently accurate data on finances, down to the penny, as well as Advertising and Sales details, giving you full clarity. In short, all data is available for easy access and assimilation.
On Amazon, this is hugely important when you’re managing any significant number of ASINs (products). Customizable reports, the ability to view by custom groupings (comparing products, brands, sales periods, regions, stores), full sales history for each, direct links to customer records, and regional info for sales mapping …
This is the sort of exact information needed in order to really understand the dynamics driving an Amazon business. It should be clear, it should be customizable, it should be readily and rapidly available.
These are the hallmarks of the right tools.
Among the information needed, KPIs are paramount.
A little segue to some valuable info when it comes to Key Performance Indicators (KPIs). Multiple metrics could be named KPIs and monitored routinely to check your corporate health. From years of evaluation and working with thousands of Amazon sellers, we at ManageByStats have isolated four (4) as the most effective overall, and present these here as the best indicators of how your Amazon business is doing.
The KPI statistics we recommend you use are:
- Conversion Percentage
- Average Review
Tracking trends for these four metrics gives a good indication of the real-time health of your Amazon business.
Sessions and Conversion Percentage show traffic to your Amazon seller listings and how well those listings are turning into sales.
Profit shows the profitability of the account, and the Average Review gives an indication of how the products are doing in terms of customer response.
These four metrics have been shown to be key for taking the pulse of your Amazon business.
Management 101 begins with KPIs, and a good tool will show you these for any range or any grouping desired.
ManageByStats is another partner you’ll want to consider.
Founded by an 8-figure Amazon seller some 7 years ago, ManageByStats arose from frustration with a lack of clear, precise data on Amazon activity and sales, which made it difficult to make smart decisions that led to expansion.
MBS was created to fill that need for valuable, actionable information.
That core purpose remains, and MBS leads the pack when it comes to providing critical insight, KPIs, reporting, and full financial breakdowns.
In the end, no Amazon seller should be without the right tools for managing their Amazon business. Tools bring data, they give you room to breathe, space to see what needs to be seen – all of which brings you the insight needed to make the smart decisions that steer your Amazon business to the next level.
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