In this article we are going to cover some of the main ways in which you can improve your overall Amazon performance for a specific product.
Amazon uses many factors in its ranking algorithm, including the amount of refunds, so by applying these techniques you will not only perform better, make more profit, but your rank should also improve over time.
Set a Goal
First off, focus on creating a realistic goal for your product sales & profits. Once you have a concrete target, e.g. $20,000 in revenue this month, then it is much easier to then make changes in your business to achieve this.
You can set a profit and sales goal in CashCowPro and receive alerts for how your business is performing.
Refunds
The number of refunds for your product can have a huge impact not only on your short term profits but also your long term ranking.
If your refunds are too high Amazon may block or ban your listing. It is really important that you track your refund % and amounts every week and month. You can do this in CashCowPro – as it has a refund tracker and shows you by product the percentage of refunds and the cost to you.
You should make sure your listing photos and copy accurately reflect what the customer will receive. Do not promise too much in your Amazon listing – because customers may be disappointed when they get the real item.
Quality
The best way to prevent refunds in the first place is to have a great quality product. Choose the best manufacturer you can, check samples and use a 3rd party inspection service to check every single order before shipment.
Better quality leads to more positive reviews, less negative reviews and less refunds. In the short term, a better quality product might cost you a few percent more but in the long term it will help you to beat your competition.
Improvement
Some sellers think after they launch their product – that the work on product development is done. Great sellers look at their reviews, communicate the issues to the manufacturer and make sure the product is better next time they re-order it. Nobody can make a perfect product first time – but you can fix any issues and keep improving it.
As we mentioned before, this will reduce returns and give you more positive reviews. Amazon told us one of our products had less than half the returns than all our competitors – and that is why we got the Amazon Choice badge. After getting that sales and profits skyrocketed. So it is worth the investment in improving your product.
Customer Service and Reviews
Customers love it if you get back to them super fast after they have tried to contact you. Nobody likes to wait a day or more for a reply.
Make sure you have good customer service, that you use polite and professional emails when contacting your customers and that you are replying as quickly as you can.
This will really help in getting more good reviews and preventing bad reviews. It will also help to prevent returns.
Stock
If you go out of stock, you can’t make any profit. So one of the most important listing tasks is simply making sure your item is in stock. We have more in depth articles on this if you want to find out more. CashCowPro also monitors your inventory to help prevent going out of stock.
Conversion
We covered conversion optimization in detail recently on our blog. If you can boost conversion by 10% with the same traffic – your profits will skyrocket because you are making more money with no extra customers or work. Monitor this essential metric weekly on the CashCowPro dashboard.
Competition
You should be checking your price vs your competition as often as possible. A drop in price from them could mean a loss in sales for you. One of the best ways is to just keep an eye on your daily and weekly sales in CashCowPro. If you notice sales going down for any reason – jump onto Amazon.com and try to work out why by looking at your competitors listings too.