Shownotes
Great advice from Liran or “Yoda” as we like to call him. His advice is to pick your lane or line and then build it out, marketing to all in it and you will get crossover results. We also talk a lot about networking and what it can do for you when you are around higher level players. You ultimately raise your game too. We talk partnerships, relationships and loving what you do.
Mentioned:
Liran’s Facebook (If you are a high level seller looking to up your game then you shpuld talk with Liran)
Amazing Freedom’s upcoming course– (PM me and I will add you to my list and my family will prep your first order (you pay for the supplies) and Andy Slaman’s and I will hold a group 2 hour conference call from our warehouse to help you drill down in your Private Label business.
Sponsors
SPECIAL OFFER FOR MY LISTENERS ONLY
Gaye’s Million Dollar Arbitrage List
Tactical Arbitrage – Get an 18 day free trial with code: “Tactical”
Freeeup– Save 10% (forever) and get an instant $25.00 voucher for your first hire.
Transcript: (note- this is a new tool I am trying out so it is not perfect- it does seem to be getting better)
Liran: [00:00] Yes, definitely making better choices are much more confident in the products that, that I bring in this q four. I brought in some new products on both of my brands and I, and they’re all successful. One has not been as successful, uh, but you know, still selling regularly and the others have sold so well and no reviews on those products. It’s just the message.
Cool voice guy: [00:27] Welcome to the ecommerce moment, didn’t where we focus on the people, the products, and the process of ecommerce selling today. Here’s your host, Steven Peterson.
Stephen: [00:41] Hey, just wanted to jump in and talk to sponsors. First off is scope from sellerlabs. You hear me talk about a lot because we use it a lot and again, if, if you’re thinking, hey, how do I make my listing better? Well, the best place to look is the listings that are performing well and sculpt will allow you to do those reverse hastened lookups. Use that reverse and look up what’s working for them and then emulated. Figure out how to fine tune years and you’re just going to get better and better and better. Look a reverse lookup yours and you’re gonna. See your best performers, right? But then just get rid of those low performing and put better words in there and just fine tune it, test, try and see what happens and then when it see results, keep tweaking and then just go through every one of your listings and you’re just going to have so much success.
Stephen: [01:27] So sellerlabs.com, forward slash scope. Use the code momentum. Say Fifty Bucks and tell them I sent you because it’s just an awesome thing. I’m very fortunate to be connected with these guys, but I just love what they do. And that’s why. Second thing in this episode, you’re going to hear me talk with a Lebron Hirsch corn about basic freedom and their upcoming course and it’s not out yet, and I’m going to be putting it in. If you sign up, subscribe to my newsletter. You’re going to see, I’ll, I’ll put in links for the, uh, affiliate code that I have because it is an affiliate code and they do pay me. So I’d never hide that. However, um, doesn’t cost you an extra dime. And the beauty is, if you decide to use my service, I’m, I’ll prep your first order for you. Um, you can send it right to me at my warehouse.
Stephen: [02:10] You can send it either by airfreight, I have an address for that, or I could have a loading dock, I can receive it. And Prep your first one. I’ll do a cursory inspection for you, look for anything that’s damaged, taking images, send it to you, and then help you figure out the best way to package it to get it in. And I can turn it around really quick. It’ll be meanwhile wife and my son personally handling. And we’re confidential. We don’t tell anybody anything, we don’t let anybody see your stuff. Very, very cautious. So in order to get on that list and haven’t opened the course yet is send me a private message saying that you’re, you’re interested in, in, in all, uh, as, as the information comes up, I’ll send it to you and then we can and we can talk about it. And again, a no strings, um, and it’ll be me looking out for you.
Stephen: [02:50] And so, uh, again, there’s no extra cost for you. I do benefit, so not hiding that fact, but I think it’s pretty cool. So anyway, that’ll be a with amazing freedom. Their courses are going to launch. I think it’s in January. And Man, Oh man, you see the people have been so much success. I just believe in it so much. So again, just private message me and then we’ll talk about it. Let’s get into the podcast. Welcome back to the ECOMMERCE momentum podcast. This is episode 365. Lauren Hirsch corn. Um, man, oh man, when I sit back and I think about how far a businesses that I’ve seen that I know what they sell and, and, and, and know the little bit of inner workings, how far they’ve come. Um, Lauren’s products in his examples is brands have, have just leapfrogged others. Um, and it’s intentional and we talk specifically about a lot of it and what it takes and the investment of time, right?
Stephen: [03:47] When you think of capital, most people think of money, but your time is capital and you really need to be cognizant of how much you have and how much you really can afford to give out because there are so many other moving pieces to this business. And again, I think he’s such a good example of someone that’s really figured out the pieces he’s going to work on and he’s going to maximize his efforts on it. And it’s really, it’s interesting for me. Some things I thought I knew, I have no clue. And uh, I guess that’s like a lot of things, but it really, really comes out and he does such a great job on it. Let’s get into the podcast.
Stephen: [04:24] All right. Welcome back to the ECOMMERCE women podcast. We’re excited about today’s returning guest because it’s been two plus years since we’ve done an interview interview with background stuff. Um, but his business has grown phenomenally. I think as a person know, or as a seller, let me say it that way. He has grown phenomenally and, uh, has really has really taken the lead in helping so many other people become better sellers. Liron horse hurts corn. Oh, sorry about that buddy. Welcome Lauren. Thanks for having me on. Be Back. Sorry to butcher butcher A. I’ve had 18 thoughts. Uh, you bring that out in me though. Oh, by the way, Lee runs nickname is Yoda. Just so everybody gets that out there. We call him Yoda. We send them Yoda pitchers because, you know, it’s a weird position for you to be in. Um, but you do get the most technical high end questions of anybody I’ve ever seen. Is that your experience?
Liran: [05:23] Yes. Uh, I mean, I’m sure there’s a lot of other better people than me that know the technicalities and in and out. But, uh, I do tend to get technical questions and uh, I guess, I guess I’m proud of the fact that, that, uh, a lot of the time I’m able to, uh, know the inner workings of a, you know, Amazon
Stephen: [05:49] well, it’d be net comes with experience, right? I mean, that’s just, you know, it’s funny. I’m sitting here thinking about this, you know, you have two main product lines now to brands in essence. Yet how many of you uh, launched products, stopped, walked away from, even though they were successful, I mean, how many would you say?
Liran: [06:14] Definitely a bunch of products that I launched that I walked away from. And one thing that I’m going to be doing very shortly is I’m going to be doing a skew analysis of everything this year that I’ve sold every single skew that I have and look back and kind of weed out, you know, for product and sell enough, then I’m not going to replenish our product into 2019 because I think there are better opportunities. So, you know, if a, if a product didn’t do, at least, you know, let’s say $3,000 a month in sales average throughout the year, that product is, is not going to be replenished even though it’s, you know, it could be like a, a single, uh, I just want to have money tied up and things that are not moving fast enough. So I think it’s one of those things that if you haven’t had enough of those, you probably haven’t taken on a enough risk in terms of launching new products.
Stephen: [07:05] And how do you get past the emotional attachment? I mean, maybe, maybe it’s because you’ve done so many, but that’s definitely. I mean I think about some of the, my not even singles, they were not even ground rule doubles. They were just out. But I mean I’m still emotionally attached to them. There’s a sexiness to it. It’s like, Oh man, I created that. How do you get past that?
Liran: [07:27] So I definitely have an emotional attachment to my brands so, you know, I would say that, you know, and even, you know, considering and I’m looking at in 2019 to sell one of those brands and I’m working around, you know, optimizing margins and everything else and I feel like it’s almost a to sell the brands, it’s almost bittersweet because you’ve worked to build this thing and you’re kind of giving her baby away. So I definitely have an emotional attachment to a to my brand, but within my brand, you know, if I have a product, a particular product that’s just not performing as well as others and I feel like there’s better opportunity. I don’t feel that same sort of tie into that particular product. I guess for me, I’m more attached just to the brand that I created and I’m okay letting go. Things that are, you know, that aren’t sort of the 80, you know, the 80 slash 20. Right. And I guess probably everybody has this within their, within their brand, you know, I have the five products out of the 30, let’s say the are the key drivers and they keep trying to add to that list and the only way to do that is by weeding out the ones that are not in, in, you know, trying to add more or focus more on the things that are working well and trying to add to that list. But I don’t feel, I don’t feel as emotionally tied to a particular product per se.
Stephen: [08:47] I think that’s, that’s the best explanation because it’s definitely products when it, you know, because I haven’t really created a big brand and so that makes sense. Right. Or even two similar items to create that brand, so that makes perfect sense to me. Is that fall in love with the brand, not the product and then you know, really put your effort into it because I would think that things that you’re walking away from there, they’re not failures, they’re learnings, right? I mean the things that you’ve taken away, you’ve gotten smarter now you’re better, you’re making better choices.
Liran: [09:19] Yes, definitely. Making better choices. I’m much more confident in the products that, that I bring in this, this q four. I brought in some new products on both of my brands and I would and they were all successful. One has not been as successful but still selling regularly and the others have sold so well and no reviews on those products. It’s just the massive demand in q four. One of them is particularly seasonal for Christmas that is already sold out at this point, so I didn’t, I wasn’t super aggressive because I didn’t know how it would do it and I knew it’s particularly at Christmas item, so I don’t want to hold it till January so it was more conservative and then next year I’ll be able to sort of double down on that. But yes, you get much more confident in the products that you’re bringing in.
Liran: [10:08] You get to understand your niche much better. Uh, and yeah, as far as letting go of products, there’s, there’s also some products that, you know, maybe two or three years ago we’re doing a little bit better for me. Um, and now you know, they’re not in vogue as much, so I’ll, I’ll weed those out. Especially one of my friends in the clothing niche. So there’s a little bit more to that in the clothing niche. Uh, but also, uh, you know, in the beginning when I started, if a product was doing two or $3,000 a month, that was great. It’s generating some cash flow and it’s doing well, but I feel like as you get more experience and you start having products that are doing 10,000 plus a month, you want to try to add on more of those types of products because it’s just a business decision because I don’t want to have inventory sitting on a third party warehouse that you know, just moves really slowly.
Liran: [10:57] It’s costs me more money to keep that inventory, et Cetera as opposed to finding more of those types of products that just move more regularly faster and just do better. So I think part of any businesses just weeding out the bottom and trying to, you know, move more things to, to the top and or adding new products and especially with Amazon. I think launching new products is a way, one of the ways to be successful, especially if you’re doing some innovation or some design changes and other people are trying to copy you. You’re kind of ahead of the game always when you’re launching new products.
Stephen: