Dustin and Kris are joined by Nick Menicucci from eAccountable. Founded in 2000, eAccountable helps market brands online, increase revenues, and build brand loyalty through unique digital marketing strategies. Nick speaks to how Amazon sellers can grow their brand, how things are changing with Amazon, and why Amazon ad platforms are important to his business.
To learn more about eAccountable, click here: https://www.eaccountable.com/
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Today, Kris and I have a very special guest. We got Nick Menicucci, did I get that right?
– You got it, there you go.
– Nick Menicucci from eAccountable and Nick, we’re so excited to have you on, this is gonna be fun.
– Yeah, thanks man, I know you guys are wearing that Chiefs’ jerseys and shirts, but we’ll let that slide.
– No, we can talk about it. So yeah.
– No, I think he’s an Oakland fan-
– I am, I am. Born and raised in Oakland, California big Raider fan. So that was really nice, a couple of weeks ago, when we beat you guys, that was really cool.
– I don’t remember that. I don’t remember that.
– Yeah, that was good.
– I’ll tell you what, and Nick, you work for eAccountable, which is based out of Denver.
– That’s right.
– So, we’ve almost got the entire AFC West covered here.
– We do, that’s right. Yeah, there you go.
– So, yeah, but enough football, Nick, we’re excited to just pick your brain here, eAccountable, we’ll let you just talk about it, but it’s a great agency. Sellozo works with eAccountable, we’ll talk about more of that. But just to get started, just tell us a little bit about your background, how you got into the E-commerce space and then evolve that into a eAccountable, and what that does.
– Yeah, I think it was… Me getting into Amazon was sort of kinda right place, right time, but I’ll take you back to graduating from the University of Denver back in 2017, so a little over three years ago, actually. I was very fortunate to be able to get a job working at eAccountable. It was like six, seven days after college, so I just hit the ground running. And you guys know in college, they teach you a lot about problem-solving, but they don’t necessarily teach you the ins and outs of like how to run campaigns and how to optimize content and things like that. So for me, I was looking for a place that I could really try to hone in on those skills, the more technical skills, the things that are more day today, as opposed to the problem solving that I learned in school, which was super helpful of course, but eAccountable seemed like the right place for that, being a kind of full-service digital agency. So, I did wanna have a kind of a breadth of experience and a breadth of different channels to play with. And so, eAccountable is a great fit. I came in, and again, in the Summer of 2017 and it wasn’t until the beginning of 2018, we got our first Amazon opportunity. And again, it just kinda right place, right time and we added an account that we were working with on the affiliate side that we were doing some really great work with. We were doing some paid search for them as well. And they had an Amazon account and they were doing like $60,000 or so a month and they had no one managing it. So they said, “Hey, you guys are doing well for us on these other channels. You wanna take a look at Amazon?” Me being me, the new guy there, and me being like the guy with the least amount of responsibility, it was quick, “Yeah, Nick will take care of that, it sounds good. We’ll learn Amazon, Nick will figure it out.” So I was thrown into this account at, again, a live account, $60,000 a month. So, good volume and I have no idea what I’m doing, right? I’m just literally thrown in there. So those first few months were pretty hectic, in terms of trynna figure out Amazon and understanding it. And there were definitely some hurdles, right? ‘Cause that trial by fire, I think is a great way to learn, but it really challenges you. And it really requires you to learn fast and try to learn as much as you can by doing. So, we took over this account and we ended up growing it a lot. Again, in 2018 January, they were at 60,000 sales, when we hit 2019 in January, they were at over $300,000 in sales. So really big growth. But at the same time, we didn’t necessarily know exactly what was causing this, Was it… Did I have some sort of secret sauce that I figured out? Was it just an amazing client or was it a combination of both? We just didn’t really know. So, the only way to really test that was to bring on more clients and invest from our agency side more into Amazon and see if the structures and the strategies that we set up that first time, will work for everyone else. And I can say now, we’ve got over 20 clients on Amazon that we manage and the strategy holds, the strategy holds up. And so we’re really pleased with the work, we’ve been able to do. And we still have a ton to learn, right? I mean, it’s like, there’s so much in Amazon, I’m sure this is why you are guys doing podcasts, right? There’s things to learn constantly. So, it’s continual learning, but it’s just been a blast working on Amazon and I kinda lead up our team, our Amazon team at eAccountable, and it’s so fast-paced, it’s so fun getting to work on the agency side and see a bunch of different brands and their categories and their strategies. I mean, it’s just so much learning and I’m really fortunate in that sense to be put in that position.
– That’s awesome, that’s really cool. Now tell us a little bit more about everything that eAccountable offers. A lot of the people you work with, obviously, they’re not just focused on Amazon, they’re focused on every possible aspect of their business. So what, what is eAccountable? What’s the full scope of what eAccountable provides to your clients?
– Yeah, absolutely. I mean, we are a full-service agency. We were founded 20 years ago and we’ve really been helping brands sell more online for the past two decades. We started as an affiliate marketing agency, that’s sort of our bread and butter, and over the past five to eight years or so, we’ve expanded our service line, trynna be more of partners instead of a service offering. Just instead of being this one-off channel guy, we’re trynna be partners and manage multiple services and be more consultative for our clients and help them make the right decisions for real sustainable growth. So, we manage, obviously marketplaces. So Amazon, Walmart, eBay, we have brands that we work with on the SEO side, help with website optimizations. We’ll do paid search, Google, Bing, Yahoo Gemini even sometimes, but that’s not high volume, but we do it. We do it sometimes, but we do paid social, again we consult. So pretty much anything in the digital space, we try to have a foot in or know where we can help. And if we can’t, then we know other agencies that may be able to support. We do have a new president, I don’t even think I mentioned that to you, Dustin, but we have a new president. He came from Ogilvy. So I don’t know if you guys are familiar with Ogilvy, but it’s one of the largest agencies in the world. So, we’re super excited to have him on our team, leading our team. And for him, he’s really trying to grow us for the next 20 years. We are expanding our services and offerings through the things that he has experience in, but we are trynna stay true to our core foundations and our core approach of helping brands grow online. We generally work with medium, small-sized businesses. We’ll work with startups, but we’ll also work with bigger brands. It’s really more about if it’s the right fit, and if we really think that we can help.
– So you just… That’s pretty cool. So you’re not just focused on Amazon per se. A brand can come to you and say, “Hey, we’re hearing about Walmart a little bit. What are you guys hearing about Walmart?” or, “Can you run our Google for us?” or, “Can you give us a little bit of direction on social?” So, it’s not just Amazon focused, but you can kinda help brands that are on Amazon, maybe kinda double in these other marketplaces. Is that correct?
– Absolutely. And we try to look at that whole scope, right? Because I think it’s important, especially nowadays where you’ve got customers all over the place. I mean, people are shopping where they wanna shop, right? If you like to shop on Amazon, you’ll primarily shop there, but you have people who like to visit the site or you have people who like to shop on Facebook, right? You got people who still go to Google. So, it’s really important for brands to try to be where their customers are. Amazon’s a great place to do that, but again, it’s not the only place to be, right? So when we’re looking at the brand, our brands, we’re trynna see, okay, where do they fit in the E-commerce ecosystem, right? What are the channels that they can win on based on their product, right? You’ve got certain products that are more like millennial-focused that you would say, well maybe a marketplace like Wish might even be a good opportunity. Let’s look at paid social, Let’s go see what’s going on on TikTok, if that type of product fits, right? You’ve got other products that are more established in retail and we’re looking for more of a return focus. So, we’ll go on Amazon and we’ll do more defensive strategies and we’ll do… We’re really focused on website optimizations and controlling your space on Google. So it depends on where you are as a brand and what your goals and objectives are. And we try to listen to that and come to you with a strategy that makes sense.
– It’s interesting you bring that up because Kris and I are both sellers on Amazon, as well as working in the space with Sellozo, but when you’re launching your business, you don’t realize where it can go and how many pieces are gonna be a part of it. I mean, I started selling on Amazon, the next thing I know I’ve got a Shopify site. So I can sell to people that are coming to my website directly, and then I’m on eBay and then I’m on Groupon, and now I’m looking into Walmart and it becomes overwhelming at some point. For a seller or a brand, at what point does it make sense to start looking at going through a full agency approach like you offer? At what point is it a really good move for a company or a brand to start talking to you to handle just that growth mentality?
– That’s a great question, and I don’t even know if there’s really one answer to it. I think that there’s a lot of reasons why a full-service agency can really be beneficial, regardless of if you’re a startup or you’re a big existing brand. Now, I think that some of the big, big brands, they’ve got internal teams that are really tackling that. So we’re really, usually again, small, medium-sized businesses who are either hitting a plateau, they’re looking to grow their internal bandwidth. Just like you mentioned, they don’t have the team available to manage this growing business. So, we kinda see it both ways, where they’re maybe starting and they’re growing faster than they thought and they need an agency to come in and say, okay, where is our time best spent? Where should we be focusing? What do we need to not focus on? Vice versa, there may be brands that are plateauing and they’ve kinda hit their peak and they’ve run out of options and ideas. So they come to the agency side to say, “Hey, what else can we be doing? What else should we be doing right now to help grow the business? Where can we get the biggest turnaround?” So it really does depend.
– Hmm, that’s interesting.
– What are some of the things, like when a brand comes to you when you’re kind of gauging on if you’re gonna work with them or not, or if they’re a good fit or not, what are some of the mistakes that you are kinda looking for? Like, what are some common things that you’re like, “Yeah, we gotta get this fixed, we’ve gotta get this fixed.” What are some of those things that you’re kind of seeing before you dive into it?
– Well we always check the site. We always check the site, regardless of if we’re just talking to you about Amazon, it doesn’t matter really what channels we’re looking at. We always wanna look at the site, see what’s going on there. We really value the direct channel. We think that… Look, you guys notice, I mean, Amazon’s got tons of awesome benefits. But at the end of the day, with Amazon, you don’t have as good customer experience as you do on-site, you don’t have that control. You don’t get the data that you could get with a customer on-site, and the margins are gonna be better on your site. So we really believe in those on-site conversions, but you have to look at all those channels. So a common mistake is sometimes thinking that you need to be on a certain channel because that’s what may be some of the competitors are doing. So, we have to do that because someone else is doing it, which isn’t necessarily the case. They just may not have been as innovative as they need to be, and there’s some other channels that are just ripe with opportunity for you. So being kinda stubborn in the channel choices can be a big mistake. Understanding margins is a huge, huge piece to this, and I think really on Amazon, it’s something I see all the time and it’s just, it’s really incredible. Because you’ll see these brands that are like… we’ll put them in the Sellozo tool ’cause we partner with Sellozo, and we’re able to see profitability at the skew-based level and at the account level. And we’ll do an audit and we’ll throw these guys in Sellozo and we’ll see, oh my God, these guys have been unprofitable for six months, right? And every sale they’ve been making, they’ve been unprofitable. And this isn’t uncommon, right? You see this happening. So, understanding margins, especially on the marketplace side is super important because Amazon really doesn’t give you that data, right? They don’t give you that skew-based profitability, it’s so hard to figure out. That’s why we utilize tools like Sellozo to help our clients understand, “Okay, this is really where you’re at.” We throw in those costs of goods and that inbound shipping fee, right? We’re giving you a true analysis of how much your product is, of how much money you’re making on each product.
– That’s such an interesting answer because we’ll ask that a lot, what are some common mistakes? And you always hear like, your images are bad or your title’s bad and all those are problems, but not being profitable is a huge problem.
– Yeah, right?
– Yeah. And you’re exactly right. There’s so many different fees that come out on Amazon that you could think that you’re making money on sales and you’re not. And yeah, I mean… Kris and I are inside our Sellozo accounts all the time, checking out what that profit is at the skew level ’cause it’s usually important. But that’s really interesting because yeah if you don’t fix that problem, everything else that you do is gonna exacerbate it. You don’t wanna advertise.
– Right. No, you have to know that number, right? You have to understand that because we get this a lot too, is where brands wanna be on Amazon, where they wanna be on other marketplaces, but sometimes… You know, Amazon isn’t meant for everyone, right? It’s not like you will always have success if you go on Amazon. Not all products are created equal, not all brands are created equal. And so sometimes it just doesn’t fit, you don’t have the margins. It doesn’t make sense to be on Amazon. But sometimes the problem is they don’t recognize that. So again, having a tool like this, like Sellozo where you can literally see that at the skew-base level, you can make so many better decisions, right? For instance, we had this the other day, where we were looking at an account and they had got a parent variation with a bunch of child products. And one of the child products that we were promoting a lot through paid ads, we ended up wasn’t as profitable as we wanted to see. It was actually running negative slightly. Vice versa, there was a product on there, a child variation that performs really well organically that we weren’t pushing paid ads too. And we were able to quickly see that the margins on that product were way better. So we could then sit there and say, “Okay, let’s adjust our paid spend, move it away from this one variation to this other variation, and both margins will, well, at least one of them will improve. The other one will probably balance out a little bit, but either way, we’re getting more profit.”
– Yeah. That’s really amazing and interesting and that’s one of the things I like about Amazon, is the amount of data that you have coming from it, and you can see that and you can make those adjustments. But yeah, I mean, I think right there, you just sold on the power of having, working with an agency that has that experience, that can quickly look at your account and make quick wins to your account like that. That can make all the difference in the world. Any other mistakes that you see real common with especially in like an Amazon client coming on. ‘Cause one thing that we’ll see a lot, and it’s happening a lot now too, with all these people that are now trying to jump into the E-commerce space that wasn’t their business model before, but now this pandemic and the shutdown has hurt their margins on their brick and mortar and they’re going online. And so they’re coming in with weak listings, they haven’t really tried very well. It’s just like, you’re talking about, it’s not going to convert well from the looks. But what are you saying in that regard on Amazon specifically that you’re able to really help right off the bat with clients?
– Great question. I think one of the big ones is, and I think we’ve all dealt with this year is inventory. FBA versus FBM, Vendor Central as well, but really we try to focus FBA and FBM, and Fulfill by Amazon this year has been a mess, right? I mean, it’s been really tough since COVID hit. I don’t know if you guys are selling FBA, but I mean, it’s just, these wait times are getting really bad, this whole limited restock thing has put a lot of people in tough situations at times. We’ve had brands where it’s been a huge challenge and we’re just fighting Amazon constantly, trying to get those inventory levels to increase so that they can sell more products. Understanding which inventory management style is right for you is incredibly critical, right? I think that it’s something that can get overlooked. Very often, you’ll say, yeah, well, I’ll just do FBA because I get the time and that’s that. But again, this goes back to your margins, this goes back to what your inventory team internally is capable of. So we try to break that down for our clients as well. We’ll try to sit there and say, “Okay, this is the current situation with you guys in FBA, this is what you could save if you do Fulfillment by Amazon or Fulfillment by Merchant. How quickly can you guys turn around inventory?” Because it really seems like Amazon has taken some steps back almost in their Fulfillment by Amazon approach. Almost kinda seemed like they wanted people to kinda move to FBM a little bit this year. I don’t know if that just was because they were, you know, their internal bandwidth was running short or whatever it was, but I kinda got that sense over the past, I don’t know, five, six months or so, that they were kind of pushing that way. So inventory is really huge and then to get a little more specific, paid advertising, and understanding full-funnel approach. I think that a lotta brands will come on and they’ll run an automatic campaign and they’ll let it go and they’ll just kinda, that’ll be it, right? We’ve had that countless times, where we’ll take over a brand and there’s really nothing going on in paid advertising when it’s such an important tool within Amazon, right? And it really shouldn’t be undervalued because that’s how you can see some big growth. And there’s another thing we learned through all this is, your paid advertising spend can affect your organic rankings, right? So as you spend more through pay, what you can see is your organic sales going up. So when we look at paid advertising, we’re trynna look full-funnel, but we’re also sitting there saying, “Okay, here’s what your paid spends’ doing, but let’s look at total sales, not just paid spend to paid sales, because there is an effect on your organic traffic when you’re spending on Amazon.” So those are the two big areas I’d say were big misses-
– Yeah, that’s really interesting too. That’s another thing that gets reported inside of Sellozo is that total A-costs where it includes organic sales, which is a great metric. And you bring up a good point. And I wanted to ask this question ’cause to me, it seems like that phenomenon is unique to Amazon. The ability where you get that flywheel effect going, where you start driving traffic to your listing and you actually end up moving up the rankings organically. Is that basic? I mean, that’s the deal with Amazon, that’s the benefit of being on Amazon, and you don’t get that same effect. Like if you drive traffic from Google to your website, it’s not like all of a sudden, you’re getting more awareness outside of that one ad. You don’t move up the rankings organically in Google search advertising, and Amazon’s unique that way.
– It is unique in that way. I mean, Google used to be that way, way back. When, if you really break it down, what this is, is if you spend more, we’re gonna help you generate more sales. Not really a revolutionary thought process there, but, you know, that’s kind of what Google used to do. And then Google had to move away from that and we’re still seeing that on Amazon. Will that be the case forever? I don’t know, but you’re exactly right with the concept of the flywheel effect. It really is, we’ve seen it running topper search campaigns. I work with Brock on your team all the time, and we’re always talking about topper search campaigns and how we can use our paid advertising to… I don’t wanna use the word manipulate, but it is almost like that, right? It is kinda like a manipulation of the algorithm to say, “Hey, let’s grow our organic traffic through this investment in a specific keyword or a few select keywords that we want to show up well for.
– Let’s say a brand comes to you and they’ve been plateauing and they’re doing like five, six figures a month. They just can’t get over that hump, they’re always steady, it’s constantly that five or six figures. What is an easy victory for eAccountable? Like for us, we see an account, we’re like, “Hey, just do a catch-all campaign.” It’s an easy victory, you just throw a bunch of products in an auto, you’ll start to see a lotta sales. What is that easy victory for eAccountable if somebody comes to you?
– Yeah, good question. And I don’t know if there’s an easy victory there. I think some of the things that we’ll do… I mean, we have a three-step approach when we take on any, any account. It’s, number one is we look at the account and we review it. So if it’s a new account, it’s account creation, if it’s an existing one, we’ll review the account. Because oftentimes what we can find is there’s things within that account structure that aren’t set up properly. You don’t have variations built out the right way, you’ve got some outstanding case that’s holding you back for whatever reason, you’ve got some account metric, your inventory performance score is lower than it needs to be. Sometimes you can find something right there that is your easy win, but once we’ve reviewed the account, we’ll go ahead and review content next. So if it’s new content that needs to be built, we’ll build it, but if it’s existing, we’ll go ahead and audit the content. We really focus on two things in terms of content. Number one is, wannabe SEO friendly, make sure that we have the keywords that we need to have in there. They’re prominent, they’re visible, right? But also, and I think frankly more importantly is the customer experience side of the content. Because that’s really what this is about, is, Amazon wants to create the best customer experience. So when we’re building content, that has to be our key focus. Because if we’re not converting well on the page… You know, I’d love to get a thousand people to the page and just keyword stuff, but it’s not gonna convert well. So it’s counterintuitive to do the keyword stuffing. So we try to get the keywords in there, but we really focus on, when you get to the page, are we explaining what the product is, how it works and why you should buy it? If we can do those three things, we’ve got a good chance at a conversion. And then on the paid side, easy wins, catch-all campaign, that’s spot on. We definitely recommend catch-all campaigns. We like to look at using… and this is if you’re a more of a brand with a big group of products. ‘Cause oftentimes with Amazon, you have a couple of top sellers, and then you’ve got those, you know, a good chunk of products like 80-20 rule, right? So we try to do is look at cross-selling through sponsored brand ads or sponsored display and even sometimes sponsored product ads as well, but really the concept of defensive targeting to show our products against our own products. So that when a customer goes to one of our pages, it’s filled with our products. They’re not even seeing a competitor. And that keeps them engaged in our brand, it helps show them a new product and help increases average order value, which, if we can get that number up, we’re doing really well.
– It’s a good point right there. I love that defensive, that’s awesome.
– Oh yeah. I’m looking at your website right now, Nick, and at the bottom, there’s a form to fill out the consultation and it says, “I want three big ideas.” Tell me about what you do here. So if a client comes to you, you give them three home run ideas here?
– Yeah, we’ll give you some winning ideas, no doubt about it. I think that we gotta get on that first call and understand again, kind of where you are and what your goals are. ‘Cause that’s the other thing too guys, sometimes I know clients have great intentions and these brands have great intentions, but sometimes their goals are either unrealistic or they’re doubting themselves and they can do way more than they think they can. And so, we need to have that initial call to get that gauge, but yeah, we’ll come to you with some big ideas. No doubt about it.
– I like it.
– I like it too.
– I saw that I was looking over the site, I’m like, that’s really good-
– That’s Durk Price right there-
– What’s that?
– You remember Durk?
– Ow, yeah! Durk’s how we got connected, or I talked to you and then Durk flew out to Kansas City. He’s the owner, president-
– Founder of eAccountable. Man, he’s a wealth of knowledge
– Durk and I had fun, and we had some great barbecue in Kansas City, So then you gotta get out here-
– I know.
– Come out here for a Chiefs, Riders game, we’ll go get some barbecue. We’ll try to make sure you don’t get beat up in the parking lot.
– That doesn’t happen here.
– That sounds like a Raiders’ game.
– Yeah that’s right. No, but that’s, I really liked that on your website, the three big ideas, that caught my attention. That shows you guys will really review it and really give, like you talk about, some winning ideas. I just, like let’s think about the future and we’ll focus-feature on Amazon. What do you see in the near future, long-term future happening in the Amazon space? Do you see more people piling in? Do you see it becoming saturated? What do you see in the Amazon space for the future?
– Yeah, I think it’s a great question and I think no one’s really got the answer to that. We’ve seen this year, you have to be versatile, you have to be adaptable, adjustable, right? You have to be flexible with all this. So I think that the competition will go up on Amazon, I have no doubt about that. But I don’t necessarily think that’s a bad thing. I think that in some cases, you can make an argument that as more competition comes in, the market share of the entire category can go up. There can be more volume going into the entire category, which can benefit you if treated the right way. So I’m not necessarily concerned about there being more competition. I do think there will be though. I see Walmart and other marketplaces as a legitimate threat. I think Walmart has invested significantly into trying to be like Amazon. I mean, it’s literally called like what is it, Seller Center? So, it’s like it’s the same deal. And a lot of these agents for marketplaces are trynna do the same thing. They’re trynna mimic Amazon, they’re trynna have better offerings than Amazon. And I think that they’re still well behind, but Amazon needs to continue to be innovative and they need to continue to push the pedal forward because these guys are coming. These other marketplaces are coming and they see what Amazon has and that’s what they’re looking to do. So I think Amazon needs to be mindful of that as well. But in the next year, a few years, I think Amazon is going to continue to grow, I don’t necessarily see anything there. I think the big question is, what do marketplaces look like five, 10 years from now? Is Amazon still Amazon in 10 years? And I’ll ask that question to you guys. What do you think?
– It’s… I’ll tell you my take. I mean, Amazon does not seem to be slowing down. It’s growing, it’s innovating. Neither are the competitors. I think online in general, isn’t even close to what it’s gonna be. especially after what’s happened with the pandemic where it just trained everybody how to order online. If you’re in the grocery segment right now, it’s so few of your clients would trust ordering online and now they all do.
– And you gotta get on there super fast. So I think it’s interesting. I do think, I like what you talked about with the marketplace. I mean, as the more people get on there, as more… But there’s also more shoppers, so this whole pie is growing. So the sliver of that pie can get bigger, that you can capture. But me personally, I know Kris and I talk about this, what I love about this is, you’ve gotta stay on your toes. It’s always changing. I mean, Amazon’s gonna launch something new, that’s why we love this podcast ’cause we try to stay on top of it. Amazon will launch some new ad platform and if you’re an early adopter, you can hit a home run on it. You don’t wanna be left behind. There’s just so many different things like that, and I hope these competitors do come on. I hope Walmart and all they do, ’cause it’ll put pressure. I’ll put pressure to keep what fees are charged to sellers, that’ll become a very competitive area and all that stuff. So it’s gonna be exciting. But it’s certainly why somebody needs to be working with you, right? So they can manage all of that, and it’s a lot.
– Yeah, you know, I mean, we try to look at that full picture, and again, we don’t have that magic eight ball that’s gonna tell us what that future holds, but right now, Amazon is a huge opportunity for a lot of brands. It’s just, you gotta do it the right way. And I think that can be the miss. And that can be where you get those bad experiences, right? ‘Cause you hear about those stories all the time, where Amazon’s a horror show and it’s just, you know, it’s a disaster. It’s like, well, yeah, but you know, you might not have set it up the right way. And there may have been some other factors that kept you back, right? But in reality, it is a great platform, and from our side, we try to look at the whole picture, but you can’t deny the power of Amazon right now. There’s nothing even coming close in terms of how many people are going on there every day, how many subscribers they have. I mean, it’s ridiculous. And I think to your point, it’s only gonna keep growing in the near future at least.
– You make a good point there. We talked to some sellers they’re like, “You know, I was doing really well back five years ago on Amazon, but now it’s got too competitive.” It’s like, well, you took your eye off the ball. You didn’t pay attention to it. You were doing great, you had competition come in and you just let it sit. Don’t blame Amazon for that. That’s something that you forgot to keep your eye on. That’s not Amazon’s fault.
– Yeah, it reminds me of the Chiefs a few weeks ago against the Raiders.
– They definitely took their eye off the ball because the whole way, it was the Raiders’ good football that won that game.
– Thank you, thank you. We’ll take it.
– Yeah, it was the Chiefs falling apart. What you’re talking about, it’s the same thing, is we talk to people again that are saying, they’ll complain, “Oh, Amazon, they charged me too much fees. I’m much more profitable when I sell on my website. So I don’t even wanna get involved in it.” And you’re like, well, there’s 10 people that go to your website per day, and there’s a billion that go to Amazon. So if you’re-
– And I bet 99% of ’em have no idea who you are. They’ve never heard of your brand before. So they’re all good customers, that’s the whole thing. That’s the thing that I hear a lot. When people, like they’re concerned about Amazon is, “I’m worried about it taking existing customers.” We haven’t seen that in any data that we’ve looked at at all. If anything, it grows a new customer base, and frankly what we have seen through the data is as Amazon grows, guess what, the website grows, right? It’s this omnichannel approach and that’s what’s happening right now in E-commerce, I feel. And so being on Amazon, it shouldn’t necessarily be viewed as a, “Oh, it’s gonna take away business.” It should really be viewed in the light of “This is gonna grow business for me.” Because again, just to your point, the majority of people on Amazon have no idea who you are unless you’re Nike or one of these massive brands. It’s like, these people don’t know you, so a lot of this is new customer acquisition every day.
– That’s such a good point. And I use the analogy when I talk to people all the time. It’s like, imagine you were a company 20 years ago and you were starting a brand new brand and nobody knew about you, but you had the ability to walk into Walmart and shove your product on the middle shelf in the middle aisle of Walmart. That’s what Amazon’s allowing you to do basically, is you’re able to be a no-name startup brand and be the first product somebody sees when they type in a major keyword on Amazon. I mean, it’s incredible, that opportunity there-
– Ow, absolutely. That’s how you can get your business really growing. We think of Amazon, in some situations, we use Amazon as an incubator for testing new products. We work with a couple of manufacturers right now and they don’t know what to sell on Amazon or in general. They’re looking to build their D to C presence, they’re trying to figure out what products to sell, where there’s an opportunity. And we’re saying, well, let’s go check Amazon. Instead of going and building out a $10,000 website and going to push a bunch of advertising to this new site that’s gonna get maybe only a few visitors to start with, let’s go to Amazon, test it there, see if you’ve got something that’s viable, something that works, and then we can go back to the website and grow all that side of the business.
– That’s fascinating. I mean, that’s essentially what Kris and I do with our product. We test products, if they sell, we go with them. If they don’t, we ditch ’em super quick and then move on to the next product.
– And Amazon’s the best place for that. I’ll tell you one other thing we’ve been doing recently, this is pretty cool. We’ve been utilizing our Amazon data from some of our clients to then go pitch to the big box stores. So we’ll say, hey, you’re Amazon. Or they’ll go to these stores like a Walmart or a Costco and say, “Hey, our Amazon is doing this. This is how much volume we’re getting, this is our best sellers’ rank. These guys are in store right now, this is their bestsellers’ rank. We’re outperforming them on Amazon.” They think that’s legitimate data, the Walmarts and the Costcos, right? They’re using that as real data that’s valuable. So we’re leveraging Amazon’s information and data that we’re getting on that channel to push brick and mortar, which is getting pretty exciting.
– That’s really cool.
– That’s awesome.
– That might be something we talk off podcast about.
– We can do that.
– ‘Cause that’s interesting. I thought that forever. I had a couple of products and I’m like, “I’m beating brand names in some of these categories for some of my products.” I mean really big brand names and I’m like, “That’s gotta be worth something.” And that’s a really good approach. I should have been going to Walmart and showing them the data. That’s a really innovative approach.
– I mean, it’s data that they know they can trust because of how much volume is on Amazon. It is a, you know, it’s not true brick and mortar obviously, but I mean, it does give some resemblance, in terms of the shelf space, the volume competition. So if you can prove that it’s working for you on Amazon and you’re outperforming these competitors that have taken up that shelf space in-store, I mean, you’ve at least got something that you can come to them with and say, “Hey, maybe you need to reconsider. Maybe you need to look at this again.”
– Something to piggyback on that. I’ve seen it where you’ll get a buyer from like another website, like Home Depot or Lowe’s, and they’ll see that you’re killing it on Amazon. And they’ll reach out to you through that contact form and say, hey, we’re putting your stuff in our Home Depot or Lowe’s, based off of just the assumption that you’re selling well ’cause you have a best seller badge or you got a lotta reviews. So there’s people out there, there’s buyers out there that are focusing on one side of Amazon, so they can add that product to their offering for their customers as well. So a lot of people are looking at Amazon as different ways of getting new products for their offers, for their customers.
– Exactly. I mean, it’s a great channel to learn, test, right? There’s the expenses with Amazon, but when you’re talking about, hey, do I build a website for $10,000 or do I go see if this is even worth it, I mean, what better channel than Amazon, right?
– It’s the tidal wave. Like you just stand in front of the wave and you’ll just be hit with all the cash.
– And Nick, this has been so much information and just, it’s great. For everyone out there that would like to get in touch with you, how can they get in touch with you? What is the process of just, you know, evaluating whether that relationship would work?
– Yeah, absolutely. Well, you can always go to our site. It’s eaccountable.com, E and then the word accountable.com. You can reach us via email at team@eAccountable.com. I’m obviously Nick Menicucci, you can contact me on LinkedIn, right? Anywhere there. So yeah, I mean, definitely visit our website though. You can learn more about kinda what we offer, but I think if you’re really trynna gain some insight into what we do and how we may be able to help your business out there, give us a call or send us an email and we’ll do a deep dive and we’ll give you those three big ideas.
– I love it. I love it. Nick, that was fantastic. I really appreciate you coming on. Everyone out there visit eaccountable.com, reach out to Nick, get those three big ideas, see what they can do for you. Also, if all this information on this podcast is valuable, make sure you’re subscribing to our podcast. You can always see us. We go live on Facebook, YouTube, we’ll be going live on LinkedIn here shortly. So you can see us everywhere. We’re having a blast doing this. Nick, I can’t thank you enough for coming on, it was great. We’ll get you out here for a Raiders game. We’ll get some barbecue.
– We’re doing it, man. We doing it. You guys got an awesome podcast, I love listening to it. You know, there’s gotta be. We need people doing stuff like this to help sellers and help people understand what Amazon is about, what it takes, and how to do it the right way. I think that only helps all of us anyway. So I think you guys are doing a great job, man. Keep it up.
– Appreciate that.
– Absolutely. Absolutely. Well, when we get you back on, we’ll do another one. We’ll go down some different topics with you, ’cause you got a wealth of information- We’ll do it again. And anyway, that was fun, Nick. We’ll be here. Everyone else listening, we’ll be back at this Monday after the Chiefs win on-
– And Raiders win.
– Alright, everybody have a great day, and we’ll be back at this on Monday. See ya.
– See ya.