How Raising Your Prices Can Actually Help You Make More Sales
Plus, this Amazon entrepreneur breaks down how to make the most of the online marketplace.
Hudson, founder of one of the top Amazon courses online, began his journey as an Amazon entrepreneur by selling selfie sticks with his business partner. Hudson came close to giving up; potential customers were looking at the newly launched products, but no one was buying them.
Then Hudson and his partner decided to implement raise their prices. "We said, 'The price is going up at the end of the week.' What we were missing is a reason to act now," explains Hudson. "We made a hundred and something thousand dollars that week and everything changed from there."
Hudson has since used his experience to educate other Amazon entrepreneurs. One strategy Hudson incorporates is visually differentiating products. "Amazon is kind of like Tinder for products," he says. "People look on Tinder and it's just yes or no based on a photo. That's the first battle you've got to win."
Hudson's other business tactics include providing valuable products and building a community. "What we have is a product that really genuinely adds value as students are making money and we amplify their success and build an amazing community," says Hudson. "I think if you've got a product and you truly focus on the customer and make sure that you create a community that's on the same page, word spreads."
Hudson's advice for rising entrepreneurs is this: "You've really just got to play that long game. Be persistent, believe in yourself, and have a great product."