Pat is the co-founder and President of AstroidX, an Amazon Partnered Agency that helps its clients dominate its pay-per-click advertising. Over the 5-years, Ken and I have worked with Pat and his team with great results and service.
This is part two of our interview with Pat and in this episode, he shares how to succeed as an Amazon seller through efficient systems and strategies.
[00:01 - 08:31] The Secret to Succeeding in Amazon
- The right level of ad spend for your business
- A benchmark is 10% of TACOS
- Net profit dollar per SKU
- You can’t polish a turd if your product is horrible
- It is imperative to source a great product before diving into marketing
- Here’s what sellers who are crushing it in e-commerce have in common:
- They outsource some of the tasks and focus on the more important aspect of the business
- They have tons of products
[08:32 - 16:49] Think Systems
- Get the best out of your ad spend with AsteroidX
- Hiring somebody in areas you are weak is an efficient way to take back your time and be able to scale faster
- Want some Amazon refunds? Check out GETIDA
- As you build your business, have mature processes and figure out what works
- Develop a solid SOP. If someone understands your process through SOP, you’ve got a good process
[16:50 - 23:02] How Pat Changed His Life, Both Personally and Professionally
- Joined a program that serves as his accountability partner in his fitness
- Eat healthy meals
- Read business books as long as it’s nonfiction
- Pat talks about his “ROAT” Return on Training
- From physical discipline, mental discipline follows
[23:03 - 28:16] Closing Segment
- The Fire Round
- Check out Pat’s favorite books (links below)
- Check out part 1 of this episode on
- Connect with Pat
Quotes:
“Great product is the prerequisite. That's the ticket to entry.”
“You can be really good at spreadsheets, and not good at PPC.”
“There's enough time in the day for everything.”
Connect with Pat Lum
Website: https://www.asteroidx.com
YouTube: https://www.youtube.com/channel/UC8rW9p6w1RtG8FTQv6WF3jQ
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Resources Mentioned
GETIDA
Amazon FBA Revenue Calculator
Books
Working Backwards by Colin Bryar
Good to Great: Why Some Companies Make the Leap and Others Don't
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