We have all watched as Amazon has continued to grow, especially in the past few years. Though it’s not anywhere close to being a small business now, they do work with many small businesses daily. In fact, Amazon’s Small Business data found that 58% of gross merchandise sold on Amazon comes from small and medium-sized businesses. A couple of the folks from Brew City Marketing recently went to an Amazon Small Business Academy panel that provided a lot of great advice for small businesses. Here is a brief overview of what we took from that day.
Small Businesses in the US
Shari Lava (Research Director for Small & Medium Business at International Data Corp) started out by giving some impressive logistics and facts regarding small businesses in the US, including:
- There are 30.2 million small businesses in the US.
- Research has found that businesses making active steps in digital marketing make twice as much as their competitors.
- Those companies that are not embracing digital marketing are 4 times more likely to show a decrease in sales across the board.
Advice for Starting and Growing Your Small Business
Prakash Somasundaram of Amazon Launchpad interviewed Wisconsin small business owners Dr. Ronak Mehta (Nerd Bugs), Sherri Yonkel (Big Dot), and Ming Hwong on what to consider as a new or growing small business owner. Some main points that came up that really resonated with us were:
- Are you in the right spot? Location can make or break the popularity of your business. Don’t make this decision lightly.
- Do you know your market? Who are your customers? Take the time to do the research on the market you are selling to, what keywords to use in your online presence to draw them in, and what will make your product different from your competitors’.
- Use the internet! Many businesses are hesitant to make the transition to online. Having an online presence is a must in 2020. Start by getting your product online right away. Don’t worry about perfection or get into ‘analysis paralysis’, take action and go from there.
- Learn as you go. Collect data and make adjustments as needed. Learn from your mistakes by seeing them as opportunities to adjust and evolve.
- Don’t get stuck. Continue to grow and change with your market. Create new products to reflect these changes. Be knowledgeable and adapt!
- Have a passion for your product. Your passion shows through in all aspects of your business. The more enthusiastic you are about what you are selling, the more interest it will gain.
There are so many tools out there to help small business owners succeed. If you are looking to open a small business or need help with digital marketing, Brew City Marketing is here for you! Reach out to us today for more information on how we can help your business flourish by expanding your web presence and spreading awareness to your customer base.