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[LWN] 💰 How to Make $100000 In a Thunderstorm

[LWN] 💰 How to Make $100000 In a Thunderstorm

Lunch With Norm's Weekly Newsletter - Our New Communities, Rufus, and Best GPTs For Sellers

February 05, 2024 • Estimated Read Time: 13 minutes

💰 How to Make $100K In a Thunderstorm

Stuck in a storm, an impromptu call from a parking lot secured a lucrative business deal, turning risk into reward.

What you’ll find in this week’s newsletter:

💰 How to Make $100K In a Thunderstorm [True Story]
📈 Who The Hell is Rufus? And Why Should You Care?
😱 Trip Down Memory Lane [Ft.The Beard Guy With No Beard!]
🗞️ Amazon News & Updates
🤖 The 6 GPTs Perfect For Amazon Sellers

… Big news!!!

The Lunch With Norm WhatsApp Group now has specialized communities including a sourcing, social media, PPC, and networking/events… more updates to come 🔥

💰 How to Make $100K In a Thunderstorm [True Story]

Back in the day, I was in the business of selling ad specialty products to mainly larger companies with promotional catalog programs like t-shirts, hats, mugs…

…You get it.

Dealing with these big corporations was no walk in the park; even securing an appointment could feel like climbing a mountain 🏔️

There was no voicemail but there was always the dreaded Gate Keeper.

I was visiting a client far from my usual area, and was caught in a very intense thunderstorm.

l got stuck in a parking lot 🤦‍♂️

This was back in the era of those clunky old brick phones.

There I was, sitting in the parking lot of BASF, a major chemical company, waiting for the storm to pass.

Seizing the moment, I phoned up the director of marketing of BASF from my car, telling him I was in their parking lot with samples intended for another client.

Surprisingly, he agreed… And we hit it off.

That impromptu meeting not only resulted in an immediate order but, within a few months, I had secured their entire catalog, worth hundreds of thousands of dollars annually 💰💰💰

This experience taught me the value of taking advantage of unexpected situations, and differentiating my approach from competitors.

When you think about it, the biggest risk that day was merely the potential of hearing 'no,' but the rewards of taking such risks were far greater.

Enjoy the rest of the newsletter.

— Norm

WHERE IN THE WORLD IS THE BEARDED GUY?

Can you find Norm in the picture above? Scroll to the bottom of this newsletter to see the answer!

WHO THE HELL IS RUFUS? AND WHY SHOULD YOU CARE?

Amazon has introduced a new feature to its mobile app named Rufus.

Rufus is a generative AI-powered shopping assistant designed to enhance the online shopping experience for customers.

Let’s break down the features, benefits, and shortcomings of this new AI Tool.

Features:

📝 Personalized Assistance: Rufus can answer questions about products, help with comparisons, and provide recommendations, all based on Amazon's vast product catalog and additional web information
🇺🇸 Only available in the US: Initially available in beta to a limited number of U.S. customers, Rufus is expected to become accessible to more customers in the coming weeks
🖥️ Generative AI at Work: Amazon is leveraging generative AI to improve shopping experiences, utilizing AI to create review highlights, personalized fit advice, and enhanced product listings

Benefits for Sellers:

👀 Enhanced Visibility: Rufus could help products stand out by providing customers with detailed, AI-generated product descriptions and titles
✅ Increased Engagement: With Rufus answering product-specific questions, potential buyers may be more likely to make a purchase decision
🛍️ Improved Customer Insights: Rufus's interactions with customers could offer valuable data on customer preferences and behaviors

Potential Negatives:

🎯 Accuracy Concerns: Rufus might not always provide accurate or relevant information, potentially misleading customers or misrepresenting products
🔎 Feedback and Improvement Needs: Rufus's effectiveness will rely on continuous feedback and updates. Sellers may need to monitor how their products are being represented closely
🧐 Increased Competition: As Rufus makes it easier to find products, sellers may face more competition, especially if Rufus tends to favor certain products or categories based on its algorithms

Getting Started with Rufus: Customers in the beta can engage with Rufus through the Amazon app by typing or speaking their queries.

What do you think? Is this really wanted/needed?

Read the full article

Is Rufus a game changer?

FAVORITE TWEET THIS WEEK

WHAT YOU MISSED LAST WEEK

👇 Highlights from last week’s Lunch With Norm podcast episodes👇

5 Amazon Legal Updates Sellers Should Know

Watch the full episode here

Main Takeaways:

IP Infringement in China: Don’t be fooled, legal actions can be taken against sellers in China infringing on your IP, including freezing funds, and removing listings on Amazon ✅
Protect Your Brand's Assets: Ensure you own all aspects of your brand, including trademarks, photography, and other IP. It’s crucial for safeguarding and potentially selling your business in the future
Being ADA Compliance: Ensure your website meets ADA standards. Watch out for predatory lawyers targeting websites without ADA features. This could mean unexpected legal fees 😱
Use code: NORM for $10 off your monthly subscription off Paul’s Seller Basics

Minimizing Wasted Ad Spend

Watch the full episode here

Main Takeaways:

Be Skeptical of Platform Metrics: Question metrics provided by platforms like Amazon Ads, Google Ads, or Facebook Ads
Embrace Different Marketing Tools: Assess which marketing tools like social media, press releases, affiliate marketing, or influencer marketing best suit your product and brand strategy 🎯
Invest in YouTube Marketing: Explore under-utilized marketing channels like YouTube, which might be under-credited due to challenges in tracking conversions.

5 Profit Killers In Your Amazon Business

Watch the full episode here

Main Takeaways:

Profitability Tracking for Amazon Sellers: Sellers often miss out on the importance of tracking profitability
- Sellerboard offers real-time data analytics, helping sellers understand their financial health beyond just Amazon fees
Understanding Hidden Amazon Fees: Familiarize yourself with various Amazon fees, including hidden ones like FBA inbound fees and refund commissions. These can significantly impact your bottom line 💰
Managing Returns Effectively: Pay close attention to return rates and reasons for returns, as they can be silent profit killers.

TRIP DOWN MEMORY LANE

Disney World, Orlando, Florida📍

Ah, Disney – the land where magic meets memories, and where every parent learns the true meaning of heart-stopping moments.

I remember it like it was yesterday, when Kelsey decided to run into a crowd of park-goers. All we felt was fear.

Where was he?

We finally caught a glimpse of his hat standing by the ice cream stand.

To this day, he still has unrivalled addiction to ice cream🍦

THREE UPCOMING PODCASTS

You can watch all episodes on YouTube or on my Facebook page at 12 pm ET on Monday, Wednesday, and Friday!

**Guests and topics are subject to change**

Monday - TikTok Shop 101

Paul Harvey - AKA the Amazon TikTok Guy
Founder of Rankster.co
With TikTok Shop is still in it’s infancy….. if you want to make an impact, today is the best day to start

Watch LIVE 👉 Sign up here

AI Wednesday - Game Changing Travel AI Hacks For Entrepreneurs

Ross Borden - CEO of Matador Network
creator of the free AI travel assistant GuideGeek
Matador is the top-ranking travel brand on TikTok and its videos are viewed more than 140 million times per month

Watch LIVE 👉 Sign up here

Friday - The Latest Digital Marketing Strategies

Lauren Petrullo - Founder of Mongoose Media
called the 'destruction queen', and loves evaluating existing assets with her brutal honesty
Worked for and with some of the most known Fortune 500 brands on their digital marketing strategies

Watch LIVE 👉 Sign up here

🗞️ AMAZON NEWS & UPDATES 🗞️

What’s happening in the world of Amazon today…

4 key takeaways from Amazon's earnings call 📈 This is going to be an interesting 2024…
Most of the internet is AI nonsense 🤖 Amazon researcher’s find the open web is majority machine-translated garbage
Do shoppers actually care about Rufus? 🛒 See the recent poll from shoppers
Walmart makes a huge bet on a surprise in-store change 🤔 Did Walmart just go all in on electric vehicles?
Rags to riches 💰 How the Founder of the ‘Amazon of Latin America’ earned himself $7 billion dollars.

6 GPTs Perfect For Amazon Sellers

Brought to you by Ecomtent

Amazon Sellers! 🚨 Check out the Best GPTs from the GPT Store:

Contract Law GPT: Simplifies handling contracts for e-commerce sellers by aiding in the understanding, drafting, and reviewing of legal documents. While it's not a substitute for professional legal advice, it helps create initial drafts and reduce legal expenses
Data Analyst GPT: Acts as an on-demand data expert, analyzing complex data to provide insights on market trends and customer behaviors
ListifyAI: Enhances product listings on platforms like Amazon and eBay by generating structured lists and engaging product descriptions
Prompt Optimizer for Product Images: Created by Ecomtent, this tool assists in creating detailed prompts for AI-generated product images
Amazon Plan of Actions GPT: This GPT helps guide sellers through the process of addressing Amazon's policy violations with tailored plans of action
Lean Startup Advice GPT: Provides personalized guidance for entrepreneurs, offering insights and strategies for navigating the competitive e-commerce landscape