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[LWN] 🤟My Rockstar Life at 16 Years Old

[LWN] 🤟My Rockstar Life at 16 Years Old

Lunch With Norm's Weekly Newsletter - Amazon News & Updates

July 29, 2024 • Estimated Read Time: 12 minutes

🤟 My Rockstar Life at 16 Years Old

My first business at 16 years old…

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

🤟 My Rockstar Life at 16 Years Old [True Story]
🗞️ Amazon News and Updates
😮 Amazon is About to Change - MAJOR UPDATE
🔍 Building the Proper Systems For Your Amazon Brand [7 Tips]
🎙️ Amazon Attribution for Affiliate Marketing [Upcoming Episode]

🤟My Rockstar Life at 16 Years Old [My True Story]

I started my first business when I was around 16 years old with three buddies back in 1981.

We were all into music, going to concerts and parties… Not so much school.

We decided to start a company called “Relic Promotions”.

We were on a mission to discover the next big band.

We’d go to nightclubs (sorry mom), drink, socialize, all while trying to find the next Beatles.

We got to see some great music and we got into some incredible concerts, including some huge music festivals.

We even managed to get backstage passes and VIP boxes for free.

With one festival, they even offered to fly us in by helicopter!

At one point, we were contacted by a music promoter to promote a new and upcoming band from Canada.

We listened to the band but it wasn’t really our style so we passed.

Of course, with my luck… The band went on tour and became one of the biggest bands of the year.

The band was Loverboy and it was the “Working for the Weekend” tour.

We knew nothing about business but the experience of having your first legal corporation in your teens was pretty cool.

We all went on to have fairly successful careers, including my one partner who became a world, famous music producer in LA.

He’s still working with some of the biggest names in the industry.

We didn’t make any money, but the four of us gained a ton of experience.

As for me, I learned that you could do almost anything with the right mindset.

We were able to penetrate the music scene and get into some huge concerts.

Even though we didn’t find the next Beatles, we had a blast and became even closer.

You’re only limited by your fears of failing or not dreaming big enough.

You have to be wise in your choices, but anything is possible.

Enjoy the rest of the newsletter.

— Norm

What's Your Favorite Genre of Music?

🗞️ AMAZON NEWS & UPDATES 🗞️

What’s happening in the world of Amazon today…

🚨 AMAZON UPDATE 🚨 Refine customer segmentation with Brand Analytics - Read More
🛒 Retailers shift their thinking on costly last-mile delivery as consumer need for speed raises costs - Read More
🧐 New viral TikTok trend should worry some key retailers - Read More
🔍 Google search shows bias to major brands, pushes hidden ads - Read More

AMAZON IS ABOUT TO CHANGE… BRACE YOURSELVES

Full credit to Steven Selikoff for this story.

You’ve probably heard of Amazon selling direct discounts from Chinese factories. It was a big story when it broke a couple of weeks ago.

But there is so much more to it…

Steven Selikoff shared the following information below explaining everything you need to know.

The story leaked in July. However, Steven has known about this since February.

In March, Steven confirmed what Amazon was planning, and was shocked to learn what Temu, Shein, TikTok Shop and others were planning too.

There is much more going on than anyone knows…

In May, Steven had lunch with the head of Amazon Business Development in China and learned more.

This is the scary part. It involves shipping.

Steven had to agree not to disclose what I had found out, but the leak nullified that.

Here’s what you need to know

If you are selling products in Gift, Home, Pets, Décor, Toys, Kitchenware, Office, and Apparel, then your factories can, and will, compete directly against you in the Factory Direct division, and their prices will be the same prices they charge you, or lower.

This is what the leaked story got wrong.

1) Some of the products in the Amazon Discount program will ultimately be distributed from within the United States.

Shoppers will eventually have 2-day delivery options.

2) More alternatives to Temu, Shein, and Amazon are coming online (some are already in beta).

The new alternatives are also planning to include some shipping from within the United States. (Temu is already testing this.)

3) Walmart is actively recruiting Chinese factories to sell directly to US consumers. Steven has seen the presentation myself.

They are offering financial incentives, discounts, and support to help them succeed.

Walmart will no longer be a safe space to escape to if you face Chinese competition on Amazon.

4) The Chinese government is involved, and is encouraging, these moves.

Some people are saying that the launch of the Amazon Factory Discount section is the Titanic of FBA.

They may be right, but they are missing the real threat.

It’s worse than the Titanic.

There is a huge iceberg coming right at you and you better start changing your direction soon.

It involves more than just Amazon

Here are platforms that Chinese factories can use to sell direct to US consumers

Amazon.com
Amazon Factory Direct Discount section
Walmart.com
Temu
Shein
Ali Express
TikTok Shop
And a massive e-commerce platform

Check out Steven’s short below 👇

WHERE IN THE WORLD IS THE BEARD GUY?

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

WHAT YOU MISSED LAST WEEK

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

BUILDING THE PROPER SYSTEMS FOR YOUR AMAZON BUSINESS w/ VANDANA RASTOGI

Watch the full episode here

7 Key Takeaways:

The Role of SOPs (Standard Operating Procedures):
- Record all the SOPs needed to operate your business. This is everything from the repeatable tasks to longer more advanced techniques. Then, prioritize which of these SOPs you’d like to record and then share with your VA. Start removing tasks off your plate and DELEGATE!
Detailed Structure of SOPs:
- Each SOP should start with a clear purpose and introduction, followed by requirements, definitions of important terms, resources, detailed step-by-step procedures, and follow-up actions.
Utilizing Project Management Tools:
- Using a project management tool like Teamwork can dramatically help with task management and coordination. It allows for clear task assignments, tracking progress, and integrating with other tools like Google Workspace.
Centralized Documentation:
- Keep all SOPs, templates, and training videos in a centralized location, such as Google Drive. This ensures that team members can easily access the information they need, reducing downtime and improving productivity.
Consistent Naming Conventions:
- Implementing consistent naming conventions for files and folders helps in quickly locating documents. This approach reduces confusion and ensures that everyone is on the same page.
- For Example: LWN Folder→ LWN - SOP Folder→ LWN - SOP - Podcast Outreach Folder.
Master List of SOPs:
- Maintain a master list of all SOPs, categorized and easily accessible, helps in quickly finding and referencing necessary procedures. This master list includes links to templates and training videos.
Regular Updates and Reviews:
- Regularly reviewing and updating SOPs ensures that they remain relevant and effective. This ongoing process helps in adapting to new challenges and maintaining high standards of operation.

BONUS: Use a video recorder tool like Loom to quickly make instructional videos.

DON’T MISS THIS WEEK’S EPISODE!

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

Guests and topics are subject to change*

Wednesday - Affiliate Marketing Using Amazon Attribution

About Mike Begg:

Mike is an eCommerce entrepreneur, and currently, the co-founder of a digital marketing agency focused on the Amazon platform.

He made the jump to start his own business and get into eCommerce while he was working in real estate for Sears and could see the writing on the wall that the company was going down. At the same time, Amazon was in its ascendency and he saw a huge opportunity to build a business around it.

Join us us 12 pm ET on Wednesday! If you have a question for Jake, email me and I’ll make sure we ask it on Wednesday 😎

Watch LIVE 👉 Sign up here