The Importance of Your Discount Strategy – Corey Thomas – Amazon Legends – Episode #233
05/16/23 Nick Uresin
The guest on today’s episode is Corey Thomas. He has lived in the Amazon ecosystem for the last decade, doing everything from creating a multi-million dollar reseller account to building one of the fastest-growing Amazon direct-import businesses in the world. Seeing the massive opportunities available to companies that can compete effectively in the Amazon marketplace, Corey launched one of the first Amazon Exclusive Agencies in 2016. Today, Corey applies all of his talent and expertise to a broad AMZ Atlas client base in desperate need of hyper-focused Amazon services. Corey earned his MBA from the University of Portland in Portland, OR. In today’s episode, he discusses the importance of your discount strategy.
Takeaways:
- Price carefully: If a brand’s online prices get too low, it may be challenging to make the leap to traditional retail.
- It is crucial for brands to have control over their products and know their customers like a financial institution to avoid unwanted resellers.
- Brands should accept the fact that retailers may want to increase their product orders, but they should also be aware of the true demand for their products and not just assume it has grown based on the increase in orders.
- Stores are there to maximize their revenue per square footage—nothing to do with the product. So if the product is not selling or it’s not making enough, They will dump your product.
- Be cautious about offering steep discounts, especially on Amazon, as it could attract numerous resellers who could hurt your profit margins.
- To have retailers in your diversified portfolio of wholesale customers, you need to produce a product that has enough value that you can produce at a reasonable cost. You need to be making a 40-60% margin as the brand yourself if you have any hope of breaking into retail.
Quote of the Show:
Links:
- Email: corey@amzatlas.com
- Personal – LinkedIn: https://www.linkedin.com/in/corey-thomas-249b7564/
- Company – Website: https://www.amzatlas.com/
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