By Martin Heubel, Amazon Strategy Consultant at Consulterce
Most business leaders shout about their data-driven approach to decision-making. Yet in 90% of critical decisions, data is sidelined in favour of the seniority of decision makers.
The reasons for this are rooted in human nature:
- Fear of failure
- Distrust in their team
- Assuming data analysis will take too long
The problem is:
When developing your business with Amazon, making decisions based on your “gut” backfires almost always immediately. That’s because Vendor Managers inform all their decisions based on the performance of your account.
And Amazon’s business model is hardly comparable to any other retailer. Which means your past experience most certainly won’t apply to its business model.
So how can you increase your chances of making better decisions with Amazon?
By basing 99% of your decisions on data
Want to know how much you can increase your cost prices with Amazon?
Analyse how your Average Selling price compares to your Average Cost Price.
Don’t know if you should continue selling unprofitable items on Amazon?
Analyse how your low-margin range contributes to first-time shoppers buying your brand.
Here’s the thing: Making decisions without data should form the exception, not the norm of running your Amazon business.
For further information and support, contact Martin Heubel here
