Liran is here and we’re going in-depth on his journey to Amazon and beyond covering his parents instilling in him the ability to achieve, most important daily metrics, the book that most influenced him and what his current sourcing strategy looks like.
- Two time seven figure private label seller
- Regular to Amazon Towers giving the Seller perspective
- Co-host to the Amazon Seller Podcast
- Partner in Amazing Freedom Training and
- Hunter of Scammers
What did your parents instil in you as a child?
- Brought up in Israel
- Dad took an offer to come to the USA as promotion with his work
- Education was very important in the family – striving for excellence
- If you got 90% then it’s not enough – instilled sense to succeed
- With three elder siblings there was a lot to live upto
- Siblings as Dentist, Solicitor and Project Manager / Entrepreneur
First Job as a Child/Entrepreneurial Memory
- Elementary school – brother bought candy near his school for 10c and Liran sold the candy for 25c in his school – arbitrage at an early age
- Being a camp councillor and working in a Restaurant
- When 18 years old got his real estate licence and ran around Manhattan to rent apartments
- Spent the whole Summer and sold only one apartment – a good lesson in hard work and the Hustle of New York real estate market
1st Meaningful Job you Enjoyed?
- At 19 years got internship and Citicorp Investment Services
- Dream growing up was to be a financial adviser / stock broker
- As a kid used to watch Dad’s friend trades stocks and loved seeing the stocks go up and down
- Made calls in the role and became a Sales Assistant before getting licences and becoming a financial adviser
- First real job in Corporate America nad very exciting
What was your first Owned Business?
- In Life Insurance in 2010 was the first real business and was a success
- Along the way from 2007-2010 had tried a bunch of things in Internet Marketing that had failed
- Buying and flipping domain names and affiliate marketing
- Bought a domain name in 2008/9 MyBear.com was going to be an e-commerce business that Liran was going to setup but didn’t get off the ground
- Later on would sell on eBay kids clothing in Gymboree clothes lines that had been discontinued
- These were side-hustles alongside the Corporate Job 9am-7pm and weekend for the side-hustle
- Once bought ZuZu pets and put it on eBay and years before knowing about selling on Amazon
- Always looking for a hustle until starting the Insurance Business in 2010
- Was in a Network Marketing company and became the no1 enroler for that company by creating a website and drawing people in
- Hired someone on Upwork to build this website and drive traffic to it and articles
- It worked and started getting leads that Liran called and sold them on the Network Marketing company to enrol
- Joined Facebook in 2008 to help with this marketing
- Doing this after work or before going into his day job as a bank manager
- Started making $5k / month and quit his corporate job to travel around with Jim Wolf selling Network Marketing
- This taught Liran a lot on learning techniques, psychological techniques and how to close someone
- Eventually company closed and Liran went back to corporate America
- Learned a lot about self-development as a result because in selling network marketing you all have a level playing field – to build the advantage you need to build yourself
Name a Business Book that has influenced your Life and Why?
- Think and Grow Rich – Napolean Hill
- Taught that you need to have a goal and a journey and vision in place with belief that you can achieve it
- Then take massive action around it to make it happen
- Really started Liran to have a drive
Something about you that no-one else knows?
- Hanging on the wall is a picture of Howard Stern from Liran’s wife
- Liran is a super fan and has listened to him over the last 28 years
- Message Liran with the secret codes from the shows…
Who is the biggest influence on your life and why?
- Starting out as an intern at Citicorp had two key influencers on Liran’s approach to selling and communicating
- Parents setting the high expectations of their children
Three most important positive habits you do on a daily basis?
- Lifelong learning is a key with daily reading, listening, watching and consumption to learn something new
- Spending time with family and daughter every day
- Meditation – not every day but every week
What investment do you make in your health habits?
- Did the Keto-diet and lost 20 pounds
- Joined the gym again recently
- Transcendental Meditation in 2012 that’s had a positive influence
- Healthy diet and maintaining good health
- Get better sleep when exercising
- Exercising in the evening (9-10pm) works for Liran as Wife and Daughter are asleep and so not stealing time from Family
One thing you believe in that goes against the grain for others?
- Work hard in school and get a good job was the old school mentality
- Liran is not such a believer in that
- If his daughter came and said she wanted to build a business rather than go to college – he would support it
- Believe in being transparent and honest – maybe not so against the grain
- Knowing when to say NO
- Been working on this recently – protecting time more and more often saying no to certain opportunities
What’s your darkest hour before the dawn?
- Toughest time personally more so was going through a divorce in 2002-3
- Got married at 21 and separated at 23 while she was pregnant
- Trying to do all that and pay attorneys, child support, doing work, fighting to see daughter all at once
- Was a difficult and challenging time in life
- Ended up meeting current wife a year later and best thing that could have happened in Liran’s life
Greatest comeback from adversity?
- Being able to find success in different industries has been an achievement
- Ability to move up in the corporate world was good
- Sold the insurance firm
- Amazon business successes
Most common advice you give to people?
- Have gratitude and be grateful for where you are – don’t complain about being busy as the alternative is not great
- Business side has no perfect roadmap for success in business as there are bumps along the way
- Having grit and perseverance to fight through the challenges
- Having the right mindset is the key to success
What advice should people ignore?
- When Family & Friends tell you you’re crazy for going for a business idea
- Getting away from a day job and having more freedom has been a big benefit to Liran
- Not taking the opinions of others who have not been there or done that
- Pay attention to their life before taking that advice
How did you get to Amazon?
- FIrst real foray into ecommerce was 2014 with a Facebook Ad for a course ‘Dropship Lifestyle’
- Was a pretty solid course on how to build a Shopify site and contact US companies and seeing if they dropship on a wholesale basis
- Cost $400 to setup a Shopify store and sold balance bikes for kids
- Learning more found groups on Facebook all about Amazon FBA focused on arbitrage
How much did you invest to get started?
- A few thousand dollars to get started
- Spent it on a few different things rather than all in one product
- Risk was quite low in not being able to sell stuff
- A good foundation to learn about best seller rank and shipping into Amazon before getting into Private Labels
- Learned a lot about flat files and variations
Your first product launch?
- Summer of 2015
- Had gone to ASD show in Las Vegas
- Sat on plane back with a guy with a $100m business in perfume nad electronics
- Was flying out to ASD to see one of his clients for the day
- Both had gone to the same high school so a connection
- He wanted Liran to come and work for him – but it went south after 2 months
- Motivation was to develop a private label product for them, so had the time to focus on the private label for himself
- Life was funded by commissions from Insurance sales so got on with it
- Started with FBA in Summer of 2015
Issues with Product Launch?
- Had used all the friends and family and incentivised review clubs ,etc
- In hindsight the learning was not being more aggressive in getting those reviews in as Sellers that had thousands of reviews back then have grandfathered themselves in
- Didn’t go as aggressive with the policy back then as he could have been
- Didn’t know of any launch methods (Viral Launch, Giveaways) until 2016 when they got more popular
- Had an initial product that did pretty well
- Second product did not do well
- Was at a wholesale show and saw a woman selling baby moccasins
- Liran didn’t think the wholesale price would work for Amazon
- She suggested to Liran he could get these made in China himself rather than buy wholesale
- Went for a premium quality leather and expected to got $18 over the $9 most people are selling them at
- Amazon is a price driven marketplace and realised that bringing in premium does not mean people will buy
Your Sourcing Process?
- Differentiation is important
- How to find ways to differentiate your product
- Products with design opportunity to them is good
- A barbecue glove can’t easily be differentiated
- Done some stuff that’s needed moulds – maybe $750 for the mould not bigger
- Have hired Designers for graphics and demo
- Like to go for little bit higher priced products $50-$150
Most important Daily Metrics?
- Daily profitability (daily sales – PPC costs and Cost of Goods)
- Look at regularly
- Lifetime Value of a Customer – you’re willing to pay more to acquire them
- Not got consumable type products to focus on this
- Would like to move into that more
- Monthly metrics is Sessions and Conversions to keep track of
Key Marketing Channel you couldn’t do without?
- Sponsored Ads is a necessary channel for launching private label products
- One of the best ways now to rank and launch PL products
- Amazon is that necessary channel for Liran
- Have tried eBay and more effort in selling through the website but not the focus
- Put a bunch of money into an Agency to run ads for the website – it didn’t work
Biggest win as an Amazon Seller?
- Transitioning from Arbitrage to Private Label was a key milestone
- Started getting infringement claims while doing arbitrage and so decided to stop and go all in on Private Label
- Waiting for a possible offer on one of his brands – a nice milestone if it comes through
Planning on Exiting the business?
- Being able to come into the game and leverage knowledge to make another income stream
- All the brands you build – you make your money when you sell the business
- Goal is to grow a brand further with a partner and looking to sell next year
- Combined two brands into one account that made it more difficult to sell a brand
- If sold these two brands the goal would be to develop the remaining one and follow up the training and sharing
Where do you see your business in 2 years?
- Hopefully two exits and down to a single brand
- Taken some chips off the table to invest in more and put some away for the future
Outside of Friends and Partners – who do you rate in the community and why?
- Happen to be a big fan of Casey Gauss of Viral-Launch
- Really genuine and really wants to help Sellers
- His story is quite interesting
- Like Danny and respect a lot of what you do
- Respect my partners
Importance of Giving it Back and Paying it Forward?
- Side effects of Seller Sessions has been great for Danny with benefits beyond Money
- Sellers send Liran on Facebook all the time
- Never think of it as how can I monetise this….
- Great to share with others
- BNI – “givers gain” motto
- When you give to others you end up getting it back in return
- Networking is what got Danny & Liran together
- Putting yourself out there and striking up conversations with others can take you places
- A number of Liran’s best connections have come from Conferences
Worst advice you’ve heard given to Sellers?
- A seller asks something and another person in these groups says ‘That’s against Amazon ToS – don’t do it”
- People giving these limiting beliefs / advice are not the ones doing 7 figures
- Be careful who you listen to – is their mindset right for you?
- Make your own decisions
What advice would you give to advanced Sellers today?
- You want to be aggressive with Amazon
- In 5-10 years to grow and exit
- Take some chips off the table earlier – don’t always wait
- More competitors in the niche than a year ago
- ….a love hate relationship.
Seller Sessions Live talk
- Covering more than one topic
- Several things you can do in your business to get ahead and drive more revenue
- Advanced optimisation tactics with PPC
- Using some of the newer PPC features to your advantage (Dynamic Bidding)
- Writing better copy for headlines search ads / sponsored brand ads
- How to get great influencer videos for your business super-cheap
- How to use them off Amazon too
- Things you can go and implement in your business that day