Ep. 140 ~ Scaling a Business with Rapid Growth ~ Jungle Scout w/ Greg Mercer
“When you're small and lean (in business), you can do things that can have a BIG impact” Greg Mercer
Today podcast listeners, we have the founder of Jungle Scout with us, Greg Mercer. A few years ago Greg was plugging away working 35 hours a week on his own FBA store while working 5 hours a week at his engineering job. He realized how capital intensive Amazon FBA was and thought there had to be a better model he could create. While doing this Greg identified his pain point, realizing it was very hard to figure out the demand for products on Amazon. Thus he created Jungle Scout. Jungle Scout is currently used by over 52,000 Amazon sellers, it is a total product research solutions that help you come up with product ideas by filtering through Amazon's catalog and finding the items that meet your criteria. Basically, it provides all the information an Amazon seller needs to pick the perfect products. Research made easy.
Today, we will get into how Greg built a business of this size as rapidly as he has. Jungle Scout is now just over two years old. We will talk about what he had to do to find a successful niche like this and how he scaled this rapid growth.
“Create a business that makes other people a lot of money.” Paul Levine
13:30 The Ethical Bribe
15:10 Why did Jungle Scout succeed where 99% of Software companies fail?
17:55 Law of Reciprocity
22:43 Questions to ask yourself about pricing
“Value add, value add, value add, sell!” Dave Aarons
An Epiphany On Pricing
4 questions to ask customers about pricing: (from Price Intelligently.com)
1. At what price would this be too low - you wouldn't trust it?
2. At what price would you find is a great deal?
3. At what price would you find this expensive, but worth considering?
4. At what price would this be definitely too much?
Michael Smith author of Intuitive Leadership Mastery