When should you diversify off of Amazon? A Strategy Audit Session with Damon Sununtnasuk

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In this episode of the Ecomm Breakthrough podcast, host Josh Hadley interviews Damon Sununtnasuk, a supplement brand owner. They discuss Damon's business growth and the strategy audit session that helped shift his mindset. Damon shares his experience with funding challenges and the transition from a day job to managing his brand full-time. They explore the risks of relying on Amazon and the benefits of diversifying sales channels, including success with TikTok Shop and influencer partnerships. Damon recommends the book "Finish Big" for entrepreneurs considering their exit strategy and praises the logistics company Mothership for inventory management. He also admires Chris McCabe, an expert in resolving Amazon-related issues. The episode provides insights into strategic thinking, platform utilization, and partnership building in e-commerce.> Here’s a glimpse of what you would learn…. Damon Sununtnasuk's journey in growing his supplement brandChallenges and opportunities in the e-commerce space, particularly in the supplement industryImportance of clarity in business goals and mindset shiftsRisk of over-reliance on Amazon as a source of revenueLeveraging TikTok as a marketplace and diversifying channel strategiesVisualization tool called the taxonomy of valuation for businessSuccess of leveraging TikTok Shop and working with influencers and affiliatesStrategic thinking and building meaningful partnerships in e-commerceBook recommendation "Finish Big" by Bill BurlinghamProductivity tool "Mothership" for moving inventory and palletsIn this episode of the Ecomm Breakthrough podcast, host Josh Hadley interviews Damon Sununtnasuk, a supplement brand owner. They discuss Damon's business growth and the strategy audit session that helped shift his mindset. Damon shares his experience with funding challenges and the transition from a day job to managing his brand full-time. They explore the risks of relying on Amazon and the benefits of diversifying sales channels, including success with TikTok Shop and influencer partnerships. Damon recommends the book "Finish Big" for entrepreneurs considering their exit strategy and praises the logistics company Mothership for inventory management. He also admires Chris McCabe, an expert in resolving Amazon-related issues. The episode provides insights into strategic thinking, platform utilization, and partnership building in e-commerce.Here are the 3 action items that Josh identified from this episode:Action Item #1: Diversify Revenue Streams: Take a critical look at your business's revenue sources and consider diversifying beyond platforms like Amazon. Explore emerging channels like TikTok Shop and prioritize partnerships that align with your brand's values and mission.Action Item #2: Strategic Clarity and Mindset: Clearly define your business goals and regularly assess the current state of your operations. Adopt a mindset focused on strategic clarity and operational efficiency, emphasizing areas with the highest impact on your business's value drivers. Action Item #3: Prepare for Exit: Incorporate exit planning into your business strategy from the outset, regardless of whether you envision a near-term or long-term exit. Familiarize yourself with resources like "Finish Big" by Bo Burlingham, which emphasizes the importance of preparing for a successful transition. Resources mentioned in this episode:Josh Hadley on LinkedIneComm Breakthrough ConsultingeComm Breakthrough PodcastEmail Josh Hadley: Josh@eCommBreakthrough.comSmall Giants: Companies That Choose to Be Great Instead of Big, by Bo Burlingham The 4-Hour Work Week: Escape The 9-5, Live Anywhere And Join The New Rich By Timothy FerrissSpecial Mention(s):Adam “Heist” Runquist on LinkedInKevin King on LinkedInMichael E. Gerber on LinkedInRelated Episode(s):“Cracking the Amazon Code: Learn From Adam Heist’s Brand Scaling Secrets” on the eComm Breakthrough Podcast“Kevin King’s Wicked-Smart Tips for Building an Audience of Raving Fans” on the eComm Breakthrough Podcast“Unlocking Entrepreneurial Greatness | Insider Secrets With E-myth Author Michael Gerber” on the eComm Breakthrough PodcastEpisode SponsorThis episode is brought to you by eComm Breakthrough Consulting where I help seven-figure e-commerce owners grow to eight figures. I started my business in 2015 and grew it to an eight-figure brand in seven years.I made mistakes along the way that made the path to eight figures longer. At times I doubted whether our business could even survive and become a real brand. I wish I would have had a guide to help me grow faster and avoid the stumbling blocks.If you’ve hit a plateau and want to know the next steps to take your business to the next level, then email me at josh@ecommbreakthrough.com and in your subject line say “strategy audit” for the chance to win a $10,000 comprehensive business strategy audit at no cost!Transcript AreaJosh (00:00:00) - Welcome to the Ecomm Breakthrough Podcast. I'm your host, Jos...