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October 26, 2016

#103 Finding a Killer Amazon Product Part 3: Panning for Gold – Demand Research

Panning for Gold
Panning for Gold

After having found great product ideas, the big phase we are now in is the FILTERING stage – panning for gold!

Now we look at the overall Demand and check for demand depth. If nobody wants your product – just eliminate and move on.

The easiest tool I reach for here is the same each time: the Jungle Scout Chrome Extension.

OVERALL DEMAND 

Firstly: Don’t get obsessed with units sold per month. Traditionally you look for 3000 units/month sold on page 1 – which means per product, about 300 units a month or 10 a day.
I no longer care about that. I just want $10,000 per month per product – even $5000 a month is fine if profit margins are high . It’s in fact much better to have the same turnover from fewer, higher priced products because a lot of the costs per unit are similar  – so in other words, you make more profit if those units are

DEMAND DEPTH

If you strip out the top 2-3 sellers (by $ or £ or € etc) on page 1, and you have little demand left, it’s not going to be worth going into this market.

Simple filters, but they will remove quite a few potential products – the ones that are left are the ones to take the next stage!

Watch Find a Killer Amazon Product Part 3: Panning for Gold – Demand Research

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Michael Veazey


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