242 How to sell on Amazon – Amazon Private Label Life part 2
On the last episode of The Amazing FBA, I talked about the realities of private label selling on Amazon. Consider this part two about how to sell on Amazon. Today I’ll be talking about some more practical tips. Don’t forget! If you want to sign up ETTR (Escape the Rat Race) Workshop, we’ll be covering all this and much, much more!
How to sell on Amazon: Skills You’ll Need To Learn: Niche, Source, and Launch
Market Research (AKA Product Research)
The first thing to do when it comes to market research is come up with some ideas. I like to split this process up into two parts. One I call PIC (Product Idea Creation), and the other I call PIF (Product Idea Filtering). With product idea creation you start with one idea and go to 100 or more; with product idea filtering you start with 100 or more ideas and filter them down to three or four excellent ones.
Product Idea Creation: Sources of Inspiration
The weirder, the better. Rock climbing is obviously better than football because everyone does football.
- Home Life
Anything you touch, in the home, in the kitchen, in the bedroom, in the bathroom. Anything can be a product you sell on Amazon. Again, the weirder or more niche, the better. If you do something standard, you’re going to get a standard result. That result will be competing with everyone else.
- Touch List
If you’re having trouble coming up with creative ideas, make a list of everything that you touch in a day. I wouldn’t go with complex electronics. They’re stressful because they come with a high rate of failure. You can, however, sell related items. Don’t sell phones, cell phone cases.
- Specialist Magazines
Specialist magazines are perfect for finding niche products related to specialized activities when learning how to sell on Amazon. A great example of this is the grigri. It’s a belay tool for climbing. Will Tjernlund was talking recently about how he’d just gotten into climbing and that the grigri is one of the most fantastic niche products out there. Inside the rock climbing community, everyone knows about it. Outside nobody does. These are the types of products you’re looking for.
- Specialty Shops
Sports shops fit into this category, but it could be anything. Music, dance, whatever you know that other people don’t is a potential business advantage. Start with what you know. You don’t have to be wedded to it but start there.
- Trendy Shops
Local shops can be an excellent inspiration for niche product ideas to sell on Amazon. Hipster tea shops in London come to mind as places that could be interesting to explore.
- Social Media Tribes
You can be online but be creative. Don’t go to Amazon for product ideas. Find tribes online. Facebook groups, blogs, YouTube channels, RSS feeds, Instagram, Pinterest… find a group that’s into some strange activity; people who spend money on products that aren’t well known.
Keywords: Keep It Simple!!
Computers are good at analyzing data; people aren’t. People are good at stories. Imagine a person who needs to solve a specific problem and solve it for them. Don’t rely on just one keyword. Use multiple variations.
Are people buying products in this niche?
- Demand Depth
If you’ve found a $100k market, but the top two sellers are each selling $50k, there may not be room for your product in this market.
If things are being sold at a few pounds or dollars, it may be hard to make money. Generally, I stay away from low price markets.
- Price to Revenue Relationship
Put simply, it’s important to look at the margins. If all the items in a particular niche are priced highly, it’s not necessarily a good thing. Analyzing the price to revenue relationship is essential.
The number of reviews a product has isn’t necessarily significant. If the average review is three stars, you can have 100 reviews; nobody is going to buy your product.
Sourcing Your Product
There are a lot of things to think about when sourcing your product. Finding suppliers, managing conversations, negotiations, quality control, freight and importing and Amazon inbound shipping, it all matters.
Launching Your Product
If you’ve done your homework, this should be the easiest part of the process. Write a product listing, do your keyword research, research the benefits of your product, blend the two in the copywriting process, use great photographs and images, and you should be on your way to making money on Amazon in no time.
Getting reviews can be tricky. Using email follow-ups and launch services can be imperative. You don’t need a million reviews to sell a product, but you must have some.
When it comes to ranking, SuperURLS don’t work, but there are some tricks you can use. Launch services and pay per click ads are two ways to make sure you’re ranking on Amazon. You can also improve your ranking by finding understanding things like conversion rate and sessions. Pay per click numbers can get ugly quite quickly, but they’re something you absolutely must understand if you’re going to pay for ads on Amazon.
Customer Service & Account Maintenance
Eventually, you’ll have to deal with things like negative reviews, account health, and things that could risk getting you suspended by Amazon.
Wow! That was a lot to get through! Fortunately, if your head is spinning, and you live in the London area, you can participate in the ETTR (Escape the Rat Race) Workshops. They’re a collaborative effort between myself and Christian Rockwell (Escape the Rat Race).
Don’t miss this opportunity! Spots are filling up fast. Included are the Workshop, three months in my Mastermind Program, and 90 minutes of Mentoring with me! Everything you need to learn how to sell on Amazon and get all these skills down to start making money selling on Amazon!