One of the biggest problems sellers face on Amazon is finding the right product. The key is to try and eliminate every idea you can and only pursue the products you can’t find a good reason to ignore. In this episode, I will go over my process of product elimination. This is just one lesson in my new course, Product Launch Process.
I am giving away ONE membership for the new course. For your chance to win, enter at amazingfba.com/contest.
Product Idea Elimination Overview
Pan for Gold: Look for Demand
Demand
Three common errors:
Only measure an “average” product
Units sold per month
Taking “Average” Revenue without stripping out top 2-3 products
Brand Depth
Strip out top 2 sellers by revenue
Is there enough revenue left to divide up?
Brand Dominance
Is there a “Household name”?
Is there a Private label seller with several products?
ONLINE/Off Amazon Communities in Which to Look for Competitor Products
Non-social Media Google
Text search
Reverse Image Search! Forums
(Google search)
Reddit – Subreddits…
Social Media
Pinterest
Instagram
Facebook
Facebook Profiles
Facebook Groups
ASSESSING CURRENT COMPETITION
Look for signals in the communities:
Mentions of products/brands
Adverts
Look for advertising in own Social media user channels:
Youtube
Facebook
Google retargeting
Go and look at Online Store Sites for Specific brands/products
Reviews
Noobie Errors
Ignoring 1000s of reviews for top products
Under-estimating how hard it is to get Reviews now
Over-estimating how many reviews you need in smaller markets
Check Competitor Listings
Competitive Listings Newbie Errors
Paralysis Analysis
Remember: The game is… Product Idea ELIMINATION!
Don’t BOTHER Analysing Details if the OVERVIEW tells you it’s a no-go
Skipping analysis
IF the market overview looks promising
Don’t SKIMP on Detail Before going ahead!
Don’t miss out on your chance to win a FREE membership to my brand new course! For your chance to win, enter at amazingfba.com/contest.
In-depth Analysis
Photos Analysis
In-depth Analysis
Avoid analysis paralysis…
Only do in-depth analysis If the market looks viable
IF it does…Investigate the competition in great detail.
Main Photos
Search Results photos and price points.
Poor-looking products at a decent price? -Could you produce… a better product?
(stronger, more user-friendly, etc.) …a more beautiful product?
Reviews Analysis
Rating = Average Review
Most sellers undervalue this
Beat 100s of reviews IF… 5* average
Everyone 4.7-5.0 * average? EXCELLENT to compete or leave
Everyone 3-4* average… Asking for trouble?
The Sweet Spot
A few products have 3-4 star average reviews (Losing products)
Many have 4.5-5 stars (Winning products).
If the market looks over competitive, just walk away
Successful products
Check products with high sales & High average review (4.5-5*)
What do people like? (5* reviews)
What could be improved? (1-2* reviews) Remember 3* reviews – more balanced
Less successful products
Check products with low sales & products with low average review (3-4*)
What could be improved? (1-2* reviews) Remember 3* reviews – more balanced
Point of difference
What do consumers seem to WANT That is not being PROVIDED?
You’re always looking for a GAP Between Demand (consumer wants) And Supply (available products)
In-Depth Analysis: Text
Words – 2 Aims:
Ranking (Algorithm) (get listing SEEN)
Conversion (Humans) (get people to BUY)
Ranking
All about keywords
Individual keywords e.g. copper, bracelet
Keyword phrases e.g. “arthritis bracelet for women”
Ranking
Check ranking for important keywords using tools
Tools include: Helium 10
CashCow Pro* Market Intelligence
Title
Is the title boring?
Is the title just stuffed with keywords?
Does it LACK important keywords?
Is the title easy to read?
Is it all features, no benefits?
Bullet points
How many Bullet points? Skim read?
Detail?
Mostly features? Clear benefits?
Keyword rich?
Differentiate or DIE
Differentiate – Base it on the BRAND!
PAP- Person and Pain!
PERSON: Who is under-served?
e.g. Men, women, older etc.
What Values are under-served?
e.g. environment, spiritual
PAIN: What pain is not addressed? • e.g. rheumatoid arthritis in ankle
Differentiate by Function
Similar to other devices, aim different
e.g. Massager but for arthritis in wrists
Different looking design, same aim
e.g. massage device that looks like a bracelet
Extra functions
e.g. has multiple speeds • Stripped down functions
e.g. only one massage speed (Feature) • but lighter, cheaper, simpler (Benefits)
Differentiate by Design
Materials?
Shape?
More obviously “designed”
Summary of Differentiation: Dig Deep!
Dig deep: REALLY get to know your customer • Hang out where they hang out
Listen to the conversation
REALLY understand their choices
Follow brands
Buy products
Use them & analyse the experience
You have until 18 November 2018 to enter to win a FREE membership to my new Product Launch Process course at amazingfba.com/contest.
Watch Product Idea Elimination in Detail: Competitor Analysis
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