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June 14, 2019

#332: Amazon Product Research: The Open Secret

Product research not equal market research

Being product centred and focussed on numbers – using tools like Jungle Scout, Helium 10, etc. –  on Amazon is what everyone does.

Hyper-competition = we HAVE to differentiate.

“Zig when they zag” (Andre Chaperon)

You need to have a differentiated business model to create a differentiated product.

If everyone starts on Amazon – get off Amazon.

Numbers vs. People

  • Keywords as the start vs. People as the start

“Grow where you’re planted” (Verne Harnish)

Start with jobs, hobbies; activities of spouses, friends, family

It has so many advantages: 

  1. You’re going to care more

As Seth Godin puts it “you care enough to get hit” (he was talking about ice hockey, not street violence!)

  1. You already have a knowledge head start
  2. You’ll understand the customer better
  3. You can literally talk to your future customer

Start with your customer (PAP)

Don’t start with a product and search for the customer.

Decide on your ideal customer.

Talk to them! Find pain.

Pick a pain.

PAP – Person and Pain

Develop a product with and for your customer. 

Custom manufacturing 

Ryan Schaffer’s episode of 10K Collective podcast 

Of course, you should run the marketing numbers before ordering!

Don’t start selling to profit; develop to learn 

First thing is to iterate product – or find other ones –  until good enough for a private customer.

The second thing is the same with a pilot project until the market likes it.

Only then are you aiming to roll out on a big scale and go for profit.

Doing both is ideal (profit plus learning). But that’s a bonus.

“The only way to fail in business is to run out of money” (Anon)

Cashflow trumps “profit” as well.

Don’t worry about profit initially; instead, think of minimising risk and making sure you can afford the downside if it happens. (Risk-reward ratios)

Watch my discussion of Amazon Product Research: The Open Secret

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Michael Veazey


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