“Private Label” has been a buzzword in e-commerce for several years. But what does it mean for Amazon sellers in 2022? Well, private label product development is a key part of the picture.
So, how do we beat the competition? And stay ahead of them too? On Amazon, one question stands out. How do we make our products different from the competition? Simply this: the key is never to compete only on price. Get this wrong and at most, you’ll make empty sales. Sadly, that usually means no profits and probably a loss.
Get this right and you have a chance to make sustainable profits. Amazon private label product development is the key to success. Without a differentiated product, marketing has no chance. With one, it has a flying start. Then marketing’s job is to explain those differences clearly.
In this 3rd episode on this topic, we dive further into Michael’s principles for product development.
What you’ll learn
- Why talking to users while developing your product is critical
- Why scaling issues should NOT be your focus at the start of a new project, business or product
- The multiple upsides of quick iterations
- Why low MOQ beats capacity to scale when sourcing
- Why mentality matters and how it changes everything else
- What iterating is and why it’s so critical
- How “failing fast” is the fastest way to finding what works
- Kickstarter – crowdfunding site for startups/new products
- Ycombinator – co-founded by Paul Graham (company motto: “Make something people want”)
- The Corridor Principle – Robert Ronstadt