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EP20: Importance of Product Selection
The number one priority in starting an business on Amazon is selecting the right product. Having the right product from the start, accounts for about 80% of your Amazon success.
A common thread I find when individuals start selling on Amazon (or businesses) is not having a brand in mind, that they can build a product range around.
Some people start selling and things start great by having a product that’s doing $10,000 – $15,000 per month, but they don’t have the end goal in mind. So when it comes to product number 2, they don’t have a complimentary product to release and have to start over the whole process again (rather than leveraging off your existing brand such as the packaging, email list, digital assests)
FUNDAMENTALS OF PRODUCT SELECTION
Having a brand in mind when you start, so it’s easier to find complimentary products makes it much easier when you launch your 2nd, 3rd and 4th product.
To make it easier to find a brand, then you can look at:
* What are your interests/hobbies
* Think of the things you often buy
* Check your credit card statement and see what you bought recently
DETERMINE THE MARKET SHARE
There are different tools that can be used in identifying the market share of a category.
One of the tools that I commonly used identifying the market share of a product is Junglescout.
One of the rules in finding a product, is there should be sales of between $10,000 to $40,000 dollars per month. This is the combined sales of all the products being sold for that niche.
Thoughts to remember
* Avoid over estimating the market size and opportunities. Competing with the big players or household names will make it difficult for you to compete or enter in that market.
* Start with a market that has between $10,000- 40,000 market per month.
OUTLINE OF THE EPISODE
[01:49] Fundamentals of Product Selection
[03:04] Determine Market Share
If you are an expanding business, want to launch or Amazon or just work with a trusted partner to sky rocket your Amazon sales, then please contact us to see how we can help.
We are Amazon consultants that work with the top 1% of Amazon sellers and our goal is to give your business a 50% increase in sales within the first 6 months.
CoachAMZ are the Amazon optimization consultants who deliver real results for their Amazon FBA customers
View all episodes
By CoachAMZThe number one priority in starting an business on Amazon is selecting the right product. Having the right product from the start, accounts for about 80% of your Amazon success.
A common thread I find when individuals start selling on Amazon (or businesses) is not having a brand in mind, that they can build a product range around.
Some people start selling and things start great by having a product that’s doing $10,000 – $15,000 per month, but they don’t have the end goal in mind. So when it comes to product number 2, they don’t have a complimentary product to release and have to start over the whole process again (rather than leveraging off your existing brand such as the packaging, email list, digital assests)
FUNDAMENTALS OF PRODUCT SELECTION
Having a brand in mind when you start, so it’s easier to find complimentary products makes it much easier when you launch your 2nd, 3rd and 4th product.
To make it easier to find a brand, then you can look at:
* What are your interests/hobbies
* Think of the things you often buy
* Check your credit card statement and see what you bought recently
DETERMINE THE MARKET SHARE
There are different tools that can be used in identifying the market share of a category.
One of the tools that I commonly used identifying the market share of a product is Junglescout.
One of the rules in finding a product, is there should be sales of between $10,000 to $40,000 dollars per month. This is the combined sales of all the products being sold for that niche.
Thoughts to remember
* Avoid over estimating the market size and opportunities. Competing with the big players or household names will make it difficult for you to compete or enter in that market.
* Start with a market that has between $10,000- 40,000 market per month.
OUTLINE OF THE EPISODE
[01:49] Fundamentals of Product Selection
[03:04] Determine Market Share
If you are an expanding business, want to launch or Amazon or just work with a trusted partner to sky rocket your Amazon sales, then please contact us to see how we can help.
We are Amazon consultants that work with the top 1% of Amazon sellers and our goal is to give your business a 50% increase in sales within the first 6 months.
CoachAMZ are the Amazon optimization consultants who deliver real results for their Amazon FBA customers