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Podcast: Amazing FBA
Episode:

Amazon Product Research
Category: Business
Duration: 00:27:02
Publish Date: 2019-06-14 00:40:25
Description: 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:  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!) You already have a knowledge head start You’ll understand the customer better 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)
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