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Podcast: Amazing FBA
Episode:

Product Idea Elimination
Category: Business
Duration: 00:49:33
Publish Date: 2018-11-16 03:07:27
Description: 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
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