Published Date: April 06, 2022, at 2:30 PM
In Today’s Roundup:
- The Big Idea: 3 Keys to Finding A Million-Dollar Product
- Amazon Seller Data Of The Week: Are you managing your experiments?
- Tribe Spotlight of the Week: Getting Your First Amazon Sale
- Funny Review of The Week
THE BIG IDEA
3 Keys To Finding A Million-Dollar Product
What are the keys to finding million-dollar products?
Andy here. Last week we talked about how to find products to sell on Amazon. Today, we will continue talking about that, but also focusing more on product discovery and identifying sales demand.
But before we get into that, let me share this story with you…
In the early 2010s, I used to sell products on eBay. I’d often go back and forth to the post office to ship products to the actual customers – pretty much every day.
Fortunately, in 2013, I was introduced to Amazon’s Fulfillment by Amazon (FBA) program. Instead of going back and forth to the post office, I shifted to almost 100% FBA. This made scaling up much easier as I didn’t have to figure out how to get literally hundreds of packages individually shipped out every week.
In Amazon FBA, there’s an opportunity for small businesses to scale in massive size as Amazon does the heavy-lifting.
Recently I made a trip to my grieving father after my mom passed away a couple of months ago. I spent five days there with my son. The beauty of having an e-com store with Amazon? The business continues to run on its own, even when I am spending time with my father in another state.
So, what should we look for in a product that will make you say, “Hey, this is at least worth exploring further”?
To answer that, we should always consider these two main factors:
1) Product Demand
You should ask the questions, “Is there enough demand?”, and “Is there lots of competition with the same product?”
For demand, no matter how good you are at branding, if there’s no demand for a product, it’ll be very difficult to manufacture and force your way into the product’s market.
When focusing on the competition side, you are trying to determine “Is there room to compete?”.
So, once you have gone through the data to determine that there is enough customer demand, what are some easy ways to determine whether the competition might not be too fierce for a product you are looking at?
Here’s 3 “listing quality” signs that always get me excited:
1. Look for a product with just one main image.
Most likely, this brand is using Amazon as a secondary sales channel and not focusing on it. If you were
to come in and you have a good listing, you can probably compete with this product. Seeing a product that is selling well with only 1 or 2 images always gets me to dig deeper.
2. Product with no bullets or extremely limited bullets.
If you come across a product that has bullets that really don’t describe the product well, or no bullets at all – that’s another sign of a poor listing. To a lesser degree, a listing that does not have A+ content likely doesn’t have an aggressive seller controlling the brand.
3. Look for products that have negative reviews that can be easily overcome.
It always intrigues me when I see a product with terrible reviews but still selling $100k+ a month! It usually means that there’s a big appetite for this product despite the poor quality/experience.
Now, that was a simplified look at evaluating competition and there are a lot of nuances involved. Watch the full discussion I had with Nate to see exactly what we look for in potential million dollar products.
AMAZON SELLER DATA OF THE WEEK
Are You Managing Your Experiments?
Most sellers aren’t taking advantage of all the features Brand Registry gives them.
The Manage Experiments feature is a great example, which allows sellers to do a true and automated split-test for certain listing aspects (Titles, Main Images and A+ Content).
This allows sellers to test and identify any possible areas of improvement to boost sales conversion.
Here’s a great example of an experiment we did for A+ content on one of our listings:
We had two different sets of A+ content tested over a period of 6 weeks (this can be adjusted to your needs).
The main difference between content A and content B is that the former was heavier on text, which gives more information. While on the other hand, content B was more like an infographic (less focus on text and more focus on big graphics).
Our hypothesis to start was that B was going to outperform A. But, you really never know, right? And even using 3rd party platforms like Pickfu can’t give you the real-life stats that Manage Your Experiments can.
In four out of the six weeks, content B performed better. Week 1 was a tie and Week 3 is where A performed better. However, there is no denying that B definitely performed better over the entire 6-week period as it translated to $900 more in sales. That’s why it’s important to have a long-enough testing period with enough impressions to make sure your result is statistically sound.
Right now we are running a ton of main image tests and title split-tests and will come back with the results soon!
AMAZON SELLER TRIBE SPOTLIGHT OF THE WEEK:
Getting Your First Amazon Sale
Find Out How This Tribe Member Made His First Sale By Following The Teachings Of The Amazon Seller Tribe
Every week I usually talk about a new million-dollar Tribe seller.
But just as important (or maybe even more), is getting that very first Amazon sale!!
And sometimes all it takes is being in the right place.
This is exactly what happened to a brand new Amazon Seller Tribe member named Harry.
Harry was having a hard time getting that first sale. He had been studying the ins and outs of Amazon for months. Once he felt like he had done his homework, he launched is account!!
Anddddd….. *Crickets*. Nothing happened.
Harry desperately tried to apply everything he learned without any real strategies to make his business work.
Then, after spinning his wheels for a while, Harry joined the Amazon Seller Tribe to find a fresh perspective.
And voila! After following the tribe’s teachings, he finally made his first sale yesterday! Today, he was able to make his second sale. And based on what is happening, he’s likely just getting started.
You can see Harry’s success story from the images below:
As you can see, the Amazon Seller Tribe is unlike any group out there. The goal of the Amazon Seller Tribe is to have a positive impact on the lives of as many Amazon sellers as we can reach.
This is the reason many of the tribe members are willing to share their tricks and secrets without any hesitation because it is what the group preaches to everyone.
So, if you’re looking for a group that can help you get the ball rolling for your business and accelerate its growth in an exponential way, the Amazon Seller Tribe is the group that you are looking for.
Join the Amazon Seller Tribe today and see the positive change it can make for your Amazon business.
AMAZING FREEDOM PODCAST SPOTLIGHT
Gaining $30M of Amazon experience.
Have a hard time looking for a million-dollar product to sell on Amazon?
Don’t be hard on yourself because you are not alone…
Today, Nate and I are going to share with you the 3 key things we look for when sourcing a product to sell on Amazon.
- 8:29 to 9:24 It all comes down to competition and demand!
- 12:37 to 12:52 Don’t discredit a bad review!!!
- 14:16 to 15:21 Turn those negative reviews into positive reviews!
- 15:44 to 16:31 3 ways to take note of when you’re looking for products!
P.S. Can you do me a quick favor? Please leave feedback on our Apple Podcast to promote it. Thanks!!