3 Keys To Look For In 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

2) Competition

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.