Researching on Amazon: Knowing Exactly What Items to Sell on Amazon in the 22nd Century
Today you are going to see how the product selection strategy that grew my Amazon FBA Biz by 450%.
(In 13 months)
The best part?
I didn't need to compete with 100's of other sellers to sell several hundred of my product every month.
In fact, my exponential growth came from changing where I looked for potential home-run products.
And in this step-by-step guide, I'll show you the strategy that I employed as well as several tactics that enabled me to scope out my best-selling product like a navy seal sniper does his target.
The Most Effective Product Discovery Strategy for 2020
In this section, I will lay out two selling strategies.
1. The first strategy is taught in most Amazon FBA Courses,
and while it was effective a few years ago,
it's profitability (both long-term and short-term) is in rapid decline because of the
exponential increase of sellers that are entering the FBA private label space.
2. The second strategy is not new,
but it goes unused by the majority of merchants because,
it does require a significantly more effort upfront.
1. The Most Common Amazon Selling Strategy:
And most sellers are in a rush to bring their product to market as they are narrowly focused on the common cliche "success loves speed."
And they forget the aged wisdom of Benjamin Franklin:
"If you fail to prepare, you are preparing to fail."
But one physical products seller-turned-marketing-expert has taken that founders advice seriously:
And he's currently worth over 160 million dollars at the young age of 42.
But forget that,
speed is better right?
If you are one of those impatient sellers,
looking for more education on how to get your products listed on Amazon to get a few quick sales,
then go no further than the courses that teach only the nitty-gritty without the end in mind like the famous one that thinks that selling on Amazon is more of a mechanistic process than an art.
These common courses limit themselves to covering the basics:
But your goal needs to be bigger than simply making a few sales on Amazon.
You want to be able to make enough profit that you can leave your 9-5 behind and enjoy a life of freedom.
Unfortunately, a solid percentage of sellers don't sell more than 25,000 dollars in lifetime profit,
38.2% according to Jungle Scout:
To replace your full time income,
you'll need to be over 50k a year in profit,
which means you'll need to be making over $200,000 in sales
(assuming you have a 25% profit margin, which in turn means after all expenses are paid, you'll take home 50,000 dollars).
Only 30% of 3rd party Amazon sellers make that much (and it took most of them 12-24 months to do it).
So be aware if you start Amazon FBA,
you'll probably need to be working at least part time for the first year or two before you are able to make enough to free yourself completely from your 9-5 job.
Be sure to get your mind right.
Building a business takes time,
and if you are expecting a get rich quick scheme,
you probably should look elsewhere.
2. The Secret Strategy to Successful Selling on Amazon
But if you want to enjoy success on Amazon in 2020 and beyond,
enjoying year upon year of regular sales with low levels of competition,
and learn all the above
but also the bigger picture:
4 Marks to look for in a product with a 7-figure potential:
While the other characteristics are fairly self-explanatory,
I didn't understand pain points when I first got into business,
so I've added a brief bit of elaboration here:
A customer's pain point is really the problem they are looking to solve:
- Pool advertisers solve the problem of people being hot outside during the summer: put a pool in your backyard!
- Cell Phone Case Sellers solve the problem of people dropping their phones and breaking them easily: Protect Your Phone with a Case!
- Chair Sellers solve the problem of people not having a comfortable place to rest in their homes: Take a Load off in this Easy Chair!
- Car Sales people solve the problem of people not being safe or fuel-efficient or not-looking-cool on the road: Keep Your Kids Safe on the Way to School!
- Organic Honey Sellers solve the problem of people not being prepared for allergy season: This Sweetness Stops Your Sneezing!
- Bottle Sellers solve the problem of people not having water easily accessible or fitting in at the gym or not being able to mix their sports protein drink easily: Stay Hydrated Today!
6 Unique Places to Look for Unusual Products
Top 4 Product Selection Mistakes:
Conclusion of Product Selection:
When you are looking to sell products on Amazon,
take a month to truly do your due diligence on your product and actually make the best decision you can.
once you make your decision.
Let that be your decision.
Don't sit there and second guess yourself.
Put all your effort into making it successful!
Create the best quality listing!
Have a superb follow up sequence that knocks the socks of your buyers!
If you want to find out more about selling on Amazon,
check out my complete guide to Amazon FBA that I wrote with 2020 in mind.
And if you think that selling physical products is too much of a hassle
and you'd rather not deal with shipping, suppliers, packaging, Amazon Account Suspension etc.
You might check out the lead gen coaching program that helped me quit my 9-5 back in 2015.
Your Future is up to you.
Take responsibility and make a decision.
Don't let just let your life pass by.