Product Idea Elimination - a podcast by Michael Veazey

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

Further episodes of Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

Further podcasts by Michael Veazey

Website of Michael Veazey