If you want to make real money on Amazon, you have to be selling the RIGHT product.This seems simple, right? Well, it’s actually a little more complicated than you’d think…
There are literally millions of products being sold around the globe—with varying degrees of success.You obviously want to back a winning horse, though, so you need to know how to choose a winning product on Amazon. I’m going to help you to find the perfect product that matches your needs.
We're going to find that perfect product for you by taking a look at 4 easy tips that will help you choose a winning, money-making product.
Tip #1: Create An Ideal Customer Profile
If you want to sell to the right customers, you need to know what those customers look like.
While obviously not every customer is going to be exactly the same, it’s good to have a general idea of the type of person that you are looking to sell to.When you come up with this person, really think about every aspect of their life. To take it to the next level, even consider naming them and finding a photo that best represents them.
Consider things like their:
- Marital Status
- And So On
From there, you can create a more vivid image of the ideal customer.
Once you have your ideal customer created, get in their head. Think about the things they like, their habits and their triggers. Then, start looking for a product that you can sell on Amazon that you absolutely know they would LOVE.
Also, look for a product that will hit their pain points, and help them to solve whatever issue they most likely have in their life.By knowing whom it is you're selling to, you can find the right product to meet their needs.
Tip #2: Look At Trends In Your Industry
Industries are like living organisms—they grow and change over time.If you want to succeed in any given industry, you need to start looking at the trends in your industry. By unlocking these trends, you’ll be able to forecast the future and find products that you believe will match that future.
Let’s say that you're in the weight loss industry and you hear about a new diet that focuses heavily on a particular food that is sold in powdered form. By understanding this trend, you can start stocking up on that powder.Finding the right trends in an industry takes some time and research. Still, if you're really deeply involved in your industry, you’ll start to see these trends coming from a mile away.
I'd suggest joining message boards and Facebook groups that relate to your industry and getting involved in the conversation. See what your potential customers are talking about and what seems to be getting more popular.
From there, you can find specific products that match these growing trends.
Tip #3: Consider What Is ALREADY Popular on Amazon
Here’s the thing—you don’t necessarily have to reinvent the wheel to succeed.
There are a lot of products that are already popular on Amazon, and multiple sellers are able to make money off of these products.If you want to take it a step further, though, you can take a look at what's already popular on Amazon, and then find products that other people aren’t selling that you feel will match the current trend.
For instance, there may be a particular style of jeans that is popular, but everyone is selling the same brand. If you're able to find a brand with the same level of quality at a lower price, you may get the competitive edge.
Plenty of people make money jumping on the bandwagon, and there's nothing wrong with it. Remember, the goal is to make money.By sticking with a winning product and finding variations that you feel will give you the competitive edge, you’ll be able to make money off a trend that is already popular.
Tip #4: Take A Look At The Competition
It’s always good to do a competitor analysis when you first start a business. Then, as the business grows, you should check back up here and there on what your competitors are doing.
By doing a competitor analysis, you're able to observe their behaviors and suss out their strengths and weaknesses. You can also see the commonalities between your competitors so you can match them or improve upon them.
So, what does a competitor analysis involve?First, you’ll simply want to check out what is already easily available...
- Read your competitors’ websites
- Check out their social media pages
- Pay attention to the copy that they use
- Watch their tone
- See what specific products they are selling
Then, take a deeper dive.
Use different tools to see what kinds of Adwords and keywords they are using.You can even take it a step further by calling them and asking them questions about their business. While this may seem sneaky, it’s a great way to get to know what your competition is up to.
There are a lot of ways to spy on the competition and—as long as it’s LEGAL—it’s fair game.Trust me, once your company gets big enough, they will be using these exact same techniques to learn more about you!
Choose A Product On Amazon That ACTUALLY Sells
Choosing the right product is extremely important, and should be one of the biggest decisions that you make when you start your business.The right product will make customers happy, which will lead to repeat sales and word-of-mouth growth.
Take a look at your industry, dive deep into the trends and get to know your competitors. Then pick a winning product that will make you some serious money on Amazon.