Searching for the right product to sell on Amazon? There are a few ways to approach this often daunting task.
- If you’re a brand owner, selling a certain type of product, you may already have an idea what you want to add to your catalog next — or you most likely at least know where to start looking.
- If you’re a new Amazon seller, you may have a general idea of the category you want to sell in, and maybe even an idea of the product, which helps, but you’ve got multiple criteria to consider in order to find something to sell.
- If you don’t have a particular brand theme or image, and you just want to sell whatever hot product you can find, then you’re really looking at a wide-open field.
In all cases, the same principles of research and discovery apply.
There are literally millions of products being sold on Amazon, and, believe it or not, millions of people selling them.
How do you compete?
It starts by being able to find the best products to sell. As you may imagine, with that many options and that much competition, there are many bits of data to analyze, and many criteria to consider.
To find the hottest products you need to evaluate your ideas against all the competition out there, and you need to do it for things like:
- BSR (Best Seller Rank) for the product in its category
- Number of daily and monthly sales
- Monthly revenue
- Where the product ranks for certain search terms
- How many reviews that product has
- Average star rating
Quite a lot to cover, even for a handful of products. Effective research, therefore, is achieved with effective tools.
Since the dawn of history mankind has crafted and used tools to give him a leg up on his environment. With the right tool man can accomplish amazing things, and often in record time. Sometimes, in fact, with the right tool, he can accomplish things he’d never be able to without it.
Finding products to sell on Amazon is one of those things where a tool can make all the difference.
ManageByStats offers two tools designed for this exact purpose, Finder, an in-app tool that runs within the MBS suite of software tools, and MBS Retriever, an app that runs in Google Chrome as an extension.
Finder, MBS Retriever and tools like them give you an easy way to validate your product ideas on Amazon, decide if a potential product is worth the investment, and accomplish the huge volume of research needed to select a product in relatively little time.
Quite honestly, searching for new products without such a tool is an incredibly time consuming, hit-or-miss proposition.
So let’s assume you’ve selected a tool to help with your research. What matters next is your approach.
How do you look at your brand? Maybe a better question, do you have a brand?
Brand building versus simply going after what’s hot, or something to sell, are each slightly different strategies, and often bring with them a different approach — especially when looking for the next big thing to sell on Amazon. At ManageByStats we’re an advocate of creating a brand with substance and meaning. A recognized, emotionally connected, influencing brand that resonates with your customers — a strategy we believe goes a long way toward so many aspects of a successful enterprise.
If you want to see a guy at this stage of the game, check out the second episode of our new series, How to Hunt a Whale in the Amazon. Our test subject is at the point of deciding what product to sell on Amazon, he’s using MBS Retriever, and the fun is only just beginning.
With the right attitude, the right tools and a good research strategy, product selection becomes a straightforward, almost fun activity, which in turn leads to often spectacular results.
We hope you’re at least having a little fun with your own brand, and your own adventure selling on Amazon.
Here’s to your success.
Your ManageByStats Team