Welcome! This is Tomer from Sourcing-Monster.com and today we’re going to talk about how to find private label products.
Importance of Product Research
So if you are reading this blog post, that means you’ve decided to move the needle and actually start finding new products.
I can’t really stretch enough how important product research is.
Emphasis on product research
I wish I knew it before I started and put as much emphasis on it as much I do today. Because product research can really make the difference between you selling a lot or failing.
In this blog post, we will cover the things I’ve learned from my first product failure so you can learn from my experience and avoid those mistakes.
The right mindset
What kind of mentality should you have when you do the product research? It must be a goal or a target-oriented mindset. Since we are researching for a good product, our mind should be focused on finding a solution to customers’ pain points.
Your mindset is the thing you have the most control over. Learning how to have the right mindset will affect your success or failure in business.
In this blog post, I will highlight how important product research is and how it should be very simple.
It should really follow simple principles that can basically give any product a higher chance of selling and becoming a success.
Okay, so let’s jump on what you’ll find in this article.
My first product
Let’s talk about how I failed with my first product.
Basically, with the first product, I just took a course online which was really outdated. They just broke it down to simple steps and showed how to find a product in a very basic way.
It shows the steps that you should do, how to prepare the shipping plan, and explained the steps that you should follow in order to start selling on Amazon, which was okay but it lacks emphasis on product research.
I am the kind person who likes to take action so I just took action to find the product that seemed to be okay and I just did it.
I bought 500 units and started to sell with high hopes that it will sell immediately. The product was a birthday supply set.
My start up failed…
It was a very saturated market and I just didn’t know what I’m doing. It was a failure.
And after this failure, I said to myself, “It’s like five or six thousand dollars that I’ve lost.” And it felt really bad at the beginning.
So I set and said to myself, “Maybe I shouldn’t do it”
But I saw other people making money and I said to myself, “There must be something here, there is something more.”
I should give it another try.
Here’s what I’ve learned trying to find products…
Focus on product research. In my second product, I did two or three full months of product research and it worked out.
I really worked on making sure I’m doing the right product, the right niche, and that I have something to give, some value to provide in the new product.
That’s the base for everything. You should always bring value.
You cannot just enter the market and find products to sell that already exist and expect to sell like the top sellers.
It doesn’t work like that.
Always give value and take your time. Prepare.
So let’s learn from that. First of all, don’t listen to people who say that it’s easy and rush it too much and just do it.
You have to wait. Take the time because research is everything. There are a lot of valuable contents online and YouTube that you can learn from.
Unfortunately, a lot of people spend too much time doing product research in the wrong way, because they haven’t been armed with the right knowledge.
You have to take the time to understand and to do it right because that will determine if your product would be a failure or a successful one.
Find a mentor
A mentor helps you find your best self faster than time alone would allow. Ask people, get a second opinion. Make sure that your product is different than the others.
Ask around in forums and online communities. There are plenty of online communities for experienced and new entrepreneurs to talk about their business. These forums are a good place to seek out mentors directly.
Yes of course, sometimes you’ll have to be on your own and fail yourself but I suggest that you gather as much information and research before you actually enter a market rather than just spending the money and learn by losing money. That would be my advice.
So what I did differently? I made sure that I bring something different.
Let’s say with the birthday supplies, anyone would be selling like 50 pieces set, so do something else.
Maybe bringing additional volume, more parts, maybe like a hundred pieces instead of five balloons, bring ten balloons.
Maybe other sellers offer it with a little open flowering that opens six instead of the competitors who are only doing three.
But it’s tricky. Why it’s tricky? Because if you just bring more value and you don’t market it well enough then people will not really distinguish between you and the competitors.
So your job is not just to bring more value by bringing more parts and more pieces than the other competitors in the market but also showing it in a very clear way in your main image.
Your main image is everything.
I have a new product that’s not failing but not making a lot of money either, even though the product is amazing and it’s way better than the other products in the market.
It offers more value but it’s still not selling as what I expected because I can’t really market it and show the value in the picture.
You must find a way to differentiate yourself
Let’s say you bring more pieces, or maybe show the items in a big packaging that clearly shows all the parts of the party set. Some niches like this – the birthday supply, you just have no room to put all of them in the listings.
Most of the listings look the same so it’s very hard to differentiate yourself. You can’t really market or deliver even if you give more value.
For example, Frozen II’s birthday party supplies look great but if you’re trying to compete with others and just give more value, it’s not gonna work.
Now, if you come up with something different like Frozen II, or a new kids movie that just came out recently. That’s clearly something different.
Don’t just say, “Okay, this is a good product, let’s do it.” That’s how I was with my first product and it didn’t work.
You have to do your research and make sure you understand all the principles.
Understand the product very well
You have to come with a mentality like a pro. Have a crazy mindset thinking that you will make it no matter what and always think of how you’re going to beat everyone.
So if I’m going to do party supplies, I’ll do enough research. I’ll read through the reviews and understand the product really well.
Let’s say you want to sell it with a tablecloth, you have to understand the materials. Is it made of vinyl? What is its GSM?
Understanding everything about the requirements and the product itself is important. So you’ll be confident enough in what you’ll bring to the market.
Product research is really everything.
If you just take this advice, you can do it like a pro.
I’m telling you about 90% of the sellers of Amazon are not doing this right. Maybe, they are doing some product research but not like this.
So that would make the difference between you and the other sellers.
People think that Amazon is too saturated, but I don’t think like that because there is no niche that is too saturated, in my opinion.
If you’re a pro and you are calm and you put the work you’re gonna be above and behind everyone else.
So that’s my advice. It’s a simple principle that will bring you success in any product that you enter.
Let’s talk about Bundling.
Let’s say I want to sell party supplies for a birthday party. I can bundle it with the tablecloth.
Now, I would check and try to see if others are doing it already. Some may be adding napkins or something else that actually brings value.
So if someone is looking for birthday supplies and see that there are two similar listings but your listing is giving something more, in addition to a tablecloth, napkins and the party supplies at maybe the same price or a little higher, then you’re bringing more value.
People would choose you rather than the other seller because you bring more value to the market.
It’s okay to start with no reviews
They may already have thousands of reviews while you have zero reviews and most of the time customers will prefer the other listing.
That’s okay. In the beginning, until you get all your reviews you’re going to give even more value by reducing the price even almost at your cost or even below that so you can start rolling the ball in a snowboard here and get more reviews as you grow your business.
Make it better. Make the product better. Why? Because if the product is not in good quality, this is not long-term thinking.
Maybe it will make it for the first two months but later it will not last because the product is not good.
Actually, I’ve just added a very good product with zero reviews but it started to sell like crazy. About 20-30 orders a day!
This is the first time that I saw something like that because I will always launch a new product with two or three reviews and this was something new – zero reviews.
It started to sell like 30 units a day, so that means how good I created and market the product and what good value I brought.
But I skipped this part which is to ‘make the product better.’
My product had some issues with it. I didn’t take enough time to actually go through the negative reviews of the other competitors and see what are the issues and fix them in my version – in my own product.
Amazon is not easy as it was before. You have to come up with better products to sell, and give the best quality possible so you have to bring value to your market.
I hope this blog post has motivated you and explained how you should approach product research. I hope this content has given you a better view of how I generate ideas and evaluate them when I’m looking for products to sell on Amazon.
Understanding and applying the principles above would make everything simpler but I’m not saying is going to be easy.
I’m just saying that it can be simple when you follow these simple steps. You can succeed.
Keep generating ideas and applying the methodologies explained in this blog post. You will be well on your way to building a thriving Amazon business!
Please go and read part 2 on how to do product research and find good products to sell that you can start selling!
So keep working!
Let’s summarize. Research. Research. Research and another research will bring you results.
Bring more value to the market by bundling and thinking of how you can market it well to your audience. How you can make a product better in the main image and how it would look different than the rest of the products.
In the next blog post, I will actually show how I do product research in real-time and you will also see my requirements and checklist for good product research.
So thank you very much for watching! I appreciate it.
I’ll see you in Part 2. Thank you.