3 ways to choose the right product to private label, and sell more on Amazon
I think we all know that the popular maxim “if you build it they will come” isn’t always true when it comes to business. If you want to succeed in the modern age, you need to make data driven decisions based on what the market actually wants. So how do you actually use data to choose the right product and grow sales?
1. Do your research before choosing a new product to sell on Amazon
It may seem obvious, but when choosing a new product to sell on Amazon, you don’t have to go in blind. If you know how to use the data available to you, you can make informed decisions, and set yourself up for the best possible chance of success. Here’s How:
- Track your competitor’s sales to see revenue.
If your competitor is already dominating the niche you want to enter, it’s easy to see what the full potential is for revenue with a related or competing product. If a product isn’t selling enough to make it worth your while, keep looking.
- Pick a profitable niche in which you can compete
It’s human nature to want to enter the niche bringing in the most money, but can you compete with the established players? Is there room for another iPhone case or Garcinia Cambogia company on Amazon?
Maybe, but be sure you understand what you’re up against before choosing a product with overwhelming competition. It’s best to choose a niche with strong sales, but room for improvement in product development and/or marketing.
- Compare the profitability of different products.
Once you have a list of potential products to sell, do you research on your costs. Is the margin big enough to be profitable after all associated costs? Would you be better off selling less units of a higher margin product? Be sure to compare not only daily sales, but also daily net profit before choosing a product.
2. Optimize your listing to improve your organic search rankings
Many people have heard the term organic search rankings when it comes to SEO, but a lot of people don’t know that this is just as important in the Amazon ecosystem. The lower your product ranking is, the more often it will show up in searches, and the more people will visit your product page.
Improve your rank >>> Grow your sales.
This isn’t as complicated as it sounds. We have an email course to help you optimize your listings by following a step by step guide at Amztracker.com.
3. Get an edge on your competition
Taking an existing popular product and improving on it is one of the surest ways to pick a product that has built in demand. You already know there is a customer base, you already know they spend money in the niche, but how do you know what exactly they want?
One of the quickest and easiest ways is to look at reviews for your competitors products (As well as your own). Go through and read the reviews. Find the patterns. What are people upset with? What are they asking for more of?
Then, go out and implement these customer requests into your own products. You can sell back to this same customer group, knowing that you’ve created a product that with built in demand.
You don’t have to sell uninformed on Amazon. Use the data available to you to make better decisions, increase sales, and make more money in less time.
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At AMZTracker.Com we have a full suite of tools designed to help you skyrocket sales in your Amazon business. The AMZ Tracker System is a step by step process to boost your listings rankings, grow organic search traffic, and produce more sales and profit.