- SCRATCH YOUR OWN ITCH
This isn’t a cliché we invented, but it works!
If you’ve got a problem or an inconvenience in your life, odds are that it’s something other people struggle with, too.
Can you create a product to make that problem go away? If so, then you’re likely to have a group of people who also want to buy it.
This could be the start of developing a very profitable products!
This is how many individuals begin their successful Amazon FBA businesses. They were familiar with a product they may use every day but didn’t particularly like. They realized making the changes they wanted probably would be fairly simple, so they reached out to manufacturers on Alibaba and started working on getting a sample made.
Fast forward a few months and that amazon seller has a new product live and selling to an Amazon customer.
- DON’T TAKE ON A MILLION COMPETITORS
There are times when competition is a good thing.
It usually means that demand exists and there is money to be made. However, some product categories on Amazon are just so oversaturated with competitors, that it’s very difficult for a new seller to compete.
While it may feel like every kind of item on Amazon has a million sellers already, that’s not the case.
There are still opportunities to launch products that have demand but don’t already have tens of thousands of competitors.
- CHOOSE A PRODUCT SOLD BETWEEN $10-100
This is not a hard-set rule. However, if you are just getting started, the ideal price range of products to consider selling is under $100. Many sellers do well with higher-priced products, and if you have the higher capital that is required (typically), then by all means go for it.
Choosing a really expensive product sounds like a great idea because, in theory, you can make more money.
However, you must remember to get into the mind of your consumers.
- NO DOMINANT BRAND(S) IN THE MARKET
Brand recognition is really important, especially in certain industries.
You may not remember what brand of toilet paper you bought last, but the odds are you thought about the brand when you bought your last car.
Brand dominance can be a big factor on Amazon as well.
You probably aren’t thinking of launching something as involved as a running shoe company, but hopefully, you get the idea.
If the top results are dominated by household names, then you should probably keep looking.
Unless you can come up something some really creative advantage it’s unlikely someone will pass up the brands they know to try out your lesser-known product.
But please understand that even then, as an Amazon vendor you will be fighting an uphill battle no matter how good your product is.
