- Brandon Checketts
- On March 15, 2014
- 0 Comments
- resource video
In the last post titled brainstorm, we looked through the sports and outdoors category on Amazon to help us get some ideas on what to manufacture to sell online. We applied some guidelines listed in the last post and decided that water bottles may be a good candidate. In this post, we are going to look at some of the tools and techniques you can use to help get more info on potential products.
First, we will look at Google trends and the Google Adwords keyword planner to help identify the largest search terms for that item on Google. Through Google trends, you can see the interest of the words over time and see how often people search for it. It shows a forecast of the projected number of searches in the future as well. After looking at the interest of words over time, you can view in depth statistics that show which countries search for the words the most. If your words are not searched often, try looking at related searches at the bottom of the page. You can see that the words “water bottle” are searched often and the number of searches are increasing each year. This means the water bottle continues to be a strong candidate.
Once you check out Google trends, try looking at Google Adwords keyword planner. Signing up is free and it takes only a few minutes. After you sign up, click tools on the toolbar at the top of the page then select Keyword Planner. Next, click “get search volume…” Type in “water bottle” in the box that says enter keywords. You can see that the words “water bottle” are searched on average 22,000 times a month. This is very good news, and it shows the water bottle is still a strong candidate.
After you identify the most popular search terms for product you are interested in, go back to Amazon and see what shows up for those terms. The goal here is to see what you would have to compete to gain rank for your keywords. You first want to make a list of keywords relating to your product. You do this to determine which group of words would give you the lowest search ranking. You should search for water bottle in Amazon because the words water bottle had such a high search volume in Google. You can do this by going here. This search looks promising because it shows us some non name brands such as Neiko come up on the first page. Products with less than 200 reviews also show up. This is good news because it means you could compete with similar products.
When you come across a new product idea, start watching similar items in scope. The scope application can be found at sellerscope.com. You can then make a group of all those items similar to your potential product and track them over time. With scope, you can start to make some projections and better understand the size of the market. One of the many functions of Scope is that it tracks pricing data. The pricing data will give you the selling price of each product. Another function of Scope is that is gives you sales rank data. It will let you know what the best selling products are and what the worst selling products are. The last major function of Scope is that it calculates margins. It will give you the number of units sold, the revenue, the cost of goods sold, and net profit. If the product looks promising on Scope, it’s time to move on to the next step.
This is also a time to start a patent search to make sure you are not going to get sued. You could start the patent search online by using search engines or contact the United States Patent and Trademark Office. The website is located at http://patft.uspto.gov/. The search might take a bit of your time, but taking the time to make sure your product is not patented could save you a whole lot of money in the long run.
Likewise, you may want to start digging to really understand why buyers are purchasing similar products you are thinking of manufacturing. You want to start reading reviews of similar products to see what people like about the product and what people dislike. You can use this information to your advantage because you can make improvements to the product and make your product more sought after. For example if you saw people complaining that a brand of water bottle started to leak after a few months of use, you would fix the design flaw and let people know you fixed that design flaw. Customer reviews tend to play a large role in product sales in this day and time so it’s good to put forth the extra effort to make sure the customer is satisfied. To set yourself up for success, spend lots of time researching and reading reviews to get as much insight as possible. In the next post, we will discuss the beginning of the manufacturing process.