Last updated on January 24th, 2023
Written by Nicasio Co III
You might already have a product you intend to sell on Amazon, so it's really easy to dismiss the idea of not having to do your own product research. However, this should not be your line of thinking. In fact, you can incorporate research as part of your online marketing strategy on Amazon. It is very important, even if you already have a product in mind, to still do a comprehensive research about your product. Doing so might even change the course of your business, as well.
When you're in the business field, no matter what niche you’re in, it's best that you do your research. This does not only go for your product, but it also applies to market research, as well. It’s also one of those Amazon marketing services best practices that you can apply. With that, here are some other reasons why you should invest some of your time and resources in your product research.
One big mistake that most sellers commit is that they fail to spend time on research. Let’s say that you're very keen on starting your business on Amazon. As a new seller, you will have to understand how the e-commerce platform works. It comes with a learning curve that you have to go through.
Doing research can give you numerous pieces of information that you can work with. It will give you the instructions on how you should start selling, what you can do to sell efficiently, what you need to learn about the market, and many more.
The same goes for doing Amazon product research. You think you're already fully acquainted with the product that you have in mind, but you definitely have to consider how it's doing in the market. It's a given that you already have a preconceived idea on how well it will sell, but doing comprehensive research on your product will definitely change the way you're going to perceive things.
After doing a lot of research, the next thing that you should think about is how the new information can be useful for you. Given the immense load of data you're working on, you should be able to weed out which information will be helpful for the direction you want to go. At the same time, you also have to keep your mind open. You might learn a ton of information while you're doing your research.
Researching these products can help change the way you see things. So, you're not only stuck with your original idea. Instead, what you will end up with may be even better.
If you're already working with a product, you can't expect it to be the best almost immediately. It has to go through a series of changes so it can be the best version of itself. All of these can be done through product research, too. It enables you to learn more about what's going on in the market.
By consolidating and using all of this information, you'll be able to work on your product and make it better. You might want to change its size since you've learned that customers like the travel-sized version of it. You can also add certain features that will help the product stand out and have some added value.
Spending time on your research, particularly for your products, will help boost your business. With all the information that you're working with, you can completely change the direction of where your business is going, and that is okay!
After learning a lot, it is inevitable to have a change of heart and mind. After all, what you're doing will be for the betterment of your business. Indeed, it pays to spend time on product research.
There are two methods that you can apply for your product research. You can either choose to do the manual method, or use some of the best product research tools that are available in the market.
If you don't have the budget to spend on buying product research tools, you can do the product research manually. However, you need to set aside time and put in much effort in doing so. There are two steps to this process.
Buyers use the Best Sellers List to see which items have gained enough traction to be considered as best sellers. Here, you can see which products are doing well. You can use this as a basis for selling your own products, as well. If you see that a particular product or niche completely dominates the Best Sellers List, it may be best to consider selling these products.
You can also use Amazon storefronts, Movers and Shakers, and Basics for your research. You'll also be able to find products that are doing well in the marketplace.
The first step will help you narrow down the product that you are to work with. It will also help determine the niche you want to focus on for your business. Once you're already settled in a particular category, you can now see what the dominating business and brands are doing. See how their listings are doing, what their price points are, how they market their products, what their selling points are, and all the related information that will help you out.
Even if you're not on Amazon yet, you will be able to get a glimpse of how well your soon-to-be competitors are doing. You also have to keep in mind how they engage with their buyers as you can use this as an edge against them.
If you don't have the time to scour through dozens of Amazon listing pages, you can use product research tools. These tools can instantly provide you the information you're going to need. You'll see how a particular product is doing, the volume of sales per month generated by the sellers who have it on their listings, how much traffic they're getting, what their price margins are, and how much they're getting from their sales.
You can have access to all of this information with a simple click of a button. For this, you can use tools such as Jungle Scout, Seller App, AMZ Tracker, Scope, and MerchantWords, to name a few. While each research tool varies with its pricing and other added features, you can use any of these for your product research.
It's understandable if you immediately want to jump in on Amazon and start selling right away. However, you have to be patient with the whole process and go through every step with enough attention, if you want to do it properly. The success of your products will largely depend on your research. Through this, you will be able to determine what sells on the market, how you're going to price the items, and how to make any necessary improvements.
Ready to kickstart your way into selling on Amazon? Schedule a call with one of our Amazon account specialists today! Contact Jenette through email at [email protected], or simply [email protected], today!
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