There aren’t that many business opportunities out there that’ll let you retire and still ensure financial security. Being an Amazon seller might be one of them, but that really depends on starting your retail business the right way. If you begin selling on Amazon, you have to know the perfect Amazon product launch strategy that will make you feel like you’re already on the beach sipping margaritas, while the Benjamins will keep piling up in your bank account.
Starting a business isn’t easy. According to Harvard Business School professor Clayton Christensen, 95% of new products fail because companies don’t look at products the way customers do -- as a way to get the job done.
If you want to try your luck at selling on Amazon, there are quite a few things you can do to increase your chances of success. After all, your goal is to retire early from your job and just live off your business’s profit. Here’s a practical Amazon product launch checklist that will let you do that.
You can’t just open an account on Amazon and start selling whatever you desire. Choosing the right product to sell involves a lot of research. An effective Amazon product launch strategy depends on knowledge and work to ensure you don’t rely on just luck for your retirement plan.
There are things like shipping costs, Amazon seller fees, and competing sellers that you need to consider to narrow your search. Plus, you might also have to use market analytics tools and internal Amazon product research tools to find the perfect product to sell. Let’s discuss the criteria for the ideal product.
Selling on Amazon might not be too enjoyable if you’re competing with 19 other sellers with the same product. Sure, you don’t want to sell something completely new, but having to compete with too many sellers would divide the sales volume among all of you, especially if you don’t control the buy box.
Here’s how you would compute how much you could sell with a lot of competitors. Let’s say a product sells 300 units per month, and you’re competing with 19 other sellers for a share of the sales. Assuming all 20 of you share control of the buy box, you divide the 300 units by 20, and the result will get you your average sales volume per month.
300 product sales per month / 20 sellers = 25 sales per month
Twenty-five sales per month might sound acceptable to you, but it doesn’t exactly give the “early retirement” vibe, if you know what I mean. You should choose a product where you’re only competing with ten other sellers, so your share of the sales is enough to cover your household expenses and more.
Of course, that computation isn’t perfect because there are a lot of other factors that affect the sales volume like who has more control of the buy box, who’s using an optimized product listing, etc. However, if you follow our guidelines on how to launch a product on Amazon, we’ll win the buy box.
Amazon’s Best Sellers Rank (BSR) shows both historic and recent sales of a product. If the product category has at least three variations having BSR, that’s a good sign. That means buyers are willing to try different variations; there isn’t just one “best” product.
A good example will be if you’re planning to sell i7 computer motherboards. When you search for that product, you see only Intel motherboards showing BSR. Forget that product and try searching for others because it’s tough to compete for just one product variation with multiple sellers.
Do your own search on Amazon for items that are particularly unique. For example, if you search for “stoves”, you might get more than 100,000 results. However, if you put in a more specific product like “self-cleaning stoves”, the results would only be 10. You can forget searching that exact term because there’s no such thing. If there were, the divorce rate would instantly dip.
It’s also possible to find a market gap by reading customer reviews in your niche. Many negative reviews mention a specific feature that’s missing from the product they bought. Take advantage of that and look for a brand that has that feature.
This tactic not only gets you high traffic from product searches, but it can also improve your conversion rate. An optimized product listing ensures a high search ranking, which results in more people seeing your product and buying it.
How can you be sure? According to a recent survey, 44% of Amazon buyers never go past the 2nd page of search results, and 26% buy the first product there. Those numbers clearly show that being top on any search will automatically translate to more sales.
Let’s look at the things you can do to make sure your product listing is optimized.
Amazon has specific guidelines for each part of your product listing. Not following these guidelines might result in a suppressed listing, low search ranking, or even account suspensions. You can see all of these guidelines when you open your Amazon account. Just make sure you read everything, as your selling life depends on it.
Keywords are so crucial in Amazon listing optimization. It can mean the difference between a successful and failed product. You have to know what keywords you need, and that’s possible by doing keyword research.
Shorter keywords tend to be broader and represent the majority of searches Amazon customers make. For example, a keyword like “athletic shoes” could be used by 200,000 buyers in a month. Trying to rank for these keywords will not be easy because many big companies have already done it. Long-tail keywords, such as “athletic shoes for tennis,” might not have the same volume, but it has less competition and a higher conversion rate.
Now we get to the juicy stuff -- where to put those keywords. Many Amazon consultants have different opinions on keywords placement, but they agree on one thing: you should put as many keywords in your listing as you can.
This might be the most crucial aspect of launching a product on Amazon. Nobody’s going to know about your product if you don’t get the word out. To accomplish this task, you have to make use of the best weapons in your arsenal: social media, blogging, influencer marketing, and video content marketing.
An average person spends 144 minutes daily on social media. That makes it one of the most effective platforms for promoting your Amazon product launch. A simple post can increase your traffic tenfold in only a few minutes. However, just putting a direct link for your listing in the post isn’t enough. By doing this, you’re sending people that haven’t been filtered through a sales funnel to your product listing, and that could wreak havoc on your conversion rate.
For more effective social media marketing, create a link leading to a landing page (preferably a separate website) that aims to funnel the traffic to your target traffic. Then, you can provide the direct link to your Amazon product listing in the last stage of your sales funnel. By doing this, you’re guaranteeing yourself a smaller audience but a higher conversion rate.
You shouldn’t just appeal to social media users. Readers should also be included in your strategy. Writing articles promoting your Amazon product is another way to promote your product launch. In this way, you can create content that will highlight your product’s features and benefits.
If you have your own blog, you can write about your product launch or specific product there. You can even look for websites or blogs that are connected to your product’s niche and offer to write articles to reach a bigger audience. Consistency is the key to effective content marketing.
The main idea of this type of promotion is to ask an influencer (usually an internet or social media celebrity) to ask their followers to purchase and use your products. It sounds a little far-fetched, but this type of promotion has been around for years.
The payment for this type of marketing depends on the agreement between the seller and the influencer.
What’s good about influencer marketing is the way you can target your potential market based on your influencer’s niche. You can ask a tech and gadget influencer to promote your electronic products, while you can ask a health and wellness influencer to promote your vegan sausages.
Videos are a big part of our lives. They entertain as well as inform us about everything. You can take advantage of everyone’s video craze by creating effective video content that aims to promote your products and distribute information.
Have you ever seen a video by 5-Minute Crafts? They’re so entertaining to watch, right? Create a video that’s as entertaining as that but aims to promote your product. Then, provide the direct link to your product listing at the end of the video. Can you ask for a more effective kind of marketing than that?
If you think about it, Amazon’s business model allows you to use a lot of methods to be successful. All you have to do is work hard to be the best and keep updating your methods. Complacency can be the death of you in this eCommerce platform. If you don’t have time to manage your business, you can hire experts who can implement your Amazon product launch strategy.
For more information on effective Amazon SEO strategies, please contact us at [email protected].
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