The EXACT Process For Assessing Amazon FBA Product Ideas – FBA Empire Weekly #21

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Nathan from FBA Empire covers the exact process he uses to evaluate product ideas. Using screen share he walks through how to properly assess the following:

– Demand of the product
– Competition of the product
– Overall marketplace

From this, you’ll be able to determine if your product idea is a viable one. Also, you’ll be able to successfully sell within the Amazon Marketplace.

Video transcription: FBA Empire Weekly #21

Hey everyone, Nathan here from FBA Empire. Coming back at you with another weekly episode.

[0:06]
This week we are going to go back and look at product selection. It is such a crucial part of your process that I really want to take you step-by-step through how I assess a product. All right?

[0:21]
So I am going to take you through and I am going to go on the computer here, and I am going to show you exactly what I do when I have a product idea that I am assessing. All right? So I am going to go through. We are going to look at the BSR, the competition, you know the product pages, the price points – all that stuff I want to show you exactly what I do.

[0:38]
Let me jump into the computer here and we will get back to you with the screen share right now. All right, so we’re going to go in here now. I have amazon.com up. We are going to walk you through the process that use when assessing a product idea. We are going to say assess the product, resistance bands. All right, so I will go into the amazon.com. I will go and I will make sure that it’s in all departments. So I want to make sure I have been searching all categories. I would type in resistance bands and then I would just hit the search.

[1:09]
Now this is what comes up. So you have a banner at the top and then you have some sponsored listings. Ignore all of the sponsored listings on the right hand side and these two at the top. They are sponsored as you could see by the text right at the top here. Ignore them. We don’t care about those. They pay to get there. They are not organic.

[1:27]
What I would do now is I want to see if there’s enough demand. I want to see what the competition is like. I want to get a good handle on the marketplace that I am looking to go into. Okay? So I would go through… and to be honest, I would open, you know, up pretty much every one of these on the first page. Every one that was resistance bands, on the first page, would fit the type of product that… just to get an idea of what it is. So I mean there is quite a few on here. And I would open them all up because, again, that you can’t have too much information. Right? So it’s not bad to have more information than not.

[2:01]
I am going to go through, and for the sake of time, I opened up the first five in tabs already, so to be not to worry about my Malaysian internet loading it. So this is the first one here. Just click on that. This is the first product that comes up. So what I am looking at, the main thing I am going to look at when assessing is obviously the Best Sellers Rank. You scroll down to the bottom and you can see that the Best Sellers Rank for this resistance bands is number three in Sports & Outdoors. That is pretty good. That’s really good. So in all the Sports & Outdoors – surfboards, yoga mats – anything that’s in Sports & Outdoors, this set of resistance bands is ranked number three. They are going to be selling a lot of units on a daily basis as a result of that. All right?

[2:44]
So I look at that, and then while we are down here, we can look at the number of reviews. So they also have 2400… over 2400 customer reviews. That’s a lot of reviews. I mean these guys are likely untouchable. You are not likely going to knock them off the top spot. All right?

[2:58]
I would look at that and then I would take a look while I’m in here, while I am opened up, I would look to see what their product description looks like, how nice is it. They have spacing. They actually have some characters in here. Just get an idea of what they are offering for value, what their product page looks like. They have big bullet points. Really big blocks of text. They have some photos, you know nice photos. They have a good title. I mean it’s a fairly well optimized product listing. There is definitely some tweaks they could do, but it’s a pretty nice product listing and it comes with an instructional book. It has a carry bag, has e-book, online videos. So they are adding extra value. This is type of stuff you want to keep in mind. Right? You want to make sure that if you are going to be going into this market, how can you provide just as much or more value than these people. All right? And especially at an $11.95 price point, it’s a pretty good price point.

[3:52]
That’s the first one, and I would go then and here’s the second one of that listing. So this is another one. This is Kinzi resistance bands. They also… they have an ankle strap, they have an exercise chart, resistance band carrying case. They might have some e-books and videos, but it doesn’t say that. I mean I don’t see it in their bullet points. They are not giving all that value that the first one is, but again you could still see they are still providing nice value. They have nice pictures. They are not using all of their picture spots which is ridiculous. They should be. But again, not a badly optimized. The title is fine. They have nice bullet points. Let’s see. We could take a look at ___04:29 nice descriptions. They are having enhanced branded content on the description. This product description could definitely be a little better, but let’s get to the important stuff. So, for me 188 in Sports & Outdoors. Again, they are sub 200 in BSR and all the Sports & Outdoors. And they have 538 customer reviews which is quite a few, but it’s not that crazy. They are approaching the untouchable mark, but it’s not that crazy. Right?

[4:55]
So now we have two… the first two were under 200 BSR. That is really good sign. All right? We now look at the third one. Same things. You are looking at the photos, looking at the titles, seeing how the product page is set up. It looks pretty nice, and so far fall the product pages have looked like they have been done professionally. They all have special offers and promotions. They are looking like it’s actually pretty good product pages. They offer a lot of value. They would be good competition. This one you even have some videos and things like this in here. There are more Q&As. Again, they have how many reviews these sets? So they have 1339s. They have quite a few reviews again, over a thousand, likely going to be pretty tough to catch these guys. There’s lot of competition. But look at the BSR again. So number 39 in Sports & Outdoors. So again, you’ve really, really high levels of demand for these resistance bands at the moment. All right?

[5:52]
So I am looking at number four on the list. This is Black Mountain and Black Mountain has got another good title. They got bullet points, they have some nice photos, they offer instructional booklets by the looks of it and ankle straps, things like this. They are offering… again, they are offering a lot of value. They have a nice branded, enhanced branded content. Their BSR… they are coming in at 135. So again another sub 200 BSR in Sports & Outdoors. These people are all selling a lot, a lot of units. All right? Which is pretty impressive. There’s lot of demand. Yes, the competition is there. You know, it’s fairly high. These guys have 5960 reviews. So yeah, the competition is definitely high and they all have really good product pages so far with nice branded content. They have offering values, such as e-books and videos. Might be a little bit tougher to stand out in this crowd, but the demand is definitely there.

[6:49]
Here is fifth one on the list. So again, Phantom Fit resistance loop bands. Again, nice title. Pretty cheap price point. Way too cheap for my liking, me preferring $20 and above. So I mean it’s pretty cheap price point on some of these and they are offering nice value. Decent, decent product description. They have a call to action in their product description. So it makes you think that they somewhat know what they are doing. And they are ranking a 441 in Sports & Outdoors. So again credibly high demand, and there are over a 1000 reviews as well. So, so far all I can tell from this is there is a lot of demand. I mean looking at the first five, there is a ton of demand for resistance bands, but the competition is likely very high as well. There’s lots of reviews, lots of really good content, you know, nice product pages with branded content and upsells or e-books and videos and things like that.

[7:40]
So what I’m going to do now is I just want to scroll down. Normally I would go through all these, but I am just going to scroll down just in the sake of saving time. I just want to see what the BSR is of, say, this one towards the bottom of the first page. You know $17.97, it’s a little bit higher price, still fairly well priced for what you are getting. You got a nice title, you’re getting a lot of stuff, door anchor attachments, heavy resistant tension, leg ankle straps. It’s come out with… yeah, it’s coming out with a lot of stuff, carrying case, things of that sort. So again, really nice product descriptions. They have special offers on it. The description isn’t bad. What are we are looking at here for… BSR reviews on this one… not seeing it…. I don’t see it, ha… okay, there it is. So this one is coming at 1586 in Sports & Outdoors, and it has 532 reviews. So again, not too, too bad for the reviews. And the BSR for Sports & Outdoors is excellent. So again, you are making a lot of sales. There is a ton of demand.

[8:44]
You go through this and you probably see similar BSRs throughout the whole first page of Amazon, on here, I’m guessing. You are going to see very similar BSRs, a lot of demand.

[8:57]
This is another Black Mountain product, again branded content, and again under 2000 BSR… almost a 1000. What I am gathering, if I were doing this product, I will be really excited about the amount of demand that there is because these things are literally flying off the shelves. There are ton of people wanting to buy this. The only concerns that I would have are the price point because a lot of them coming in are pretty cheap price points… and the competition level. So a lot of them were already 500 to a 1000 reviews or over a thousand is what we looked at so far on this. And they all have decent product pages with nice branded content. They are all adding value from e-books or videos. This guy could definitely use more photos up here. But again, they are all… for the most part, they are fairly decent. The competition would definitely be steep.

[9:46]
So you would want to assess to see is there enough demand for you to try to get in here and out compete these people? And I mean, you have to look through all of them to do that to sort of figure out like how many of these whole second page also have good BSRs. Like, how much demand is there and how much competition level? Is there a spot for you to sneak in? So you need to figure that out. But this is pretty much how I would assess any product that comes through here. Any product idea that I have I would go through and I would look at the BSRs, I’d look at the competition, the number of reviews, and I would look at their product page, the descriptions, the photos, the value that they are adding and all of that. I would try to get a full picture of the marketplace. And that’s all you’re trying to do here, is to see that if they can hold one more person coming into that marketplace and to do well in that marketplace. All right?

[10:36]
One last thing, so I mean I know everybody is going to be asking this, is why aren’t you using Jungle Scout to do this? I absolutely love Jungle Scout. I have Jungle Scout and I do use Jungle Scout, especially when I am doing product reviews for our members in FBA Empire because it just makes life a lot easier for me. But we are first getting started. It is nice sometimes to just manually go through it because you can actually see the product pages. You can actually see the value that they are offering. You get a better picture of what that marketplace looks like. So I always recommend if you are first getting started just to go through like this and record it. You could have a spreadsheet, and in FBA Empire we give you a spreadsheet where you record all the BSRs and notes and reviews and things like this, so you can keep track of it. But it’s a really good hands-on approach and it really helps you hammer home the process of what you are actually looking for when assessing a product. So I do like to go through manually, is that I recommend new peoples getting started to do so. All right?

[11:29]
So again, Jungle scout is awesome. So is Unicorn Smasher. These are all good products to use, but nothing beats going through manually and getting a real hands-on feel of what that marketplace looks like. All right?

[11:42]
So that’s what I wanted to show you guys on the screen share today. Hopefully you guys got a lot out of that, hopefully you will understand now what we look for when we look at products. Again, there’s more than one way to assess the product. This is how I do it. This is how Michael does it. It’s what we found really works well for us. It’s looking at that whole broad landscape and really assessing that product and getting an idea whether or not you will be able to successfully jump into that marketplace. All right?

[12:12]
Again, I hope you guys got a lot of out of it. Yeah, so we will be back next Thursday with another amazing video full of tips and tricks that help you with your FBA business in 2017. So I look forward to seeing you guys then. All right. See ya Thursday.