Legalities of Partnership
Once we identify the product with a good Jungle Scout or MI score. Now what design are we going to launch?
As I already mentioned in an earlier video https://youtu.be/Au1NQg23S7w, that we don’t just consider Average price showing up in JS or MI as a final average price because that product may come in so many variations that our actual average won’t be the one showing up in Jungle Scout or MI Because the product we launch could be in stainless steel variation or bamboo variation or silicone variation thus making it a totally different priced product.
Which variation is the best to launch? Shall we come up with a new idea? Innovation? A new design? My advice is. NO, we don’t. For your first product launch, you better don’t take any kind of risk. Your focus is to keep your risk as low as possible. So your first launch should be nothing but a simple COPY/PASTE.
You may come up with new ideas, new variation, new innovation in your 4th or 5th product. While dealing with the first few products, try to focus more on successful launch with successful ranking and make money first. And the best way would be to copy-paste a successful product with proven numbers and proven sales record.
So basically you find the best sellers on the first page and now you have an idea what design or variation type your product is going to be. Bamboo? Or Stainless steel or Silicone? What variation would work for you. You simply check the top sellers on page 1 and find out which variation is the best seller. If you think majority sales are all for stainless steel variation, then you go for stainless steel also.
If majority sales are for black color, then you also go for black color. If majority sales are for size 10×10 then you also go for size 10×10 and forget about other sizes. In other words, just find out the most popular type/variation/color and then just copy paste that design.
Of course with slight modifications and your Chinese supplier will make it all happen for you. Since this is your own brand and many people/sellers are already selling the same thing under their own private label brands and you’re doing the same; it’s ok. There is no crime in doing that.
What’s next? You’ll check who you are going to compete with? If you want to compete with top sellers, then probably that may not be a good idea yet as the top seller may have too many reviews for you to cope up with. You may want to target mid-range sellers with average reviews and now check their monthly sales divided by 30 days in order to understand their daily sales volume.
Now you come up with your own launch strategy on what sales volume you would need at your own launch to compete with that mid-tier seller and that’s how you will design your launch pad strategy when you finally launch your product either through VL or ZJ in future to rank to page 1.
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To learn more about setting up your online business on Amazon, find more details at https://ec.com.pk/
Sunny Ali, CEO Extreme Commerce.