04: Product Research – Part 2: Competition Analysis

What is the optimal product for your online business on Amazon? It’s impossible to know without a little homework. Let us show you how! 

Welcome to Part 2 of our Product Research series. In Episode 3, we shared some of our best practices for beginning Product Research. It is crucial to your success to know your product will be a profitable investment well before you ever post your first listing on Amazon. Do you think you found a product that will allow you to unlock your success? Then now is the time to use what we think is the most underrated tool of Product Research, competition analysis. 

 

Jump onto Amazon and take a look at all your competitor’s similar listings. In this episode, we will give you metrics and criteria you can use to analyze your competitor’s listings and ensure this will be a profitable product for your business. We will discuss how to spot a trend, and why jumping on the bandwagon is rarely profitable. We will show you easy ways to compare competitor’s listings and find your opening. Above all else, we will equip you to turn your research into action by setting up weekly goals. 

 

Make sure to stick with us for Part 3 of our Product Research series. We know it is well worth the time investment! 

 

More in this episode:

  • A review of the basic criteria and metrics for Product Research. 
  • Look at the trends, and beware of the trend bubbles. 
  • Lightning deals and limited time promotions drive sales but increase competition. 
  • Reviews: how many is too many? What can we learn from them?
  • Analyze the quality of your competitors. 
  • Tips that you can use to get on the 1st page of Amazon. 
  • Use weekly goals to keep accountable for your success. 

 

Tools and Resources

Amazon’s Restricted Products: https://www.amazon.com/gp/help/customer/display.html?nodeId=200277040

 

Helium 10 Chrome Extension: https://www.helium10.com/

 

Google Trends: https://trends.google.com/trends/

 

Goal Setting Spreadsheet: