Get to Know your Competition!
When going to market with a new product its important to understand what you are up against. Below is a step by step process on how to research similar products and sniff out your competition.
- Define Your Product: Clearly define the product you want to research. This includes its category, features, and any specific variations or attributes.
- Use Amazon’s Search Bar: Start by entering relevant keywords related to your product in Amazon’s search bar. Take note of the top-selling products that appear in the search results.
- Analyze Best Sellers Rank (BSR): Look at the Best Sellers Rank (BSR) of the top products in your category. A lower BSR indicates higher sales volume. You can find the BSR on the product page, usually in the Product Information section.
- Examine Product Listings: Analyze the product listings of top-selling products. Pay attention to product titles, descriptions, images, and pricing strategies. Note any unique selling points or features that seem to resonate with customers.
- Utilize Amazon Tools: Take advantage of Amazon’s built-in tools like Amazon Seller Central, Jungle Scout, or Helium 10. These tools provide insights into sales data, keyword trends, and competitor analysis.
- Analyze Reviews: Read customer reviews for top-selling products to understand customer preferences, pain points, and areas for improvement. Pay attention to recurring themes or complaints that could inform your product development or marketing strategy.
- Assess Competition: Evaluate the competition by examining the number of sellers offering similar products, their pricing strategies, and their customer ratings. Identify any gaps or opportunities where you can differentiate your product or offer a unique value proposition.
- Track Trends: Monitor trends in your product category using tools like Google Trends or Keepa. Look for seasonal fluctuations, emerging trends, or shifts in customer preferences that could impact demand for your product.
- Calculate Profitability: Use tools like the Amazon FBA Revenue Calculator to estimate profitability based on factors like product cost, shipping fees, and Amazon’s referral fees. Ensure that there is sufficient demand and profit potential for your product.
- Iterate and Refine: Continuously iterate and refine your research process based on new data and insights. Stay updated on changes in the market, customer behavior, and competitor strategies to maintain a competitive edge.
By following these steps, you can conduct thorough research on sales and competition for a product on Amazon, enabling you to make informed decisions and increase your chances of success in the marketplace.
