When you start selling on Amazon, it’s important to take the time to research products that have a high potential for success. You don’t want to spend a bunch of money on inventory that never sells!
How do you find that elusive million-dollar
product? The key is to find a product that will generate $3,000 a day, which
will put you over $1,000,000 in revenue per year. There are three things to
keep in mind when searching for a product: high purchase price, high sales
velocity, and high weight and size. (Normally, I’d say find a product that’s
under a pound, but in this case, let’s step outside the box and differentiate
ourselves from the competition.)
3 qualities of a million-dollar product
High Purchase Price. The
higher the purchase price, the fewer sales you’ll have to make to generate the
cash you want. Products that sell for more money will have a larger margin for
general rule, products that sell for between $30 and $100 will have a much
better profit margin than products in the $10 to $20 range. Why? Because Amazon
will charge you a minimum fee, no matter the price of your product. An item
with a higher purchase price will leave you a larger margin to put money into
PPC ads and product differentiation.
High Sales Velocity. What
do I mean by high sales velocity? I mean a product that sells really fast – a
product that sells multiple times per day. Now, it’s harder to find a product
with both high purchase price and high sales velocity, but it’s possible!
Putting time into research is worth it to find a product that will stand up to
High Weight and Large Size. A
larger product not only sets you apart from the competition, but also gives you
more room to differentiate. Most people try to sell smaller items on Amazon, so
selling larger products automatically puts you in a category with fewer
competitors. So, go for a larger product, and differentiate the heck out of
for a million-dollar product on AmazeOwl
I want to do now is actually open AmazeOwl and take you step-by-step through
the process of finding a product that meets these three standards.
in mind that with this method, you’ll be spending a larger amount of money
up-front to buy and ship larger, more expensive inventory. But that initial
investment will pay off, because you’ll have less competition, so in the long
run, your product will sell better.
things first – open AmazeOwl and check your settings. Change your price range to
$50 to $100, change your review count range to zero to 500, and set the weight
high at seven pounds. For package size, we’ll go big at 100 inches. Leave all
the other settings the same, then click “hunt for products,” and “hunt best
try a keyword... “weight.” A few things will come up – weight scale,
weight loss, weight gainer. Weight scale is a popular keyword, but a typical
scale might not reach that $50 to $100 price range. So, let’s try something a
little more unique. Look for keywords that come before scale by putting and * between "weight" and "scale." You’ll get
results like weight scale, bathroom scale, body fat scale, smart scale, etc.
Look for something promising. Here, I’ve found “Wi-Fi scale.” That sounds like a product that’s more high-tech than typical weight scales, which means it will probably
sell for a higher price. It meets our criteria, so we’ll save it.
on the AmazeOwl dashboard, click on “potential products.” Start your research.
Type in the main keyword, “Wi-Fi body scale” and click on the research tab.
There are eight competitors. From there, I can filter out irrelevant competitors by clicking on “competitors and reports.”
the number of competitors is encouraging, and the review number pretty good. The median review count
is 445, just below the 500-review limit we’re looking for.
ten top competitors I’ve found are doing 562 sales per day combined. That’s 50
sales per competitor per day. At $32,000 per day in revenue among ten
competitors, that’s over $3,000 per competitor. $3,000 per day, 365 days a year
– that’s $1,095,000 of yearly revenue. We’ve just found our potential
from here, I need to dig deeper into my research. Can I
differentiate? Has the
purchase price for this product been consistently high? My goal is to list my
product at a lower cost than my strongest competitor, with better photos, a
better description, and overall better perceived value. I want customers to
look at my listing and know my product is the best choice.
picking this product with a high sales velocity, a high purchase price (in the
range of $50!), and a large size, we’re putting ourselves into a pond with
fewer competitors, instead of an over-saturated ocean. That’s how you
differentiate yourself from the competition and find a potential million-dollar
10,000 product ideas
to sell on Amazon
Expand your Amazon product line!
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Married a pearl. Fathered 4 miracles. Fired his boss. Turned a single dime into $104,857. Today, a self-made millionaire, Seth and his team of 8 badass coaches teach entrepreneurs how to build passive income on Amazon.
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