Learn how Kerry Fox used Urtasker to grow his business.
Market Research For New Product
New ideas for products and services are conceived every day — yet many of them fail because they weren’t properly introduced to the market. Amazon product research helps ensure both that the product launch will hit the ‘right buttons’ in the consumer, and ensures that the product idea itself addresses the (often unspoken) desires of the customer.
In general, we can speak of seven different steps in the pre-launch research process: understanding the market and the competition, targeting the customer, devising a unique value proposition, determining marketing strategy, testing the product and overall approach, rolling out the campaign, and keeping track of the overall lifecycle.
Let’s consider these steps of product research before launching a new product in more detail.
Price is a fundamental decision-making factor that affects consumer buying behavior. It is a great mitigator and propagator of ‘reason’ for all of us. Price psychology, strategy, and research are absolutely crucial while assessing, creating, launching or re-launching a product. Any product.
The price of the product must commensurate with the value or ‘promise’ of the product. This is not an ’empty’ promise; it is a realistic promise with a truthful claim, based on the company’s agency’s industry-relevant experience, technical skill, proven value, and consistent credibility.
It is imperative that every entrepreneur or company researches this important and most fundamental element when it comes to their products or services. Studying market trends, industry patterns, competitors and even newcomers – is absolutely crucial in gathering vital, proactive and effective pricing data.
High Demand – Low Competition
Firstly, you can identify a product niche or a gap in the market that isn’t already covered. Alternatively, you can identify the products that are already in high demand and capitalize on these markets.
The problem is, while the process of identifying a gap in the market can be a solid business move, it can also be a risky one. For this reason, we have focused on the latter approach of finding products that are already selling well, if you said a Seller looking to sell on Amazon or Shopify, for example.
One more factor to consider is the seasonal demand for a product. Now this will depend on whether you want to find a product that will sell consistently well all year round or something that is more seasonal. It’s also worth thinking about the shelf life of the item.
Thus, the key is striking the right balance during your research phase for the product you want to launch or sell. Focus on something that has high demand but low competition, so that your barriers to entry are minimal.
If you’re a Seller on say eBay, for example, The Feedback score is the number in parentheses next to a member’s username and is also located at the top of the Feedback Profile. Next, to the Feedback score, you may also see a star. The number of positive, negative, and neutral Feedback ratings a member has received overtime is part of the Feedback score.
Do not, we repeat, DO NOT overlook this important parameter. Your feedback score is the ‘face’ of your credibility and reputation in the eyes of the target audience. Taking it lightly can single-handedly jeopardize the viability and worth of your product, no matter how great you think your product is.
Relying on a Single Software
Diversity and Versatility is the name of the game when it comes to researching for your product in a robust, proactive and diligent manner. If you’re relying on just one software for product research, you are shooting yourself in the foot with blind eyes!
Use multiple software to increase efficiency and probability of hitting the jackpot when it comes to meticulous and laser-focused research. Softwares like Jungle Scout, Unicorn Smasher, Sellics, Amz Hook, etc. are all great Amazon product research software available online that you can use in a timely fashion.
The beginning of an Amazon product research and launch also means understanding your competitors, and what products and services they have on offer.
Though you might believe there’s currently no competition for your new product, put yourself in the shoes of your customers and consider what they could buy instead of what you’re planning to offer.
Review those competitors’ marketing materials, and evaluate how your new offering will stand up against what’s available. Where will you excel? Which companies or products are the greatest threat to a successful launch?
Amazon is the world’s all-you-can-eat buffet of products and any seller or marketer’s throne for kingdom-hood. With millions of transactions every day, an Amazon product listing is ‘your voice’ to the world. Many are now starting Amazon business on a daily basis. There is a list of things one needs to do planning to jump in Amazon wonderland.
A powerful Amazon product listing copy that converts is crucial to being an A-List Seller. And to put a halt to your sales sucking-spree!
Here are some ‘Secret Sauce’ Hacks, Tips, and Tricks on how you can 10X your Amazon Product Listing today!
Focus on Your Product Title
Just as with Google title tags are very important, but instead of 60 characters, you get 200 with Amazon. Also unlike Google, the longer and more detailed the title, the better. With Amazon it doesn’t have to be compelling or grab a viewer’s attention; it just has to give off enough information for someone to make a purchasing decision.
For this reason, using all of the 200-character limits is encouraged. If you look around Amazon, you’ll notice that the products with long, keyword-rich titles outrank those that are simple and clean.
Capitalization and Relevance
Capitalize the first letter of each word. Use the most relevant keywords first, and ensure that numbers are written as numerals ( such as 1, 2, 3, etc.)
Now, it can be hard to get used to this after coming from optimization for Google, but it’s an important step. According to an Amazon help page, you should follow a formula to help create your titles. For example, the style for many products may be:
Brand + Model Number + Model Name + Product Type, Color
One example of using this formula for a title would be:
KitchenAid KSM150PSER Artisan 5-Quart Mixer, Empire Red
Things Not to Include in Product Titles
One of the biggest mistakes Sellers make is committing self-suicide by contaminating their product titles with the following:
● Price and quantity
● Using ALL CAPS
● Using promotional messages such as “Sale”
● Using suggestive commentary such as “Best Seller”
● Using symbols such as ($,!,?)
● Putting color in the title even though the product does not come in multiple colors
● Putting size in the title if the size is not a relevant detail
Compelling Photos – Crucial Elements
Human beings are visual creatures. Image psychology plays a fundamental role in buying behaviors. Knowing and maximizing this is critical. Here’s how:
● Utilize all 9 image spaces if possible
● Size images to be at least 1000px to activate zoom function
● Add a video if at all possible
● Utilize a white background for the main image
● Use infographics to convey the scale of the product
● Include some lifestyle images, showing the product in use
● Have an image showing your product packaging
Use Bullet-Point Content Form and Focus on a Description
You often see bullet points for a product on Amazon under the title. This is a great place to add keywords and really show what you’re all about. It’s close to your images and actually appears above the title, so make sure you don’t skip this step.
Here are some more tips on this:
● Use all 5 bullet points if you are able
● Put yourself in the shoes of the customer, why should they buy your product over competitors?
● Focus on applications of the product
● Keep it product oriented
● Include any guarantee or warranty you are offering
● Does the product solve a problem? Explain how
● What’s your product’s fundamental value proposition?
Because the bullet point feature is so prominent, sometimes companies get confused about the description and forget to add it altogether (it’s not required after all!). The description still appears it just appears further down on your page.
This doesn’t mean that it’s not as important, it’s just not as important as the bullet point section. It is crucial to still add in a description, not worry too much about keywords, and make it detailed but short and sweet all at the same time.
Humanism in Description
It’s also important that your description adopts a ‘humanistic’ tone, in that it speaks to the human element of the audience, and not as a ‘drone’ programmed to sell on auto-pilot!
Here are a few ways this can be achieved in a compelling manner that evokes emotion, incites interest, creates desire and inspires ‘action’ in the reader’s mind:
● Lead with the features and benefits to the customer, and talk about the product secondary to that
● Make the visitor believe that your product is something they need
● Keep it relatable – use language that you would use if you were speaking to someone
● Include your target keywords but don’t keyword stuff and make it difficult to read
● Tell a story that highlights the product’s value
● Choose the best text formatting for your description
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