In today’s blog I’ll be showing you how once you find 1 product idea, you can quickly turn it into 10 product ideas.
This will also help you find products that contribute towards your greater brand and vision.
So here’s what I like to call my “4 Step Product Maximiser Strategy”
Here’s what you need to know:
1) First find products the normal way using Profit Phoenix, or apply this maximiser strategy to the products that you are already selling
2) Use each step of the product maximiser to then find more products to sell
3) Confirm their overall performance in the Profit Phoenix market research tool
Part 1: Frequently Bought Together
Look at the frequently bought together section on your own listing and those of your competitors.
Amazon themselves are telling you what your next product should be! Don’t you think your product should be there instead of someone elses?
This is a great way to find related products that people are buying with your current product and also increases your lifetime customer value.
Part 2: Customers who bought this item also bought
In the middle of every Amazon listing there is a section called “Customers who bought this item also bought” – go through that on your listing and those of your competitors.
Again you will find great products that your existing customers are already buying and since it’s in the same niche – this is a great way to find products that contribute to your existing brand.
Part 3: Look at your competitors other products
Again this is another perfect way of figuring out what products to add to your brand. The “roadmap” or “product path” of what to launch has already been laid out by your competitors.
This is an amazing way of finding great products, I’ve personally found some golden products this way.
Part 4: Supplier catalog
Ask your existing suppliers to send you a PDF catalogue list of all the products they have to offer. This is a great way of finding new products to add to your brand.
It also strengthens your relationship with your supplier and you will get better prices on the new product plus your other product, because you are now a repeat customer.
It also makes life a bit easier as you already trust them… and if you want you can even skip the sample stage (at your own risk).
So there’s the 4 step product maximiser strategy.
Once you find 1 product (or you already have something on Amazon), you can use this strategy to find many more products to add to your brand.
Then all you need to do is go into the Profit Phoenix Market Research Tool and check the products to make sure they meet the criteria.