When it comes to any new venture, the hardest part is getting started. But you’re here. You’ve done that part. Go you! Now nothing but a sea of possibilities lies before you. Within the intensity of today’s digital marketplace, success hinges on a seller’s ability to navigate products and market trends. Without a strong sense of these, any one of us would be as effective as a keyboard in the hands of a toddler. That’s the fundamental building block of any successful seller journey: strategic product research and market analysis are essential.
Unveiling the Tools: Product Discovery and Market Intelligence
Before we get down into the weeds of the thing, let’s take a moment to appreciate that there are resources out there to help. Viral Launch has created the Product Discovery (PD) and Market Intelligence (MI) tools to remove most of the stress and complexity in these tasks. These tools do for selling on Amazon what GPS did for taking a cross-country road trip; they will make sure sellers stay the course, have a sense of what lies ahead, and offer suggestions to make the path to success a lot easier.
Choose Your Own Adventure Using Product Discovery
When it comes to understanding the market and the competition, Product Discovery is essential to identifying potential products to sell. Here is a brief overview of how PD works:
- Get Started: Begin by entering product ideas and parameters – Product Discovery will do the rest.
- Refine Your Search: Peel back the layers by applying filters and specifications to narrow the focus.
- Analyze the Results: Access vital data like demand, competition, market trends and much more.
Pro tip for Beginners: Check out the tutorial videos as a visual guide to explore the many functionalities of PD.
Zero In by Using Marketing Intelligence
Now that Product Discovery has given us a read of the landscape, it’s time for Market Intelligence to help chart a clear course to the destination. MI allows sellers to zoom in on the competition, providing crucial insights and projections of the opportunities that are available:
- Dissect the Competition: Market Intelligence gives sellers the keys to competitor strategies, pricing, and customer engagement.
- Make Data-Driven Decisions: Viral Launch’s free FBA calculator ensures profitability by supplying sellers with the ability to:
- Avoid financial surprises
- Calculate expenses, fees, and profits
- Gain insights into upfront and ongoing costs
- Create a Long-Term Strategy: Accurately forecast market trends to position brands and products for long-term success.
Pro tip for Beginners: A video tutorial library is available to help sellers get acquainted with Market Intelligence quickly.
Integrating Viral Launch into a Sales Strategy
Now that Product Discovery and Market Intelligence have supplied all the ingredients for success, let’s see how they get combined to make the secret sauce:
Unified Insight: Turning Data into Results
When it comes to information, Product Discovery and Market Intelligence provide an abundance of valuable insights. That’s not where things stop. Beyond gathering that data, sellers will want to seamlessly integrate them into an operational workflow using the comprehensive suite of seller optimization tools provided by Viral Launch, including:
- Competitor Intelligence: Learn everything about the competition to outmaneuver them with data-driven strategies.
- Keyword Research: Understand the scope of the universe of search terms to boost the visibility of products on Amazon.
- Listing Builder & Analyzer: Incorporate high-impact keywords by crafting compelling listings while identifying areas for improvement.
- PPC Automation & Management: Maximize PPC campaign performance and reduce ad spend by automating campaigns.
- Review Generator: Build social proof for any products sold on Amazon by increasing the number of reviews and boosting the product rating.
By unifying the valuable insights across these tools, sellers are able to put the information into action, entering Amazon with confidence and removing as many risk variables as possible.
Rather than trying to reinvent the wheel, draw inspiration and guidance from sellers that have already carved their own path to success. Our case studies and extensive archive of thought-leadership content offer:
- Real-World Examples: Our case studies and expansive archive of thought-leadership content captured in blogs, podcasts, and videos offer an onslaught of real-world examples that can help you understand the strategies and pitfalls of existing sellers.
- Strategic Approaches: Extract actionable insights from seasoned sellers who have endured the ups and downs of the ecommerce marketplace. Learn how each of them formulated winning strategies, handled setbacks, and secured long-term success.
- Adaptation through Knowledge: Gain a competitive edge by adapting these proven strategies. These success stories can act as blueprints for building your own victory.
Instead of starting with a blank slate, sellers are able leverage the wisdom gained from the experiences of others to accelerate their own progress.
Informed decisions are the cornerstone of success. That is why we provide the tools for devising data-driven methodologies to elevate your decision-making process with:
- Follow Best Practices: Implement industry best practices for interpreting and applying data. Leverage the insights gained from Market Intelligence to make calculated decisions that align with your business objectives in the FBA Cost Calculator app.
- Optimize Pricing Strategies: Utilize the pricing intelligence offered by Market Intelligence to make real-time adjustments, ensuring your products remain competitive and profitable.
- Forecast with Confidence: Navigate the market with confidence by leveraging historical and real-time data. Anticipate trends, stock appropriately, and position yourself for long-term success.
Additional Research Tips for New Amazon Sellers
Mastering the tools is only scratching the surface of what can be accomplished with Viral Launch. Here are some advanced tips to elevate your Amazon game:
- Spot and Leverage Trends
- Utilize Viral Launch’s Product Discovery to identify emerging trends in your niche.
- Employ the Trend Analysis feature for insights into rapid growth or decline.
- Explore historical data through Market Intelligence to identify seasonal patterns and anticipate future market movements.
- Stay ahead by aligning launches and promotions with upcoming trends.
- Understand Your Customer’s and Their Needs:
- Dive into Market Intelligence to dissect competitor strategies and customer engagement.
- Analyze customer reviews, identifying pain points, desires, and unmet needs in the market.
- Use Viral Launch’s Listing Analyzer to scrutinize your competitors’ listings.
- Apply these insights to optimize your own listings in Listing Builder, aligning with customer expectations.
- Balance Gut Feelings with Data:
- Embrace Viral Launch’s ARCS (Accurate, Relevant, Detailed, and Impactful Data) – a proprietary algorithm that provides precise, data-driven insights.
- Combine your entrepreneurial intuition with concrete data points, ensuring a holistic approach to decision-making.
- Use ARCS to refine your product selection, validate your ideas, and confidently make strategic decisions backed by a wealth of accurate information.
These advanced research tips, reinforced by the robust features within the Viral Launch platform, can take you from being a participant in the market to being a leader of it.
What Are You Waiting For? Get Started Selling!
No matter what challenges or turns of good fortune lie ahead of you, remember that your journey is uniquely yours. Experiment with different product ideas, explore market niches, and trust the guiding power that resides in Product Discovery and Market Intelligence.
Bone up on all the things you will need to know! Start flexing that brain, because Amazon remains as untamed as the wilderness. It requires the ability to adapt quickly and to constantly learn. Equip yourself with additional knowledge by jumping into our “Find Great Products” ebook, free “How to Sell on Amazon” course, and the handy Chrome extension for Viral Launch that offers on-the-go insights.
Start a Free Trial Today
Don’t let a free glimpse slip through your fingers! While all of this is still fresh in your mind, seize the opportunity now. Sign up for a free trial with Viral Launch and experience first-hand the impact that Product Discovery and Market Intelligence can have.
Start selling on Amazon today with Viral Launch. Sign up for a free trial and test drive the tools now.