Over the past few months we have been looking into new products for our business on Amazon. There are a number of ones we found could be useful, and ones that were straight up too competitive to even look into. Nowadays however the competition on Amazon is mainly consisted of businesses that make money simply by already ranking top.
So the decision was made to try a new product in a slightly less competitive market and get some of that low hanging fruit that is so sweet and loved by all. We partnered with a floor painting company in the UK to try one of their products and re-sell it on Amazon’s marketplace. The result? An awesome partnership with not one but 3 products we could now sell through Amazon. The process for launching didn’t change at all, but I wanted to talk about why we choose this product quickly.
Why Did We Choose This
As you can see from the above picture the product itself is not very interesting. It’s just something that lets industrial or personal projects floor their locations well and on a relatively low budget. It’s not something that is glamorous but it is something that qualifies for the statement – Boring businesses make money. Or in this case, make millions.
This was really only a 3 step project. The first step involved selecting the niche and finding a supplier. So once we found the niche or product that we liked we got in touch with 5 companies offering it on a corporate level. The deal was they would have to supply the product to Amazon and make sales through the Seller central account everytime we had an order. Essentially they would be fulfilling orders and that was it. We worked out a commission basis and it was go time.
The second stage was to look into the competition. I love competition analysis in every business. But it is also important to remember the key features of the blue ocean strategy. This states that you should try to position yourself or your business in a way that means you have NO competition at all. This is great if you can do it, but in this specific case is was not 100% possible to implement. Instead we had to settle with a slight change in the positioning of the business.
The final stage was to general keywords. This is something I know personally from experience in the Amazon business and something that was very easy as a result. This took about an hour and we were officially ready to launch.
So we did.
I will update everyone on new things very soon once we have some data and SALES to report.