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…exactly what that is. Now, I want to remind you that we do have transcripts now available that you can download. I’m also going to give you a video walk through on this episode on this episode. If you go to the show notes you’re going to find a video there of me walking you through this process.
You’re looking over my shoulder. That is going to be available at theamazingseller.com/189 again that’s theamazingseller.com/189. I’m also going to include a special cheat sheet that goes over this process. All right. You’re going to want to download that as well. I’ve got transcripts there for you, I’ve got a video walk through and I’ve also got a special cheat sheet for you to download as well. It’s really, really important that we understand this and really don’t get misled by the numbers because you got to look a little bit deeper. I’m going to show you exactly what I look at and what you can look at as well. All right. Now, before we do jump in I want to say hey, welcome. Welcome back. This is again, another episode that I’m really excited to do for you and just hang out. Right. Just hang out with you guys.
Now, if you guys want more TAS, more of the amazing seller, more of the podcast or just hanging out with me in general, you can head over to periscope. If you guys are brand new to Periscope check it out, I’m hanging out over there a lot where we actually jump on and do live interaction over there. It’s kind of like Ask Scott sessions but right there on Periscope. If you want to hang out over there just go to Periscope.tv, download the app on your phone and search for ScottVoelker. You’ll find me. Then go ahead and follow me and then you’ll get notifications, you’ll hear a little whistle that will go, “phew phew”. Then that means that I’m doing a live periscope.
You can also watch a reply there as well. Yeah, I’m having a lot of fun with those and just being able to interact and connect with you guys is just awesome. Definitely come on over and say hello. The other one that I’m playing around with is SnapChat. It took me a little while here but my son did convince me that I should probably give it a shot and that I wasn’t too old to use it. I am using SnapChat. I am snapping as they call it so you can find me at SnapChat and you can get some daily chats or Snaps or whatever they call them, snaps, right. Yeah. Go on over and check out that. It’s SnapChat. Just download the app and then search for me. My username there is ScottVoelker1. If you want to search for me just search for ScottVoelker1. Maybe even leave me a Snap and let me know that you found me. All right. That’d be cool.
[00:03:09] SV: All right. Today what we’re going to be talking about is to do product research for depth and data validation because I think it’s really important. A lot of times what we’ll do is we’ll look at the numbers and I’ve done this. I’ll look at the numbers, I’ll get all excited because there’s low reviews and there’s high sales. Well, that’s usually a red flag. Not always but a lot of times it is and it doesn’t matter if you’re looking for a product that’s a $10 product or $150 product. It really comes down to doing a little bit more research than just looking at the surface. All right. That’s why you want to be able to do this. Here’s the thing. You could find a product that looks really, really good.
The numbers look really, really good but what you didn’t realize is that they just ran a promotion 30 days ago and they gave away 800 units and now all of a sudden you’re looking at a product that didn’t have any organic sales or even any paid sales and they were just promoed. That’s going to give false numbers and we don’t want that. We want to be able to validate and verify that those numbers are as close as possible but also gives us a little bit history about that particular product or that market, that keyword. Again, I’ll go into detail and in that video I do walk you through one example. Using the garlic press but I give you the example walking you through kind of the different steps and I’m going to walk you through this audio because this is audio, you can’t see me doing it but I’m going to walk you through it and try to have you visualize what it would look like. All right.
You want to be able to do this because, I can’t stress this enough, there is a lot of people out there including myself doing promotions when you first launch and that’s good. That’s what we want to do, right? We want to get the ball rolling, get the momentum going, get some sales in there and start ranking and all of that good stuff but the thing is, we need to understand that other people are doing that too. We don’t want to look at those numbers and get excited and then find out later that we should have dug a little deeper. Alright. We could also look and see what the price is then the price adjustments have been done over time. We can see that and that’s what I’m going to be showing you as well. Also is there a special time that this product’s selling. Is it just now or is there other seasons or is it consistent or is it trending?
All of those different things. I’ve touched on a few of these but I’ve never went through on exact like step by step type thing and I’m going to give you these in four steps. Okay. It’s really not that difficult. There’s four steps. There’s three tools that I use. Okay. Technically you can cut that down only two tools because one of the tools is integrated into the one tool. Okay. That’s what I want to do here. Let’s just dive in. I’m not really sure how long this is going to be this episode. I’m going to walk you through the steps and then from there I will do a little re-cap but then I’m going to try and explain it as detailed as possible but then you’re going to probably want to check out that video because I do walk you through it and you can visually see what I’m talking about.
[00:06:10] SV: All right. Here we go. Step one. The very first step. Now, I’m not talking about finding the product. Let’s just pretend that you’re already there and if you’ve not I should have probably said this in the beginning, if you’re not there yet, if you haven’t found that product or those products that you’re looking at, if you haven’t done your daily touch list or if you haven’t done any type of brainstorming or any of that stuff you really need to do that first. The other thing you can do is go over to episode 56 and episode 161 I did with Greg Mercer and we talk all about product discovery and product research and that type of stuff but right now I’m just going to assume that you have your garlic press selected and you’re looking at that particular product or that keyword. Okay.
Step one, let’s just say that we go to Amazon.com and we search for garlic press. Now, on that page we’re going to usually get 16 results. Okay. That’s usually what’s going to come up depending on whether you’re on mobile device or what your browser is and all that stuff. Let’s just that there’s 16 results and now we’re going to want to look at those numbers and primarily we’re going to look at those top 10. Right. You guys all know that if you’ve already listened to episode 56 or episode 161 or if you heard me talk about this before. This is where we’re looking at the depth of the market. Now the depth of the market basically means, and if we’re going after selling 10 a day or 20 a day, if we’re selling 10 a day it’s 300 units per product that’s selling.
If you found the top 10 are selling 300 each per month that equals 3000 sales per month across 10 products or ten sellers. That would be a good depth of market. Okay. Then we also want to look at the reviews and if we look at the reviews and we see that everyone has 500 or more that’s going to be harder to compete. Again, I’m not going to really cover that in today’s episode but just did want touch on that because those are the things that I look at and then the price but then let’s just say that we look now at the very first page for garlic press and now what we’re going to do is we’re going to want to look and see the number of sales.
[00:08:10] SV: Now, the first tool that you’re going to need if you’re doing product research, okay, now you don’t absolutely have to but it’s going to make your job a lot easier and this is what I use, so I’m just going to give you exactly what I use and that is Jungle Scout, the web extension. Okay. The browser extension. The Chrome extension. Okay. This isn’t the web app, this isn’t like product discovery, this is looking at the data so it’s a little icon that sits up in the right side of your browser and from there you go ahead and click on it, once you’re on that page you’ve got your results. Okay. The first thing that I do is I type in garlic press in Amazon. I search, I get that first page and I instantly hit that little JS up in the right hand corner and I click on it.
Then that’s going to populate all of the numbers. It’s going to give me the price, it’s going to give averages too but it’s going to give me the price, it’s going to give me the amount of sales and it’s going to give me estimates and a lot of people say, “How accurate are they?” There’s a lot other tools out there that are doing similar things. I’ve found that Jungle Scout is the most accurate. Now, I compared that to my own numbers but I also compared to other people that I know who are selling that shared their numbers with me. We have really come to the understanding that Jungle Scout is usually, depending, I can’t say 100% but it’s usually a little under. If it’s saying that it’s selling 500 it might be 600. I’d rather have it less that more. Okay.
[00:09:34] SV: I look at those numbers. Now we establish the depth. Okay. In this case in garlic press I’m not looking at the screen right now but always like really like, let’s say like 3000 sales for the first seller, 3000 for the second seller and maybe 2000 for the third and 1500 for the fourth and so on. Then maybe down to the 12th or the 13th position there was someone there that stood to me that only had 63 reviews. Then from those 63 reviews they have like 750 sales, maybe 800 sales. I’m like, “Woah!” That gets you attention. Very few reviews. Right. We’re comparing reviews to the top 5 each of those have like a thousand plus and again that’s when we talk about product research.
We don’t want to compete against people that have a thousand reviews out of the gate especially for product number one. You’re looking at that. We’re looking at those numbers. We’ll say okay, the top 5 all have a thousand reviews and they’re selling like 2000/3000 units per month but then we look down number 12 position and we see this person here, this one seller has 800 sales but they only have 63 reviews. Wow, that’s pretty good. Right. We can compete with that. Okay. Now, what I want to do is I want to validate, I want to verify that those numbers are true, they are accurate because here’s the thing. Someone could have ran a promotion because if that’s a brand new item and they ran a promotion and they gave away 750 units and let me just tell you there are people in competitive spaces that are giving away that many units to compete.
Maybe right out of the gate they gave away 700 units well they didn’t really sell 800 units like that number says. Did they produce a sale through a promotion? Yes. Is Jungle Scout right? Yes. That doesn’t mean that that’s an actual full price sale. Do you follow me? I think you do. You’re all shaking your head. Yes, I get it. Okay good. It’s hard when you’re talking out of a podcast. You want that interaction, that’s why Periscope is so beautiful you guys aren’t following me on Periscope check that out. I love it. Okay. What you want to do now is you want to be able to verify that. You want to be able to say, “Okay, I want to know how long this seller has been selling. I want to see their pricing. I want to see all of that stuff.” Right. Then that would take me to step two. Okay.
[00:11:55] SV: Now, step two, if all the stuff looks good in step one and I found a couple that I want to dig into and I want to verify that they weren’t skewed because of a promotion I’d move to step two. In step what I’m going to do is I’m going to take those sellers that I’m interested in or that I’m looking to do a little bit of investigation on or a little investigative work on. Right. I’m going to bring them over to a site they called camelcamelcamel.com. Now, you may have heard me talk about this one before. If you haven’t it’s a great little site. It gives you some data, some history and all that stuff so camelcamelcamel.com. I go there and then I take the URL. I copy the Amazon listing, I take that URL or you can even take the ASIN if you wanted to and I copy and paste that in there. Okay. I paste it in there.
Then from there I hit enter and I let it come back with the data. Okay. The first thing that I’m going to want to look at is see how long it’s been selling. Now, it shows you the entire duration. It’ll say all. When it says all, there’s a little slider there on the right hand side like I said, I showed this in the video. If you want to check out the video definitely after you listen to this go over to this episode and listen and watch that video because I show you exactly what I do here in this example. You can set that to a month, to three months, to whatever but I do it for the full durations so I put all. It will tell me if it’s been selling for a year I’ll know that. Okay. In this particular case, this first one that I looked at that had 63 reviews or something like that of a low number I’ve seen that they started selling in October of 2015.
It’s been out there a little while so this number is kind of true. It’s accurate for the most part from what I can see. Right. The next thing I would do is would want to see okay, now let me go ahead and see the price. So now I can look at the price and I can see what they started the price at, what they lowered it to, what they raised it to. I can see if they started running out of stock. I can kind of tell because they increased their price by two or three times and then once they got back in stock they lowered back. I can see all that stuff and it gives me a good idea of what they did in order to be successful. I’m modeling what they’re doing.
[00:14:02] SV: I’m also wanting to see that okay this isn’t just a fluke. They’ve got 63 reviews but they’re selling pretty consistently right now with this particular listing. I can look at that, then I can look at the pictures if I want to, I can look at the title, I can look at all of that stuff. Okay but the main thing right now is to see how long they’ve been selling and then I can rule out if it’s a promotion that got them there and that skewed the numbers or in this case I can say well I’ve been running since October so it’s probably not a promotion. I can’t guarantee it’s not a promotion but there’s a good chance. Now if I went over there and I did that same exact thing and I assumed that they started selling 30 days ago then it’d be a red flag.
I’d say, Okay that’s a promotion. I’m going to discard that one. I’m going to go to a different one. Right. That’s just going to rule out that one. I might go to another one in the top 12 or 15 or whatever find another that is only 100 reviews and maybe they started selling a year ago. Then I get some numbers but that one I wanted to definitely do a little bit of a background search on. Okay.
Now, the next thing again, the second part of that is then I want to look at the price because the price also shows me what they started at, what they’ve increased it to, how they’ve played around with the price if at all and what it did to the BSR. It will show you the BSR ranking over the course of that time. It will show you all of that stuff on a nice graph. So let’s camelcamelcamel.com. Currently, that is free. I would definitely recommend that, it’s a great thing. You could also set up alerts that alert you of your competitors. It’s not meant for this. It’s really meant for people going here and taking a product and plugging it in and being notified if that price drops. Okay. For us what we can do is we can use it as a tool to let us know when our competition is doing so if it goes up or down and we can get an email that says, “Hey, your garlic press or the one you’re looking at just went up by $2,” or, “It just go lowered by $2.” We can see that. That’s another little thing that you can do and another little trick. All right.
[00:15:57] SV: Now the third thing here that I do is that I then I look at the Google Trends. I have talked about this before but this is again part of that process. Then I look at the Google Trends. I look for seasonality. Again, this is only if it passes the test in step two. Right. If it passes those numbers then I bring it to Google Trends. Then I look at the seasonality and in this case if we’re looking at a garlic press, garlic press and a lot of other products too in December is the top sellers. You can see the peak all the way in December for the past like ten years practically. I think it was since 2005 so you can see that. Then you can also see that it goes down but then it comes back up and it goes down and it comes back up but that not as much as December.
Like November December of course fourth quarter it does well especially garlic press right gift, people are giving it as a gift. That’s why that has those spikes but that doesn’t mean that I wouldn’t sell that. It would just mean that it spikes in November, in December but throughout the rest of the year it’s still pretty consistent. There’s still a good amount of searches being done for that. Really, the way that Google Trend works is not necessarily for sales. It shows you the activity being done on Google for the search term Garlic press. It doesn’t really tell us that that’s what it is in Amazon but it does give us a good gauge on the market as far as how many people are searching for that.
That’s Google Trends. Now, one little side note. If you’re using Jungle Scout as your main tool to do this kind of data research as far as like pulling out the numbers in the beginning stage here in step one, there’s a little tab in the pro-version that says Trends. If you click on that Trends it will automatically show you a screenshot of that particular Google Trend for that keyword and for that thing that you’re looking at. You wouldn’t even need to leave Jungle Scout in the beginning so you could technically do that like right out of the gate. If not, you can always just head over to Google Trends. I usually do the Google trends thing the last. I don’t really look at it in the beginning but you could. This way here you could look at the trend and see if it’s something that’s going up.
You may also see that it wasn’t as popular like five years ago but it’s starting to gradually get more momentum throughout the years. That’s a good thing because we have upward trend but I really like to look at the last 12 months and then also maybe even the past 24 months and then you can see steady trends like in December. Every December it’s peaking because of fourth quarter so we know that if we wanted to do a launch for a garlic press best time would probably be late summer, early fall and that way we can get our listing rooted. Then from there when we do have a nice base of reviews and stuff and we’re starting to rank when there’s a lot more traffic, we’re going to start showing up, we’re going to get more sales.
Now, I said that was step three but actually that was step four. Let me give you the fourth step here. This is something that you don’t have to do but it does also show you if that particular seller is using review groups.
[00:18:52] SV: What I do is I look at the reviews that have come in on that listing. If there was 63 reviews what I’d want to do is just click on their reviews and then I’d want to start scanning and seeing if I see I received this item for my at a discount for my unbiased review or for my honest review. I would look for those things. I’d look for videos, I’d look for images and I can get a sense if they’re promoting. Now, if they’re not promoting and you’re not seeing that, that’s even better because that means that they didn’t really do any promotion to get where they are. Right but that doesn’t mean it’s a deal breaker. It just means that they’ve done that, it’s worked for them so you’re probably going to have to do one or two as well but in this case 63 reviews isn’t really a lot of reviews especially when you’re going up against couple of thousand reviews or even a thousand reviews.
That seems like it’d be hard to compete. Just wanted to throw that out there. Looking at the reviews can also give you a little bit of a sense of how long they’ve been selling. You can also look at like, you can go to the reviews from oldest to newest or newest to oldest and then you can see when they got their first review and you can see what kind of review it was. That can give you a sign as to are they brand new or when do they start selling or again you can just go to camelcamelcamel.com where you can find that there. These are just different ways to a little bit of research in the background, right? Not just looking at the number on the surface.
We got to go a little bit deeper. We got to look at the history and that will help us really determine if this is something that’s just as skewed because they ran a promotion or if it’s something that we feel that has been in there a little while and it’s been doing pretty good and we can feel comfortable and confident at least the best that we can that we’re going to have a better chance of succeeding selling a product like this or similar to this.
Not to mention, when you’re doing this too, when you’re in those reviews look at the negative reviews and really see what you can do to improve it. That’s huge. A lot of people aren’t doing that’s something that I’m going to be doing more of and really understanding those flaws. Then trying to fix those flaws and then bringing them to the surface I think can also help you convert and also have happy customers. Have happy customers, guess what, you sell more. Right. That’s just another little side tip there for you.
[00:21:05] SV: All right. This is the way that I go about reducing the risk by doing some investigating work. It’s like you’re that person behind the scenes that’s like “this stuff looks good but now I got to do all of these other field tests and I got to see if this is all true or at least the best that we can determine is true.” All right. Again, let me just recap what we’re doing here. Number one, this is working when we have a product that we’re looking for. When we have a product or five products that we’re looking we’re going to do the search in Jungle Scout. First we’re going to do an Amazon, then we’re going to pull it up in Jungle scout with the web extension. We’re going to look at the numbers, we’re going to look at the depth, we’re going to look at demand, then from there if all that checks out then we’re going to move into step two where we’re going to take the sellers that we’re targeting, the ones that we feel can possibly compete with.
Again, some people say, “Scott, what if the top 3 sellers are all selling 2000 units? Is that okay? Is that too competitive and they all have 500 reviews, is that okay?” Well you got to look a little deeper. You got to look at the 5th and the 6th and the 7th and the 8th and then look down the list and see if there’s any other sellers that are still selling the amount that you want to sell. If you want to sell ten units a day then you got to see 300 in the monthly sales. Once we get to that point and we say okay, I see number 8 and number 9 they look pretty good.
They have less reviews, they still have good steady sales, they have good selling point, that’s the other thing too. You want to look at your selling price. If you see that they’re 800 sales they got 63 reviews but they’re only selling it for only $3.99 but everyone else is selling it for $17.99 that’s kind of going to make my decision a little bit … It’s going to play a little bit into my decision making because yeah, of course you’re selling more because you’re selling it at a less expensive price. That’s what you also want to look at. I should have probably mentioned that before. That’s another thing. What we want do is we want to look at … Take that one that we’re interested in now that it’s proved itself to us on the surface.
Now, we want to move to step two which is go to camelcamelcamel.com. We’re going to take that URL from that listing. We’re going to copy and paste it into the camelcamelcamel.com and then we’re going to look at the BSR over time. We’re going to see how long they’ve been selling over time. We’re going to look at the trend as far as like … Not the Google trend but we are going to look at the BSR graft and all that. We’re going to see how long they’ve been selling and then we’re going to look at the price. We’re going to look at the different price that they came in at, what they’re at now, what they did in the middle, if they ran out of inventory. You can tell that because of a bump in price because they were trying not to run out of stock. All those things, that’s step two.
[00:23:51] SV: Step three we’re going to look at Google trends for seasonality or when is the peak time for these products or this product. Then step four, that’s a bonus one. Step four is to look at the reviews and see how many are from review groups. Again, this is giving us a sense if this is active seller that is reaching out for reviews. That’s pretty much it. That’s the four steps. All right. This is going to allow you and myself to be able to lessen the amount of risk. Doesn’t mean that it’s risk free and anyone out there thinking that this is risk free. It’s not. There’s always a risk in anything that you do, whether it’s in this business or any business.
This is a way to really validate and really verify before you jump in. Alright. Again, the top tools that I mentioned is number one, Jungle Scout. If you guys do not own Jungle Scout like I said you can go through my link and get $10 off of that web extension and that is theamazingseller.com/JS or you can find it in the show notes as well. Number two is camelcamelcamel.com. Okay and that’s free as of right now that I know. It’s free. Then three, it is Google trends. Again, if you have Jungle Scout, you’re going to have Google trends right inside of that app so you can use it in there or you can just use it externally. Again, that’s free. Great resource. You’ll also get other ideas looking at Google trends too.
If you see that it will show you suggestions around that keyword so that could also give you ideas but little bonus tip here for you. Okay. While you’re looking at these brands inside of Jungle Scout, while you’re looking at these brands, maybe the ones that are interesting to you or that you’re interested in because those numbers look good, what you want to also do is you want to click on the brand name. Their brand name. If it’s XYZ whatever, garlic presses, you want to click on that in the Amazon listing and see what else they are selling. Now, why would you want to do that?
Well, I’ll tell you why. If they have more than one product that’s selling around that garlic press and they’re selling 800 units a month on the garlic press, well those other products could be helping to feed those sales. That also could come into your mind that you know what, they’ve got other products that are supporting this one. That might be part of the reason why they’re successful. Can I still come in here and be successful without having those other supporting products? Here is the big but. If you do that little exercise that I just shared with you and you see that they are not selling any other products, it’s just the one product that’s doing that, well then that’s a good sign, well that’s a good sign because now you can say, “Well, now I know that there’s only one product right now that’s driving and that’s the main product.” Right.
That’s another way to really do a little bit of research to see the strength of the brand and the power of the additional products that’s wrapped around that brand. Now, if that brand has other products but they’re in multiple different product lines like they sell a garlic press and they sell a tennis racket and they sell bowling shoes, well, we know that the bowling shoes is not going to help sell the garlic press. You understand what I’m saying there. It’s like we want to see if they have other product like a lemon press or a garlic press, garlic bag. These types of things. That would help to sell that garlic press. Again, that’s just another thing that I look at to see kind of like how seasoned the brand is and if that brand is really positioning that one product around other products or nested inside other products to create a product line.
Those are different things that I look at. Again, just kind of running you through kind of these steps and kind of like the checklists I use to go through this when I’m doing product research. All right. Want to remind you guys. Alright. I’ve put together a video for you that walks you through everything that I just went through. Okay, you can find that on this episode which is 189 so that’s theamazingseller.com/189 you can watch the video right there. I’ll embed it right there inside the show notes. You’ll also going to find the transcripts which you can download or you can read them right there and I’m also going to have a special cheat sheet download that will give you this process kind of mapped out for you so you can kind of walk through it. Alright.
That’s it guys. That’s going to wrap it up. I really wanted to do this because a lot of people ask me like, “Scott how do you do more extensive research once you find something you’re interested in?” I’ve explained it but I’ve never explained it on the podcast and I wanted to do it here today and I also wanted to create that video for you as well which took me a little bit more time but I think it’s going to be worth it because when people ask me now I can point them to this resource which should help them and hopefully help you.
Alright. That’s it guys. That’s going to wrap it up. Remember I’m here for you, I believe in you and I’m rooting for you but you have to, you have to … Come on, say it with, say it loud, say it proud, let’s do it, “Take action.” Have an awesome, amazing day and I’ll see you in the next episode.
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