Unlocking Amazon Success: 4 Points to Analyze Competing Products
In the journey to Amazon success, one thing is certain: success is not easily replicated. However, we can glean valuable insights from other successful sellers. It’s like learning the ropes from a seasoned sailor. In the world of Amazon, competitive analysis is your compass, especially if you’re a new or small seller. At Ningqu, we stress that what you don’t think about and what you don’t do, your competitors have already accomplished. But how do you navigate this terrain? Let’s break it down into four key aspects:
Product Analysis of Competing Products
In the selection process, we must look to our peers – those who sell the same product we intend to sell. It’s crucial to differentiate between products with rigid and non-rigid demand. Choose rigidity over non-rigidity, but how do you decide? Dive into a detailed analysis by checking the reviews of competing products. Learn their strengths and weaknesses, and compare them with your own. The outstanding aspects should be highlighted, while shortcomings need to be addressed. To take this a step further, consider purchasing a competitor’s product. By dissecting it physically, you can uncover hidden merits.
Remember what Sun Tzu said in ‘The Art of War,’ “If you know yourself and know your enemy, you will not be imperiled in a hundred battles.” This knowledge comes from meticulous research on competitive products.
Analysis of Marketing Ideas of Competitive Products
Many sellers start with a good product but struggle to sell it effectively. This could be due to a failure to understand their own marketing ideas fully. At Ningqu, we emphasize the “accept first, understand later” approach. Instead of pondering endlessly when presented with a good project or method, act on it. Emulate your competitor’s behavior pattern. Even if you don’t fully grasp it at first, over time, you will understand and improve your model.
For instance, consider a product with good sales volume. When customers refer to how it’s sold in batches of 200, they are also selling in batches of 100 and 300. Sellers who choose 100 batches may find their results unsatisfactory due to low unit prices. Those selling in 200 or 300 batches have no significant difference in delivery cost and platform commission. A slight increase in the selling price can lead to higher profit margins and the perception of a lower unit price by consumers.
Operate from a Long-Term Perspective
Amazon success doesn’t come overnight. It’s essential to realize that the price of a Best Seller is not set in stone. To reach such a position, you need to focus on long-term goals. Start with a competitive price to boost sales, rankings, and overall store performance. Over time, as your listing ranking climbs, you can adjust prices to match those of bestsellers. Think long-term, and you’ll succeed.
Pursue the Consummate Details of Listing
Your competitors’ listing pages hold valuable insights. Amazon operates mainly through listing displays, making the content of your listing page critical. Study the top 20 competitors’ listing pages: How are their images taken? What’s in their titles and product descriptions? What characterizes their layout and content? By answering these questions, you can build a comprehensive understanding of what works best. Your starting point may differ, but implementing these insights can boost your profits.
In conclusion, don’t be lazy – study more. Competition is your best teacher. If you have questions about Amazon operations or sourcing products in China, Ningqu is here to help.