Everything You Need to Know Before Starting a Magnetic Whiteboard Business
If you’re gearing up to dive into the world of magnetic whiteboard business, there’s no better time than now. But before you set sail, it’s vital to equip yourself with the knowledge and insights that can keep you on the right course, avoiding potential hazards. We’ve prepared a comprehensive guide, based on statistics and research, to help you understand the dynamics of this market. Let’s delve into the magnetic whiteboard landscape and get you well-prepared for your entrepreneurial voyage.
I. Product Introduction
Let’s begin at the heart of your business – the magnetic whiteboard itself. This simple yet versatile product is a staple in the stationery industry. Imagine it as a canvas for your ideas, a canvas that’s steadily replacing traditional blackboards. You’ll need a special whiteboard pen for your creative strokes and a trusty whiteboard eraser. If you’re feeling fancy, you can use magnetic strips to ‘pin up’ important documents. It’s not just for offices; families find it incredibly handy for educational purposes.
II. Sale Situation
1. Amazon – The Behemoth of Sales
The first stop in our journey of discovery is Amazon. We fired up the Keywords tool and searched for “magnetic whiteboard.” What we found was impressive – over 200,000 monthly searches in the past year. The month of August 2017 hit a staggering 538,000 searches! Even in April, May, and June of 2018, the search volume averaged 200,000. It’s clear that magnetic whiteboards enjoy immense attention on Amazon.
But, let’s dig deeper. We ventured onto Amazon and took a peek at the homepage store using the Unicorn Smasher tool. Monthly sales ranged from 1,000 to 3,000, with transactions hitting $10,000 to $100,000. This paints a picture of good sales and a relatively stable profit on Amazon.
2. Google – The Alternate Route
Now, let’s steer our ship towards Google. We used Google AdWords Tools to search for “magnetic whiteboard.” The search volume on Google averaged around 5,000 per month in the past year. When we compared it to Amazon, it became evident that Google is a quieter harbor for magnetic whiteboards. Our advice? If you’re setting sail, anchor your business on Amazon rather than independent websites.
III. Profitability Analysis
Profit is the wind in your sails, and we’ve analyzed it thoroughly. An ordinary magnetic whiteboard on Amazon fetches around $31.19. But wait, we did some sleuthing on Alibaba and found the same product for only $3.33. Sounds like a goldmine, right? Well, not so fast. Shipping costs, packaging fees, and advertising expenses come into play. Magnetic whiteboards need special packaging to ensure they arrive in pristine condition. Despite these costs, the high selling price keeps your profits sailing smoothly.
To gauge the profit waves, we used the Keepa tool to monitor price changes. Over the past three months, prices have seen some fluctuations, but they’ve generally stayed above $30. Stability is the name of the game for magnetic whiteboards’ profits.
IV. Development Tendency
1. Search Volume – The Rising Tide
Now, let’s navigate the seas of future development. We employed the Google Trend tool to check the worldwide search volume for “magnetic whiteboard.” Despite some ups and downs, the average worldwide search volume stands strong at over 50. The highest point hit 100 in April 2018. Australia leads the charge in attention, followed by Singapore, the United Kingdom, and New Zealand. This suggests you might want to consider expanding your markets in these regions.
Now, onto the competitive seas. We dove back into the Keywords tool, and what we found was intriguing. Magnetic whiteboards have a high search volume on Amazon, with a CPC of $5.58 per click. This high CPC means you’ll need a sturdy ship to withstand the advertising costs. And the white magnetic board has a competition value of 1 (on a scale of 0.69-1, signifying high competition). If you’re a newbie setting sail in these waters, be prepared to navigate through fierce competition.
How do you control the cost effectively?
First and foremost, find a reliable supplier. That’s where Ningqu comes in, with over 10 years of experience in purchasing from China. We can source quality suppliers for you and negotiate the best prices. We can even arrange shipment, saving you on transportation costs. If you need additional services like photography and labeling, our customer service team is here to assist. Your satisfaction is our priority.
This analysis report is your compass for the magnetic whiteboard business. We wish you smooth sailing and great success. If you have more questions, don’t hesitate to reach out.
1. Is it profitable to start a magnetic whiteboard business?
- Yes, it can be highly profitable if you understand the market dynamics and control costs effectively.
2. Where should I sell magnetic whiteboards – Amazon or independent websites?
- Amazon is a better choice due to its higher search volume and stable profit potential.
3. How do I maintain profit stability when selling magnetic whiteboards?
- Find reliable suppliers, negotiate prices, and control additional costs such as shipping and packaging.
4. What’s the global market trend for magnetic whiteboards?
- The search volume is generally on the rise, with Australia, Singapore, the UK, and New Zealand showing the most interest.
5. What’s the competitive landscape for magnetic whiteboards on Amazon?
- It’s highly competitive with a high CPC, so prepare to navigate through intense competition and control costs effectively.