3 Criteria For Choosing Your First Product On Amazon FBA #FreedomFastLane
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 802 Ratings
🗓️ 25 July 2019
⏱️ 14 minutes
🧾️ Download transcript
Summary
You want to start on Amazon, but you don't know where? Or how? Or with what? Ryan helps you find the sweet spot and one sweet offer.
Key Takeaways
So, what are you selling? [:38] Ryan breaks down 3 criteria for choosing your first product — he advises you do them all together.
Criteria 1 [1:34] Focus on really big markets. Niche products and smaller markets will only ever provide small profits.
Secret [2:58] Big brands are crumbling… They can't release products fast enough.
Criteria 2 [4:00] Choose products that you can differentiate.
Criteria 3 [7:39] Before you choose your first product, choose your second and third products because:
3 to 5 products x 25 sales a day x 30 dollar price point = Million dollar business
It's an insurance for the medium term and a faster route to profitability.
Now I have to pick 3? [9:37] Pick a person, someone you are targeting or marketing to: do they have 3 to 5 things that they buy on a regular basis?
Make a decision [10:21] You can let the Million Dollar Brands training break this down step by step for you for free.
Thanks for listening and get in touch with Ryan on Instagram @ryandanielmoran
Transcript
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| 0:00.0 | I know how important it is for you to just make decisions about what product is going to sell |
| 0:06.8 | and be the first thing in my brand. |
| 0:10.2 | So if you just make decisions, so if you follow those three criteria, you'll have a much, |
| 0:15.9 | much higher chance of success rather than just choosing random products to sell on Amazon. |
| 0:25.4 | Build a business, invest the profits. I'm Ryan Daniel Moran, and this is Freedom Fastlane. |
| 0:44.3 | Today we're going to be talking about three criteria that you need to follow when you are choosing and launching your first product. I know how difficult it is to go over that hurdle of what |
| 0:51.7 | product am I going to sell. So if you follow these three criteria, |
| 0:56.2 | it puts you in the sweet spot of choosing one that is going to be profitable and choosing |
| 1:01.5 | one that is scalable. And by scalable, I mean it's at least, it puts you in the range where |
| 1:09.0 | you could be making $10,000 a month or $50,000 a month or $100,000 a month. |
| 1:14.6 | So a lot of people make some very common mistakes, but if you stick to these three criteria, |
| 1:22.1 | then we'll make sure that you solve this. The real magic is when you combine all three. So make sure that |
| 1:29.1 | you get all three of them before you just run off and start making decisions. So the first |
| 1:35.7 | criteria to ensuring that you have a successful first product is to focus on really big |
| 1:43.8 | markets. |
| 1:45.0 | A common mistake is for people to look at two niche of a product. |
| 1:53.0 | And so they're trying to find where there's low competition rather than going after really big markets. |
| 1:59.0 | Now, there's some nuances to this that can make it easy for you |
| 2:03.0 | to carve out a small little piece of the pie and be really profitable from that. But one of my |
| 2:09.7 | mentors right when I was starting out told me, you don't want to go into small markets because |
| 2:17.3 | even if you kill it, your profit is going to be |
| 2:21.9 | very small. But if you go into a really big market, even if you just do okay, you've got enough |
... |
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