AF309 - Finding Products to Bundle
In this podcast episode, Kristin Ostrander, host of the Amazon Files podcast and founder of Mommy Income, discusses the importance of finding unique products and niches to sell on Amazon. She shares her personal experiences and offers advice on how to identify potential niches by leveraging your own interests, experiences, and problems. Kristin emphasizes the significance of understanding your target audience's needs and provides examples of how to tailor your products to meet those needs. She also mentions resources for customer research and teases upcoming workshops and challenges for listeners to participate in.
The Art of Finding a Niche
Finding a niche and being passionate about the products you sell is crucial. I've personally transitioned from retail arbitrage to wholesale bundling, and I can tell you that wholesale bundles offer a fantastic hybrid model between wholesale and private label.
You don't need to sell thousands of units per day to be successful. Selling between 50 and 100 units per month can still provide a decent living. Having a website presence for your brand can be beneficial, even if it's a simple website without a cart.
Defining Success on Your Own Terms
It's important to focus on your goals and not get caught up in the idea of achieving million-dollar sales. Not everyone wants to scale their business to that level. It's important to define what "enough" means for you. My mother, for instance, is approaching retirement age but continues to work because she loves what she does.
Setting goals that align with your own desires and comfort level is crucial. Start small and gradually build your business by adding one bundle at a time. Continuous improvement and learning from each bundle's performance is key.
Leveraging Your Existing Knowledge and Interests
When choosing a niche, leverage your existing knowledge and interests. I had a client who initially believed she had no expertise, but upon further exploration, discovered her passion for cooking. This revelation led to the identification of a potential niche market for her.
Ask yourself questions to uncover your knowledge bank and potential niche. Understand your target audience's problems and needs, as your products should provide solutions. Look at your own recent Amazon purchases for inspiration and potential ideas.
Identifying Opportunities through Personal Experiences
Look at your own shopping patterns and read product reviews to identify potential opportunities for creating bundles or new products. Start by examining the last ten or twenty items you purchased on Amazon and reading the reviews to see what customers are saying.
Think about your own problems and experiences. I once couldn't buy a single or double unit of a food product on Amazon, which led me to consider creating a two-pack bundle myself. Reverse bundling, or selling individual items that are typically sold in bulk, can be a profitable strategy.
Exploring Unique Products and Niches
Everyone has something they can offer, even if they think they don't have any hobbies or knowledge. Look at what you enjoy, such as TV shows, music, or activities, as potential niches. Examples include spike ball, pickleball, and even TV shows like Yellowstone.
Consider the problems and solutions in your own life. If you have a day job or drive a car, there may be products or solutions related to those areas. Ask yourself and others questions about what products you buy, what issues you've had lately, and what products you wish were available.
Final Thoughts
Remember, you are not boring and you have interests and experiences that can be turned into profitable niches. Resources like the Wholesale Bundle System and PickFu can be invaluable for customer research and feedback.
Stay tuned for upcoming workshops and challenges, including a bundle challenge. Don't forget to subscribe to stay updated. Remember, the key to success in Amazon bundling is to think creatively, leverage your personal experiences, and continuously strive for improvement.
WATCH:
LISTEN:
QUOTE:
"That is an opportunity for you to create a bundle or a product." - Kristin Ostrander
TIME STAMPS:
Finding Your Niche [00:03:27]
Kristin discusses the importance of finding a niche and how it can make the process of selling on Amazon easier and more enjoyable.
Solving Problems and Meeting Needs [00:04:18]
Kristin emphasizes the importance of not just selling cute products, but also focusing on solving problems and meeting the needs of customers.
Scaling Back and Knowing What's Enough [00:07:11]
Kristin talks about how not everyone wants to build a million-dollar brand and how it's important to know what is enough for oneself and scale back if necessary.
Set your own goals [00:08:04]
Encourages listeners to set their own goals instead of comparing themselves to others.
Start with your knowledge bank [00:09:59]
Discusses the importance of starting with what you already know and have expertise in.
Think about your customer's problem [00:12:38]
Emphasizes the need to understand the problem or need that your product or bundle solves for customers.
Finding Product Opportunities [00:16:38]
Kristin discusses the importance of looking at your own shopping patterns and reading product reviews to identify potential product opportunities.
Creating Bundles from Negative Experiences [00:18:19]
Kristin explains how negative experiences with certain products can inspire the creation of bundles or new products to address customer complaints.
Reverse Bundling for Individual Sales [00:20:12]
Kristin introduces the concept of reverse bundling, where products are taken out of bundles and sold individually to cater to customers who don't need bulk quantities.
Finding Niches in Uncommon Hobbies [00:25:01]
Discussion on how to identify niche markets by exploring hobbies and interests that may not be widely known or popular.
Exploring Niche Markets in TV Shows and Music [00:25:50]
Exploration of niche markets related to TV shows, such as Yellowstone, and music genres, like Jimmy Buffett's parrot heads.
Using Customer Research and AI for Product Ideas [00:30:25]
Recommendation to use customer research platforms like PickFu and upcoming discussion on using AI in Amazon business.
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