This past weekend I attended the Philadephia Gift Show which is just a hop, skip and a jump from my front door. It is a wholesale trade show with anything from garden gnomes to jewelry to halloween skeletons and everything in between. If you can buy it at a gift store, chances are you can find it there. This was my second time attending the show and I felt more comfortable this time.
One of my viewers had a great question,
“You mentioned that you arranged exclusives for a couple of products. If I'm understanding correctly, those products are not currently being sold on Amazon. How did you decide that you wanted to bring those items to Amazon? What type of research did you do that gave you an indication that these products would be successful?”
Yes, having an exclusive agreement with a company allows me to be the only seller to offer that product on Amazon. When I look at bringing a product to market my decision is part research, part knowledge bank and part gut.
The first thing I do when researching an item is to see if it is already available for sale on Amazon. If it isn't, I start looking for similar products available for sale on Amazon and other marketplaces. This will help give me an idea of the demand for the product and if the market is saturated with similar products or not. I also look at the price points of similar products and compare it to what my costs would be. Then I can determine if the product(s) would fit within my target margins.
Part of making a new-to-market buying decision is based on knowlege you've picked up through experiences along the way. When I sold toys on eBay, I knew if I came across certain character related items at a yard sale they would be a guarenteed sale even if I had never sold that particualr product before. This is where your consumer knowledge also comes in handy. You know a lot based soley on interacting with people, products and services on a daily basis. This is what helps me make successful product bundles and be confident in creating a listing for an item I found at a retail store.
I always do research when bringing new products to market but sometimes I just have a certain feeling about a product. This happens in RA, OA and wholesale. The more experienced you become in dealing with bringing products to market the more comfortable you'll be with trusting your gut.
Thanks for the great questions, Cindy!
Remember to catch me later today on Periscope. If you haven't downloaded Periscope [ iOS | Android ] to your smartphone or other mobile device (iPad, tablet, etc), make sure you do it before 2:30pm EDT. You can follow me @amy_feierman. See you there!
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