All language subtitles for 9. How to Find a Product That Sells - Framework

OK so we're gonna talk about what you guys need to be looking for so that you can find the best opportunities

on Amazon.

And we're going to talk about a lot of things that you should look for and then you know some requirements

later after so what you need to be looking for is volume.

So there needs to be dollar bills being spent and there needs to be a good amount of sales so we'll

get more in-depth on those later.

But basically there needs to be enough people looking for something to buy it.

If nobody is looking for something then how are they going to buy it.

We already talked about earlier that Amazon is the search engine for products.

And we've also talked about that.

It's they go to find products that they're looking for.

They have an idea of what they want in their head.

They put it into words and then they see what there is but you can't put the words into their heads.

OK.

So that brings me to the point for Amazon what we're looking for.

We're not looking to make brand new inventions.

We're looking for where people are searching.

And then we're looking to find improvements that we can make and fulfill the needs that aren't being

fulfilled for the consumers.

So the best example that I had for this was the solar eclipse goggles with these goggles.

Basically people were looking for eclipse glasses.

They needed a way to look at the sun and you know have a good once in a lifetime experience.

And I was able to then look at that and read the reviews and saw that people weren't having all their

needs fulfilled.

There's a lot of light that will get put in and children couldn't see it the best.

And people wanted more premium quality product.

And I was able to make that by making the goggles that did offer that premium quality that people were

looking for.

So that brings me into how I was able to make that a mention or you know the slight improvements that

people wanted.

It all comes down to this analysis framework that I think that everybody should understand because this

will decide if products are going to make it or not make it.

Basically it comes down to consumers needs or the customer's needs.

OK.

So there's a couple of general ones and you want to get an array of these or you want to get a couple

of them.

You don't need all of these but you want to have some way to differentiate from the other people.

Because if you're just doing what other people are doing then it comes down to price and the number

of reviews and when you compete on price it's not you don't want to play that game.

So here's the games that we do want to play for and that's by finding ways to fulfill customer needs

that aren't being filled yet.

So there are general customer needs.

These are what people use every time that they go to buy.

They're not actually using them like a checklist in kind of filling out like yes it meets this.

Now they're going and they're psychologically thinking about these and somebody goes to buy.

This might be the only important one.

Like you forgot a wedding gift and it's like what is there.

What are my options.

All right.

So that's one where you could essentially go and add value by having Amazon Prime and deliver in two

days or even overnight versus if all the other people in that market were five to seven days because

they were shipping it themselves.

So that's one thing that we can look out for is just offering fulfill by Amazon when it doesn't currently

exist.

And it's also comes into.

So basically the meta concepts of that is that it's about time and convenience and efficiency.

So there's that with obviously the delivery speed but we could also be offering that in their daily

life.

So does.

Is there a way that we could somehow make this product more convenient or efficient for whatever their

need is.

So what are their needs though.

That is utility.

So there is two needs actually there is self-expression and there is utility and I'm going to explain

what those mean now.

So essentially if you're looking for utility you need to achieve something or improve your life.

If I'm in the headphone market I'm obviously looking for something that is functional.

So I'm not looking for a self-expression one I'm not looking for some like ones for a photo shoot or

to make me look beautiful.

There are some people that only care about the design of them but a majority of the people are looking

for utility.

So I would kind of just like we'll just analyze the different needs and why there's so many products

in the headphone market.

There's functionality so Bluetooth these they fold.

OK so that is great.

And what these end up doing is they improve the consumer experience.

OK.

So when you improve experience basically you're just going to get happier customer.

They're going to feel like a G when they put them on.

He feel even better if he was wearing ones without a cord.

Because I love that they're Bluetooth and it makes working out a lot easier.

Another factor of utility is gonna be reliability so I know and will pay a lot more for these Bose headphones

because they're reliable they will last for years and they don't break because they're foldable.

So like we're saying it's not like these functionalities are all.

None of them are independent.

They all kind of intertwine with each other and are all important and they affect one another.

So basically the customers all have wants and ideas in their heads on each one of these aspects.

And our goal is looking at the market and seeing where are their needs not fulfilled in these are them.

So another one is performance.

OK.

Battery life on these.

Now I will.

I like these because they last for 10 to 20 hours and they automatically turn off so I barely have to

charge these.

So the the performance and reliability of the battery is really great.

Now what we also have is performance could be how high.

How good is the base how how high are the highs you know in just that and then and in those overall

effect the experience right there.

Now compatibility this is kind of a hit or miss.

Is it compatible with what you need for example these are only compatible ISIS.

I'm not going to buy because guess what.

I'm an Android guy so I guess the question is is we're kind of like what are we looking for.

We can see through product reviews or just blog posts on the Internet.

Few come complaining saying I wish that there was this functionality.

I wish there was more.

Whatever.

So essentially we're kind of keeping our eye out for what are the utility that parts where people aren't

necessarily happy.

Then there is also self-expression.

And this is where I suggest that the beginners go in and tell you why.

Why.

Because with functionality there's only like what maybe four things of functionality that people care

about.

Some of these are apparent in a market and some aren't.

And oftentimes there's only a couple options.

But with self-expression that's endless.

OK.

Now I for example like the alpaca swim shorts.

But you might like the gorillas.

And that's OK but what makes us great is when there's seven choices right here there's no best answer

for anybody.

Everybody ends up choosing a different choice and because of that you could be right down there.

The number six gorillas swim puts shorts because of course no one is the alpacas the best.

But people will continue to choose the gorilla ones so I'll give you now a real life example so that

you can make this a little bit more concrete in your head.

Here's an example where self expression and design is more important than functionality.

So if we were to look up wedding gifts here and I could show you a quick there's quite a bit of revenue

coming through wedding gifts.

All right.

So we take a look at wedding gifts.

It's taken a while to load because the Internet's been a dinosaur here in Germany.

There's examples look at this is doing seventy six thousand dollars of revenue of a bamboo cheese board.

All right.

But if we take a look at the there's obviously quite a bit of revenue on all the other choices.

But if we take a look at these they're all different.

And why.

Because design and self-expression is the answer in this market.

It's not necessarily about functionality.

It's that self expression.

So you're giving a gift to somebody for their wedding.

And it's the choice is different for everyone.

I'm never going to buy this glass right there because I just I'm not going to give my friends a glass

for alcohol and I just miss always right Miss Right.

No.

That's not cool not cool to me.

Maybe it's cool to you.

That's OK.

Or this you know people who love kitchen stuff or people who love wine and cheese but I'm not really

that passionate about alcohol so where where's the one for me.

Where's the muskrat where's the alpacas.

All right.

There's your opportunity.

Go build a alpaca wedding gifts.

Just kidding.

But I mean look we're still all here.

This one is good except I don't have a beard.

It was as we're seeing this.

They're all different.

So you could come in and make a different Oh Legos.

You could come in and make a different product and have an opportunity.

So what that self-expression was important.

Design was more important than functionality.

And obviously it just had to meet the bare minimum of utility.

But the most important part was that self expression.

Now if we go in we'll take I'll just show you guys quickly where a market where utility is the only

thing that's really important and why you probably don't want to go after one of those where there's

not many options to differentiate on utility.

So if we take a look at the famous pet gloves which most people who are getting beginning they always

think this is a great market.

This is what I'm looking at this and I look at my framework here functionality OK.

What's the.

Let's take a look at functionality.

What is the function that people want.

They want to get that fur off their hairy animal.

OK it looks like they're all about the same.

So I have no way to really differentiate between these based off of functionality alone now we take

a look at experience what.

I don't know if any of these really have a different experience for me getting that fur off my animals.

Another option could be reliability but they all look just about the same reliability.

Maybe these look a little bit more reliable because the image looks like they're a little bit spike

year and that they are just the plastics built in a little bit more but that's about it.

And I guess you could also make the argument that they'll have a better performance because they've

got those high quality spikes but in the compatible I guess you know like what's the difference compatibility

maybe there's one that's more compatible with alpacas or cats or something but I mean as we look here

I mean you could try to say or is the best one for cats but it looks the same as the other ones.

So this is why essentially the market is decided they want to just get the fur off their animal and

that's it.

All right.

They're not looking to go to you know a fashion show or a party you can take the fur off their animals.

They're just look into get a get the deed done at home.

So the summary is we want to look for places where we can add that value by looking at all of the things

and there's just not much value to add here other than maybe an image with a different cat or animal

but that doesn't do anything.

So now you guys have this general framework of what to look for.

We're going to just gather as many ideas as possible and I'll show you guys ways to actually go and

find new ideas.

In case you run out of the ones in your head and so we'll go into that now.