MBA1459 How Amazon Can Help You Create Your Next Product

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Welcome to the $100 MBA Show. Your favorite part of the day every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode you will learn how Amazon can help you create your next product. Yes, Amazon is the largest marketplace, but it's also a wealth of R and D. It's like your personal research and development lab. Why? Because Amazon has tons of user feedback and reviews. I'm going to show you how you can use all that great information to create the perfect product for, for your audience, for your niche, for your business. Whether it's your first product or your next product, there's nothing worse than creating something that people don't want, that don't wanna pay money for. So in today's lesson, I'm gonna show you how to go after markets where there's cash, where you can actually make money and then learn how to differentiate your product so it can compete in that marketplace, so it can compete in that genre. This has nothing to do with selling on Amazon, right? You could sell this on your website, you could sell it from your garage, you could sell it corner store. It doesn't matter. We're just going to utilize the information that's readily available for free on Amazon. Com. I'll show you how today in this episode. So let's get into it. Let's get down to business. What's great about Amazon is that anybody can go on Amazon.com and find out.

What'S selling, what's not selling, what people.

Like, what people don't like, how much they're willing to pay for solutions, and where there's a gap or a need in the market. To illustrate this technique, I'm gonna start with an example. I'm gonna use this example in today's episode. Let's say, for example, I'm a travel expert and I wanna create a course on how to save money on your next vacation, on your next holiday. So the first thing I'm gonna do is I'm gonna find out, is there money in this idea? Are people willing to spend money on better travel? Okay, on the idea of travel. So I'm gonna list all the things that people buy in traveling. So there's travel guides, books, there are suitcases right there, there's travel pillows. Just make a whole list of things that people spend on when it comes to travel. Then I'm going to go into Amazon. I'm going to find out, is it a ghost town when it comes to these things, these products, or is it pages upon pages of products and reviews for each product, thousands of reviews for each product? If so, I know that there's a market here that people are willing to pay for it. People are producing all these products and people are buying these products and there's reviews. So, yep, travel is a place that people spend their money. If I search these items and find out there's only like a page or two for each item that tells me not a lot of people are spending their money on travel. But that's not the case in this example. So let's move on. What's the next step so we know there's money in this market. So next I'm gonna go to Amazon.com again and in the search box, I'm gonna write the word travel. When I do this, there's over 200,000 results and over 48 pages. Okay, now the purpose of doing this is that I want to find out what are the things that people are curious about or buying or spending money on when it comes to travel.

Why?

Because in my course, I want to make sure that I cover these areas that I show them how you can save money with those things or give Them tips on how to get the best product. So when I do that, I see luggage, I see toiletry bags, I see neck pillows, I see power converters, travel converters, water bottles, comfortable shoes, backpacks, devices so you can find out how heavy your bag is, like a scale. So these are all things I want to make sure I include in my training because people are interested in these things, they want to know more about them, how to buy them, how to use them, if they should use them, all that kind of stuff. The next step is I'm going to go into the book section for my keyword and in my case it's travel. I'm going to go to the top books for travel. And it could be general books on traveling, it could be specific books on specific cities. And I would just choose major cities like Paris, New York, Tokyo, Rome. And why do I want to do this? Well, I want to find out from the reviews what people like about these books and what they don't like. And I like to filter for three star reviews because three star reviews are the ones that are going to give me a balance view as well as a little bit of something they like and a little bit of something they don't like. But most importantly, they're going to share what they wish they could have read, what they wish they could have learned, what they wish they could have known, what they wish they could have had in that book. And that's gold because I can then grab that stuff, grab those needs that they're looking for and produce them, solve those problems for them in my product. This is how you're going to differentiate yourself from, from other courses on travel, on other courses, on how to save money while traveling, all that kind of stuff. You're going to use the same language as the people that are your potential customers. I have given three star reviews for some of these books and said, I wish this book covered this. So use that language on your sales page. You could say, don't you wish you knew how to X? What you're doing here is you're finding out what people want, what they want to learn, what they're trying to get out of this experience. Whether you're providing a course or a product or a service and three star reviews will reveal that information. And what's great about Amazon is you can literally just copy and paste these reviews and put them into your own spreadsheet. And as you're organizing your ideas and building your product, you can use them as a reference. I need to include these things, but don't forget to also include the things that people liked about the book. So if the book covered XYZ, make sure you're covering XYZ. Don't stop at one or two or three reviews. My recommendation is to get 30, 40, 50 reviews that will tell you a little bit about what they love and a little bit about what they want. This is basically focus group information. This is like information that people pay for. Companies pay big bucks for this and you have it at your disposal. At your fingertips with Amazon.com.

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To wrap up today's lesson, building a great product requires information. You need to know what people like, don't like, and need. If you're in the software business, a great resource is product Hunt. You can do the same experiment as the Amazon.com which I explained today. There or on Capterra review site. You gotta go where people talk. You gotta go there when people actually review the current market competition. We are lucky to be in an age where this information is free and readily available at our fingertips. Let's take full advantage of it. Thank you so much for listening to the $100 NBA show. Make sure you hit subscribe right now on whatever you use to listen to podcasts. Whether it's Spotify, Stitcher Radio, Apple Podcasts. We're on them all. Also, if you're listening on SoundCloud, I highly encourage you to move over to a podcast player and use our feed. That way you get automatic updates when you hit subscribe. That means when our latest episode is published, you get it right on your device. So just head on over to any of the podcast players you enjoy. Spotify, Apple Podcasts Stitcher Radio, Himalaya Overcast. We're on them all. Hit subscribe. Do it now. Before I go, I want to leave you with this. The better you know your audience, the better you know your potential customer, the better you can serve them. This is why it's so important to understand who you're serving, what they say about the current things they spend their money on, understanding what they're willing to spend, what they're willing to pay. I highly recommend you check out a blog called ProfitWell. There's a site called profitwell.com, they have a great blog and they talk a lot about what markets are willing to pay. They have this chart that they do immense research to find out what people are willing to pay for certain products. There's a great YouTube show they actually host as well called Pricing Page Teardowns. It's incredibly insightful and you can apply a lot of the stuff that they teach you in your own business, in your own market, with your own customers. Thank you so much. I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. Gas, snacks, tolls. This trip is draining my wallet.

Yeah, but we'll be with family.

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