Find Private Label Product Ideas with THESE Market Research Methods
Throughout this Goldmine series, we’ve been discussing new and interesting ways for finding private label product ideas that can actualize your Amazon business. Pinterest, Etsy, Kickstarter, subscription boxes, and life hack blogs are all significant resources that can be used alone or in conjunction with one another to cross-reference product listings or check the demand for items.
Test Private Label Product Ideas on All Platforms for Social Proof
For instance, if you find something that interests you on Etsy, you can check for awareness on Pinterest, gauge traction on Amazon, use Kickstarter to provide start-up funding for your product and do a presale utilizing a subscription box service.
There are so many ways you can combine the benefits of each platform. Depending on what product type you’re looking for and where you are in the process of idea generation, you can use all five platforms with Amazon to great effect.
Take the example of the simple luggage tag idea. You can search for it on Pinterest for variations and check Etsy to see the ways people have designed them.
Pinterest is excellent for a general overview of products whereas Etsy provides details like the materials or ingredients used in products.
Research Private Label Product Ideas Through Data Mining
Once you have your product idea down, you can start data-mining.
Depending on what your product idea is and how complicated the modifications are on it, your research could be relatively easy or may require more effort.
A simple luggage tag will spit out a lot of information because it’s not a novel idea.
However, a water-resistant luggage tag made from genuine leather with personalized engravings and a technological application would be a little more complicated, but doable.
How to Do Market Research on a Possibly Nonexistent Product
It may sound impossible, but it’s actually an easy process once you know how. The Helium 10 suite of tools offers a few tools that can help you with this task.
Find Keywords Using the Magnet Tool
One of the most efficient ways to begin your research is to use Magnet from the Helium 10 tool suite to first determine your list of targeted keywords. In Magnet, enter your initial keyword, AKA the “seed keyword,” to get back a tremendous number of results back within seconds.
For this example, we will pretend that we are a seller looking to rank for “decorative mug,” so we will use that as our seed keyword.
Magnet will ask us for what category you’d like to rank in, and then presents a more extensive list of related seed keyword suggestions for us to target. Select “Research” to produce a list of keywords.
Magnet will deliver results segmented into sections based on the seed keywords you selected in the previous screen. The tool will also provide total phrases found as well as keywords and word phrases.
The lower half of the page will provide metrics on individual keywords and phrases. Besides the seed keyword associated with the words, each line reveals keyword ratings, exact phrase search volume, and broad phrase search volume.
Along the top of this section, you can apply additional filters to get rid of less relevant or non-valuable keywords. Use this information to determine which keywords and phrases you will target to build out your final keyword list.
Condense the Results into a Workable List Using the Frankenstein Tool
After you have filtered out what you don’t want, you can export your tailored list into Frankenstein, Helium 10’s keyword processor. Frankenstein will assist in further filtering to condense your keyword list into something more manageable.
Once exported, the massive list of keywords you created in Magnet will appear in the “Original keywords” section of Frankenstein. Below the keyword box, you will see additional filters you can apply to the list to remove things like duplicate words, stop words, common words, and maintain whole phrases together.
Apply your preferred filters, then select “Process” at the bottom of this section to optimize your keyword list. Your clean and condensed keyword list will appear in the “Result” section.
Run a pay-per-click (PPC) campaign to test the list for keyword pricing and competition
To run a PPC campaign, you’ll need a distinct ASIN for your listing to pull up as much data as it can against the related keywords. If it’s an existing product, you just use the ASINs of that product and all its variations. Additionally, you can use Cerebro to perform keyword research on existing ASINs.
However, if it’s an entirely new item, you can create a made-up listing by creating a bundle of two or more related products to combine their ASINs. In doing so, you can use your shiny new keyword list you created earlier using Magnet and Frankenstein to launch the PPC campaign.
Tim Jordan recommends running the PPC campaign for a week, which is a reasonable amount of time to get a good sense of how your product would do in the market.
You can glean specific information on the competition based on the number of impressions you get on specific keywords and your cost-per-click. You can even see how many people searched for those or similar keywords related to your product idea.
If you like a product idea or a variation of it and you don’t find it through your keyword search, don’t lose hope. It doesn’t mean your idea isn’t good; it just means you’ve got a head-start in the market. That’s not a bad thing at all.
Source Your Private Label Product Idea
When you’ve got the relevant information on your product, and your research shows good demand for it, your next step is to look into how you’ll source or manufacture your product.
There are many outsourcing options after you’ve figured out your product idea. One of the most popular outsourcing options is Alibaba, a Chinese sourcing website that hosts a myriad of products manufactured by Chinese companies.
A safer route may be to manufacture a sampling of your product and launching it on Kickstarter. This option can help you generate interest before starting mass production and equip you with some funding, which will save you the initial capital that can be used for promotional materials.
If your Kickstarter campaign is a success, the money generated from it can be used to manufacture your products in bulk.
The only thing left to do once all the steps are in place is to list your new product on Amazon and focus on growing your brand!
Check out our full Goldmine series here:
- 5 Social Platform Goldmines for Finding Your Next Private Label Product
- How to Use Pinterest to Find New Private Label Product Ideas
- How to Use Etsy to Find Private Label Product Ideas
- How to Use Kickstarter to Find Private Label Product Ideas
- How to Use Subscription Boxes to Find Private Label Product Ideas
- How to Use Life Hack Blogs to Find Private Label Product Ideas
What has your experience been while trying to find private label product ideas? Let us know in the comments below!
- Amazon Weekly News 12/3: The Biggest Black Friday Ever, Walmart+ Updates, 200th Episode of SSP & More - December 4, 2020
- #199 – Amazon Selling Mindset, Using Influencers, 3D Rendering, and Other Tips from Down Under - December 1, 2020
- #198 – Facebook Marketplace Strategies and More from This Dynamic E-Commerce Teaching Couple - November 28, 2020