Don’t Work Without a Net! Here’s How to Diversify Your Amazon Product Portfolio
Want to Maximize Your Amazon Growth Potential AND Increase Overall Revenue? This Post Details Best Practices for Expanding Your Product Line
As an Amazon seller, having a diversified product range can make a big difference. Not only will it reduce risk – enabling you to weather downturns in sales due to market fluctuations or competitor disruption – but by offering customers more variety and choice, your business can maximize its growth potential AND increase overall revenue!
A well-structured Amazon product line up is essential when dealing with the unpredictable ebbs and flows of business. Concentrating your revenue in one area exposes you to risk if that single product suddenly falls off-trend. Multiple products (and revenue streams) means financial success sustained through a variety of market conditions.
If you’re an Amazon seller looking to diversify your product catalog, then this blog post is for you!
We’ll cover the best practices for researching trends and customer demand, sourcing new products, testing them, and optimizing what works. We also discuss the huge benefits of having a diverse selection in your store – ranging from growing awareness about your business right through to increasing sales via improved visibility on Amazon’s platform.
Let’s dive deeper into how Amazon product diversification can be done successfully.
How to Identify New Product Opportunities
Diversifying your product catalog can be a great way to get ahead of the competition and stay on top of changing market trends. With new products and contemporary preferences, you open yourself up to more growth opportunities while offering customers something new that meets their needs.
Begin by taking advantage of Amazon’s own tools, such as the Amazon Best Sellers list and Amazon’s Trend” report. Why not let Amazon itself do the work to identify popular products and trends within specific categories? Then, keep an eye on potential products with Google Trends! It’s a powerful tool that provides insight into the popularity of products at any given time. Use it to inform your decisions and spot emerging market opportunities.
Don’t Forget About Social Media
Stay ahead of the curve by utilizing social media listening tools to uncover what your customers are saying. Monitor conversations and glean feedback on potential products to gain invaluable insight into customer needs and desires. You can also research industry publications and blog posts to get a pulse for what’s happening in your niche. Find out about the newest trends and product launches – this knowledge could give you an edge over competitors!
Amazon Product Reviews are a Gold Mine
Understanding customers’ needs and desires can be as easy as reading through product reviews on Amazon. Digging into what people have to say about a product will provide valuable insights that go beyond just the number of stars it has–you’ll discover which issues they’re trying to solve with their purchase.
Want to know why consumers are looking for certain features? You’ll find the answer in the Amazon product reviews.
Trade shows and industry events are also a great way to get ahead of the game! There, you can learn about upcoming products and trends that will soon be trending in your field.
Lastly, staying on top of your competition is an important part of ANY business success. Analyzing the competition’s product strategy, pricing models and promotions can give you valuable insight into what makes them successful –and make sure your company gets ahead!
New Product Sourcing Best Practices
Ready to expand your presence on Amazon? Sourcing new products doesn’t have to be a difficult endeavor. Put your best foot forward by following some valuable strategies and maximize the potential of success!
To expand your product offerings and stay competitive, take advantage of wholesale suppliers and manufacturers. Connect with a wide range of business partners through online marketplaces like Alibaba or AliExpress.
When considering a supplier for your business, it’s essential to ensure their reliability and trustworthiness. Take the time to research them thoroughly, read reviews from other sellers, and understand their reputation in the market. This will help you evaluate if they can meet your requirements effectively.
Your Products Must Meet Amazon’s Standards
Make sure that the products that your business sells meet Amazon standards: Don’t forget to confirm that both the supplier and their products abide by Amazon’s stringent safety, labeling, and packaging protocols. To ensure you’re consistently receiving high-quality products, it’s smart to test a sample before making any large orders. Additionally, stay organized and be sure to keep meticulous records of all your supplier details for easy reordering in the future.
When it comes to your supply chain, you can never be too prepared. Having a backup plan in place helps safeguard against unexpected disruptions and provides the assurance that customer orders will always remain fulfilled.
Important Last Steps
Diversifying your product catalog can be a great way to maximize sales potential. With more products, you’ll have the ability to target new customers and meet an array of needs in one place – plus, testing out fresh items allows for quick identification of developing trends that could make all the difference in boosting revenue!
Make sure that you have fully optimized your product listings. Keyword-rich titles, descriptions, and high-quality images and video make it easier for customers to find and purchase your products.
Experiment with various pricing strategies to determine the most effective one for your product. Take into account elements like competition, product expenses, and customer demand while establishing prices.
If you want your business to succeed, it’s important not to rest on your laurels. Constantly monitor sales figures and customer feedback in order to make informed decisions about changes that could help increase profits. Look closely at key metrics such as sales velocity, conversion rate, and return customer rate – analyzing this data will let you uncover opportunities for improvement!
Make Sure Your Product is Seen with Amazon Advertising
Amazon’s suite of ad tools, including Sponsored Products, Sponsored Brands, and Sponsored Display Ads can help you promote your products by driving traffic to your listings. Make sure that potential customers never miss a chance to find what they’re looking for!
Be sure to utilize customer feedback and reviews. It’s a big component of improved product listings and optimized pricing. Pay attention to what customers like and dislike about your product and make adjustments accordingly.
Staying ahead of the game is essential for success. Keep a close eye on your competition and be ready to adjust pricing, product offerings – or any other strategies – if needed in order to remain competitive!
Canopy Management is Here to Help
Canopy Management is a full-service marketing agency for Amazon and Walmart sellers. Our team consists of former Amazonians, multi-million dollar sellers, and award-winning experts. When you consider the many ways that Canopy Management can help you grow your business, you’ll see why selling on Amazon is much easier “under the Canopy”:
- Strategic Growth Planning
- Listing Copywriting Optimization
- Listing Photography
- Product Videography
- Advertising Management
- Customer Service
- Demand Side Platform (Amazon DSP)
- Amazon Posts
- Full Service Management
- Amazon Review Aggregation