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Good morning or afternoon, wherever you are. Good to see you all, even though I can't see any faces.

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Emily, thanks for joining us.

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Leslie, Tommy, Tommy, is that you?

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Scumbell's iPhone. And if you can, if you're in a place where you can be present with that, I would love to see your face.

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And if you're watching on the app, I would love to have you here so we can do this together.

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Anyone has a one they want to share?

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Any wins you want to share for the week? Anything you were able to do? Or it doesn't have to be business, it can be family as well.

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Jolene, thanks for joining us.

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I'm going to go ahead

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and start.

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One second, let me find my script.

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So, if you are joining us, this will be the inspiration call.

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This happens every Wednesday on a weekly basis at 9 a.m. Pacific Standard Time.

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So, today we are going to talk about FBA product research, or if we don't have any questions

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on product research, any questions you have, I will do all questions.

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I don't have all the answers, but if I have the answer, I will help, I will support you

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on this call.

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So, the goal of this call is to keep you moving the needle, whether it's answering your questions

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or allowing space for anyone in this phase to learn from the questions others are asking.

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Only, well, it wouldn't be only questions about product research, it's a small room,

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so if you have any other questions about FBA or about business itself, and I have the answer,

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I don't have all the answers, I'll be able to support you in doing that.

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So, you can start with one question, again, small room, and raise your hand back again

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so I can answer your question.

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If you also see a question in the app, I mean, in the chat that you have an answer to, please

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help each other out.

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Use the Zoom icon, I don't want to mess you, so use the Zoom icon to raise your hand.

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Replays of this call will be in the app, so when you go to the app, you see replay, just

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click on that and you'll be able to watch the replays.

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A couple of announcements, we still have coaching support, so if you're stuck and you need support,

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we have, let me share my screen, I'm going to go to Rainmaker Upgrades.

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So, you go to rainmakerupgrades.com, I'm going to share my screen real quick.

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And so, we have different things here to support you on your journey, we are actually doing

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a percentage of on KDP Acceleration 3.0, so if you need a link, let me know.

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We also have the Dan For You product research.

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We have expert 60-minute session, which is still 50% off, you can book that with any

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coaching specialist, which will be me and Tammy.

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And we also have the specific one I'm looking for, we also have our strategy packet, which

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you get to work with a coaching specialist for 30 days, and you also have three sessions

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with the specific coaching specialist, or it can be both of us at the same time.

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So, if you feel stuck or you need support in any area, you can book either a strategy

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packet or an expert session, which is 60 minutes.

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I'm going to drop the attendance sheet, and if you can fill that out, I will appreciate

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that, let me stop sharing my screen.

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I do not see any hands up, any questions for me, it doesn't have to be product research,

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maybe you're not doing product research, you're just here to learn, any questions,

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so I'll make it, instead of just product research, any questions, any questions you

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might have on the journey.

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So, if everyone here is doing product research, you can drop that in the chat for me.

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If you're doing product research and you want me to go over product research strategies,

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I'll be able to do that for you.

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Yeah, Leslie, I think I've worked with you for a while.

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If you have any questions where you are too, we can talk about that.

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Okay.

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Emily, you're also here listening and then I'm new to Remaker, so I'm facing one more

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new course.

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It's so new to me.

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Okay.

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Jolene, good to have you here.

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Emily, are you in product research as well?

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So we can talk about product research a little bit.

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And Leslie, if you have, I know you're launching or you launched, you already launched a product,

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so we can talk about that as well.

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Let's do a little bit of product research.

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Let me see if I can log into my computer, my Amazon site on this computer.

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And we are going to use, if you haven't heard of Product Opportunity Explorer, I know it's

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a different way of doing product research, we'll do a little bit on Blackbox as well.

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But let's start with Product Opportunity Explorer.

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Give me one second.

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Let me log into my seller account.

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So let me share my screen real quick.

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So if you have a seller account, and Jolene, I'm going to go over different ways of doing

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product research.

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You don't have to, so we all do product research differently, but as long as you're going with

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a product qualifier, right, I want you to look at a product qualifier, it will guide

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you on some of the things that you have to look at.

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So I'm going to go look at a different way I've been looking at product research.

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So if you already have an Amazon account, what I will want you to do is go to growth.

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Am I sharing my screen, I don't think so.

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So you're going to go to your menu, then you're going to go to growth, right.

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So growth, and then you look at Product Opportunity Explorer, so I'm going to open that.

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And so Product Opportunity Explorer, you can do a couple of product research here, right.

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So let's say I have a word in mind.

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One thing I've been using as an example is baby knee pads.

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So baby knee pads, or this really helps if you already launched a product, and you want

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to know, do I want to go deeper or want to build, have different products around it,

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this also helps a lot.

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So it doesn't matter if you have the right, so I have baby knee pads and baby knee pad,

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the singular and the plural version, right.

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So what I'm doing, I'm doing research, I don't know which one is the TSERK.

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So I dropped that keyword here.

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So if you have a keyword in mind, that's what I'm talking about.

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So you drop that keyword here, and where it says customer needs.

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So I'm going to click on this customer needs.

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And I'm asking Amazon, so this is a product that I have in mind, right.

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And so it's really good to do research from Amazon side of things, because you're going

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to sell on their platform, right.

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So even when you validate a keyword on Helium 10, it would be great to set it up on Amazon

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too.

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account, right.

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It would be great to set it up again here.

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So what you do is when you do that, then you go to set up.

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terms. So when you go to search terms, you realize that the baby knee pad that I was

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thinking about is not the top set closest related keyword. Amazon is telling me baby

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knee pads for crawling is the top set closest related keyword and Amazon will actually give

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you a lot of relevant keywords here. These keywords are really important when you get

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ready to launch. So if you haven't done product research here, it's great. Like this is a

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platform you're going to work on. And Helium 10 is actually getting their data from here,

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right? So come back here and make sure you, I've had a couple of second eye sessions where

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students were thinking this was my top set closest related keyword and Amazon was giving

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them something different. So make sure you're coming here to check. Now, another thing I have

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to mention is this total count that Amazon is giving you as set volume, this is for a year,

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right? So you want to divide these numbers by 12 to get the monthly numbers that Helium 10 is giving

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you. So Helium 10 is giving you per month, but Amazon is giving you the whole year's data. So

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what you want to do is divide it by 12 to know the set volume for the year. This growth is for

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90 days, but it tells you if it's growing or the set volume is actually going down. And for this,

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you can see that the searches are actually growing, which is a good thing. You will also be able to

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learn a lot here about your product. Definitely do market research, but you'll also be able to

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get some customer review insights from here. What are customers saying that are positive

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about the product that you want to incorporate into your product, right? And what are the

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negative things that you think you can improve on for this product? You'll be able to find that on

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customer review insights. Another thing, if you're launching on a specific keyword, I am always

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interested in returns. Overall, how many people are returning this product and what is the reason

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for the returns, right? So size was the overall thing that was happening. So what is it with size

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that I can improve on my product so I don't get a lot of returns on these, right? So you want to

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one of the things people are mentioning here is material quality. Well, a few are returning because

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of that, but what material are these people using and why are they getting the returns? And what

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material can I use so I don't get as many returns as they are getting, right? So if you already have

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a keyword, again, I know we do our research from Helium side of things, but come back here to

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Product Opportunity Explorer, you'll be able to learn so much about your own product, right?

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You'll be able to get some insights here as well and also to make sure that it's the exact

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TRC-RK that you should be looking out for. All right, so let me go to, let me stop sharing.

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And let's do a little bit of

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Helium 10 side of things. I'm going to pull

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the product qualifier. So we'll walk through the product qualifier with a product idea.

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And if you have a product idea, you can drop it in the chat and we can all walk through that.

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Whilst I find a product qualifier tool.

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Okay. I don't seem to find one.

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Here we go.

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Okay.

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Any keywords come to mind that we can walk through the product qualifier. So this is supposed to be

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a guide, right? So if you're launching your first product, knowing your budget is really important.

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I'm trying to remember his name.

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Is this Tami?

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Is it Stephen King?

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What's his first name?

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I'm forgetting his name from, I'm forgetting his name.

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So he came to our community and he mentioned the 2.5 budget rule, right?

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So if you have $1,000 and you want to launch a product,

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2.5% of that is the only part that should go into product.

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The rest, you should think about launch and then your second inventory.

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The thing is, usually you don't get the amount that you spent on your

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first inventory with the way Amazon makes payments, right?

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So if you don't plan that way, then your second inventory,

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you will not have money to go buy your second inventory.

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So you're always playing catch up.

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You're always running out of stock.

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So having that in mind, let's say you have $10,000,

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you know you're going to use 2.5 of that, which is about 4,000,

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if I'm doing the math right, towards inventory.

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And the rest will be for launch and then for ordering your second batch

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till you get money from Amazon, right?

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So having that in mind, having your budget in mind,

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you go into product research knowing how much you want to spend, right?

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I will always work it that way.

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So you have a budget in mind first, then you come to this.

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This is a guideline, especially when you're launching your first product.

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But if you've launched multiple products,

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I want you to actually get out of this guideline a little bit, right?

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Because you've experimented with this, you know how it works.

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So when I'm launching other products, I have a kids sports brand, right?

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When I'm launching other products that I'm adding onto that product,

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I'm not strictly going by these guidelines, right?

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Because I've done it so many times.

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And sometimes the goal is not to make profit for that other one,

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but to add it to my brand.

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So I'm not sticking to this because the goal is to complement

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whatever I have in my product.

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But if you're starting to stick to this,

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like this should guide you to make some decisions, right?

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So what we are going to do is we're going to go through this.

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And the first question is, are you looking at your top sell closest related keyword?

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So we are going to go to Amazon.

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And I always love doing my product research from Amazon,

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but you can go to Helium 10 site and do it.

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And I'm going to go with baby knee pads, right?

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So baby knee pads.

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I've always loved this product.

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So this is baby knee pads.

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So the first question I have is,

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are you looking at the top search closest related keyword,

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which we call TSCRK?

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So I'm going to see it's my TSCRK baby knee pads, right?

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So the first thing I would do, pull my Helium 10 Chrome extension

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and go to keywords.

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So when I do that, Helium 10 will actually pull those keywords

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that are related to the products that are here.

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Now, if you notice, Helium 10 is telling me my main keywords is,

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my top search closest keyword is knee pads for kids, not baby knee pads.

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But when we went to product opportunity explorer, I use the same keyword.

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And product opportunity explorer is telling me,

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this is the top search closest related keyword, right?

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I will always believe Amazon's data first, right?

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So if I am doing the research,

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I will stick to baby knee pads for crawling as my TSCRK.

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These keywords, they are very close in set volume,

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so they are interchangeable.

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If I'm writing my listing, I'll make sure these keywords are both in there, right?

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So if this is my top search closest related keyword,

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yes, I'm now looking at my top search closest related keyword.

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So I'll go to this, let me move it here.

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I'll go to this and I'll answer yes to it.

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Now, what is the set volume?

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So for set volume, we have almost 8,000.

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So I'm going to move this.

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And the reason why we want this to be more than 4,000, and again,

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I've had students who have products that are less than 4,000.

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If you have a keyword that is 3,500,

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but the other relevant keywords all have 3,500, then they add up.

227
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But the reason why we always want you to go above 4,000 is,

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not all 4,000 searches will turn to sales.

229
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I'm in Amazon right now,

230
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I've typed baby knee pads a couple of times, but I'm not buying.

231
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There are so many people who come and do window shopping, typing keywords.

232
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When you are doing your research,

233
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you can type that key multiple times, but you're not buying.

234
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But we are all adding to the searches.

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At the end of the day,

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about 60 percent of that said volume will turn to sales,

237
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and it's unequally divided.

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Those who have existed on that page the longest,

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with more reviews, social pool will get more sales than someone who is coming in new.

240
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You always want a set volume that is higher than 4,000.

241
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For this, we're going to stay at 8,000.

242
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Well, we'll stay here. I think that was it.

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The third question is,

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are there three other relevant keywords to the TSCR keyword?

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The monthly set volume, that is 1,000 searches per month.

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The reason for this is when you go to launch,

247
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I know when you're doing product research,

248
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you're not thinking about launching.

249
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But when you go to launch,

250
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and the only keyword that you have is your top search closest related keyword,

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it's really hard.

252
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It means that you have to show up on that top search closest related keyword a lot,

253
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with a lot of ads,

254
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and your top search closest related keyword,

255
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all your competitors want to be on that keyword.

256
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It makes it really expensive.

257
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But if you have other relevant keyword with some search volume,

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if you are not on the top page of your main keyword,

259
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which is in this case is 8,000,

260
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and will cost you more in ad,

261
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you can be on the other three relevant keywords and get some sales.

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We're going to find three other relevant keyword with

263
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1,200 searches per month or above for that.

264
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For this product, we have multiple ones.

265
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We have this one.

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This is another Spanish keyword that has 2,000.

267
00:27:34.840 --> 00:27:38.000
We have baby crawling knee pads.

268
00:27:38.000 --> 00:27:40.080
We have toddler knee pads,

269
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but I want to stick with the baby because I don't know if these are the same.

270
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I'm going to stick with baby knee pad.

271
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I have another one that is 2,000.

272
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I have this one that is 2,000.

273
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I have multiple keywords.

274
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If ads on this main keyword get expensive,

275
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I have other keyword that I can run ads on and keep it going.

276
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For that question, I'm going to check a yes for that.

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Now, do you have multiple MBA sellers on X-ray?

278
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The goal for this whole thing is for it to be passive.

279
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If it's passive and that is the whole thing,

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we want it to be passive.

281
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It means that Amazon is fulfilling.

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I'm going to close this now and I'm going to pull extension again,

283
00:28:33.160 --> 00:28:37.520
but this time I'm going to go on Amazon Product Research.

284
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Let's hide anyone running ads,

285
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even though that is not relevant in this case.

286
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As long as I'm seeing an FBE fee,

287
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they are doing FBE.

288
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That is all I am looking for.

289
00:29:00.240 --> 00:29:03.400
I'm looking for FBE fee and that is right here.

290
00:29:03.400 --> 00:29:05.840
Immediately, I see this.

291
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I know most of the sellers are doing FBE.

292
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It makes it passive.

293
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That is what I want to do.

294
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When I close that, give me one second.

295
00:29:20.160 --> 00:29:22.280
Let me open that again.

296
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We have a yes,

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we have about 8,000 here.

298
00:29:39.960 --> 00:29:45.080
We have a yes and we have a yes for this as well.

299
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Now, add three to five of the top 10

300
00:29:48.960 --> 00:29:52.440
listings selling 300 plus units a month.

301
00:29:52.440 --> 00:29:55.000
I'm going to go here.

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Three to five of the top 10 listings.

303
00:30:00.000 --> 00:30:05.840
So the same Chrome extension, let's pull that again.

304
00:30:06.100 --> 00:30:13.100
The same Amazon product research, the first thing we want to do is

305
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to make sure everyone running us is hidden.

306
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We want to see those that are on this page organically.

307
00:30:18.700 --> 00:30:23.500
So we want to find out those top 10 sellers,

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00:30:23.960 --> 00:30:28.920
any of them selling 1,300 units per month, right?

309
00:30:28.920 --> 00:30:32.220
You can do this manually, or you can use the filters.

310
00:30:32.580 --> 00:30:37.240
Let's do this manually, and then we'll use the filters as well.

311
00:30:37.240 --> 00:30:41.720
So what we are looking for is I want to see ASIN, right?

312
00:30:41.720 --> 00:30:48.360
So parentless 10, if they have variation, it will add up to make up the parent sale, right?

313
00:30:48.560 --> 00:30:51.100
But I am coming in with just one product.

314
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So I want to see ASIN sales.

315
00:30:53.460 --> 00:30:55.260
So let's sort this out.

316
00:30:56.260 --> 00:31:04.340
And I do, okay, so I see this one selling 300 units, 300 units.

317
00:31:04.340 --> 00:31:07.240
This is less, let's use the filter.

318
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I love using my filters.

319
00:31:09.540 --> 00:31:15.120
Okay, so I'm going to do anyone, how many of these are selling minimum?

320
00:31:15.120 --> 00:31:19.100
So I'm doing minimum, and it's parentless 10, unfortunately.

321
00:31:19.100 --> 00:31:23.100
I can also do ASINless 10, that is what I want to see.

322
00:31:23.400 --> 00:31:25.820
How many of these are selling 300 units?

323
00:31:26.260 --> 00:31:29.440
And you just want to make sure they are all baby knee pads, right?

324
00:31:29.700 --> 00:31:32.880
You have about 15 of these.

325
00:31:33.820 --> 00:31:39.580
So if you missed the filters, what I did was I hit anyone running sponsored ads.

326
00:31:40.380 --> 00:31:44.080
For ASIN sales, I did a minimum of 300, right?

327
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And we have about 15 of these selling 300.

328
00:31:48.600 --> 00:31:51.180
So we are going to check that as a yes as well.

329
00:31:51.740 --> 00:31:54.360
Now, what is the reason for this question?

330
00:31:55.140 --> 00:32:00.400
If those who have existed on the page for the longest time, they are well-established

331
00:32:00.400 --> 00:32:09.000
on the page and not selling 300 units, which is 10 units a day, then it's not worth my time.

332
00:32:09.580 --> 00:32:14.240
Then I don't even have to look into this product, right, because I want to see those

333
00:32:14.240 --> 00:32:19.540
that are already on that page, already doing well, so that I can also go into the market.

334
00:32:19.820 --> 00:32:24.360
So the next question is, are 5 to 10 competitors with less

335
00:32:24.360 --> 00:32:28.980
than 100 to 150 reviews getting 150 sales, right?

336
00:32:29.200 --> 00:32:34.560
So now that I know that they're all sellers, the OG sellers are doing well,

337
00:32:35.080 --> 00:32:36.940
how are the new sellers doing?

338
00:32:36.940 --> 00:32:41.300
Because when I come in the market, I come in with zero reviews.

339
00:32:41.300 --> 00:32:45.840
Well, now Amazon is making it in such a way that you can come in with some social pools, right?

340
00:32:46.180 --> 00:32:48.720
You can do Vine before you launch.

341
00:32:49.100 --> 00:32:51.700
So let's say I'm coming in with five reviews.

342
00:32:52.220 --> 00:32:58.740
So I will not have as many reviews as these with 1,000, or those that are well-established.

343
00:32:58.860 --> 00:33:05.600
So the new sellers, how many of them are selling about five units a day, right?

344
00:33:06.420 --> 00:33:09.920
And I want about one-third of them doing that.

345
00:33:09.920 --> 00:33:16.660
Depending on the products, you can go 10 less than that, but usually,

346
00:33:16.660 --> 00:33:18.840
I want about one-third of them doing that.

347
00:33:19.840 --> 00:33:21.620
So I'm going to take this out.

348
00:33:21.620 --> 00:33:25.180
I'm going to take this out.

349
00:33:26.460 --> 00:33:34.160
So what I'm asking is anyone with a maximum of 150 reviews, right?

350
00:33:34.720 --> 00:33:36.660
So these are considered new sellers.

351
00:33:36.820 --> 00:33:42.580
If it's a brand, if you look at the history of the graph, and it hasn't existed for more

352
00:33:42.580 --> 00:33:45.680
than three years, you can go 100, right?

353
00:33:45.680 --> 00:33:50.440
But let's do 150 for this product, and let's search.

354
00:33:52.180 --> 00:34:01.040
So again, these are new sellers, and these new sellers are selling a lot.

355
00:34:01.040 --> 00:34:09.380
But how many of them are selling at least 150 units a month, which is five units a day, right?

356
00:34:10.380 --> 00:34:11.739
And we have nine of them.

357
00:34:12.960 --> 00:34:18.620
Nine out of, let's see how many people are on this page.

358
00:34:24.219 --> 00:34:29.520
Fifty. Nine out of 50 sellers selling five units a day.

359
00:34:30.040 --> 00:34:32.560
But how many new sellers are on this page?

360
00:34:32.560 --> 00:34:33.040
Let's see.

361
00:34:36.380 --> 00:34:42.320
We have 26 new sellers, and out of the 26, only nine of them are selling five units a day.

362
00:34:42.760 --> 00:34:45.400
Right? So that is when you make the decision.

363
00:34:45.400 --> 00:34:47.679
Okay, how much is this product?

364
00:34:47.679 --> 00:34:53.159
Is it $10, and is it worth my time if I'm selling two units a day?

365
00:34:54.800 --> 00:34:57.440
All right, so you make the decision from there.

366
00:34:57.860 --> 00:34:59.680
But what we are seeing is.

367
00:35:00.000 --> 00:35:08.160
Yes, we have some, about five to ten competitors. We have about nine with 150 reviews selling about

368
00:35:08.160 --> 00:35:17.280
10 units a day, so we'll see a yes to that. Are there less than 11 relevant competitors?

369
00:35:18.560 --> 00:35:24.880
Over a thousand reviews. Now this question is also like looking at how competitive is a page,

370
00:35:25.520 --> 00:35:34.640
right? So when you get to phase four, or the income side of things, we'll talk about ranking

371
00:35:34.640 --> 00:35:42.240
on your main keyword, running ads, and all that. So if the page is too competitive,

372
00:35:43.280 --> 00:35:48.880
you will spend lots of money. Your product, I mean your profit is going to go into ads,

373
00:35:48.880 --> 00:35:57.040
and you want to avoid that, right? So the less the old sellers on the page, the better it is.

374
00:35:57.040 --> 00:36:03.280
You want very few sellers with a thousand reviews only. So we're going to check that again. We're

375
00:36:03.280 --> 00:36:09.600
going to use our field test, and what we are doing is how many sellers, let me apply first,

376
00:36:09.600 --> 00:36:18.800
so we have the full 50 sellers. How many of these 50 sellers on this main keyword

377
00:36:23.760 --> 00:36:32.720
have less than, I mean a thousand or more reviews, right? So they have a thousand or more reviews.

378
00:36:32.720 --> 00:36:39.360
So we're going to apply that and see how many we have. We have 12, right? I know the question

379
00:36:40.080 --> 00:36:48.000
asks us for 11 or less, right? But looking at this, I'll go through everything. I don't think

380
00:36:48.000 --> 00:36:53.920
everything is baby knee pads. This is not a baby knee pad. So you have to make sure everything

381
00:36:53.920 --> 00:36:59.280
here that you're looking at are baby knee pads. So if I take that one out, I know certainly I have

382
00:37:00.160 --> 00:37:04.160
11 or maybe more. Let's look at these ones.

383
00:37:15.440 --> 00:37:26.320
Okay, so we have 11. I think that was a perfect keyword to try. So we have that.

384
00:37:26.400 --> 00:37:34.480
We have that. What is your size tier, right? And this question is important because your size

385
00:37:34.480 --> 00:37:41.840
tier will affect your fee. Let's say if we are making any of this, I know these are smaller

386
00:37:41.840 --> 00:37:50.160
products. If you scroll, you will see your size tier here, right? And you can move all of these.

387
00:37:50.160 --> 00:37:56.000
You can also have some of, you can customize here, right? And take some of the things that

388
00:37:56.000 --> 00:38:01.520
you don't want to see out. So it makes it very easy for you. So you go to your size tier. You

389
00:38:01.520 --> 00:38:08.880
see that most of these are large standard size. This is a small standard size. And so we're going

390
00:38:08.880 --> 00:38:14.000
to try the large standard size and the small standard size to see what difference. So let's

391
00:38:14.000 --> 00:38:20.480
do the small standard size. So the small standard size, if you're going small standard size,

392
00:38:20.480 --> 00:38:27.440
looking at your FBE fee, right? Then we are asking, is your average price point above $20?

393
00:38:28.400 --> 00:38:33.520
So we're going to see the small standard size that we saw.

394
00:38:33.520 --> 00:38:43.280
So how, this is your fee, $4. And how much are they selling it?

395
00:38:46.640 --> 00:38:53.600
They're selling it at $11, right? But we are also noticing because you have to pay for us and all

396
00:38:53.600 --> 00:39:00.560
that. If you go small standard size, it would be great to have a price point above $20, right?

397
00:39:00.560 --> 00:39:08.320
With all this said, you also have to set, do the par profit to see what your margins are so you can

398
00:39:08.320 --> 00:39:14.720
make a better decision on price point. So let's move it to large standard size and see what it

399
00:39:14.720 --> 00:39:21.840
says. So when you go to large standard size, then your product has to be above $25. If you have a

400
00:39:21.840 --> 00:39:29.120
large or bulky item, that would be $45. You have to price it at $45 to be profitable, right?

401
00:39:30.080 --> 00:39:33.280
So I'm going to leave this one here and we're going to answer no.

402
00:39:37.200 --> 00:39:44.080
So you're going to go to the par profits tool and do all your par profit. We're going to put in

403
00:39:44.080 --> 00:39:50.240
price point, we'll look at a par profit too. Can you improve or innovate on this product?

404
00:39:50.240 --> 00:39:54.240
So these two questions are very, very important. And when you're doing your

405
00:39:54.240 --> 00:39:59.840
product qualifier, I want you to like really take time.

406
00:40:00.000 --> 00:40:06.000
it's not just to launch a product. I think for most of us, the goal is to bring money home.

407
00:40:06.000 --> 00:40:11.920
And so if you're not sitting down taking a look at your numbers, you will get to the time of

408
00:40:11.920 --> 00:40:18.640
launching and you realize you don't have any money to launch, right? Even though PPC is taken from

409
00:40:18.640 --> 00:40:26.880
your inventory, you still have to launch this product. You have to do VINE. You have to do all

410
00:40:26.880 --> 00:40:34.800
that. So make sure you are actually accounting for every penny before you go ahead and do this.

411
00:40:34.800 --> 00:40:45.120
The other thing is market research. So for most of my products that have failed is because of

412
00:40:45.120 --> 00:40:50.160
market research. Make sure you don't be in a hurry to launch a product. Make sure you're doing the

413
00:40:50.160 --> 00:40:56.400
real market research to bring out a good product to the market. What are customers saying about it?

414
00:40:56.400 --> 00:41:02.400
Do the market research before you go ahead and launch any product. So I'm going to pause here.

415
00:41:03.680 --> 00:41:09.840
Any questions before we look at the Power Profit tool? Any questions?

416
00:41:17.760 --> 00:41:21.440
And you can drop it in the chat too if you have any questions.

417
00:41:26.800 --> 00:41:42.400
You're welcome, Jolyne. Okay, let's look at our Power Profit tool.

418
00:41:44.640 --> 00:41:49.120
And even if you've done product research and you're about to launch,

419
00:41:49.840 --> 00:41:54.880
go back to your Power Profit tool. It's really important. Let me share

420
00:41:57.600 --> 00:41:58.640
my screen again.

421
00:42:01.520 --> 00:42:07.040
So let's go to the Power Profit tool. And I'm going to use one of these products as an example.

422
00:42:09.280 --> 00:42:13.840
So let's view the metric. Let's go back to product.

423
00:42:14.800 --> 00:42:20.960
So when you open one up, this is how it will look for you.

424
00:42:22.000 --> 00:42:27.440
So you add a product. Give it a title. Give it a description.

425
00:42:29.280 --> 00:42:38.080
And when you are doing this to get an estimate, I will want you to, you can do an estimate, get an

426
00:42:38.080 --> 00:42:45.840
idea, but reach out to suppliers to get real unit codes for this, right? So for this product,

427
00:42:47.120 --> 00:42:57.040
I was ordering $1,000 and the manufacturing cost was $2, right? The shipping for the product was

428
00:42:57.040 --> 00:43:03.360
$1. And so for this one, initially when I estimated it was lower than this, but after

429
00:43:03.360 --> 00:43:08.880
talking to suppliers, I realized it has to be higher than this. So they gave me $2 after

430
00:43:08.880 --> 00:43:16.400
negotiating. Always negotiate. Be on Tami's call. Tami will teach you that. Always negotiate

431
00:43:16.400 --> 00:43:26.480
with your suppliers. So I got this for $2 and shipping was $1 per unit, right? So I've seen

432
00:43:26.480 --> 00:43:38.160
students put a product here. This place is per unit, right? And this also should include your

433
00:43:38.160 --> 00:43:44.400
tariffs, your taxes and all that, right? So when you get that amount, make sure you're accounting

434
00:43:44.400 --> 00:43:49.760
for that, right? So that you know your real numbers. Numbers is important to me because

435
00:43:49.760 --> 00:43:55.920
I don't want you to get to income and you don't have the budget for it. So this is $1. And then

436
00:43:56.720 --> 00:44:06.640
you go to Amazon. You can do, is it Amazon Revenue Calculator? Or you can go to Helium 10,

437
00:44:06.640 --> 00:44:12.640
find a similar product. If you haven't done it before, let's look at this. So you'll get an

438
00:44:12.640 --> 00:44:17.920
estimate of how much your products will cost, right? So choose one of these products that is

439
00:44:17.920 --> 00:44:24.320
going to look so similar to yours. Let's say this is my product. My products will look like this.

440
00:44:25.280 --> 00:44:31.520
And I think the size and everything will look like this, right? So what I do is I'll pull

441
00:44:31.520 --> 00:44:45.360
Helium 10 extension. Let's see. I think it's loading. Let's give it a second.

442
00:44:45.360 --> 00:45:00.400
Okay. So you'd go to Profitability Calculator, right?

443
00:45:00.000 --> 00:45:07.160
And if you think yours is going to have these dimensions,

444
00:45:07.160 --> 00:45:12.080
yes, go ahead and use the same fulfillment fee.

445
00:45:12.080 --> 00:45:20.680
So your fulfillment cost will be this plus referral fee.

446
00:45:20.680 --> 00:45:23.840
So these two, you add them together.

447
00:45:23.840 --> 00:45:25.880
And then you add your storage.

448
00:45:25.880 --> 00:45:29.320
So from January to September, this

449
00:45:29.320 --> 00:45:31.960
is the storage cost per unit.

450
00:45:31.960 --> 00:45:36.280
But from October, which is Q4, it triples.

451
00:45:36.280 --> 00:45:39.160
So you want to make sure you add these up per unit

452
00:45:39.160 --> 00:45:43.080
to be your fees.

453
00:45:43.080 --> 00:45:45.880
If your dimensions changes, it's OK.

454
00:45:45.880 --> 00:45:50.160
You can change these a bit here, and it will change for you

455
00:45:50.160 --> 00:45:52.480
as you do it.

456
00:45:52.480 --> 00:45:55.800
So for mine, it was $6.02.

457
00:45:55.800 --> 00:45:57.160
So I put that there.

458
00:45:57.160 --> 00:46:00.640
And I was going to sell it for $22.95.

459
00:46:00.640 --> 00:46:04.360
But when it comes to ad, you see that by default,

460
00:46:04.360 --> 00:46:09.400
we've added 25% for your ads.

461
00:46:09.400 --> 00:46:12.760
And this, if you put it on Landmark,

462
00:46:12.760 --> 00:46:17.520
it will tell you what this additional cost is for.

463
00:46:17.520 --> 00:46:20.120
So it's for inspection.

464
00:46:20.120 --> 00:46:22.760
It's for product storage.

465
00:46:22.760 --> 00:46:25.360
So this is not Amazon storage.

466
00:46:25.360 --> 00:46:28.760
This storage is not the Amazon storage that I just showed you.

467
00:46:28.760 --> 00:46:31.600
It's, let's say, if you have 1,000 units,

468
00:46:31.600 --> 00:46:35.480
and you are taking 500 to another place,

469
00:46:35.480 --> 00:46:38.200
3PL for them to store it for you.

470
00:46:38.200 --> 00:46:41.320
So you want to make sure you are accounting for that.

471
00:46:41.320 --> 00:46:45.360
But most, it will also go into A-plus content

472
00:46:45.360 --> 00:46:48.960
if you are hiring someone to do photography.

473
00:46:48.960 --> 00:46:51.160
You have to consider all that.

474
00:46:51.240 --> 00:46:55.840
So let's say I'm using 10% of that to do all others

475
00:46:55.840 --> 00:46:57.520
that I'm talking about.

476
00:46:57.520 --> 00:47:02.160
Then the remaining 20%, I'm doing the math wrong.

477
00:47:02.160 --> 00:47:04.960
But if I'm using 10% of this study,

478
00:47:04.960 --> 00:47:09.720
so the remaining 90% will go into my PPC.

479
00:47:09.720 --> 00:47:12.040
So you are accounting for PPC.

480
00:47:12.040 --> 00:47:14.600
You are accounting for ads here.

481
00:47:14.600 --> 00:47:16.360
Make sure you're doing that.

482
00:47:16.360 --> 00:47:20.960
If you are in a more competitive niche, and for this product,

483
00:47:21.000 --> 00:47:23.200
it is in a very more competitive niche.

484
00:47:23.200 --> 00:47:26.880
So I did not go for 30% when I launched this product,

485
00:47:26.880 --> 00:47:28.120
which has been two years.

486
00:47:28.120 --> 00:47:30.840
I went for 30%, right?

487
00:47:30.840 --> 00:47:34.680
So depending on the niche you find yourself,

488
00:47:34.680 --> 00:47:37.400
make sure you are putting in more money.

489
00:47:38.320 --> 00:47:40.040
If you don't use all 30%,

490
00:47:40.040 --> 00:47:43.080
then it becomes profit for you, right?

491
00:47:43.080 --> 00:47:47.000
So when I say this, this is what I have.

492
00:47:47.000 --> 00:47:51.480
It's telling me I have $7 estimated per unit, right?

493
00:47:51.480 --> 00:47:53.240
So let's view this metric.

494
00:47:58.760 --> 00:48:01.040
So when you view this metric,

495
00:48:01.040 --> 00:48:06.040
this is something that is really important, the 6,880, right?

496
00:48:06.440 --> 00:48:11.440
So this is the budgeted money that you have for advertising.

497
00:48:13.760 --> 00:48:16.480
So whatever you're doing, make sure you,

498
00:48:17.320 --> 00:48:22.320
this 6,880 is what I've allocated for miscellaneous expenses.

499
00:48:25.120 --> 00:48:29.000
So if inspection was $300, I would take it out.

500
00:48:29.000 --> 00:48:34.000
If photography was $500, I would take it out.

501
00:48:34.720 --> 00:48:37.600
A plus content, I was charged $120.

502
00:48:37.600 --> 00:48:39.600
I would take all that out, right?

503
00:48:39.600 --> 00:48:44.600
Then let's say I have 5,000 for PPC.

504
00:48:44.680 --> 00:48:49.680
Now I have $5,000 to sell all 1,000 units.

505
00:48:51.720 --> 00:48:54.880
What if you have launched before,

506
00:48:54.880 --> 00:48:57.560
you know that is not realistic, right?

507
00:48:57.560 --> 00:49:00.040
Especially if you don't have reviews on your product,

508
00:49:00.040 --> 00:49:02.920
it gets easier when you have more reviews,

509
00:49:02.920 --> 00:49:04.840
it's your second product,

510
00:49:04.840 --> 00:49:09.840
but 5,000 dependent on the niche to sell all 1,000 units

511
00:49:11.160 --> 00:49:12.360
might not be realistic.

512
00:49:12.360 --> 00:49:15.840
So you start thinking other organic ways

513
00:49:15.840 --> 00:49:16.960
to sell your products.

514
00:49:16.960 --> 00:49:20.880
Maybe the 5,000 can sell 500 units or 600 units.

515
00:49:20.880 --> 00:49:24.840
How do I sell the remaining 400

516
00:49:24.840 --> 00:49:28.880
without going into my profit, right?

517
00:49:28.880 --> 00:49:32.840
If you've tried other organic ways to sell

518
00:49:32.840 --> 00:49:37.760
and you're not selling, I know I'm going a lot into PPC,

519
00:49:37.760 --> 00:49:41.440
then you know you have to go a bit into your profit.

520
00:49:41.440 --> 00:49:46.440
So for instance, the 5,000 remaining here

521
00:49:46.920 --> 00:49:51.920
was not able to sell all 600 that I estimated.

522
00:49:52.400 --> 00:49:56.440
I can take $3 of this times 1,000,

523
00:49:56.440 --> 00:50:00.120
this is per unit, times 1,000 will be 3,000 more that.

524
00:50:00.000 --> 00:50:04.480
I will add to PPC budgets, right?

525
00:50:04.480 --> 00:50:07.640
So make sure you're going back to look at this

526
00:50:08.520 --> 00:50:10.360
and keep looking at it.

527
00:50:10.360 --> 00:50:12.900
And when you're ready to launch,

528
00:50:12.900 --> 00:50:14.440
go back and ask yourself,

529
00:50:14.440 --> 00:50:18.320
how much money do I have to sell these products?

530
00:50:18.320 --> 00:50:19.880
So you don't go into that, right?

531
00:50:19.880 --> 00:50:22.580
The goal is for you to make profit.

532
00:50:22.580 --> 00:50:27.120
So that is why it's important to start well

533
00:50:27.120 --> 00:50:30.040
so you actually make profit.

534
00:50:30.040 --> 00:50:34.160
One thing that helps with spending this budget

535
00:50:34.160 --> 00:50:38.440
is doing the right research from the beginning

536
00:50:38.440 --> 00:50:40.320
and market research, right?

537
00:50:40.320 --> 00:50:42.760
So the key word, the data might be there,

538
00:50:42.760 --> 00:50:46.480
but if you're not doing the right market research,

539
00:50:46.480 --> 00:50:48.880
you will not sell, right?

540
00:50:48.880 --> 00:50:51.720
If customers are not looking for what you are bringing,

541
00:50:53.120 --> 00:50:54.160
then you will not sell.

542
00:50:54.160 --> 00:50:57.560
Then it means you have to push a lot into,

543
00:50:57.560 --> 00:51:00.640
a lot of your money profits into ads

544
00:51:00.640 --> 00:51:02.800
to actually sell some of these.

545
00:51:05.280 --> 00:51:07.720
Yeah, we have 10 more minutes.

546
00:51:07.720 --> 00:51:09.920
Any questions?

547
00:51:20.000 --> 00:51:21.880
Any questions for me?

548
00:51:22.880 --> 00:51:25.160
And if you're stuck on product research,

549
00:51:25.160 --> 00:51:30.160
again, we have our product research team,

550
00:51:30.280 --> 00:51:35.280
which is the PRA team being led by Coach Wesley.

551
00:51:38.920 --> 00:51:42.240
So they can help you out with a product research.

552
00:51:42.240 --> 00:51:44.640
They can do that side of things for you.

553
00:51:44.640 --> 00:51:46.200
We have a discount going.

554
00:51:46.200 --> 00:51:48.040
So if you're interested, let me know

555
00:51:48.040 --> 00:51:51.920
and I can pass you the link.

556
00:52:00.160 --> 00:52:01.120
Any questions?

557
00:52:01.120 --> 00:52:02.920
Otherwise we can call it a day.

558
00:52:02.920 --> 00:52:04.040
Any questions for me?

559
00:52:11.880 --> 00:52:13.040
Okay.

560
00:52:13.800 --> 00:52:14.640
So,

561
00:52:16.040 --> 00:52:18.880
we are at the end of our call.

562
00:52:18.880 --> 00:52:20.360
Give me one second.

563
00:52:20.360 --> 00:52:21.600
I was trying to find this.

564
00:52:21.600 --> 00:52:23.160
Okay, we are at the end of our call.

565
00:52:23.160 --> 00:52:26.640
So just a few last things before we call it a day.

566
00:52:26.640 --> 00:52:27.840
Remember to take action.

567
00:52:27.840 --> 00:52:29.400
If you learn something today

568
00:52:29.400 --> 00:52:31.760
or you're feeling nice to move the needle

569
00:52:31.760 --> 00:52:34.160
in a particular area, do it.

570
00:52:34.160 --> 00:52:35.920
For further help, be resourceful.

571
00:52:35.920 --> 00:52:40.680
We have a ton of resources in Remakers to help you succeed.

572
00:52:40.680 --> 00:52:44.040
So if you have any questions, post in the app

573
00:52:44.040 --> 00:52:47.440
and hashtag inspiration slash innovation

574
00:52:47.440 --> 00:52:49.320
and we'll be there to support you.

575
00:52:49.320 --> 00:52:52.080
If you also post a question in the app,

576
00:52:52.080 --> 00:52:54.040
make sure you are helping others

577
00:52:54.040 --> 00:52:56.520
by answering other's questions as well.

578
00:52:56.520 --> 00:53:01.520
A replay of this will be in the app under the replay side.

579
00:53:01.920 --> 00:53:04.520
So you can always find that.

580
00:53:05.560 --> 00:53:10.040
All right, ladies, thank you so much for joining me.

581
00:53:11.600 --> 00:53:13.800
And see you in the app.

582
00:53:14.800 --> 00:53:15.640
Bye.

583
00:53:15.640 --> 00:53:16.480
You're welcome.

584
00:53:16.480 --> 00:53:17.320
Bye.