TYPES OF AMAZON PRODUCT RESEARCH

You can not be a successful Amazon seller without realizing the importance of product research. Product research is part of the fundamentals of selling on whatever platform you can think of. That is why, we are going to go through the types of product research available, when you can use them and how you can use them to boost your Amazon Selling. Remember, Product research allows you to collect credible information concerning consumer preferences on a product.

 The main types of Product research are Brand research, Consumer Insights, Competitive Analysis, and Product Development.

How do you decide what kind of product research you need to do? It all comes down to what you need to know and what your business goals are. In this article, we’ll explain the various types of product research you can use to solve issues and challenges that directly affect your sales.

1. BRAND RESEARCH

Brand research is the process of identifying and creating your business identity. Brand research is the type of research you conduct to be able to create your Private Label. Think of it this way- brand research is the information inputted to get your brand as the output. For example: are you content with being known as another Amazon Seller? Of course not! You want to be noticed as that one seller in a million, and it all begins with you conducting brand research for you to create your brand.

WHEN TO USE BRAND RESEARCH

• Market Awareness- when you want your market to know who you are and consider you as a serious option.
• Brand Penetration- when you want to enter a new market and you have a target in that new market.
• Brand Loyalty- when you want to create a niche and retain customers.

          HOW TO USE BRAND RESEARCH

•  With the aid of product research tools like Nugetfind, you can identify the competitors and suppliers of your product. 
• Analyze the design of the brand of your competitors and identify the advantages and disadvantages of the brand design.
• Next, Focus on the reviews of customers for the trending brand that supplies the same product you want to supply. You can use Feedback Genius to find out the customer reviews.
• See areas in which you can improve that brand.
• Again, with the aid of research tools like EflexSourcing, to look for suppliers of your product that can design that brand.

1. CONSUMER INSIGHTS

Put simply, consumer insight research is a type of product research that identifies the target market for your product. It reveals customer buying trends and helps identify the best time to launch your product.

WHEN TO USE CONSUMER INSIGHTS RESEARCH

• When you want to offer coupons and sales, it is important to know the purchasing habits of your market.
• When you want to set a minimum order quantity for your product and reorder point. You do not want to run out of stock, but neither do you want a lot of inventory just sitting and gathering dust in the Amazon centers.

          HOW TO USE CONSUMER INSIGHTS RESEARCH

• Identify your target market
• Notice the purchasing habits of your customers. By using Amazon tools that track sales e.g Jungle Scout
• Notice the reviews that customers leave by using an Amazon tool like Feedback Genius.
•  Notice the keywords that your competitors are using that make them more noticeable. For this, you might need an Amazon tool like AMZ Tracker or Pay Per click tools like Google Ads or Bing Ads.
• Adapt your keywords and the times you offer sales and coupons to suit your customer’s needs.

1. COMPETITIVE ANALYSIS

Competitive analysis is the type of research that focuses on studying your competitors and see how you rate against them. You are offering the same product, but you are marketing it differently, and branding it differently. Therefore you need to know who is the better marketer and who has better customer service. This information will drive you to do better than your competitors, which will increase your chances of having higher sales than your competitors.

WHEN TO USE COMPETITIVE ANALYSIS

• When you are just starting as an Amazon seller, you will need to identify your competition.
• When you are not performing well in your market, you will need competitive analysis to identify what makes your competitors sell their products and what you are doing wrong.
• Competitive Analysis can also be used when your business is doing well. Remember, you want to maintain your high sales rate so be on the lookout for competitors that can take your share of the market. 

            HOW TO USE COMPETITIVE ANALYSIS

• Identify a few of your competitors using Thomasnet.com
• Analyze their market strategy and sales volume
• Try mystery shopping your competitor’s product so that you can analyze the product and competitor’s logo.
• Look for articles, blogs, or references of your competitors for any secondary information you may need.

1. PRODUCT DEVELOPMENT

This is a type of research where you use the knowledge you have gathered about your target market to know how to improve an already existing product and take it to your market. Remember, product development is not just about inventing a whole new product. It is also about coming up with new ideas to improve an already existing product.  

You can improve a product by either:

• Changing its packaging- for example, if your product is writing pens and they are packaged in an opaque cardboard box, you can repackage them into a white box with your logo on it.
• Changing the quantity that it is usually sold in, for example, if your supplier is a local store and they are selling pens as a set of ten, you can resell them as a set of five or even as a pair with different color inks.
• Including a complimentary product and selling the main product and its complementary product as one whole package- let’s say your competitors are selling pens only, you can one-up them by selling a set of pens with mini stick-it notes or writing pads in each set. That way the customer will prefer to get your whole package rather than a set of pens from your competitors.

WHEN TO USE PRODUCT DEVELOPMENT

You can use this type of product research in the following stages:

• When you have just started as a seller- You are new to the game but what are you bringing to the table? Ask yourself, what is my grand entrance into the world of Amazon selling? Remember Amazon Selling has cut-throat competition so you will need to be able to stand out if you are to be successful.
• When you want to enter into a new market- In this instance, you have some experience in selling in one market, but if you want to expand, you will need to understand the market in which you want to enter.
• When your Amazon sales are dwindling- so you have been selling for a while but you are barely getting by. You will need to go back to the beginning to figure where you will need to improve your product and how the customers are viewing the product.

HOW TO USE PRODUCT DEVELOPMENT

• Select the product you want to improve or innovate. If you are a new seller, choose the product you want to start selling
• Use an Amazon research tool, like Nugetfind, to find your top competitors of that product.
• Analyze the product and see what improvements your competitors have made to the product.
• See what they left out, or what you can do better.
• Send your new requirements to your supplier. If you are a new seller, you can search for suppliers on Thomasnet. Once you have selected your supplier, provide your supplier with your specifications.
• Keep making the product better or find opportunities to introduce it to new markets.

REVIEW

When it comes to Product Research, you need Amazon Research tools to help speed up the research process and also get you more accurate and up-to-date information. Carrying out product research using Amazon tools will put you ahead of your competitors. More importantly, Product research is the sure way to getting good customer reviews and more sales. Let us help you make those sales, use Nugetfind for all your Product Research needs. For more information on essential Amazon tools, please go to www.tactlaunch.com