Product Finder Extra Deluxe Bonanza
Posted 8th May 2014 at 02:30 PM by hebsgaard
If you get a reputation for trying to sell people on stuff that just isn't very good (read, things that suck!) that is a rep you'll have a tough time shaking off.
The simple fact is, fortunately, it's one of the easiest problems to avoid.
You just need to pick good products.
A common misconception is that it's better to promote cheaper products. That more people will buy. That may be true. I mean, it's not a problem for most people to throw a couple of bucks at something. It's far, far more difficult to sell something costing several 100 dollars.
but...
You'll earn far more in commission by selling a higher scale product as opposed to a low-ticket item. That's one of the things you have to consider. You'll need to sell a lot of 10 dollar items to make the same in commissions as you do by selling just one home-gym or a similar high-ticket item.
In the end, that's not the only qualifier of a great product. There are many awesome products that don't cost a lot of money. There are lots of those products that people love and buy over and over. Does it make sense to promote those? It might, I can't say you should never promote a low-ticket item.
What I can say is that it depends on how much you want to work to make a living. Product selection is about maximizing the output while minimizing the hassle.
Finding High Commission Products
Azon commission rates are kind of strange. It's one of those things I probably should think about more, but seriously do my best to avoid. Looking at the Amazon site rates are somewhere between 1% and 10% (thank you for that superb level of accuracy!). This depends on the type of product and in some instances the product volume.
Whichever way you put it what you're getting is a percentage and not a fixed fee. With percentages it's hard to argue that the higher the cost of the product the bigger your actualy payout is going to be. In fact, I can't think of one single way to make an argument against that last point.
So? Do you pick the $10 product or the $1000 product?
But won't I sell more of the 10 dollar product than the 1000 dollar product? Yeah. You probably will, but here's the short calculation that will make it clear why the 1000 dollar product is better.
For the purpose of dimishing the strain on my brain we'll assume the percentage is 10. That's on the top end of the Azon commission scale, but it is also far easier to work with.
Whenever you sell one (1!) 1000 dollar product at a 10% commission you get a $100 payout. Whenever you sell one of the $10 products you get a $1 payout. That means you'll have to sell 100 $10 products to make the same commission.
Obviously it is much more difficult to sell a $1000 product, but I can assure you, it is not 100 times harder!
I like to draw the line at $100. Meaning I don't promote products below that cost. Obviously, there are times where I may choose to make an exception, but that is the general rule of thumb I like to go by.
Make Others Sell The Product For You
One of the key points I keep baning on about in 30 Minute Review Reloaded is how you need to use the customer feedback that is already there. This is probably the single most important thing to look at when you select a product. It needs to have a great rating. Nothing, and I mean absolutely nothing, below 4. I cannot stress how important this point really is.
The only reason you'd ever want to put 1 or 2 start products on your site is for contrast. That can work and can occassionally add credibility to your site. Personally, I prefer spending my time promoting products I actually believe my readers would like to buy.
So, I believe I hammered home the point you need to look for something with an average rating of 4 stars or more.
That's not all there is to it though. How many customers does it take to give a product a 4+ star rating?
That's right. One. 1!
1 flippin' customer is all it takes. Would you buy something based on one good (probably made by the vendors best friend) rating?
Off course you wouldn't. You need to look for products with as many people giving it a rating as possible. It's not really as difficult as it sounds. There are plenty of products on Azon with tons of high ratings. That's the ones you want to promote. Not the 5 stars after one review products.
As a rule of thumb I like to say that a product ought to have at least 5 reviews at 4 stars or better to be eligible for promotion. If you find products that don't really qualify, but are close consider putting them on a bubbler list. That is a list of products you want to keep an eye out for for potential future promotion.
Pick The Ones That Sell
I'll grant you that's not a huge revelation. It's a bit like saying if you want something sweet add sugar.
Why do I still feel it's important to say it?
Some people are afraid of promoting hot sizzling sellers. They feel the competition is too much for them and they will be better off going for something where the competition is less fierce.
If there's one thing I'd like you to take away from this as far as market research is concerned it is that competition is a good thing. You want competition and you want a lot of it.
On the surface it might seem like a good idea to go for something where you don't face stiff competition. I want you to think about it for a minute though. Why do you think there isn't any competition surrounding that specific product? Because nobody is buying it!
Obviously, you can strike lucky and hit a product that suddenly takes off due to your brilliant promotion. It's happened, I can't say it hasn't, but it's a little bit like buying a lottery ticket.
The great thing about products that are already popular is how they play to the herd mentality of humans.
That's something you should take advantage of whenever you can.
Moving Forward From Here
Those were mostly the words from me today. I hope this short report has offered you a bit of insight into how you should go about picking your products. Obviously, this doesn't do much for you in terms of market research. Market research wasn't the topic of this report, so that explains it a little bit.
Moving on from here I'd humbly like to recommend you take a look at my 30 Minute Review Reloaded system. Unless you want to spend money on outsourcing I personally believe this is the best way to get reviews online fast.
Thank you for your time,
Mike
The simple fact is, fortunately, it's one of the easiest problems to avoid.
You just need to pick good products.
A common misconception is that it's better to promote cheaper products. That more people will buy. That may be true. I mean, it's not a problem for most people to throw a couple of bucks at something. It's far, far more difficult to sell something costing several 100 dollars.
but...
You'll earn far more in commission by selling a higher scale product as opposed to a low-ticket item. That's one of the things you have to consider. You'll need to sell a lot of 10 dollar items to make the same in commissions as you do by selling just one home-gym or a similar high-ticket item.
In the end, that's not the only qualifier of a great product. There are many awesome products that don't cost a lot of money. There are lots of those products that people love and buy over and over. Does it make sense to promote those? It might, I can't say you should never promote a low-ticket item.
What I can say is that it depends on how much you want to work to make a living. Product selection is about maximizing the output while minimizing the hassle.
Finding High Commission Products
Azon commission rates are kind of strange. It's one of those things I probably should think about more, but seriously do my best to avoid. Looking at the Amazon site rates are somewhere between 1% and 10% (thank you for that superb level of accuracy!). This depends on the type of product and in some instances the product volume.
Whichever way you put it what you're getting is a percentage and not a fixed fee. With percentages it's hard to argue that the higher the cost of the product the bigger your actualy payout is going to be. In fact, I can't think of one single way to make an argument against that last point.
So? Do you pick the $10 product or the $1000 product?
But won't I sell more of the 10 dollar product than the 1000 dollar product? Yeah. You probably will, but here's the short calculation that will make it clear why the 1000 dollar product is better.
For the purpose of dimishing the strain on my brain we'll assume the percentage is 10. That's on the top end of the Azon commission scale, but it is also far easier to work with.
Whenever you sell one (1!) 1000 dollar product at a 10% commission you get a $100 payout. Whenever you sell one of the $10 products you get a $1 payout. That means you'll have to sell 100 $10 products to make the same commission.
Obviously it is much more difficult to sell a $1000 product, but I can assure you, it is not 100 times harder!
I like to draw the line at $100. Meaning I don't promote products below that cost. Obviously, there are times where I may choose to make an exception, but that is the general rule of thumb I like to go by.
Make Others Sell The Product For You
One of the key points I keep baning on about in 30 Minute Review Reloaded is how you need to use the customer feedback that is already there. This is probably the single most important thing to look at when you select a product. It needs to have a great rating. Nothing, and I mean absolutely nothing, below 4. I cannot stress how important this point really is.
The only reason you'd ever want to put 1 or 2 start products on your site is for contrast. That can work and can occassionally add credibility to your site. Personally, I prefer spending my time promoting products I actually believe my readers would like to buy.
So, I believe I hammered home the point you need to look for something with an average rating of 4 stars or more.
That's not all there is to it though. How many customers does it take to give a product a 4+ star rating?
That's right. One. 1!
1 flippin' customer is all it takes. Would you buy something based on one good (probably made by the vendors best friend) rating?
Off course you wouldn't. You need to look for products with as many people giving it a rating as possible. It's not really as difficult as it sounds. There are plenty of products on Azon with tons of high ratings. That's the ones you want to promote. Not the 5 stars after one review products.
As a rule of thumb I like to say that a product ought to have at least 5 reviews at 4 stars or better to be eligible for promotion. If you find products that don't really qualify, but are close consider putting them on a bubbler list. That is a list of products you want to keep an eye out for for potential future promotion.
Pick The Ones That Sell
I'll grant you that's not a huge revelation. It's a bit like saying if you want something sweet add sugar.
Why do I still feel it's important to say it?
Some people are afraid of promoting hot sizzling sellers. They feel the competition is too much for them and they will be better off going for something where the competition is less fierce.
If there's one thing I'd like you to take away from this as far as market research is concerned it is that competition is a good thing. You want competition and you want a lot of it.
On the surface it might seem like a good idea to go for something where you don't face stiff competition. I want you to think about it for a minute though. Why do you think there isn't any competition surrounding that specific product? Because nobody is buying it!
Obviously, you can strike lucky and hit a product that suddenly takes off due to your brilliant promotion. It's happened, I can't say it hasn't, but it's a little bit like buying a lottery ticket.
The great thing about products that are already popular is how they play to the herd mentality of humans.
That's something you should take advantage of whenever you can.
Moving Forward From Here
Those were mostly the words from me today. I hope this short report has offered you a bit of insight into how you should go about picking your products. Obviously, this doesn't do much for you in terms of market research. Market research wasn't the topic of this report, so that explains it a little bit.
Moving on from here I'd humbly like to recommend you take a look at my 30 Minute Review Reloaded system. Unless you want to spend money on outsourcing I personally believe this is the best way to get reviews online fast.
Thank you for your time,
Mike
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