492: How To Find A $5000/Mo Product To Sell In 10 Minutes – Family First Friday

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In today’s episode, I’m going to teach you four different methods of finding profitable products on Amazon, Shopify, eBay, Etsy, basically anywhere products are sold. And these are methods that I personally use to make over a million bucks selling on my own online store over at BumblebeeLinens.com. What’s up everyone? You are listening to the My Wife Could Her Job podcast, where I teach you how to make money online by exploring different tools, strategies, and understand how to leverage human psychology to grow your sales. Welcome to a special segment of the show.

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called Family First Fridays, where I go solo to give you my thoughts on how to make money without sacrificing your lifestyle. If you haven’t picked up my book, The Family First Entrepreneur yet, head on over to mywifequitterjob.com slash book, fill out the form and get over $690 in free bonuses. Now when I first got started in e-commerce, my product research strategy was basically haphazardly looking for a product to sell. My wife and I would go to a trade show, look around and just pick and choose what we thought

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were great products to sell. There were no rules and no real criteria for our choices. And as a result, we often had products that didn’t sell well sat on our shelves at our warehouse gathering dust. Now having unsold inventory sucks, but we learned our lesson. And today we use a bunch of tools to conduct product research the right way to ensure that this never ever happens again. This is what I’m going to teach you today. You will learn how to use various software tools to evaluate profitable products

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so that you are confident your products will sell before you make a upfront investment on inventory. Now the first method for product research involves Amazon and a tool called Jungle Scout. That is a well-known fact that Amazon has over a 50 % market share in e-commerce in the United States and they are the biggest player by a landslide. The next closest competitor is Walmart at only 6.3%. So as a result, if you want to know what products to sell online,

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it makes sense to look at what’s selling on the Amazon marketplace first. Now Jungle Scout is a tool that scrapes all the listings on Amazon and tells you approximately how much each seller is making online. For example, if I want to know how much money each Amazon listing selling garlic presses is making on a monthly basis, all I have to do is type in garlic press in Amazon search, hit the Jungle Scout button, and the tool will tell me the number of units sold, revenue, listing price, everything.

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Now Amazon doesn’t publish this data online. So how does Jungle Scout work exactly? Well, every product listing on Amazon has what is called a BSR, which stands for best seller rank, which is a relative measure of how well a product is selling in Amazon. Now, because Jungle Scout has a huge database of real Amazon sellers and their actual sales data, they can correlate that data on the backend with the BSR ratings on Amazon. And as a result, based on the BSR ranking of a product, they can interpolate

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and make a pretty good approximation of how much money that listing is making, and it’s fairly accurate. So if you’re thinking about selling a product and you want to know if it’s a good idea, then just type it in on Amazon search, run Jungle Scout, and see how well that product is selling for the last 30 days. And as you are doing your research, you want to sell a product that has high demand and low seller competition. So here’s what you should look for. Whenever I perform this exercise,

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I like to see an even distribution of revenue across the sellers on the front page of Amazon search. After all, the last thing that you want is to sell a product where one seller or brand is dominating all the sales. Now, if you decide to sell your own version of that product under your own brand, you want to know that there’s plenty of space left for a new player on the market. I also like to look for a low number of reviews across all the listings, preferably in the low hundreds or less. Now, why do reviews matter?

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It’s because the number of reviews on an Amazon listing is directly correlated to the strength of the listing. If a product listing has over a thousand reviews, well that means it’s going to be pretty well entrenched in the Amazon rankings. If you can find a product that has good demand and even distribution of revenue across the sellers with a low number of reviews, then that makes it a viable option to sell online on Amazon. Just make sure that you have a solid value proposition for your product before you start sourcing it. But what if you can’t think of anything to sell?

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Well, this process also works in reverse. Remember, Jungle Scout also provides a searchable database of every single product that is listed on Amazon. As a result, you can use the Opportunity Finder tool from Jungle Scout to have the tool return you a product that matches your revenue criteria. Basically, you’re just asking Jungle Scout for a good product to sell. For example, let’s say I want to sell a product that generates at least $5,000 a month with less than 200 reviews. Well, you can conduct a search on Jungle Scout with these exact parameters

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and the tool will output a bunch of product searches that match your criteria. So if you’re having problems finding a good product on your own, you can use Jungle Scout to actually brainstorm products for you from a database of millions of products with real data from Amazon. Now, another great way to find a profitable product to sell online is by analyzing what people are searching for on Google. Remember, Amazon only owns 50 % of e-commerce. The remaining 50 % is dominated by Google and other marketplaces.

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And the key is to find out what products people are searching for online using Google. And in order to figure that out, you must use a Google keyword tool like Ahrefs. Ahrefs is a tool that tells you how many searches per month are conducted for a given keyword on Google. And it also tells you how hard it is to rank for that keyword. For example, if I want to know how many people are searching for dog harnesses online, Ahrefs tells me that over 59,000 people are searching for dog harnesses every single

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Ahrefs also provides me with other related keyword searches as well. For example, 45,000 people are searching for dog collars. 13,000 people are searching for dog harnesses no pull. 6400 people are looking for tactical dog harnesses. You get the picture. By looking at the search volume for the products you want to sell, you can make sure that people are actually looking for the product that you actually are considering offering. And to gauge the size of the market and the potential sales, you can take the search volume.

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multiply it by 37%, which is the approximate amount of traffic you might get if you have the number one spot in Google, and then multiply that number by 2%, which is the average conversion rate for an e-commerce store. Do this for every keyword that applies, and then add it all up. This number will be your revenue potential for that product. Now just be aware though, that some searches on Google are for information and not for shopping. For example, if you see a term like dog harness installation,

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Well, that means that people are looking for a tutorial and not a product to buy. The next obvious place to find profitable products to sell is on eBay. And even though eBay doesn’t have a huge market share in the e-commerce space at only three and a half percent, what eBay does have going for it is precise data. Every transaction on eBay is recorded and available to the public. As a result, by browsing eBay data, you can know exactly how much money a product is making on the platform. Note that this is completely different

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than what a tool like Jungle Scout provides with Amazon. Jungle Scout only provides approximate numbers that are interpolated from real data. eBay’s numbers are exact. So how do you browse eBay efficiently in order to brainstorm products to sell? Well, the best way is to use a tool like Zic Analytics. Now, similar to Jungle Scout, Zic Analytics is a tool that scrapes all the eBay listings for both completed and non-completed listings and gives you a nice interface to browse the data.

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Now what’s nice about ZIC once again is that the data is accurate and represents real sales on eBay. ZIC also provides a cool feature where you can look at the hot categories on eBay where most people are buying. And then from here, you can push down further to see the hot selling products on eBay for any given category. Now the most useful metric that ZIC Analytics offers is a metric called the successful listings percentage. The successful listings percentage is the percentage of listings on the front page of eBay for a particular product

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that have sold at least one item. Basically, this is a good measure of whether you’ll actually make a sale on eBay if you list that product. In fact, I like to see a successful listing percentage of at least 33%, which basically means that if I were to list that product, then it would sell a third of the time. This number is also important if you end up not being able to sell your product on your own website or Amazon. Because a high successful listing percentage means that you can always liquidate unsold inventory on eBay if it ever gets to that point.

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But remember, eBay is an auction-based platform where not all auctions end in a sold completed listing. What you’re looking for is confidence that if you were list that exact same product on eBay, then it would sell at a high percentage. Note that just because something sells on eBay though, doesn’t necessarily mean that it is sold at a good price where you are actually making a profit. You have to look at the pricing for the products being sold on eBay during your search to determine whether it’s worth selling that product based on demand and margin.

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Zic also provides you with information on how many listings or sellers there are for any product, the total number of sold items in the last 30 days, and the average selling price. And with this information, you can then look on Alibaba or ask your supplier to see if your profit margins make sense to source and sell that product online. Now, if you’re on a major budget, there’s actually another tool called Terapeak that is 100 % free when you join eBay. Now, a long time ago, Terapeak used to cost money and it was essentially what Zic Analytics is today.

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But then eBay acquired Terapeek and basically stripped it of many of its useful features. Now that being said, Terapeek is still useful for getting sales numbers for some broad-based products on eBay. If you want to give Terapeek a try, just look for it on the research tab of your eBay seller hub, then just type in what you’re researching into the search bar. Use the filters to refine your search, and Terapeek will give you the average selling price, the total number of units sold, the total sales revenue, and the sell-through rate. However,

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Terapeak will not give you data to the same level of granularity as ZIC Analytics. Instead, it only provides aggregate data for a given search and doesn’t really do a great job of giving you data for individual products. Also, it’s not going to tell you what the hot categories are either, but you can’t really complain because the tool is free. So let’s put it all together now. Use Jungle Scout to research products that are selling well on Amazon with high demand and low competition. Then take those exact same keyword searches

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and check if people are searching for those products on Google. And then finally, check Zic Analytics and or Terapeak if you’re on a budget and make sure the sell through rate is at least 33 % on eBay. Now if you do those three steps, you’ll find a profitable product to sell. And in the event your product doesn’t sell as well as you were expecting, you can always liquidate it on eBay. Hope you enjoyed that episode. In the event that you want to learn how to sell profitable products online,

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Make sure you take my free six day mini course over at mywifequitterjob.com slash free.