The Importance of Knowing “Where to Fish” on Amazon
by Colleen Quattlebaum, on November 30, 2014
The old adage goes that the most important part of fishing is choosing the right fishing hole.
If you pick a pond where the fish are too small, you’ll waste time and effort with very few bites. If you pick a pond where everyone else is fishing, you’ll risk getting your line tangled and may never actually catch a fish.
The best spots have good fish, and only a few fishermen around.
Good advice for fishing – even better for selling on Amazon.
Picking the Perfect Fishing Hole
Selling on Amazon can feel like you are searching for the perfect fishing hole. Does this ASIN have enough margin? What is the competition like? What is the demand?
Unlike actual fishing however, when you sell on Amazon, you have access to millions of potential “fishing holes.” You could be selling anything – which often creates more anxiety than opportunity. Are you selling the right product? Should you change your strategy? What are the great opportunities you don’t even know about? Would you even recognize a great opportunity if it came by?
When you are filtering through electronic catalogues of thousands of items, it’s easy to wonder if you are making the right decisions.
Two Characteristics of a Great Amazon Fishing Hole
Here are the two main factors to help you determine if you found a good fishing “hole.”
1. People are making money
Everyone starts selling on Amazon to make money. But too often, sellers act like there is a magic prize for making the most number of sales, even if it means they haven’t made any profit. It is the equivalent of someone spending all day at the fishing hole and walking away with fifty sardines.
Many products on Amazon have razor-thin margins, especially after calculating your FBA fees. Some of these products end up being sold at a loss. Even if you can find a way to win the Buy Box, it’s often not worth your time.
You need a way to quickly measure if you will actually make money, instead of being stuck with a handful of sardines.
2. It’s not too crowded
If you pick an ASIN that has dozens or hundreds of other sellers, the only way to really distinguish yourself is to lower your price. Then you might find yourself in a price war and on a long race to the bottom. You want to find a place where there is plenty of room for more sellers.
Finding out that there are a few other sellers is actually a good thing, because it lets you know that someone else is finding success, but you can safely keep fishing without your lines getting crossed.
How to Fish on Amazon
While this all makes sense, you may still feel some anxiety. With millions of products to choose from, how can you make an intelligent choice? How can you make sure that you are in the right place and haven’t missed an opportunity? It’s impossible to examine every available product and figure out which ones are the best.
At least it used to be.
MarketScout is the perfect tool for anyone who wants to make sure they are fishing at the right hole. Simply upload an electronic catalogue with all the UPCs you want to research and within minutes, you will have all the information you need.
Your report includes:
- Amazon product sales rank
- Number of FBA sellers and total sellers
- Lowest FBA price and lowest overall price
- Potential profit calculations (factoring in FBA fees if applicable)
- …and more.
MarketScout will show you all the hidden opportunities you don’t want to miss. In fishing terms, it is the equivalent of examining all the ponds and streams in the world and instantly having information on how big the fish are, how often they bite, and who else fishes there. No fisherman would ever pass on that kind of information, and you shouldn’t either.
Click here for a free trial, and find your perfect fishing hole in minutes.