Today is the second day in the Profit in Peace Challenge live sessions. I feel really tired. I was dreading this so much.
Questions/thoughts:
- Calling Amazon a startup sounds like a scammy thing to say
- I'm so tired of forced enthusiasm
- I like this analogy
- If you and your friend start a hot dog stand, and your friend is better than you at cooking, beat him by finding a starving crowd
- The right bait for the right fish
- Knowing your customer is about knowing your customer like you know your loved ones when buying Christmas presents
- Introvert advantage is knowing yourself and knowing what you want
- Become aware of your own patterns
- Go to your favorite room in your house, pretend you have 100,000 dollars. Do a window shopping spree.
- Think about how to create words that describe the whole niche but not specific, hard to find results
Pinterest is where people look at what they want to buy, amazon is where people search for the actual item
Pinterest > Etsy in 6 months > Amazon 6 months
Pinterest extra is an extension that you can use to see the number of saves
We are looking for at least 40% margin
Six Ps checklist
Popularity
- Look for search volume on amazon (at least 20 thousand)
- Cerbro reverse product search to find searches
Powerplay
- How much of a difference can we make in this niche
- Do we have a unique product
- Is there a dead end search?
Persona
- Do we understand who is this for?
- Pinterest and internal research
Profit
- Helium10 x ray tool
- Find supplier on alibaba
- Look and see how much it takes to manufacture
- Then do a profitability calculator on a product with a similar size and weight since amazon charges based on size and weight for shipping
- Need at least a 40% margin because other costs will bring the margin down to 25-30%
Practicality
- Is it practical for you to pay for the costs of sourcing and making your product
Powerhouse
- What is the second and third idea and are they cohesive ideas?
