hey everyone this is stefan from
projectlifemastery.com and today i'm
being joined by my friend greg mercer
who's the founder of jungle scout which
is the number one amazon research
product software on the market for many
years many of you guys saw that i did an
interview with greg I think there's
about two years ago 2000 ago yeah mm
well overdue yeah and many of you guys
saw that does a video on my channel
let's now got over a hundred and thirty
thousand views and at the time I
remember I was interviewing you in your
in Bali at the time at the the hub
good to good to have you here in person
but um no Greg his development team
actually is here in Vancouver you know
developing jungle scout and he's grown
massively with this company in the
software and helped so many Amazon
sellers people are just getting started
selling Amazon to identify the most
profitable product for them I'm a big
fan of his software and it's something
that I've used with my product research
and recommend to many people so I'm just
very thankful you took the time to come
visit today
and today we're going to be talking
about Amazon product research and I'm
going to pick his brain for those of you
that are out there that want to get
started on Amazon but you don't quite
know where to start
and gray is going to share his criteria
and he's also going to put together a
little bit of a training to show you
guys a little bit about how you can use
Jungle Scout to make your life much much
definitely for having me I'm really
excited to be I know a lot of good stuff
we're going to talk about today so
there's going to be a action-packed
value bomb so Amazon is you know there's
huge trends you know you've been selling
on Amazon for how many years now four
maybe even five years now and I know you
built successful businesses that we can
talk a little bit about that but what do
you what do you see as the opportunity
that exists today with Amazon you know
Amazon's grown so much obviously and
you're seeing you work with people all
the time so what do you see as the
opportunity yeah so it might feeling
like the best opportunity on Amazon
right now is still like this private
label model we'll talk a little bit more
about that in a second but there are
more sellers on Amma's
on now you know anyone tries to tell you
differently is lying to you so it is
like a little bit more competitive right
so we'd like step up our game a little
bit the good news is it's still very
feasible you know to create the
successful businesses on Amazon there's
still plenty of opportunity for sellers
who you know do good work and create
good products to sell in there so I
really like making small improvements to
products and putting them on Amazon so
and we'll talk about this a little bit
more and more in depth little bit later
but I'm talking about like small
improvements like a product that they
were like bamboo marshmallow stakes and
I was reading some battery of use and
the kids were like burning their hands
are getting too close to the fires from
making longer ones right so I'm not
inventing a brand new product here what
I am doing is I'm finding a product
that's already being manufacturing
making small improvements on it so when
I talk about the private label model or
the white label model what I'm talking
about here is finding an opportunity on
Amazon that would be step one would be
then finding a supplier for this product
they're generally in China you generally
find them on Alibaba and then this is
already like a factory for this product
this company's already making bamboo
sticks they're already making water
bottles or whatever else we're trying to
sell it right when I say private label
so they're already making this product
but then we're going to put our brand or
our label on it and make it our own and
the huge advantage that on Hamazon why
this is popular on Amazon is because
then you have your own listing if you're
selling a brand that's already on Amazon
then you're selling it on their listing
in the stead of your own so when it's on
your own listing you have more control
over the pictures and you know you can
do work to try to get more reviews and
all this kind of stuff so that's that
without a doubt is the best opportunity
on Amazon right now is this private
label model and I would even strongly
argue like the best opportunity in the
whole entrepreneurship make money online
type space I honestly believe that it's
the best opportunity right now and
probably as a decade and especially
because Amazon does so much for you like
Amazon it's just a huge giant and they
have millions and millions of people
that go to their own study back
right yeah they're just grown like this
and with their fulfillment centers and
their development and everything it's
just amazing how much they've grown and
how much they're growing internationally
yeah like you know they're getting ready
to open up in Australia and the Indian
marketplace is getting big Japan's huge
is Europe's massive without a doubt yeah
so it's really a fantastic model for
anyone anyone can do anywhere in the
world
and you know it's something that you
don't necessarily need that much money
with because especially with Alibaba you
can you know get lower minimum order
order quantities and from China you can
get products pretty cheap and everything
one question I have for you though
because this always kind of inevitably
comes up whenever I talk about any
opportunity whatsoever where there's
some people out there that they just
feel like oh it's saturated or too
competitive or and you know they're
trying to you know maybe find that one
product there's no competition there's a
lot of scarcity I find with people in
this business and even a lot of people
they don't want to share like be
transparent about certain things that
are so afraid that someone else might
steal from them and stuff so you know
what's your opinion on on just how it's
grown from that perspective so yeah like
I said a little bit earlier it is a
little bit more competitive now however
it's I think it's just growing so fast
you know like from the consumer
standpoint on Amazon there are so many
buyers and they're growing so fast that
there's still plenty of opportunity you
know for us sellers like you know so
much watching this video a few years
from now like oh what has the quarter
million views now whatever like there's
probably not any space left for me I
guarantee there's still space left for
you it's just it's crazy just how much
volume they do and just how many buyers
are on to Amazon Web sites every day and
I think that also like what I found is
that product research has become even
more important than ever yeah because of
it because you know I often tell people
I don't rush that process because that's
like such an important decision make it
or break it exactly because that's going
to what's going to determine how you
know how easy the path it's going to be
for you or how difficult you know you
can pick a product that you know maybe
you know doesn't meet a certain criteria
maybe there's not much demand for maybe
it's more competitive you can still make
that work but it's just me so much
harder as opposed to if you actually
spend more time to really find a great
product that even more demand and less
competition for then you can just you
know because I've seen some people have
just and I always see these people they
just put a product up there and just
start selling so I said actually you're
going to do anything and there's just
like they put it up and people start
buying it just because they did such a
good job at the research yeah
whereas other people like myself I
choose this is also my industry one of
the most competitive one right but I
just got to do an awesome job with the
marketing yeah right so can you talk a
little bit about product research in
general why that why for you it's been
so important yeah absolutely so you know
if we back up like to my so you know I
used to work a full-time job I was a
civil engineer I was able to quit that
by selling on Amazon so I was able to
replace my income that's kind of how I
got out of like the corporate world and
I felt like the like the biggest hurdle
with me growing my business at the time
was like the product research because
like you said I was kind of the time got
like lucky enough to get a few of these
products that just sold like without any
marketing or anything else right like
right off the bat they're doing really
great so then me being like the engineer
like data-driven type person it's like
well how do I find more of these
opportunities I want to sell all
products that just I just launched like
they do great like without me work right
and at the time there wasn't like
anything to help with that and that's
kind of how jungle Scout was born but
from that and from launching more
successful products like I've been able
to figure out this criteria of kind of
like what's working so we want something
that has existing demand on Amazon right
and this like this is like the most
important part and I can't stress this
enough you'll probably hear me talk
about it's more than its interview but
um too many times when we're working
with like new sellers or you know China
people in thought date they want to sell
products who's like their gut feeling
stone they're like it's going to be a
good opportunity right or their mom told
them that they're working they're
looking for this product on Amazon
couldn't find it so there must be other
people like their mom and I hate to
break it to you but like that's that's
risky it's not a good way to do it like
instead now we have like data that we
can make like
well informed data-driven less risky
decisions so we want something with good
existing demand on Amazon that means
that people are typing in the search bar
they're finding and they're purchasing
it step number one and I think just kind
of that that's a really important one
because I I know for myself and a lot of
people did I get this all the time hey
I've got this great idea yeah no one's
selling it on Amazon and I'm going to be
the only one that's going to sell it but
I often say wait wait a minute
if no one's selling it on Amazon maybe
that's not necessarily a good sign
you're buying it yeah so it's like you
want it the great thing that Amazon is
you can do the research because you can
see what people are already selling what
they were buying and that is like
validation for you it's proof of concept
that there's money moving around that
product in that market so that area is a
really really important step I was at we
can compare it to guys doing like trying
to do like SEO you know maybe for
watching us or familiar with that you
know like trying to like rank for
keywords that don't have any traffic
it's like well it doesn't really do and
you get like people aren't searching on
Google for that what does it matter if
you're the number one spot for it you
kind of think it like that so what's
something with good strong existing
demand people already searching for an
amazon number two would be want
something with low competition so
there's tons of products that there's
tons of demand for but we're trying to
find those ones that are in this nice
little area that high demand yet still
low competition and at least in the
dot-com store which that's the most
volume the US store on most of those
opportunities are either going to be
kind of like obscure products or
relatively like new niches so like an
example of like a new niche would be it
right now like those like fidgets
spinner things or like super hot right
okay others little things you spin your
hand out on that be something that's
like a new niche it's kind of like a new
intervention not necessarily like a
patent invention but it's something
that's like kind of like hot right now
there's other things kind of like in you
know the health and exercise of stuff
there's always kind of like new like fad
type items so those would be things that
like often times that like high strong
demand but like low competition because
it's relatively young niche like not a
lot of sellers in it yeah yeah a great
way to gauge the competition is the
number of reviews on a listing so my
personal rule of thumb that I use when I
search for what I think is going to be
the main keywords will say Marshall
mystics I want to see multiple listings
in the top 10 with under 50 reviews
right so if I search marshmallow 6 I
look at the top 10 spot listings I want
to see like two three four listings with
under 50 reviews and that signifies to
me that it's not very competitive and
that's relatively like immature or like
young niche something that's easy for me
to organically rank for that keyword and
therefore make organic so yeah because
if you find some listings that have like
you know thousands of reviews it's just
going to be an uphill battle to compete
with them on the review side yeah
without a doubt not only compete with
them on a review side which is
definitely true because they're more
social proof than you do but also we
know in Amazon's
ranking algorithms they take into
account like historic sales so it's not
only like your current sales like a
historic sale so if this products been
selling well for a year it's very hard
to outrank that and the number review is
a good indicator of like the age and
velocity of the sales because that's how
you you know are getting reviews by
selling product yeah so that's why it's
like a great indicator of how
competitive a particular nisha so now we
have high demand low competition we also
are coming with good margins right most
of those products are going to be I like
to surprise like 18 dollars or more
personally so if you're selling items
like 10 bucks like flat fees on Amazon
thing or at least like 450 that leaves
you like whenever 5 bucks to source it
to do your PC to do whatever else
there's just you have to sell a lot of
units if you only making a dollar profit
to make any real money but you're making
$5 or $10 profit just adds up a lot
faster okay so I'm selling products with
minimum $18 but preferably more 20 25 30
I like those products so high demand low
competition good margins which you don't
know the margins for sure until you
supplier talk to suppliers but look for
the higher dollar stuff what would be a
good margin um so I shoot for a hundred
percent ROI
on any of my products so if I buy this
water bottle for five bucks
I want to make five dollars profit so
oftentimes that means that you're
selling it for like fifteen dollars or
$18 because Amazon fees are need to be
taken out of that too and at the end of
day you're marching with margin would be
like 3035 percent by okay
the main thing I look for is like a
hundred percent return on investment so
spend ten bucks on item I want to make
ten bucks profit cool yeah I think
that's that's really important because
that margin is what's going to allow you
number one if you want to get discounts
of your product or giveaways or just the
marketing or whatever it might be it's
just good to have and I think also like
initially the margin might not be as
great as it can be as time goes on
because now you can charge more money
which get more reviews and you can order
more inventory so a hat look for the
potential of it having maybe up to like
a fifty percent you know margin sort of
thing right yeah that'd be great
and then yes they're kind of like the
last little thing I'm just going to
touch on real quick is we want to stay
away from anything I put both these in
the same bucket light it's like I call
them like prize lots of headaches or
products with any potential legal issues
so legal issues that's a little more
clear-cut patents trademarks want to
stay away from those if it's socially
license so for example like you can't
just print like Mickey Mouse or like
your NFL sports scene or whatever like
on these products like that needs to be
licensed for like legally printed on
there so you wanna stay away from that
and then if it's patented stay away from
that as well right so for certain
products like that what about certain
categories with Amazon that are gated
like you tell people to avoid certain
categories of products because I know
some people are like oh you know I want
to sell a product like this but a little
bit worried because I have to get that
approved by Amazon is a bit more of a
process involved yeah so if you're just
starting out like I'm a firm believer of
like getting started like starting to
get some momentum and traction you know
so you if you're just getting started I
would recommend to do one of those
categories I don't have gating just
because it's less less hurdles for you
like to just get started after you get
started you'll realize like getting
engaged
not that big of a deal so you can
definitely do it but yeah I definitely
like pick the path leaders least
resistance to get started
yeah I think that's a smart move too
because you know when you're first like
I've always kind of believed and it's
been my experience and also my
girlfriend many people's like the first
product is more like just kind of
getting your feet wet yeah you learned
so much right you really know what
you're doing with the first product and
you know you you know it's great you
make money with it and everything but I
think as you go through the process then
you start to realize other opportunities
and you start to take hey you know what
now that I've been through this I know
the process now there's this other
product way better margins I think he'll
do way better and that was kind of my
girlfriend's experience because she her
first product was a Kanye expunged was
just like a cheap product you get it for
like a couple cents China and she was
selling it for ten bucks and did good
but it didn't really differentiate or
stand out too much of the other products
you didn't have much profit in it either
because as a ten dollar product
competition would drive it even lower so
there's much not much pricing options
and then less than ten bucks would be
like an add-on item and so when she went
through that then she just like she get
made money from and everything but she
realized there's better products out
there and she got you know into better
products that made her more money and
even for myself my first product was
l-carnitine
which is an amino acid supplement and
it's just hard to differentiate but then
I got into other supplements and
testosterone booster and different ones
I can just do so much more with and so I
think that's an important thing to
understand like that first product even
though it wasn't like the biggest money
maker for me or my girlfriend it gave us
so much confidence and it helped us
understand the process and so but it was
like the easiest path it was like
inexpensive to get started deivis
confidence i think that's an important
thing just to maybe mention to people
that you know even though like do the
best you can of two criteria but I see a
lot of people get caught up in like
perfectionism and they don't take any
action whatsoever because they're too
afraid that it's not like the perfect
product and you know the perfect product
it doesn't exist but you know you'll
you'll learn as you go and you will
launch the next product and not
after that negative - right yeah like I
guess worst case scenario you can use
breakeven like on your first product
right it's such a good learning
experience that it's well worth it even
if you you know you weren't even to make
any money on it I've also seen people
also that like even if they want to get
out of the product and just lower the
price and just try to recoup back their
inventory yeah that's a really important
like a lot of people ask me like Greg
like how many you know you have hundreds
of hundreds of SKUs on Amazon now like
how many like failures have you had so
out of like all those products that have
launched I've never like not been able
to sell the product so like I've never
you know I don't like have any price so
there's like thousands of units sitting
in Amazon's and warehouses right if
nothing else you can always like spend a
little bit more on PPC or I decrease the
price a point where it is selling so
like a failure to me is products that I
don't end up reordering because like the
margins in turn out to be good enough or
like for whatever reason maybe it was
started get bad reviews or something
like that so it's like I've never like
not been I'll just read like recoup my
money worst-case scenario right that's
something really good to touch on yeah
okay I want to ask a boat or maybe talk
a little bit about competition so when
you're looking at competition and this
is kind of like this has been my
perspective with Amazon is that I think
like a lot of Amazon sellers they just
focus just on Amazon right just Amazon
doing everything for you and of course
you want to do that because that's where
going to get the best conversions you
know by ranking your products getting
reviews and everything but for me like
I've always looked like a lot of Amazon
sellers I feel they don't really focus
on marketing outside of Amazon's like
driving their own traffic from Google
from Facebook from YouTube from these
different places right and I think that
when you do that especially if you do
like content marketing and you're adding
value building relationship then you
send a link to your product and reduce
don't really matter that much because
people aren't searching and looking
through comparing all the products based
on reviews and so for me like like I
think competition is a factor but I've
never I don't think it's like a limiting
factor does I see a lot of people that
they're really maybe are passionate
about a certain product they really want
to sell demand is there but maybe the
competition is a little bit tough
yeah it's going to be more of a mini an
uphill battle on Amazon but if you're
willing to market promote maybe you're
really skilled at like Facebook ads or
maybe you're a great blogger or some
like that then you could still you know
funnel a lot of traffic to that product
and have a huge advantage over
competition as I say I think like a lot
of the competition on Amazon they're
just not like I'm not really that
threatened by a lot of them because
they're not they're just depending on
Amazon to do everything for ya and I'm
one of those persons so it's real cool
we're chatting about this right to see
like the different perspectives and I
guess like if you're watching this right
now you can be thinking about like what
kind of like competitive advantages do
you have maybe you have a large
Instagram following maybe you're
starting to get some traffic to your
blog or your YouTube channel or whatever
else is like stepping that's like a
great way to drive traffic you know to
these Amazon listings so yeah that's a
really good point some of the cool thing
but and you're definitely right that
most Amazon sellers do not drive outside
traffic and it is very beneficial
without a doubt because you know like
the better sales blocks you have the
better Amazon's ranking you you know so
it also gives you bit of the opportunity
to get off of Amazon if you want that's
right you want out of all your own what
I think they're using yeah and you
wanted to get all the customer
information whatnot or whatever it might
be okay and is there what do you think
about like I mean this is more of a
preference I think but your opinion
maybe on this is do you feel like the
product you're selling you have to have
like an interest or passion or use the
product or sells do you think that can
help someone or I'm sure like a lot of
your products like marshmallow like you
probably don't even use or whatever but
it's just if the numbers make sense sure
right yeah so yeah I'll give you like
kind of both sides all right so me
personally I don't have any emotional
attachment or care about any of my
products like I'm like a numbers guy
right I guess like my energy or
background like I'm just looking like
the data it's like this checks all the
boxes high demand low competition and
exaggerated or good margins like I'm
just selling it so the upside of that is
a little bit like easier to pick
products they don't have to like fit
inside any particular like me
criteria or whatever else so that's kind
of nice in my opinion I feel like I can
get like products that might have a
little bit better margins clues like
weird stuff or like maybe like probably
no one's bashing it all right
but the downsides are the upsides with
the other side would be they're not as
good a product like you said like drive
outside traffic to you know like I guess
they're this one you said about like it
is kind of nice to be like a little bit
like pride in your product right like it
would be kind of nice you're like brag
to my buddies about some of the products
of so instead of like yeah this weird
little something you don't notice so um
I think since you're like you know too
close and like you can have success
either way yeah yeah awesome cool so
let's talk a little bit about jungle
skill sure so you develop this as a
software how many years ago years and a
half years ago no you want any share
with people a little bit about how it
came about and I was just you know I
know you've done jungle Scout the
web-based app and then you're telling me
Bill all these other awesome things you
guys have done so you want to share
people first of all jungle Scout and you
know what you know that what that does
for people and you've had thousands of
people that used it and I've used it
many other people I recommend too as
well yeah close to almost 100,000 users
now how amazing a lot of people yeah so
Jemma Scott was born like I said it you
know I did the corporate thing quit
started my own Hamazon business
data-driven guys like when in numbers so
the one number that like really drew me
like build jungle scout is I want to
know how many units products on our
listings on Amazon were selling so at
the time there was like no good way to
figure this out so like you're kind of
like going like your gut which I don't
like doing right though that's not
earlier so so that's how jungle Scout
was born is I wanted a way to estimate
how many units per month of listing was
selling on Amazon I figured out a way to
do that very effectively so that's kind
of like how it was born so then it
morphed into a Chrome extension which is
still very effective lot of people's
favorite tool the Chrome extension you
can run it on any
Amazon page that displays products and
it gives you a whole bunch of key pieces
of information like estimated monthly
unit sales the Amazon fees just like all
this data that sellers need to make
educated decisions on whether or not
this is a good product to sell in amazon
or not so that's the general scott
extension and how accurate if you find a
lot the data is you can um everything
except the estimated sales is right on
the estimated sales that's what we
calculate in-house based off our own
algorithms and logic so it's usually a
plus or minus me around like ten percent
so you know if it's selling you itself
estimates like three hundred units per
month it might really be 270 or 330 but
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