I’ve already talked a little while ago about how we’re going to invest the new money globally. In this post I’m going to focus solely on the development of new products.
1 Low-risk products to generate more revenue
2 “Bet” products to generate more revenue
3 Strategic products for brand positioning
Low-risk products to generate more revenue
This is the easiest part. Here we’ll simply take a look at the products that are already generating a relevant turnover to create variants. The easiest variant for many products can be a new color. This is what we’ll do in one of the top sellers of Pokémon.
For me these are low-risk products because you already have sales data for a color and you don’t have to be a genius to know overseas data that if you add another color of those that are typically popular, you can add more sales. In the estimates you have to be realistic. Nor will you sell double or triple by having more colors. I’ll be more conservative and plan for an increase of 20-30%.
Bet products to earn more
We discovered the top seller almost by accident. The goal was to add it to another product to make a package that could sell well in combination. Then, when we created an individual listing, we realized that it was not really necessary because what I’m learning about team building by coaching a kids’ soccer team we had accidentally discovered a star product that had hardly any competition on Amazon.
Now we have to keep thinking along line data those lines and look for products that could work in a similar way. We have one in mind. Let’s see if we can get it out soon.
Strategic products for brand positioning
Then there are products that may not be useful for selling on Amazon but that are necessary to reach our target audience. Here it is important that we have a mindset that does not focus solely on short-term revenue. This is complicated because we have to rotate products and convert loan debt into new capital. Therefore, we can only dedicate a small part of the available funds to it.