There’s something so rewarding about creating your Amazon private label brand/product from scratch – and doubly heartbreaking when your brand does not quite make it in the eCommerce space. Understandable. Your brand is your baby. Launching your brand out onto the real world is in some ways comparable to sending your child off to their first day of school. It’s an exciting time – complete with butterflies in your stomach and tension so thick you could taste it in the air.
Smart entrepreneurs know that every business decision they make can directly affect the trajectory of their business. We don’t mean to add to the pressure – but the more you’re aware of this reality, the better prepared you’ll be. And now that you’re aware, the next question is: is there a way to ensure we always make the right business decision?
Honest answer? There is NO WAY. Sadly, no one can predict their fate with 100% accuracy – but luckily, you can decrease the odds of failure by doing the bottomline. Do you know what that is? Research. Every good decision is backed by proper research – with hard data and facts. And that is the first, most crucial, and most frequently-used step in the product development process.
Izabella Ritz is the head of Ritz Momentum – an organization that helps Amazon private label owners grow their business to scale. Izabella is a seasoned entrepreneur who set up her first business at the age of 14 years old. She shares her story with Amy not too long ago and then goes through several of her tips on product development and research based on her extensive knowledge and experience as an eCom business owner.
Some of Izabella’s points include:
- Every product has a lifecycle – if after some time you find your product stuck and with no more room for growth – liquidate it asap and move on.
- Do not rely on your personal opinion – validate your decision by asking the opinion of your target audience. Use tools such as Pickfu or Product Pinion.
- Don’t focus on one single keyword. Niche down to a specific customer avatar by exploring keyword combinations that create a specific product description.
- And many other wonderful insights
Want to hear more? You’ve got to. If you’re in the product development stages – or even if you’re not – we bet there’d be one or two lessons you can pick up from Izabella’s interview. Watch it below: