non guru reveals 15 ways to find winning products

00:28:48
https://www.youtube.com/watch?v=qIOXBD4PGMY

Resumen

TLDRIn this video, the speaker shares insights on how to find winning products without the typical guru approach. He emphasizes the importance of understanding the total addressable market (TAM) and the severity of the problem the product solves. The speaker outlines 15 key criteria for selecting products, including product quality, high average order value (AOV), unique value propositions, and the potential for recurring revenue. He shares personal experiences of scaling products to significant revenue and encourages viewers to align their product choices with their interests and values. The video serves as a guide for both beginners and experienced entrepreneurs looking to launch successful products.

Para llevar

  • 📈 Understand the Total Addressable Market (TAM) for potential growth.
  • 🔍 Identify the severity of the problem your product solves.
  • ✅ Ensure your product effectively addresses the problem.
  • 💰 Aim for a high Average Order Value (AOV) to improve profitability.
  • 📦 Focus on product quality to enhance customer satisfaction.
  • ♻️ Consider a consumable component for recurring revenue.
  • 🔗 Look for logical cross-selling opportunities with your product.
  • 📊 Analyze search volume to gauge product demand.
  • 📈 Monitor trend volume to ensure long-term viability.
  • 🤝 Validate the competitor landscape to assess market potential.

Cronología

  • 00:00:00 - 00:05:00

    The speaker emphasizes that they have no products to sell and aims to build their personal brand by sharing knowledge for free. They have successfully scaled multiple products and want to help others achieve similar success. The video focuses on finding winning products from a non-guru perspective, sharing insights from their experience in launching products that have generated significant revenue.

  • 00:05:00 - 00:10:00

    The speaker shares their experience of launching a product that scaled to $2 million in three weeks. They outline the importance of understanding the total addressable market (TAM) and the severity of the problem the product solves as fundamental criteria for product selection. They stress that these factors are crucial for ensuring demand and potential for scaling.

  • 00:10:00 - 00:15:00

    The speaker discusses the importance of ensuring that the product effectively solves the identified problem and is of good quality. They highlight that customer satisfaction is key to positive reviews and repeat purchases, which are essential for building a successful brand and recurring revenue streams.

  • 00:15:00 - 00:20:00

    The speaker outlines additional criteria for product selection, including high average order value (AOV) and high margins. They emphasize the need for unique value propositions and the potential for consumable products that encourage repeat purchases. The importance of logical cross-selling opportunities and understanding search and trend volumes is also discussed.

  • 00:20:00 - 00:28:48

    The speaker concludes by summarizing the 15 criteria for selecting winning products, emphasizing the need for a solid foundation in market understanding, product quality, and effective marketing strategies. They assert that successful product launches depend more on marketing skills than on the product itself, encouraging viewers to persist in their efforts to scale their products.

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Mapa mental

Vídeo de preguntas y respuestas

  • What is the main focus of the video?

    The video focuses on strategies for finding winning products from a non-guru perspective.

  • What does TAM stand for?

    TAM stands for Total Addressable Market, which refers to the overall revenue opportunity available for a product.

  • Why is problem severity important?

    The severity of the problem determines how willing customers are to buy a solution, impacting product success.

  • What is a high AOV?

    A high Average Order Value (AOV) is typically considered to be at least $50, ideally upwards of $150.

  • What is the significance of product quality?

    Product quality affects customer satisfaction, reviews, and the potential for recurring revenue.

  • What is a consumable component?

    A consumable component refers to products that customers need to repurchase regularly, contributing to recurring revenue.

  • What is channel arbitrage?

    Channel arbitrage involves finding products that perform well on one advertising channel but are not yet utilized on another.

  • Why is competitor landscape analysis important?

    Analyzing competitors helps validate the market demand and potential for success in a product category.

  • What should you do if a product doesn't meet all criteria?

    While it's ideal for a product to meet as many criteria as possible, some points are negotiable based on your business model.

  • What is the speaker's ultimate goal?

    The speaker aims to build a personal brand and eventually partner with or invest in successful brands.

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Desplazamiento automático:
  • 00:00:00
    All right, before I even get into this,
  • 00:00:01
    I want to start by saying I have
  • 00:00:02
    absolutely nothing to sell you right
  • 00:00:03
    now. I do this because I'm trying to
  • 00:00:05
    build my personal brand. And in the
  • 00:00:07
    future, I'm looking to partner, invest,
  • 00:00:09
    or acquire different brands that are
  • 00:00:11
    above a million dollars a year. So,
  • 00:00:12
    right now, I'm really just trying to
  • 00:00:13
    give everything away that I know for
  • 00:00:15
    free so I can help as many of you guys
  • 00:00:16
    get as close to that run rate as
  • 00:00:18
    possible. And that when I'm ready to
  • 00:00:19
    actually partner with you guys,
  • 00:00:20
    hopefully you guys see that what I'm
  • 00:00:22
    talking about actually works. That's
  • 00:00:23
    really my only motivation behind all
  • 00:00:24
    this. Now, in today's video, I want to
  • 00:00:26
    go over from a non-guru perspective, how
  • 00:00:29
    to find winning products. And I have a
  • 00:00:31
    lot of takes on this. This was probably
  • 00:00:33
    the most requested video that I've got
  • 00:00:35
    up to date. So, as you can see, I have a
  • 00:00:37
    really big glamorous screenshot over
  • 00:00:39
    here, but it wouldn't be anything if I
  • 00:00:41
    didn't go into the actual store to show
  • 00:00:42
    you guys those numbers directly. So,
  • 00:00:44
    this was a product that we launched in
  • 00:00:46
    November 2022, one of the fastest
  • 00:00:48
    launches that I ever had. Literally
  • 00:00:49
    within a matter of three weeks, we
  • 00:00:51
    scaled up to $2 million within that
  • 00:00:54
    three-week time frame. And we're above
  • 00:00:55
    $200,000 a day, as you can see over
  • 00:00:57
    there. Literally within a matter of
  • 00:00:59
    three weeks of launching a product. So,
  • 00:01:00
    probably the most successful product
  • 00:01:02
    launch that I've ever had. But aside for
  • 00:01:04
    that, why you should listen to me if you
  • 00:01:05
    want to, you don't have to, is I've
  • 00:01:07
    scaled eight different products to over
  • 00:01:09
    $100,000 a month and five different
  • 00:01:11
    products to above a million dollars a
  • 00:01:13
    month. And three of those were products
  • 00:01:15
    that we launched internally within our
  • 00:01:16
    brands, two others through different
  • 00:01:18
    agencies or partnerships that I've had.
  • 00:01:20
    So that's why I have a pretty unique and
  • 00:01:23
    well-versed experience of what it
  • 00:01:25
    actually takes to pick products that can
  • 00:01:28
    scale and go the distance and go above a
  • 00:01:30
    million and multi-millions a month. So I
  • 00:01:32
    want to uncover everything that I've
  • 00:01:34
    done to be able to pick and select the
  • 00:01:36
    right product so that hopefully you
  • 00:01:37
    could take a few of these things away.
  • 00:01:39
    This video should help you if you're a
  • 00:01:40
    complete beginner and going into
  • 00:01:42
    launching a product because these are
  • 00:01:43
    all lessons I wish I knew before going
  • 00:01:45
    and selecting my first product. And if I
  • 00:01:47
    knew this, I would have been successful
  • 00:01:48
    probably a lot quicker than I already
  • 00:01:50
    was. And two, if you're already scaling
  • 00:01:53
    a brand and you're already above
  • 00:01:54
    $100,000 a month or $50,000 a month or
  • 00:01:57
    even a million dollars a month, doesn't
  • 00:01:58
    really matter what range you are. I want
  • 00:02:00
    you to understand this because there's
  • 00:02:01
    probably some gaps that you haven't
  • 00:02:03
    looked at that you know maybe this could
  • 00:02:06
    be something that's limiting your scale
  • 00:02:08
    because maybe you're stuck in one of
  • 00:02:09
    these and I wouldn't usually go into
  • 00:02:11
    launching a product if I didn't meet all
  • 00:02:13
    this criteria. Doesn't mean that you
  • 00:02:14
    should switch from the product that
  • 00:02:16
    you're currently scaling but it's just
  • 00:02:17
    something to consider and maybe you want
  • 00:02:19
    to launch a secondary product that can
  • 00:02:21
    meet this criteria or two just for any
  • 00:02:23
    secondary product that you would want to
  • 00:02:25
    launch on the front end to help you
  • 00:02:26
    expand your brand. This will be
  • 00:02:28
    something really good to know. Okay, now
  • 00:02:29
    that we got the numbers flexing out of
  • 00:02:30
    the way, let's jump right into this. And
  • 00:02:32
    by the way, guys, the only reason I show
  • 00:02:33
    these numbers is because I know you guys
  • 00:02:35
    wouldn't listen to me unless I showed
  • 00:02:36
    it. And with good reason. I'm the same
  • 00:02:38
    way if I'm watching a video. So, it's
  • 00:02:40
    not to brag or to actually flex in any
  • 00:02:42
    way. I just want you guys to know that I
  • 00:02:43
    know what I'm talking about to some
  • 00:02:44
    extent. With that being said, let's go
  • 00:02:46
    into the main points. So, there's 15
  • 00:02:48
    main things that I look at before
  • 00:02:50
    picking a product. Let's go, no fluff,
  • 00:02:52
    just run right through all these points.
  • 00:02:53
    Okay, so number one is TAM, which is the
  • 00:02:56
    total addressable market. So in simple
  • 00:02:59
    terms, this is really just how big the
  • 00:03:01
    market is. And when I'm picking a
  • 00:03:03
    product, I want to make sure I'm picking
  • 00:03:04
    in verticals that have as big of a TAM
  • 00:03:07
    as possible. So think, you know, beauty
  • 00:03:10
    space, think health, think, you know,
  • 00:03:13
    wellness, all those types of categories
  • 00:03:15
    where it's massive markets and there's a
  • 00:03:18
    bunch of people that are trying to
  • 00:03:20
    compete within that market. That's
  • 00:03:22
    really what I'm looking for because I
  • 00:03:24
    know there's demand. I know that if I
  • 00:03:26
    crack something and make it work,
  • 00:03:27
    there's endless routes that I can go
  • 00:03:29
    with it. I can find different angles. I
  • 00:03:31
    can find different pockets of that
  • 00:03:32
    audience. But I want to make sure that I
  • 00:03:34
    have pretty much an endless market that
  • 00:03:37
    I can go after that if I can, you know,
  • 00:03:39
    reach even a percentage of it, I can be
  • 00:03:42
    a potentially a billion-dollar company,
  • 00:03:44
    you know. So that's what I want to make
  • 00:03:46
    sure before I'm going into a product
  • 00:03:47
    selection. Now, number two is I'm
  • 00:03:50
    looking at what's the severity of the
  • 00:03:52
    problem. So, and these two points by the
  • 00:03:54
    way, these are really the fundamental
  • 00:03:56
    most important things. So, like if these
  • 00:03:58
    things aren't hit, then I'm not going to
  • 00:04:00
    go into a product. So, before ever
  • 00:04:02
    looking at a product, I want to identify
  • 00:04:04
    the market that I'm going into and the
  • 00:04:06
    problem that I'm solving. So, severity
  • 00:04:08
    of the problem is really how painful is
  • 00:04:10
    this problem? Because the more painful a
  • 00:04:12
    problem is, the more that someone
  • 00:04:14
    actually is willing to buy a solution
  • 00:04:16
    for it. and then also the more marketing
  • 00:04:19
    angles and mechanisms I can put behind
  • 00:04:21
    that problem. So I'm looking for market
  • 00:04:24
    and problems to then plug in products as
  • 00:04:27
    a solution unlike how most gurus will
  • 00:04:29
    tell you find these winning pro products
  • 00:04:31
    find these winning trends or whatever it
  • 00:04:33
    is like that's not what I'm looking for.
  • 00:04:35
    I'm looking for you know how severe is
  • 00:04:37
    this problem how big is the market?
  • 00:04:39
    Those are the two most important
  • 00:04:40
    fundamental points. Now, after that, I'm
  • 00:04:44
    looking at does this actually solve the
  • 00:04:46
    problem? So, the product that I'm now
  • 00:04:48
    going to look to plug in, how well can
  • 00:04:50
    it solve the problem? And this is a
  • 00:04:52
    really crucial point because if your
  • 00:04:54
    product doesn't solve the problem to a
  • 00:04:56
    full extent, it means that you're not
  • 00:04:58
    going to have happy customers. And when
  • 00:05:00
    I'm going into products, and we'll go
  • 00:05:01
    into that in some of these later
  • 00:05:03
    solutions, when I'm picking a product, I
  • 00:05:05
    want to make sure that I can build a
  • 00:05:08
    recurring revenue stream around that
  • 00:05:10
    ideally, but if not, be able to still
  • 00:05:13
    sell to those customers on the back end.
  • 00:05:15
    And this was something I didn't do as
  • 00:05:16
    much early on to be transparent with you
  • 00:05:18
    guys. So, a lot of those products that I
  • 00:05:20
    launched, I didn't think about it like
  • 00:05:21
    this. This is something more recent that
  • 00:05:23
    if I were to go into a product today, I
  • 00:05:26
    would 100% want to make sure that the
  • 00:05:28
    product itself can be an incredible
  • 00:05:31
    solution to the severe problem which
  • 00:05:33
    we're showcasing. So, pretty much what
  • 00:05:37
    this will then determine is how well
  • 00:05:39
    your Amazon listing does. Because if
  • 00:05:41
    your product doesn't actually solve the
  • 00:05:43
    problem, you're going to get really
  • 00:05:44
    shitty reviews, which means your Amazon
  • 00:05:46
    listing probably will never do well. And
  • 00:05:48
    two, if you're trying to build a
  • 00:05:50
    recurring revenue stream and your
  • 00:05:51
    product doesn't do what you're saying
  • 00:05:53
    it's going to do or solve the problem
  • 00:05:55
    that you're promising you're going to
  • 00:05:56
    solve, it's going to lead people to not
  • 00:06:00
    staying on that subscription or really
  • 00:06:02
    ever buying from your brand again. So
  • 00:06:04
    this component is crucial like of how
  • 00:06:07
    well that does. And I'll give you an
  • 00:06:08
    example just off the top of mind on
  • 00:06:09
    this. A really good sector for something
  • 00:06:12
    like this is let's say your dog's
  • 00:06:15
    health, right? So something around
  • 00:06:17
    supplements for dog health, that would
  • 00:06:19
    be something that hits this point, you
  • 00:06:21
    know, because it's a severe problem. You
  • 00:06:23
    know, if you say your dog is going to
  • 00:06:25
    die five years premature, that's going
  • 00:06:27
    to be something that dog owners are
  • 00:06:28
    going to take very seriously. And if you
  • 00:06:31
    can show that it actually solves the
  • 00:06:32
    problem, it's very hard for someone to
  • 00:06:34
    know if you're solving it or not um with
  • 00:06:37
    that because it's their dogs. They're
  • 00:06:38
    not feeling the effects of it
  • 00:06:39
    themselves. And if their dogs are
  • 00:06:41
    looking healthier, feeling better,
  • 00:06:43
    that's really the only indicator for
  • 00:06:44
    something like that. Um, so you know
  • 00:06:47
    that's just an example off top of mind
  • 00:06:48
    of like how those two can can come
  • 00:06:50
    together really well. And plus Tam, you
  • 00:06:52
    know, a lot of people have dogs. Um, so
  • 00:06:55
    pretty big market,
  • 00:06:57
    right? Good quality. So this kind of
  • 00:07:00
    plays into the point I just said over
  • 00:07:02
    here. So you know, how good of a quality
  • 00:07:05
    is the product itself? So if I'm and
  • 00:07:08
    this will kind of go into the sample
  • 00:07:10
    testing and then looking at like some
  • 00:07:12
    Amazon reviews or some competitors like
  • 00:07:14
    how much do people actually like the
  • 00:07:16
    product. So aside from just solving the
  • 00:07:18
    problem, you know, how good of a quality
  • 00:07:20
    is this product and can I find a
  • 00:07:22
    supplier that can get me this product to
  • 00:07:24
    be good quality? So this becomes
  • 00:07:27
    increasingly important especially if I'm
  • 00:07:29
    going to go into something that's a
  • 00:07:31
    newer sector. if I'm trying to carve
  • 00:07:33
    out, you know, my own blue ocean is can
  • 00:07:35
    I get access, you know, yes, you know,
  • 00:07:37
    it it is physically possible for it to
  • 00:07:40
    solve the problem, the severe problem
  • 00:07:42
    which I'm pointing out, but can I get it
  • 00:07:44
    to be good enough quality with the
  • 00:07:47
    access to suppliers that I can get
  • 00:07:49
    connected with to get customers a good
  • 00:07:52
    experience. So, that's from suppliers I
  • 00:07:54
    have access to and then also looking at,
  • 00:07:56
    you know, if there are competitors, what
  • 00:07:58
    are people saying on Amazon about these
  • 00:08:00
    types of products? Are a lot of people
  • 00:08:01
    complaining about different stuff? If
  • 00:08:03
    they are, are those things that I can
  • 00:08:05
    actually solve or are those things that
  • 00:08:07
    will probably be difficult to solve,
  • 00:08:09
    which again will fall into, you know,
  • 00:08:11
    not necessarily solving the problem, but
  • 00:08:14
    just overall quality and customer
  • 00:08:15
    experience, which directly will impact
  • 00:08:17
    Amazon reviews, recurring revenue, and
  • 00:08:20
    just the value of the customers to just
  • 00:08:22
    return to our store and never buy from
  • 00:08:23
    us again. So these are kind of the the
  • 00:08:25
    crucial fundamental pieces from a market
  • 00:08:29
    and problem standpoint to then the
  • 00:08:30
    actual product as the solution
  • 00:08:32
    standpoint. Now the next thing from like
  • 00:08:36
    a unit economic standpoint is I want to
  • 00:08:38
    make sure that the products that I'm
  • 00:08:39
    selling are on the higher AOV side. And
  • 00:08:41
    when I'm saying higher AOV like bare
  • 00:08:43
    minimum at least like $50, but really
  • 00:08:46
    upwards of $1, $150. Um, that's where
  • 00:08:50
    the the price point starts to get a lot
  • 00:08:51
    more interesting for me if I'm going to
  • 00:08:53
    go into it because for anyone that's
  • 00:08:55
    advertising on Facebook, you guys know
  • 00:08:56
    how competitive the the landscape is.
  • 00:08:59
    And you have to already be super tight
  • 00:09:02
    on your cost of acquisition to be able
  • 00:09:04
    to make it work. especially if you want
  • 00:09:05
    to be profitable on your day one sales,
  • 00:09:07
    which really in the long term that might
  • 00:09:09
    not be the best strategy, but
  • 00:09:11
    especially, you know, as you're getting
  • 00:09:12
    started and as you're trying to launch
  • 00:09:14
    something, that's going to be something
  • 00:09:15
    that's obviously super crucial is having
  • 00:09:17
    that high AOV. So, having that high AOV
  • 00:09:21
    is what allows you to have more bakedin
  • 00:09:24
    margin and also bakedin revenue to then
  • 00:09:27
    be able to afford a higher cost to
  • 00:09:31
    acquire those customers. So that's why
  • 00:09:33
    it's something I'm it it's very crucial
  • 00:09:35
    for me before picking a product that it
  • 00:09:37
    can be a high AOV product. Number six is
  • 00:09:41
    high margins. So it's one thing if it's
  • 00:09:43
    high AOV um you know like maybe a office
  • 00:09:47
    chair, but the margins of that would be
  • 00:09:50
    pretty slim because first off shipping
  • 00:09:53
    costs on those big types of products
  • 00:09:54
    will cost me a lot of money and then
  • 00:09:56
    also the actual unit itself could end up
  • 00:09:58
    costing me a lot of money, right? So,
  • 00:10:00
    I'm looking for products that can have
  • 00:10:02
    80% margins after considering the cost
  • 00:10:05
    of goods and
  • 00:10:06
    [Music]
  • 00:10:08
    the and the shipping cost. So, the two
  • 00:10:12
    of those together, I'm looking for
  • 00:10:13
    products that can still keep me within
  • 00:10:14
    that 80% range. Okay. Point number seven
  • 00:10:18
    is unique value that I can that I can
  • 00:10:21
    personally
  • 00:10:22
    provide. This is now just reviewing the
  • 00:10:26
    problem that I'm going after and the
  • 00:10:28
    market that I'm going in. Is there
  • 00:10:29
    something that I think I can do to
  • 00:10:31
    create somewhat of a blue ocean within
  • 00:10:34
    the way that I position this product?
  • 00:10:36
    You know, maybe it's for a different
  • 00:10:39
    problem in the market that hasn't got as
  • 00:10:41
    much attention or maybe it's the unique
  • 00:10:44
    offer positioning or another component
  • 00:10:46
    that I add to the product that makes it
  • 00:10:48
    unique. So really what I'm looking at
  • 00:10:51
    over here is how can I position my
  • 00:10:53
    product in a new way that gives me some
  • 00:10:56
    blue ocean landscape where I'm coming at
  • 00:10:59
    it from a completely different approach
  • 00:11:01
    or angle to presenting this product. So
  • 00:11:04
    this is something that I'm always
  • 00:11:05
    reviewing beforehand. Even if all of
  • 00:11:07
    these match up, do I think that I can
  • 00:11:09
    actually do something a little bit
  • 00:11:10
    differently that can give me a
  • 00:11:12
    competitive advantage on my marketing
  • 00:11:14
    and somewhere else? You know, that's
  • 00:11:16
    that's really for point number seven. So
  • 00:11:19
    just to recap on the points so far so
  • 00:11:20
    that we can you know look over
  • 00:11:22
    everything. One again you know we want
  • 00:11:24
    to make sure that we have a huge market
  • 00:11:26
    that we can go into. Two is we want to
  • 00:11:28
    make sure that we have a painful and
  • 00:11:30
    severe problem that we can attack after.
  • 00:11:32
    Three is we want to make sure that we
  • 00:11:35
    actually can solve whatever that painful
  • 00:11:36
    problem is with the product that we're
  • 00:11:38
    going after that also that product will
  • 00:11:40
    be good quality. And for the product we
  • 00:11:43
    want to make sure that we're going into
  • 00:11:45
    something that can be high AOV. So also
  • 00:11:47
    just another point on high AOV is either
  • 00:11:50
    the product itself can be high
  • 00:11:52
    AOV or it can bundle really well to make
  • 00:11:56
    it high AOV and get an a good average.
  • 00:11:59
    So that's very common with like
  • 00:12:00
    supplements, right? So even if the
  • 00:12:02
    supplement itself is below
  • 00:12:04
    $50, ideally more more people will
  • 00:12:07
    purchase more than one. So because of
  • 00:12:10
    that the AOV will still get you a pretty
  • 00:12:12
    good standpoint. So high AOV, high
  • 00:12:14
    margins and unique value that I can come
  • 00:12:16
    in and add. Which leads to point number
  • 00:12:19
    eight, which is the consumable component
  • 00:12:21
    to all this. So you know, it's going to
  • 00:12:24
    be and I just want to, you know, say
  • 00:12:25
    this point, which I'll get to also at
  • 00:12:27
    the end, where it's going to be hard to
  • 00:12:29
    find products that can meet all of this
  • 00:12:31
    criteria, but the more that you can
  • 00:12:33
    meet, the better off you're going to be.
  • 00:12:35
    And there's a few points that are
  • 00:12:36
    non-negotiable which I'll try to address
  • 00:12:38
    which are definitely these first two
  • 00:12:40
    points over here. And also the high AOV
  • 00:12:43
    high margins like that's non-negotiable
  • 00:12:45
    for me. Honestly, everything I said over
  • 00:12:47
    there is is non-negotiable to be honest
  • 00:12:48
    because it has to be good quality has to
  • 00:12:50
    be a problem that we can actually solve.
  • 00:12:52
    Now consumable this is where I think
  • 00:12:54
    we're getting into into territory where
  • 00:12:56
    this is, you know, negotiable kind of
  • 00:12:58
    will depend on the business model that
  • 00:13:00
    you want to go after. But this is
  • 00:13:02
    something for me personally that I would
  • 00:13:03
    want to make sure that there's a
  • 00:13:05
    consumable component. So consumable
  • 00:13:07
    component can be in a few different
  • 00:13:08
    ways. So one it can be the product
  • 00:13:10
    itself. So this is when you're thinking
  • 00:13:12
    about you know supplements or just
  • 00:13:14
    consumable products directly. Or two it
  • 00:13:17
    can have a product that makes logical
  • 00:13:19
    sense with that product that you can add
  • 00:13:22
    a consumable component to that you can
  • 00:13:24
    get people to opt into some form of a
  • 00:13:27
    consumable product around the core
  • 00:13:29
    product that you're selling them. So,
  • 00:13:31
    I'm looking for one or the other if I'm
  • 00:13:33
    going into a product. And this is going
  • 00:13:35
    to be something crucial for building a
  • 00:13:38
    MR, monthly recurring revenue program
  • 00:13:41
    around just getting higher LTV over the
  • 00:13:44
    long run, right? Because this is
  • 00:13:45
    something that people will need to buy
  • 00:13:47
    more than once. Um, so that's a
  • 00:13:50
    consumable component of it. Number nine
  • 00:13:53
    is logical and easy cross-selling
  • 00:13:55
    opportunities. So, this is something
  • 00:13:57
    that also kind of plays into the AOV
  • 00:13:59
    aspect. So, when I'm picking a product,
  • 00:14:01
    I want to make sure it's not like a
  • 00:14:03
    standalone product that would be super
  • 00:14:05
    hard to pair or tag on any other
  • 00:14:08
    products towards, right? Like a a
  • 00:14:10
    product that I could think of could be
  • 00:14:12
    like a, you know, a massage chair for
  • 00:14:15
    example, right? Like a massage chair
  • 00:14:17
    would be obviously it's not a product
  • 00:14:19
    that most people would be selling, but
  • 00:14:21
    it makes it really challenging to tag
  • 00:14:23
    along any other types of products into a
  • 00:14:25
    product like that because you're selling
  • 00:14:27
    them a massage chair. you know, it will
  • 00:14:29
    have full body massaging features. So,
  • 00:14:31
    like, how are you going to find
  • 00:14:33
    something that makes logical sense? It's
  • 00:14:34
    definitely more challenging, right?
  • 00:14:36
    That's just what what comes to top of
  • 00:14:37
    mind. So, usually I'm looking for
  • 00:14:40
    products that will make it super easy to
  • 00:14:42
    find tag along products, right? Like, if
  • 00:14:44
    I'm selling a mushroom coffee blend, it
  • 00:14:47
    would be easy to then sell the coffee
  • 00:14:49
    mug. You know, I most people don't even
  • 00:14:51
    do that, but just, you know, for
  • 00:14:52
    example, something that can easily tag
  • 00:14:54
    along where I can do some cross-ell
  • 00:14:55
    opportunities on the cart in the upsell
  • 00:14:58
    sequence, all of that. So, that's number
  • 00:15:01
    nine. Now, again, this is negotiable.
  • 00:15:03
    You don't need this. Like, if all these
  • 00:15:04
    other points are in place and for some
  • 00:15:06
    reason you don't find something like
  • 00:15:08
    this, like I still would go through the
  • 00:15:09
    product, but it is something that I
  • 00:15:11
    definitely am looking at when I'm
  • 00:15:12
    picking a product to go
  • 00:15:15
    into. Number 10 is the search volume of
  • 00:15:18
    a product. So, this is something that's
  • 00:15:20
    super important because a big part of
  • 00:15:22
    the strategy we've utilized is cold
  • 00:15:25
    traffic with Google search, but also
  • 00:15:29
    just something that really helps you
  • 00:15:30
    understand the demand of a product. So,
  • 00:15:33
    again, this is something that's
  • 00:15:34
    definitely negotiable. Like, if it
  • 00:15:36
    doesn't have this, it doesn't mean you
  • 00:15:37
    shouldn't launch the product, but if
  • 00:15:39
    there's also high search volume, it
  • 00:15:41
    means that you probably can get some
  • 00:15:42
    form of strategy on cold traffic to work
  • 00:15:46
    with Google search. And also it will
  • 00:15:48
    really help you understand like how much
  • 00:15:51
    volume is there of people that are
  • 00:15:53
    actively searching for that product
  • 00:15:56
    category or that sector of the market
  • 00:15:58
    that you're trying to go into. And if
  • 00:15:59
    that's high, it means that you're
  • 00:16:01
    probably going to have a much easier
  • 00:16:03
    time cracking cold traffic channels as
  • 00:16:05
    well like Meta and other channels like
  • 00:16:07
    that, especially if you know there's a
  • 00:16:08
    lot of intent behind that product. So
  • 00:16:12
    that's number 10.
  • 00:16:14
    Number 11, which kind of goes into the
  • 00:16:17
    same sector of search volume, is trend
  • 00:16:19
    volume. So something that I look at is
  • 00:16:20
    Google trends to see has this product
  • 00:16:23
    first off been trending in a positive
  • 00:16:26
    direction over time. Is it been a trend
  • 00:16:28
    that is going upwards or is it a trend
  • 00:16:30
    that's going downwards? Like a trend
  • 00:16:32
    that's going downwards could be like
  • 00:16:34
    bone broth for example. Like that's
  • 00:16:35
    something that was huge a few years ago
  • 00:16:37
    but now that's going on a downward
  • 00:16:39
    trajectory. Whereas, you know, something
  • 00:16:42
    like, you know, seed oil free, that's
  • 00:16:44
    something that's going way up as of
  • 00:16:46
    recent. So, I would want something
  • 00:16:48
    ideally that's on a trend that's going
  • 00:16:49
    upwards. Um, but also I want to make
  • 00:16:51
    sure that it's something that can be
  • 00:16:52
    evergreen. I don't want to pick a
  • 00:16:54
    category that I think is just a trend
  • 00:16:57
    right now that might, you know, go away
  • 00:16:59
    very soon. I want to make sure that it's
  • 00:17:00
    something that can sustain for at least,
  • 00:17:02
    you know, the next 5 to 10 years for the
  • 00:17:05
    time that I'm be I'm going to be going
  • 00:17:06
    into the product. And really better than
  • 00:17:08
    all this is just something that's
  • 00:17:10
    evergreen. Just, you know, stable
  • 00:17:11
    trends, you know, year-over-year slight
  • 00:17:14
    growth. Doesn't have to be like drastic
  • 00:17:16
    growth, but just making sure that
  • 00:17:18
    there's good trend volume on the product
  • 00:17:20
    that I'm going into. That's something
  • 00:17:22
    really important that I'm going to look
  • 00:17:23
    at beforehand before selecting a
  • 00:17:25
    product. Number 12 over here, competitor
  • 00:17:29
    landscape. So, I have a few different
  • 00:17:31
    outlooks that are pretty
  • 00:17:33
    counterintuitive to each other. So if I
  • 00:17:35
    were more of a beginner going into
  • 00:17:37
    launching a product, then it would be
  • 00:17:39
    very important for me that there are
  • 00:17:41
    successful competitors on the channels
  • 00:17:43
    that I want to advertise on. So if I,
  • 00:17:46
    you know, knew I'm going to be a meta
  • 00:17:48
    first advertiser, I would want to make
  • 00:17:50
    sure that there are a few competitors
  • 00:17:52
    that are doing decently well that I can
  • 00:17:54
    validate. So the way to validate is, you
  • 00:17:56
    know, super simple. You can just go on
  • 00:17:58
    Facebook ads library, look at if a
  • 00:18:00
    competitor has over a 100red active ads.
  • 00:18:02
    If they do, it means that they're
  • 00:18:04
    probably doing pretty well and that
  • 00:18:06
    would show me that there's a sign of
  • 00:18:08
    life that this product can work and that
  • 00:18:10
    I can come in and just kind of reframe
  • 00:18:13
    the angles or the positioning of the
  • 00:18:15
    product to try to make it work um for,
  • 00:18:18
    you know, maybe the same problem, maybe
  • 00:18:19
    a different problem, but there's room to
  • 00:18:21
    make it work. I just have to figure out
  • 00:18:23
    how I can reshift my marketing. So, that
  • 00:18:25
    for me would be an amazing sign to go
  • 00:18:27
    into a market. Nowadays, I'm okay if
  • 00:18:30
    there's not active competitors, but I
  • 00:18:32
    would want to make sure that there were
  • 00:18:33
    at least some people in the past that
  • 00:18:35
    were making something work even today
  • 00:18:37
    before going into a market of, you know,
  • 00:18:40
    maybe not the exact product that I'm
  • 00:18:41
    going into, especially if I'm trying to
  • 00:18:43
    make it unique or have a different type
  • 00:18:45
    of positioning with a product, but make
  • 00:18:48
    sure that, you know, there's active
  • 00:18:50
    demand around a similar product that
  • 00:18:52
    would be adjacent to how I'm trying to
  • 00:18:54
    now present it into the market. So that
  • 00:18:57
    just gives me validation and extra
  • 00:18:59
    confidence before going into a product.
  • 00:19:02
    But reality is if all these other points
  • 00:19:04
    or most of these other points are
  • 00:19:05
    checked and you're going into a huge
  • 00:19:07
    market and you're solving a severe
  • 00:19:09
    problem that you actually can solve,
  • 00:19:11
    this doesn't matter as much. Right? So
  • 00:19:13
    but it is something that definitely
  • 00:19:15
    helps validate before going into a
  • 00:19:17
    product and before investing
  • 00:19:19
    budget. Now number 13 is channel
  • 00:19:22
    arbitrage method. So, I love this for
  • 00:19:26
    looking for a product or identifying a
  • 00:19:28
    product is, for
  • 00:19:30
    example, native ads is somewhere where
  • 00:19:33
    there's, you know, a whole gold mine of
  • 00:19:36
    products that are doing super well over
  • 00:19:37
    there that you probably don't even know
  • 00:19:39
    about because a lot of them might have
  • 00:19:40
    issues advertising on Facebook just
  • 00:19:43
    because of, you know, either competitive
  • 00:19:45
    landscape or compliancy issues,
  • 00:19:48
    different things like that where they're
  • 00:19:49
    they're going to have challenges maybe
  • 00:19:51
    going over onto that platform. Same with
  • 00:19:53
    Tik Tok shop. Maybe you'll find, you
  • 00:19:55
    know, some people that are doing super
  • 00:19:56
    well on Tik Tok shop with an organic,
  • 00:19:59
    you know, boom, but there's not as many
  • 00:20:01
    people advertising on Facebook. Or even
  • 00:20:03
    on Amazon, you might find some huge
  • 00:20:05
    listings on Amazon that are doing super
  • 00:20:07
    well, but not advertising on Facebook.
  • 00:20:10
    So those types of products are like
  • 00:20:13
    really a gold mine because there's
  • 00:20:14
    arbitrage of what's working on these
  • 00:20:16
    other channels that are showing active
  • 00:20:18
    current demand for that type of product
  • 00:20:21
    that isn't being used on the channel
  • 00:20:23
    that you're going to try to crack and go
  • 00:20:25
    on. And you know it can be any of those
  • 00:20:27
    directions. Maybe it's not on Facebook.
  • 00:20:29
    Maybe it's your skill set is you're good
  • 00:20:31
    at organic launches on Tik Tok shop and
  • 00:20:33
    there's a product that's scaling really
  • 00:20:34
    hard on Facebook that hasn't been
  • 00:20:36
    brought brought over to Tik Tok shop.
  • 00:20:38
    So, it can go over in a lot of different
  • 00:20:40
    directions, but the arbitrage of finding
  • 00:20:42
    something that's working on a channel
  • 00:20:45
    that is not being used on the channel
  • 00:20:46
    that you want to go and crack it on,
  • 00:20:48
    that is a recipe for success. You a good
  • 00:20:52
    amount of the time. And you see this
  • 00:20:53
    most common really with like Tik Tok
  • 00:20:55
    shop products that aren't being used on
  • 00:20:57
    Facebook. That's, you know, usually
  • 00:20:59
    something that shows a lot of intent and
  • 00:21:01
    demand and virality behind it that you
  • 00:21:03
    can do really well by bringing that over
  • 00:21:05
    to Facebook. So channel arbitrage that's
  • 00:21:07
    one of the best
  • 00:21:08
    methods and that that actually makes me
  • 00:21:11
    want to highlight Tik Tok shop listing
  • 00:21:14
    as something huge. So Tik Tok shop
  • 00:21:17
    listings where products that have a
  • 00:21:20
    strong presence on Tik Tok shop and less
  • 00:21:22
    so on Facebook which you can use cal
  • 00:21:25
    data to find a lot of those listings
  • 00:21:26
    that are crushing it on Tik Tok shop
  • 00:21:28
    that I would look for things that aren't
  • 00:21:30
    yet being crushed on Facebook. Maybe a
  • 00:21:33
    few competitors but not so many. And why
  • 00:21:35
    this is really good is because what
  • 00:21:38
    happens is if someone is crushing it on
  • 00:21:41
    Tik Tok shop and there's multiple
  • 00:21:42
    competitors on Tik Tok shop in the
  • 00:21:44
    landscape, what is happening is there's
  • 00:21:46
    going to be an influx of content that's
  • 00:21:49
    actively always being generated around
  • 00:21:51
    those different listings. Now, I'm not
  • 00:21:53
    recommending you take that content and
  • 00:21:55
    rip it like everyone else is telling you
  • 00:21:56
    to do. But what I am saying is that
  • 00:21:59
    there is going to be a lot of ideas
  • 00:22:01
    flowing of different stuff that you can
  • 00:22:02
    do that is validated to work on Tik Tok
  • 00:22:05
    that you can bring over into Facebook or
  • 00:22:08
    wherever you're advertising. So, that's
  • 00:22:11
    why that is something that is, you know,
  • 00:22:13
    super good to have because there's
  • 00:22:15
    always going to be an endless flow of
  • 00:22:16
    ideas. And if you want to borrow, which
  • 00:22:19
    again I'm not recommending you to do,
  • 00:22:22
    you'll be able to borrow a lot of B-roll
  • 00:22:24
    clips that are super viral for your
  • 00:22:26
    listing to help you get traction super
  • 00:22:28
    quick and also know what angles are
  • 00:22:30
    working super quick. So again, this is
  • 00:22:32
    not something that you need before
  • 00:22:33
    launching a product, but this would
  • 00:22:35
    definitely be a major plus in a product
  • 00:22:38
    launch if there are some listings that
  • 00:22:40
    are working well on Tik Tok shop and not
  • 00:22:42
    over on Facebook as of yet. And last
  • 00:22:45
    point which has become increasingly more
  • 00:22:49
    important for me is do I actually give a
  • 00:22:51
    about this product or this category
  • 00:22:53
    now in the early stages you know I would
  • 00:22:56
    take this with a grain of salt because
  • 00:22:57
    you just want to make money you want to
  • 00:22:58
    move really quickly but for today and
  • 00:23:01
    for how I look at things now is I
  • 00:23:04
    wouldn't want to launch a product now
  • 00:23:05
    that I don't personally align with like
  • 00:23:08
    if I don't care about the product or the
  • 00:23:10
    industry that I'm going in and it
  • 00:23:12
    doesn't have to mean that it's something
  • 00:23:13
    that I necessarily would be the the
  • 00:23:15
    consumer of, but if it's not something
  • 00:23:17
    that I'm at least interested to learn
  • 00:23:19
    more about and I think is interesting
  • 00:23:21
    and that I want to go deeper into, I'm
  • 00:23:24
    not going to launch it at this point.
  • 00:23:25
    So, over time, this is something that
  • 00:23:27
    actually is important where, you know,
  • 00:23:29
    do your values align with it? Is it
  • 00:23:31
    something that not even your values, is
  • 00:23:32
    it something that you even give one
  • 00:23:34
    about that you actually care to learn
  • 00:23:36
    more about? Right? Like that's
  • 00:23:37
    ultimately what's what's important here.
  • 00:23:39
    And especially if you start going a
  • 00:23:41
    holding company route like for us we run
  • 00:23:43
    multiple brands right now. We have a
  • 00:23:46
    similar philosophy of all the products
  • 00:23:48
    that we go into of what we actually care
  • 00:23:51
    about and we want to make sure that all
  • 00:23:53
    of those kind of align within our hold
  • 00:23:55
    co. Um, so I'm not going to say what
  • 00:23:57
    ours is within our holding company, but
  • 00:23:59
    you know, for you, especially if you go
  • 00:24:00
    that route to keep, you know, a central
  • 00:24:03
    vision of like what you're looking at
  • 00:24:05
    for different products of what you want
  • 00:24:07
    to shift in the industry, that's
  • 00:24:09
    something that you can actually like
  • 00:24:11
    start to tack on, especially if you go
  • 00:24:13
    the route of launching many different
  • 00:24:15
    products. So, all in all, almost no
  • 00:24:18
    product is going to hit all of these 15
  • 00:24:20
    different points. It's going to be
  • 00:24:21
    almost impossible. Now, there are some
  • 00:24:23
    products that can do, and I'll give you
  • 00:24:24
    guys an example, which I think was what
  • 00:24:26
    I was saying earlier. Pet supplements
  • 00:24:29
    can probably hit all of these points.
  • 00:24:31
    That's just one example. I'm not saying
  • 00:24:32
    go launch pet supplements, but my point
  • 00:24:34
    is there are products that can hit most
  • 00:24:36
    of these points. Um, but you want to hit
  • 00:24:39
    as many of these points as possible. And
  • 00:24:41
    also, as many of these that relate to
  • 00:24:43
    you, everything I'm saying, you know,
  • 00:24:46
    validate based on your own experience.
  • 00:24:48
    If you've already had successful
  • 00:24:49
    launches, maybe I'm saying something
  • 00:24:50
    that doesn't align with it. Maybe it's
  • 00:24:52
    something that's counterintuitive to it.
  • 00:24:53
    So, I'm just telling you what's worked
  • 00:24:55
    for me when I've picked out products and
  • 00:24:57
    made products launch and scale, but it
  • 00:24:59
    doesn't mean that all these have to
  • 00:25:01
    align for you. So, pick which ones
  • 00:25:03
    resonate with you and which are
  • 00:25:04
    important to you. And the other part
  • 00:25:06
    here is that, you know, this for me has
  • 00:25:10
    been a blueprint to doing what I
  • 00:25:11
    mentioned, right? I've scaled, you know,
  • 00:25:13
    in-house three different products to
  • 00:25:15
    over a million dollars a month. That's
  • 00:25:17
    products that we've literally taken,
  • 00:25:18
    picked, launched from scratch, and I've
  • 00:25:20
    been a part of five different products
  • 00:25:22
    that have gone to above a million
  • 00:25:24
    dollars a month. So, I have a vast
  • 00:25:26
    experience of understanding products
  • 00:25:28
    that actually can scale to above a
  • 00:25:29
    million dollars a month. And now we're
  • 00:25:31
    trying to take our products to above $10
  • 00:25:33
    million a month. So, you know, a pretty
  • 00:25:35
    vast experience on this. So, all I'm
  • 00:25:37
    saying here is this is what's worked for
  • 00:25:39
    us. And you know to summarize I did a
  • 00:25:41
    little halfway summary before but just
  • 00:25:43
    to you know look over all 15 of these
  • 00:25:45
    points and just to so you guys can
  • 00:25:47
    understand the bigger picture of all
  • 00:25:49
    this. What we're looking for over here
  • 00:25:52
    you know essentially is we're looking
  • 00:25:53
    for big markets with problems that are
  • 00:25:57
    pretty severe and within those severe
  • 00:25:58
    problems we're looking for products that
  • 00:26:00
    we can actually solve the product and
  • 00:26:02
    give customers a good experience. And
  • 00:26:04
    for us on the business side, we want to
  • 00:26:06
    make sure that we can have high margins
  • 00:26:08
    and sell it for a high price point so
  • 00:26:10
    that we can afford to acquire customers,
  • 00:26:14
    right? And in terms of positioning, we
  • 00:26:16
    want to make sure that we can come in
  • 00:26:18
    with our own unique position around that
  • 00:26:20
    product to give a unique standpoint and
  • 00:26:23
    also ideally be able to have something
  • 00:26:25
    that we can easily get customers to buy
  • 00:26:27
    more and more and more over time with
  • 00:26:30
    the consumable component. And the other
  • 00:26:32
    parts as well is just logical other
  • 00:26:34
    products that we can sell them either
  • 00:26:36
    cross- sales or on the back end once we
  • 00:26:38
    already have customers. We want to make
  • 00:26:39
    sure that there's trends and high volume
  • 00:26:42
    around the products that we're going
  • 00:26:43
    after with also high search volume that
  • 00:26:46
    is happening. And we want to make sure
  • 00:26:47
    that competitors have made the product
  • 00:26:49
    work at some point in history. And also
  • 00:26:52
    if there's channel arbitrage, that's
  • 00:26:53
    another indicator that it will probably
  • 00:26:55
    work on the channel we want to go into.
  • 00:26:57
    and Tik Tok shop just for an influx of
  • 00:27:00
    ideas and virality behind the product
  • 00:27:03
    and if all of that comes together do I
  • 00:27:05
    actually care about the product that's
  • 00:27:07
    you know high level how I'm looking at
  • 00:27:09
    launching new products which again it's
  • 00:27:11
    not all like most of that is not even
  • 00:27:13
    about the product directly it's more so
  • 00:27:15
    about the surrounding of the product and
  • 00:27:17
    the market and the landscape that I'm
  • 00:27:19
    going into but all of these come
  • 00:27:22
    together to really give you a solid
  • 00:27:24
    foundation of if you pick this product,
  • 00:27:27
    you can feel confident to invest money
  • 00:27:30
    behind it. And that's why I
  • 00:27:32
    think, excuse me, I think winning
  • 00:27:35
    products are a complete myth because if
  • 00:27:37
    if a product goes through this whole
  • 00:27:39
    criteria that I just listed out and you
  • 00:27:43
    can't make it work off the initial
  • 00:27:44
    launch, it's not about if the product
  • 00:27:47
    works because it's meeting all this
  • 00:27:48
    criteria. You know that the product
  • 00:27:50
    works. It's more so can you make the
  • 00:27:52
    product work? Can you do the marketing
  • 00:27:53
    and can you keep on testing to make the
  • 00:27:56
    product work? It's a skill deficiency
  • 00:27:58
    more so than the product deficiency. So,
  • 00:28:00
    if I launch a product, I almost always
  • 00:28:03
    will keep on going on that product until
  • 00:28:05
    I get it to scale to at least $100,000 a
  • 00:28:08
    month or a million a month. So, I'm very
  • 00:28:10
    selective and I make sure I I take the
  • 00:28:12
    time to go through all 15 of these
  • 00:28:14
    points and try to find the products that
  • 00:28:16
    can actually meet all that criteria to
  • 00:28:18
    then, you know, be willing to invest
  • 00:28:21
    into potential losses up front to make
  • 00:28:23
    that product work. But sometimes when
  • 00:28:25
    you do this all right and you have the
  • 00:28:27
    skill set behind you, you'll see results
  • 00:28:29
    like this where you'll launch a product
  • 00:28:31
    and within a matter of three weeks scale
  • 00:28:33
    to multiple millions a month. You know,
  • 00:28:35
    that's really once the skill is there
  • 00:28:37
    and the product identification is there,
  • 00:28:39
    this is all possible. So hopefully this
  • 00:28:41
    was very valuable for you guys. And if
  • 00:28:43
    you guys have any questions, please
  • 00:28:44
    comment below and let me know what you
  • 00:28:46
    guys thought. Thanks for watching.
Etiquetas
  • product selection
  • winning products
  • market analysis
  • entrepreneurship
  • business strategy
  • e-commerce
  • product launch
  • recurring revenue
  • consumer behavior
  • digital marketing