Izabella Ritz 3:23
Thank you for having me. Great intro I was listening again feel that it’s about me, but sounds like truth.
Josh Hadley 3:30
I love it. Well, you’ve got a lot of experience. Izabella, you have certainly been around the block. You’ve seen how Amazon has changed over the last decade for sure. And there’s been a lot of changes that have happened. And so, you know, I’m excited for our listeners, because they’re talking to a very experienced seller, you’re not a guru trying to pitch another course or how to get rich fast on Amazon, you are actually providing, you know, you’re an actual seller yourself. You’re providing a service, which in my opinion, is one of the most essential aspects that any business needs in order to grow. And so that’s kind of where I want to start this podcast Izabella is focusing on the number one growth lever in any online e commerce business is launching new products, period, that is your fastest lever to grow your brand to take it to the next level is coming out with new products, expanding your product lines. So Izabella, I would love to hear from your standpoint, why did you create Ritz Momentum? And why is it so important to be coming out with new products on a regular basis for a seven-figure seller?
Izabella Ritz 4:44
I believe every single point you just mentioned that just different podcasts. But I will try to make this long story short, so it’s a great point about gurus. making promises to start your Amazon and grow with first January to speak, and if you want to grow your Amazon fast, do it slow. So and your, your speed is in your basic pretty much like if you’re if you’re going to if you’re going to slow down yourself and you will focus on the numbers, and you will validate your products with the numbers. This is where you’re actually speeding yourself up. Because we have the main components when you were choosing the product, well, first of all main components to succeed is like to have a great product to have traffic, that will convert your product. So if you have marketing, right, so if you have a great product, you have to make sure you target your audience and the audience you’re targeting is ready to purchase your product. Sometimes your buyers, they’re searching for the product. But when they’re finding the product, they don’t understand if this product is relevant and actually meeting their pain points. So for example, if I’m searching for the, I don’t know, let’s say tumbler, am I searching for 20 ounces standard, or I’m searching for the tumbler that will keep my dream cold while I’m walking the dog. Or maybe I’m searching for the tumbler that will keep my drink warm while I am, I don’t know, walking in a winter somewhere in the mountains, right? I’m going on a hike, and etc. So people who are sellers are forgetting to communicate the experience of the product. So this is the conversion. And then another part is the traffic when we are talking about actual people in the store. So you have to have people in the doors, relevant people, your target audience and given how Amazon works, especially. It’s still kinda rumors, but it’s not really rumors. So Amazon, more and more targeting people with like based on the interest. So if you have for example, I don’t know dog, mom, or new homeowner or you just moved or like your military and etc. Amazon will be targeting you with the products that are based on your interest. I didn’t see anywhere, it’s official, I am now I’m noticing this is how it’s happening in Amazon, providing new products that you’re like based on your interest. And if you’re subscribed as the buyer to Amazon newsletters, then you will be seeing the next thing. So for example, if you’ve been searching for the, I don’t know, paper cup, or like party decorations yesterday, and you got this email into your inbox yesterday, Amazon sent you into your inbox, the offers, compare it to the one that you’ve been searching for. And then for example, you didn’t open this email that day. And you open this somewhere like in two days from today. And after tomorrow, you’ve been searching for something else. So for example, for the dog leash, the one you will open this email with the offers from Amazon, you will be able to see not the paper cups for the decorations or pop party supplies you will be seeing their offers from amazon for the dog leash. So Amazon is targeting you with the interest that you’re having at the time. And they’re chasing you down with the similar products, especially those are having limited deals or whatever, whatever. So I hope you guys got it what is going on on Amazon side right now. And I’m really looking forward to Amazon verbalize this feature by saying like, “Listen, this is what’s about to happen.” And when I was talking to Kevin King, that was also on your podcast, he was mentioning that Amazon is about to release the feature where the moment people are searching for the product in the search bar, we will be able to see the actual pictures of the product under the search bar before we will be able to see the actual results on the page. And my assumption this is where sellers will be starting fighting for the page, not just for the page one but to be in this results in the suggested results. So to the point where we’re validating the product, and we’re thinking about the conversion, we have to remember what Perry Belcher said and he’s saying people are buying pictures. So now you are as a seller you are buying you have to sell the picture in the picture. So now we have to make sure our picture is communicating to the seller to the buyer my gosh I’m seller buyer you guys got it. So our picture as a seller is communicating to the buyers so much where the moment they see your picture. They are already excited. Now they have to learn more. And everything you’re supposed to be to do as a seller is to communicate with them your product to make sure they understand that Everything they’re searching for, is contains and like you’re providing with your product on your page. And when Josh was speaking at BDSS, in 2021, I believe 2022 2021. So it was the first, you also mentioned that this is where you can put in the in the side of like add to cart, you can provide additional products instead of like warranties and something else. So you can add it to the right side of your listing. And this is where you’re all set up selling your product to the client. So and this is pretty much the combination, my personal perspective, that’s the great formula for your products to be successful where you have a product that be that is being communicated super good from the page one picture number one, like the one that isn’t a white background, and sometimes you have the opportunity to add the background with interior, if, based on Amazon perspective, they will, they will accept, accept your request to sell your your product, using the interior or exterior whatever you need, because you will tell like I need to show this product in the specific use, and Amazon might accept you to do that. So the point is, if you’re communicating well, from the picture number one to the picture number two, by the time your client will be at the picture number three, they pretty much already made the decision to purchase, you just have to push it all the way to the edge. And then when they’re adding to the cart, based on the advice, you are adding more products because they are they supposed to be relevant. Like for example, if it’s a cup, paper cup, listen here is the cup holder. So make sure you do not burn in your hands. So now it’s very easy upsell, now you are not selling one, one thing you are selling two of them. So the moment you are choosing the product, and you’re validating the product, you have to immediately think how you’re going to process the conversion, because the conversion is something that is actually making your sales and you can you don’t have to spend money on PPC for your extra additional products, you can just upsell them on spot on the right side.
Josh Hadley 12:29
I love that. No, it makes a lot of sense. And so, Izabella, I’d be curious to hear your perspective. For our listeners that are primarily seven-figure, Amazon sellers. Some of them may be struggling with knowing what type of products to launch next, right? Or, you know, how do I expand my product line? So based on the experience that you’ve had working with a lot of different clients, What recommendations would you give to a seven figure Amazon seller that wants to expand their product line, but they don’t really know where to begin?
Izabella Ritz 13:05
Great question. We are having a lot of seven- and eight-figure sellers that are coming and saying listen, I was lucky in the past. And I know that I was lucky. And I am pushing eight, seven figures. And I have several brands in order to performance great. I don’t know what to do next. And the initial one will get first client like this I was confused on what I need to know what to do like you’re selling for a while you already like supposed to be a guru, but because a lot elite as you mentioned the beginning. We so Amazon changes. And when you launched Amazon in 2015, 2012. And like, let’s say up to 2017, you did a lot of things just based on your intuition. We didn’t calculate many things. We did not validate my new things we’ve been just launching and launching and launching and launching. So that was not thoughtful experience. But that was successful experience for a lot of sellers. And that’s why they were not they were employed. They didn’t learn in the past how to validate the products. And now they are the place where they are some of them are having teams that are actually providing them a lot of like the lease of the products. And the problem of this lease that some of the lists, sellers are creating, for example six months ago or a year ago and they have this list ahead of them you actually I think you’re one of those but you have the very specific niche, you know what are you going to lunch and why? But a lot of sellers they’re not really niching down their products, they just have a list of products they want to launch so in something that probably was like making you confident to launch a year ago. You won’t be confident today because numbers changed and the situation changed and comparing Amazon in the past and Amazon today in 2020 For it’s different Amazon. So Amazon in the past did not require a lot of performance. Amazon today is much smarter, because we pretty much get rid out of the majority of the hijackers. We’re reducing the appeals. So we’re not wasting much time because we have the opportunity to trademark and copyright our products. And when people are saying, oh, Amazon, it’s much harder, harder. No, it is not hard, it’s actually much easier because you have instruments to leverage your success. And by validating your product, and by targeting the market you already have, like, for example, if you’ve been building your email list in the past to the products you already selling, it is super easy, especially if you have the b2c website, it’s super easy to retarget your audience to the product you are going to launch. So now let’s think who are your buyers? Like, what is this list about? What this do this piece of people are purchasing. So for example, if you’re selling wedding products, or you’re selling home decorations, what these people are purchasing on top of those products, because it’s not just like wedding decorations they purchased once home decor there by purchasing probably on a daily basis. What else? Are they top 25? Are they top 50 are the top 10 are the top five for the top one. So now let’s narrow down your audience and discover what else would they purchase from you, especially given that they had a good experience to your product? And the moment we’re learning this audience, we can already find out tons of idea where we supposed to look at. So for example, if they in purchasing wedding decorations, what’s the chance that they’re already having babies? If they’re having babies, what’s the chance they’re real American family and they’re having golden retriever? And if not, that’s a golden retriever. Let’s see what else might be there. Yeah, so what are they? What are they might be leaving, maybe they’re using winter products, maybe they’re not. If they’re using a winter products, then probably they need some stuff in their garage, to protect their car, their garage from the dirt when they’re coming back, if they’re living in the winter state, and etc. So you just have to understand the audience and find the product that you’re going to sell to them. Then the moment you find out they’re there like that save, let’s say top 10 of interest. Now you have to think what kind of products you can sell them at the high price. Because here’s what’s happening, Amazon and where because when I was in a lot of products lately, I noticed that when I’m using smart Scout, I hope it’s okay to mention rate. So sure, no restrictions. Yeah. So when I’m using smart Scout, and I’m looking at the ad spy, sometimes I confused on like why I don’t see big spanned for PPC. And when you have like $600, spammed and $100,000 in sales, it doesn’t mean this is all your budget, it does mean you have to go to Google, put their brand name, product name, and see where they’re indexed and how likely you will find out the recommendation from any type of blogger on TikTok, YouTube, or whatever, any other blog. So if they are doing external traffic, find out if it’s paid traffic or if it’s not. And if this traffic is permanent, then how likely you will be able to use the same path and sell this high ticket products on Amazon without spending so much money on PPC. On top, even if you will be doing a lot of PPC, PPC campaigns for the high ticket product or marched is much cheaper. And I can explain it, like some of the products that we’re not talking about iPhones and iPads. So we’re not talking about this high saturated ones, right. But if for example, we recently been doing the case study for the Murphy bed, and the Murphy bed cost is minimum $900 to $1,000. blend that in United States very well customized one can be $400 to $500. When you’re selling on Amazon, you’re still like after all fees and everything you’re still having a pocket is minimum was to $300 after expenses. Based on the analytics of Amazon PPC campaigns, you’re paying for this product, about 0.4-0.9 per click, given the low purchase rate so people can find what they’re searching for on Amazon, where the conversion rate if you have a look at the Amazon product opportunities for you’ll find out that it’s just like under 1% you have a huge problem. You have a huge opportunity to customize the product the way how people are searching for which is you can do with sharks or Data Dive, like you can have all the CIA insights on there, scrape all the reviews, like 1000s of reviews within like a couple of minutes. So, and then by selling this product via PPC, you’re winning, because even if you’re a cause, even sorry, if you even if your conversion rate will be, let’s say, I don’t know 10%, how much you’re paying like $10 per sale, and you’re keeping in a pocket to 300 Ha, it’s free. And if on top you’re using influencers, or blogs or external traffic, then you’re pretty much not spending anything because it’s long term, this links are being posted, you just have to keep updating the traffic on your, on your listing, and how much of this units you supposed to sell per month 100 to have 100 grand 100 units or three units a day, for three, four units a day, you’re making 100 grand revenue, which is 20, 30,000 in a pocket. Just by selling high ticket is terrible. Yeah. Are you paying for shipping? Yeah, you’re not the one who are carrying this stuff, which means it’s super simple and easy. Just finding the products where nobody wants to go on Amazon and sell because it’s a higher investment in the initially. So you’re paying upfront into the you’re investing into the inventory, instead of investing 10s of 1000s of dollars into the marketing. So on this approach, I would recommend the majority of the sellers to take by taking their audience that is already out there, analyze their interest, find the high ticket product for this audience to make sure there is not a lot of competitors that are selling the product that is converting, because sometimes you can have a lot of competitors selling the same stuff. But people are not purchasing. Are they making sales? Yes. But they’re making sales because people have to buy their product, not because they want to buy their product. So I hope it doesn’t make sense.
Josh Hadley 21:54
I love that. No, it makes a lot of sense. And I’m really curious to dive into, you know, you talk a lot about people need to be a little bit more detail oriented and make sure they actually understand the analytics that sit behind, you know, a new product launch, right, you talked about conversion rate, how much am I estimating towards ads, and my bid percentage and all of that. So Izabella, my question would be this, what are those variables that you’re measuring? Before you get into actually moving forward with the product? Like what metrics are you using to validate that a product will be successful before you even launched it?
Izabella Ritz 22:35
So we have, like surface look and deployed, right? So when you’re like at a glance, we have to have, of course, demand. And believe it or not, we still have people come in big sellers as well. I want to sell I have an idea to sell, man, this idea doesn’t have a demand if you’re ready to create the demand. Cool, but it’s a different story. So let’s agree that we have a demand. And let’s agree that we have enough of competition where this competition first did not create the market. The great example is a phone and then the type of the smartphones. So the market has been created by three major brands, some Android, any type of Android, Google Pixel, right? It’s also Android and iOS. Right? So we’re not going to this market unless we’re Jeff Bezos. So we are choosing the market where there is not I’m always providing this example. Like imagine you’re going to the farmers market and there is like three rows of people that are selling tomatoes. So the definition of the me to product is the variation of tomatoes. So if you’re going at the very end of the line, and you want to sell tomatoes, you are not doing so because it’s super hard to pitch people listen, I have tomatoes also here I’m selling them and I’m ready to pay you to purchase from me this tomatoes so let’s not exhaust ourselves with that. And one of the products like really yesterday’s example from one potential clients, tic tac toe paper holder, toilet paper holder. So if you will look at the products no matter how you will customize this. It’s still take Tic Tac Toe paper holder and people are buying like really because the one of them will be looking a little bit better and no matter how much you will put efforts and they’re like assembling and quality people just trying to wait cheap and look good, right? So we’re not going to this me-too products. So let’s say we see that the man were seeing the results on the page one and two and three where people are really selling different type of products like they are different for On which other all of them. So for example, if you will search for serving tray, it’s not a very extensive product. But if you look at the serving tray, you will find the variety of them. So this, this is one of the science for you that like, Oh, let me see how can I differentiate the strategy because if you’re put out there another serving tray, you definitely will be able to sell this one. As long as you read the mind of your target audience. Now, we have to narrow down what kind of the serving trays are out there, you’ll be surprised some of them are for people that can’t walk, and people are using them like on the bed. So like you have to be able to clip on clip them. Like coffee trays, and etc. So your you have to, you have to be able to narrow down the vague keyword to this smaller keyword. And if you have this opportunity than you do that, and to let you understand the example. So let’s say you’re shopping for chief or kitchen knife, right? How many other keywords, they’re they’re having high demand are out there for the kitchen knife. And in chief now, trust me just two or three, which means even you will be able to differentiate this product, the amount of the keywords, you can target, just a few. And unless you’re selling this chief knife for $1,200, your spent on PPC will be insane. So we’re not choosing the queue the products with a like small amount of the keywords were really chasing down their huge semantic core, where you will have an opportunity to have like three, four medium search volume, keywords, medium searchable, and keywords for like several for like, okay, in each is like three 4,000 searches a month, that are evergreen, so even you have a spike or sometimes dropped down during the year. And never she used to have to have like 30 to 50,000 searches a year per keyword if you have at least five to seven of those. And you have five to seven high search volume keywords. And then you have a lot of keywords under 1,000. And all of them are relevant. That’s a green light to keep analyzing it is not the green light that yes, I’m doing it is the green light to keep analyzing.
Josh Hadley 27:29
Awesome. So yeah, just or sum that up real quick. And then I want to hear I want to go into the deep dive of all —
Izabella Ritz 27:36
Tell me, you can cut me at any point because I’m pretty passionate about all this analytics.
Josh Hadley 27:42
Now I love this. Alright. So to begin with, you need to focus on like a product that has demand. And I guess my question for this, Izabella, would be like how do you assess demand? Is it like search volume for the keywords then in total, and is there like a threshold that you want to see, to begin with?
Izabella Ritz 28:00
So here’s we have to determine the budget of the person that they’re ready to invest into the product. Because if we are having, for example, demand of one meal in a year, then we have to take a look and Amazon product opportunity and I will get there in a little bit. We have to make sure we have a good proportion between demand and people that are coming yearly on the market, and how many of them are being successful. So I would say I would look into the if we have evergreen 100k a year with all other components that we’re hitting like green, that’s a good thing. Because if one of the keywords is stable with 100k searches a year, it’s already good one as long as we have other keywords as well. Yeah, so if we have one meal, and like we’ve been able to find several products that are having million searches a year, and just like fewer, few sellers on the market, but it’s more exception than a rule. Yeah, because we’re conveying this podcast for everybody. I want people follow rules of not choosing the exceptions.
Josh Hadley 29:18
Awesome. Okay, makes a lot of sense. So to sum everything up the to first validate a product at a high level to see if you have the green light to deep dive even further is first you need to identify a market that has at least 100,000 searches for that particular product in a given year. Okay, and those keywords that make up those 100,000 searches per year need to be you know, you need to probably have at least 10 or more keywords that lead into that 100,000 In aggregate search volume. Then Component number two that she talked about, is you want to see that there’s a lot of differentiation right there. Not when somebody searches for serving tray in her example, are all of the serving trays being served up on page number one, do they all look the exact same? Or are there a lot of different kinds of variations or designs, for those serving trays, if you see a lot of different variations, then that’s a really good indication that, okay, there’s room for disruption in this market. Whereas on the other hand, if they all look the same, that would be a cautionary red light to say, Hey, you’re just gonna have to come out with another me to product and, you know, then it’s just a race to the bottom in terms of price. And then third, last but not least, you want to make sure that there are more keywords than just one or two or three big kind of like broad search terms, such as, you know, serving trays, right, that’s a very broad search term, you want to be able to see, you know, serving trays for bed and breakfast, or serving trays for you know, handicap, or whatever, after surgery, whatever it is, right? You want to be able to see like, there’s three to 4,000 searches per month on these other kinds of longtail keywords that have, you know, a different look and feel to them for those different styles or designs of those products. So those are your first three qualifiers to get you in the door that says, Okay, this product opportunity looks interesting. So, Izabella, is that correct? And if so, let’s dive in to the deep end.
Izabella Ritz 31:35
it is correct, just want to specify about the me-too product. So for example, sometimes you can find the product that seems to use a meet you, and by the keyword that’s still vague. So that’s probably might be an opportunity to create something that you will be able to differentiate yourself. But like, as I said, they’re an example tic tac toe, you will not be able to name this product differently. It’s still Tic Tac Toe paper towel, or like, toilet paper holder. It’s just you can name a different ways just as it is. So this is me to you. So when this relevancy is matching as it is, then you don’t want to be this another one that is selling tomatoes. Awesome.
Josh Hadley 32:16
All right. So if we’ve passed those first qualifications, yeah, then how do we validate into the deep dive?
Izabella Ritz 32:23
Into the deep dive now. So we are going to Amazon product opportunity explore. So before that we’ve been using? Well, pretty much anything you use, like you can use Smart Scout, you can use Helium 10. This is what we use, we use five, six software. Now. We’re looking at the Seller Tools on a page one when it’s like we need to, we don’t want to go in demos on product opportunity explore, because it’s like it takes a lot of steps. But Seller Tools provides us all this first insight. So it’s very user friendly. And I don’t know any other software that does it. So and then we’re going to also probably get an opportunity to explore and here’s the interesting part. So Amazon is not really user friendly, when we’re talking about their analytics tool. And I’m sure they will get there. It just takes time. Amazon is a platform as a marketplace on the first place. And they are creating all this social media and tools on a second, I mean, like 10s place, right, so it’s not the main priority for them. It’s my flight going back and forth here depends on the action. If I’m waiting, then my light will be on. So and what is happening there. When you’re put into the search bar and Amazon product portunity Explore the keywords if you don’t have this drop down menu. So Amazon is not suggesting you that this keyword you’re putting out there. It’s useless to keep looking for this keyword because Amazon just doesn’t have a ton of data. So you have to make sure you’re analyzing keyword the product based on their correct keyword. So let’s say the keyword is correct, then Amazon shows you the need and the keyword. And I want you to pay attention here because the need might be the serving tray. But the keywords that people are searching for can be gold, Blue, Navy blue for handicaps for whatever like columns of others. So pay attention there and Amazon will have a list for you for some of the product for some of the products is just one line and then you will be able to see the other opportunities for this product on the left side you will it will be like people’s need like pain points. And on the right side you will be able to see the actual search terms. Then important part we’re going to the search terms and it’s like next tab you’ll be able to see it and on the search terms you will be able to see the purchase rate And here’s something that it’s great that we have seven and eight figure sellers listening because they will understand I don’t have to explain it a lot. So you will have the numbers of the conversion rate. And you will have, you’ll be able to see the products. So pay attention there. It’s based on the specific keywords. Amazon shows you the specific products that are we winning based on Amazon algorithm, this specific keywords and Amazon shows you the conversion rate for this specific keyword for the based on the specific Asin. So it doesn’t mean that all other products out there are having the same conversion rate, it means that the product Amazon chose to show you out there highlight with this product, by the way is Amazon choice, this product is having this conversion rate. So if this conversion rate is below 1%. And you have variety of different products that Amazon listing for the different type of the keywords, and the oldest keywords are relevant to the product you’re analyzing, it’s another green light for you to keep analyzing this product. Because now, if the purchase rate slash conversion rate is low, it does mean people are not finding what they’re actually looking for. Which means we have an opportunity to develop something that people are actually searching for. So in this case, here is the room to go on Amazon sell something that your audience is searching. And then when you read this, please don’t just go to the next page, because this page will take you, I would say good 30 minutes, if you do it correctly. And then you have another part, which has insights and the insights, sometimes I’m going there first, you will be able to see how many new sellers are on Amazon for the past 360 days, a year ago, 12 months ago. And as of today. So this line is important, because now you have on top of Amazon, you have a number of the searches a year, and then you’ll be able to see how many sellers, how many not sellers, how many new listings are common on Amazon, it’s it’s very important to understand the difference in between new listings and new sellers. Because established sellers can create the new listing, and the new seller can come into the Amazon and sell this product. So we’re talking about new listings, and Amazon has not indicated in that list yet, is it the new seller or its established seller, but you still have to understand this difference. So and if you’re able to see the very good proportion. So for example, for the past a year ago, you got into this niche, let’s say 10 new sellers, and today 10 new sellers, then this niche is not like trending or go in as creative will like growing as crazy, this niche is stable, and you have the stable amount of sellers come in listings come in every year. But then the next line, you will be able to see how many successful sellers, how many successful listings were in this niche. And then here where you have to create the puzzle for yourself and put this puzzle together. Because what’s happening there, you have to read for yourself the proportion in between the demand in between new sellers and six new listings and successful listings. And if they fold this does make sense, then it’s pretty much very close to the green light, if the previous numbers and previous previous indications for your work to actually look into the insights of the listing inside of the product side of the products and find out if you can customize the product and make it better. But before I will dive there, I want you to stay here because sometimes, for example, the demand for the product is 1 million. And it’s 22 new listings, and five of them are successful. Read to yourself with this proportion makes sense? Because it’s million of the demand. But it’s just 20 tools like what is 22 new listings if the demand is a million, right, and it’s a relevant demand. But if it’s only five successful why it’s only five? Is it the products or hard to customize? Is it the audience that doesn’t want to purchase is the seller that don’t understand the audience like what it is here, you have to find the reason. And if a year ago, this product had, let’s say 100,000 demand, and today it’s a million and the year ago it was let’s say 10 sellers, 10 new listings and this year it’s 30 and they’re here is like still we don’t have a lot of successful ones. Also find what is going on because if it’s a growing niche I will. This needs to be stopping the sales at some point or it will stabilize like we don’t want to another fidgets spinner luncheon on Amazon, right? So we want something that people are will be like, That will keep purchasing for a long term like for example peptides, right? That doesn’t mean guys who have to go and sell it. Some of them are selling it like I, I see, it’s like very trendy and highly likely this, this like peptides will be stabilized in the niche for a long term. Because it’s a pretty much new ecosystem, peptides. So now everybody is in peptides put on their face peptides. So it’s growing is crazy people that are joining this niche right now, they will make a lot of money. But then it will slow down after everybody will test it out after everybody will try it. And then it will be just evergreen niche because it will be just leaving there for a long, long term. I don’t know forever not but for a long time. So this is like the next step. And yeah, is it complicated or?
Josh Hadley 41:07
No, I think I followed it. So to sum everything up, once we’ve kind of met the initial qualifications or the requirements that say, Hey, there’s market demand. There’s some differentiation in the market here. And there’s a lot of longtail keywords that can support our overall search volume. That’s your first greenlight. And then secondly, what you need to do to further validate your product is to go to Amazon Opportunity Explorer. And ideally, what you want to see is when you start to type in that main keyword, you want to see that Amazon starts to auto populate a bunch of different other search terms that are related, or that at least start with that same phrase, right, and you just start to see a long list. That’s another good sign that there’s a lot of keywords, there’s a lot of room for opportunity in this particular product category, then what you’re going to want to do is type in that search term. And then Amazon is going to show you the top three ASINs that are being purchased for that search term. And Izabella, you mentioned like if you can find some of those products that have a less than 1% conversion rate, yet Amazon is still saying that is still one of the most purchased products, that’s a really good sign that like the needs are not being met. And so people are probably just settling with something that they don’t really want. But it’s the best that’s out there currently, which means there’s room for you to innovate and bring something new to the market that may meet the demand a little bit better. And then last but not least, you talked about looking into the seller metrics, right, or the seller insights that are inside there to be able to understand you know, how many new sellers are coming into that market? And how successful are they being? So Izabella, I think that is a great like high level overview for people to really consider before they jump into a product because we know how much capital people will tie up when they launch new products. And the more accurate you can be in first understanding and validating how successful a product will be that you have, you know 75% success rates when you launch products that can be a game changer for your business to where it’s no longer a guessing game. You’re going in with your eyes wide open knowing exactly how you’re going to be differentiated in the market and how you’re going to appeal to those customers. So I think that’s super valuable, Izabella is there anything else that you want to add that I didn’t mention here?
Izabella Ritz 43:37
You mentioned everything great, I will just add one more piece. So after let’s say you validate it everything and you fill everything is great and amazing. Now move to the step where you will find the opportunity to actually customize the product slider differentiate it, don’t hesitate and you can do it via Shahla X or data di both of them are having those insights I like show looks. Presentation of the product especially if you don’t like to read data better, but that a dive is better def is providing a little bit different insights but just read both. Look at both and find the opportunity for yourself how you can make this product better. And on top of one tip for you guys. Use me journey. So after this is something I am teaching our people to do is take the summary of people’s insights and type into the majority by saying like you You know most of you you guys know that the slash imagine it’s a command and then you’re saying as long as you’re not using any words because majority does not understand words yet. So they’re not creating products with the copywriting on it. And you’re saying please create for you sample serving tray with gray gold, whatever color, having this type of handles this type of shape. And like whatever insights you will find out there and ask me journey to create this product for you, it will take majority, probably seven to 15 seconds, sometimes 30 to create this product. And when you have this four different variations, go and pick four, choose prior your main competitor, test this product against the main competitor. And if majority one, then from there, you’re given the task to your designer, graphic designer, industrial designer, whatever designer you’re working with, for this specific product, and then this designer already adapting this product for the manufacturer, and you can start talking to the manufacturer. So yeah, I’m done. I
Josh Hadley 45:57
love that. Well, I think that is so so important is you mentioned there that it’s in order to differentiate the product. First, read the reviews, right? Read the reviews, get a summary, use your resources, chat TPT shoe licks, Data Dive to understand the context of those reviews. And maybe there’s a gap in the market and identify like, what is lacking? What are people complaining about, then take those things and those ideas, and use Dali or mid journey to come up with new ideas for yourself. You don’t have to be the one who creates it on your own. utilize those AI tools. There are so many of them out there now that can present some new ideas to you. And then use one of the many testing software’s out there, pick foods and a great one. And let people choose which one do you which image do you prefer that you would click on to learn more about or purchase and why. And then again, read those reviews and continue to iterate time and time again, until you get something that is like a clear winner in a landslide that people are like, Oh, this is amazing, right? That’s when you can be a little bit more confident, then start working with your manufacturer to produce that. So this has been amazing, Isabel, I think like this is drinking from a firehose of information for launching new products. But I do love to leave our audience with three actionable takeaways from each episode. So here are the three actionable takeaways that I noted, Izabella. You let me know if I’m missing anything here. So action item number one is if you’re a seven figure brand, and you want to scale to eight figures and beyond your number one growth lever is launching new products and expanding your product line. And so cementing that as one of your biggest priorities in your business, you should always be focused on. And if it’s not you, you should have a team member that is solely focused on looking for new product ideas. Currently, for our brand, we know what products we’re going to launch for the next two years. That’s how long of a product pipeline we have. Because I know it is our biggest growth lever. And so it is super important for you to make sure you similarly have a two year roadmap of what products you should be launching, because somebody can go in and do that data analysis. So that would be my action item. Number one is if you’re not currently doing this yourself, hire a team member that is their full time job to go and validate new product ideas and add them to a potential product pipeline for the future. Action items. You like that, Izabella?
Izabella Ritz 48:44
I do like that. And you asked me about this in the beginning and I wanted to it and I forgot to add that like, yeah, you have to launch at least one product a month to keep growing where like Amazon algorithm understands that you are the serious seller, because if you’re launching one product a year, and then you’re probably not launching for another year. So it’s two years and Amazon has not given you a biggest advantage because other people are other sellers that are launching more products consistently. And the business speed is pretty much everything. So you have to be actionable. And showing them was like listen, this is more this is more this is more because Amazon is your partner. So if you’re not making more money to Amazon, I will Amazon will not consider you as serious partner. So keep in mind this think too. Yeah,
Josh Hadley 49:29
we had Matt Altman on the podcast and he even said he believes that there is something in Amazon’s a nine algorithm that gives you a benefit if they see that when was the last time you launched a new product? A new to Amazon Asin. He believes that there’s something where you get a little bit extra love from Amazon if you’re continuing to bring new things to their marketplace tonight. I like the theory as well. I tend to agree.
Izabella Ritz 49:56
Yeah, me too.
Josh Hadley 49:57
Action Item Number two, you need to not just think about a product that sounds fun, or that you’re super passionate about, you need to actually launch products that have been validated by data. And so that would be my recommendation. If right now your validation process is just launching products that you think are fun, or interesting to do, or what other brands are doing, it’s going you’re fighting an uphill battle. Instead, what I would recommend is we spent 40 minutes diving into the intimate details of analytics that you should be measuring, I would make sure that, you know, you probably have some type of validation process in your business. Now, I would recommend you take some of the golden nuggets that you got from today’s episode, and adjust your process just a little bit, right? If it’s, Hey, I never really considered like the differentiation factor, right? Or the number of keywords that make up that demand, adjust your process and tweak it, because 1% improvements will ultimately help you get better at launching more products more successfully overall. And then third, last but not least, but I would argue this is probably one of the most important ones, you have to differentiate your product. And Izabella, you gave us such a really good like strategy for how to differentiate the product, right? Go read the reviews, utilize AI to interpret the reviews, and then go utilize AI tools such as mid journey dolly to say, hey, here, here’s a product I want to create. Here’s the feedback we’re getting from the, you know, customers are negative feedback, how do we create a product that better meets the needs of these customers, and see what AI spits out, right? It may not be perfect at first, you might need to do a couple iterations. But then take those tests them on PickFu. And ultimately just get better and better at testing these ideas. And once you see that something like consistently is working better and even being voted as something that people would be willing to purchase over the competition, because you can run those type of polls in PickFu. That’s when you can be 10 times 100 times more confident in your product launches, but long gone, are the days of me to products. If that’s your strategy, I’m sorry, but you’re gonna get your butt whipped on the Amazon. People are innovating. And that’s what you know, that’s what the market wants, they want innovative products, they don’t want me to products, and you’ll find that the innovators are the ones that win at the end of the day. So, Izabella, is there anything else that we haven’t mentioned yet?
Izabella Ritz 52:39
Yeah, don’t be scared. Don’t be scared of the high ticket products.
Josh Hadley 52:42
That’s, I like that as well. I do agree that most sellers are not playing in the high ticket space. I love that you talked about the Murphy beds, you know, $1,000 ticket items. You know, most people aren’t playing in that space, which means you’ve got low CPCs. You know, you need to figure out your funding a little bit. That’s probably your biggest challenge. But then after that, it’s a blue ocean for the most part it
Izabella Ritz 53:08
is it is I was doing a case study the other day, but we can talk about it next time. But yeah, it is great. It’s guys free idea for all of you. You’re the hundreds of people launch right now Murphy bed, trust me, it’s plenty of space for this.
Josh Hadley 53:23
I love it. So Izabella is also giving you a product idea like she’s already validated this, this is a good product opportunity to move into. If you want to get into some high ticket items, Murphy beds is where it’s at. Yeah, a lot of people
Izabella Ritz 53:36
will laugh at them laughing too. But come on. It’s a little money.
Josh Hadley 53:40
I love it. This is amazing. Izabella, I love to leave, you know, I love to ask the following three questions to each guest. So we’re going to start and we haven’t prepared you for these. So you’re going to have to answer from the top your head. Number one, what’s been the most influential book that you’ve read and why? Damn,
Izabella Ritz 53:58
I knew you’re gonna ask me that. So we as enterpreneurs are challenging ourselves all the time. Right? So and everybody’s reading right now Alex Hormozi. So yeah, a lot of things out there are pretty common. And I can tell them I knew that. But implementation of a lot of things. $100M Offers is like it’s really worth it. And that’s challenging for me. And another book that is next to him is One To Many Jason Fladlien. And I know Jason flies on in-person He is great guy. So smart. When like I’m next to him, I feel myself super stupid. However, implementation of both of those tactics will help any type of business growth. It doesn’t matter if you’re in the info business space if you’re in the product space and your manufacturers face. But especial Jason Fladlien one is like really really challenging for me.
Josh Hadley 55:01
I love it. Those are both. I highly, highly recommend both of those books. And both are fantastic entrepreneurs to be following. So yeah, love those recommendations. Question number two, Izabella, what is a new productivity tool or software tool that you’ve recently discovered that you think is a game changer? Ah,
Izabella Ritz 55:20
damn, I would want to name you want. But here’s what is going on right now is the era of the AI. None of the AIs are perfect yet. However, if you learn how to build the relationships in between several AIs, and in my case, because we’re talking about product research and development, is Charlotte’s Data Dive, Smart Scout, those are like, those are pretty good ones, like we’re talking about the new software. Of course, we have grandparents such as Helium 10 and Seller Tools. However, when we’re talking about the new ones they have smart scout is just crushing right now. They’re when you look at the insights and that the data they’re reading from Amazon directly because they have access to the data lake. It’s just insane. Like you can spend hours by exploring new stuff, and like your mind will be blown away. And with the combination of sharks and the insights there from like when they’re reading their reviews, scraping their reviews at the site, 2000, 3000, 15,000 reviews within like, three minutes or 15 minutes maximum. Combination of both is like really changing your perspective until they’re launching the product.
Josh Hadley 55:22
I love that those are three great tools that she recommended: Smart Scout, Data Dive, in shoe licks. So definitely go check those out. All right, last but not least, Izabella, who is somebody that you admire or respect the most in the e-commerce space that other people should be following and why?
Izabella Ritz 57:02
Well, of course you how are people already following you? We’re already mentioned Alex Hormozi, and oh, you know what? If you’re not if you’re not following Josh Hadley, if you’re not following his wife, if you’re not following Kevin King, Bradley Hormozi, and Fladlien. Please check out Perry Belcher. Perry Belcher is a mind blowing guy. He’s so much fun. He’s really crazy with ideas, and he’s so humble and chill. And I personally respect humble people, especially when they’re rich and humble. So Perry Belcher, yeah,
Josh Hadley 57:44
yeah, I know, Perry Belcher as well. We were in his mastermind group. And he does. He has a lot of wild ideas, but fantastic marketing and sales funnels. He has a wealth of knowledge.
Izabella Ritz 57:56
Yeah. 100%.
Josh Hadley 57:58
Izabella, this has been amazing. I know you have a special offer for our audience. And where can people learn more about you claim this offer? Tell us more?
Izabella Ritz 58:08
I believe we have a link under this podcast. So you guys can click and you will get the free analytics of like one of your listings, or if you have any, any ID that you want us to validate? Let us know, we will do it for you. And we’ll let you know this idea you’re supposed to go with on Amazon or probably will trash it out, which is 99 out of 100.
Josh Hadley 58:35
Alright. So we’ll have the link in the show notes. And so yes, I would highly recommend take Izabella up on this offer. If you’re considering launching a product, run it by her for free. She’ll give you some insights and give you some warning signs if she sees them. Or if it’s the green light. She’ll let you know that as well.
Izabella Ritz 58:56
And if it’s no, no, what we’ll also tell you that it’s a no-no.
Josh Hadley 58:59
That’s fantastic. Izabella, thank you so much for your time today. This was awesome having you on the show. And thank you so much. We’ll have to have you on again.
Izabella Ritz 59:08
Thank you so much. Pleasure to be here.
Outro 59:11
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