TAS 574 Ask Scott #179 – How To Research Products in 4th Quarter without Being FOOLED!

Are you fired up and ready to attack the 4th quarter? What areas of your ecommerce business do you need to focus on right now to finish the year strong? If you are looking for that one piece of advice or insight that can put you over the top, you’ve come to the right place! It’s time for another session of Ask Scott, here on The Amazing Seller. On this episode, you’ll hear from Scott as he shares an update on how the recent hurricane impacted his area, his thought of the week, an answer to a question from a TAS listener, and much more! Don’t miss a minute of this engaging episode!

Are you ready for Brand Accelerator Live?

Have you factored in the TAS Brand Accelerator Live event into your plans for next year? What are you waiting for?! This is going to be the event that you need to attend for all your strategy and ecommerce planning needs. Scott and his team have worked hard to make sure that this event will be well worth your time to attend. They’ve prepared great guests and helpful tools that will empower sellers like you to take your brand to the next level. To hear more about this awesome event, make sure to listen to this episode of The Amazing Seller, you don’t want to miss it!

You need clarity in order to succeed!

Did you know that one of the biggest enemies for a business leader is getting pulled in a thousand different directions? Look at all the plans and objectives you have to get to, it can be understandably overwhelming! According to Scott, the antidote is to cut through all of that noise and focus on clarity. What is the number one, most important thing that you need to tackle? Focus on that like a laser beam and get to work! To hear Scott expand on this important topic and other ways you can stay on an upward trajectory, make sure to listen to this episode of The Amazing Seller!

Researching a good product in the 4th quarter.

What should you do if you are in the product research phase for a new product during the 4th quarter? Should you just wait it out until the prices change and you can get a more accurate view? Scott says that you don’t have to do that! Rather, you can take advantage of some of the amazing ecommerce tools on the marketplace and comb through the data. To understand all the complexity and get to the heart of what will set you up for success, listen to this episode of The Amazing Seller featuring Scott’s seasoned advice!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [2:20] Scott gives an update about the hurricane that came through North Carolina.
  • [6:00] One year out from Brand Accelerator Live!
  • [7:20] Scott’s thought of the week.
  • [13:45] Question: How to research products in 4th quarter.
  • [18:30] Closing thoughts from Scott.

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TRANSCRIPT TAS 574

TAS 574: Ask Scott #179 – How To Research Products in 4th Quarter without Being FOOLED!

[INTRODUCTION]

[00:00:02] Scott: Well, hey, hey, what’s up, everyone? Welcome back to another episode of The Amazing Seller Podcast. This is episode number 574 and session number 179 of Ask Scott. This is where I answer your questions here on the podcast and we’re going to do it again here today and I am…

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…pumped up and this question is probably something that a lot of you have thought of or might be thinking about as you're doing your product research or developing a new product in the fourth quarter. And the reason why this is important is because some people that are researching products in fourth quarter either aren't aware or are aware and want to know how do I research products in fourth quarter without being full. It’s a great question and that is going to be the question I'm going to be diving into. That question came in from YouTube and I am going to answer it on a YouTube response, but I’m going to give you guys the audio version here during this episode.

So, if you have a question that you want me to answer on an upcoming Ask Scott session, head over to TheAmazingSeller.com/Ask and you can do it right there, or you can just comment on one of the YouTube videos that I've done in the past and I'll do my best to answer it on one of these upcoming sessions. And I'm really, really loving this format too, by the way. It allows me to jump on camera and it allows me to really deep dive into the question but also be able to connect with the YouTube audience that we have over there and just you guys as well because now we can kind of really speak to both audiences. Not everyone is on YouTube and not everyone is a podcast listener, so it's really cool. And if you're in business thinking about, “You know what, I might want to start a YouTube channel or I might want to start a podcast or I might want to start a blog,” figure out where your audience is and then go there. It's that simple, right? Like me, I started with the podcast and then started to do the YouTube thing and the blog thing and it kind of just worked all together.

[00:01:59] Scott: And I really kind of show how that all fits together in some of my whiteboard videos that I've done. If you guys have missed those, they’re getting really, really positive feedback on the brand building tips that I’ve been doing on over there. So, if you are not subscribed to the YouTube channel, head over to TheAmazingSellerTV.com and you'll find all the details over there and subscribe and you'll get notified when I post new videos. All right. So, what's been happening? Well, before we jump in, you might've heard, but there was a hurricane that was coming through Florence and coming through the Carolinas and I got a lot of emails, a lot of comments, private messages of people that were asking if I was okay, if my family and I were in the hurricane's path and we weren't, luckily, but we did get a lot of the rain. We had a ton of rain and what was crazy is my inner circle was meeting this weekend. The time that I’m of recording this will be last weekend, but it was basically the weekend of the hurricane. So, there were flights being canceled, delayed.

And it really wasn't supposed to hit Charlotte all that much, although it was going to get a lot of rain and maybe some winds and that's pretty much what happened. And I'm really, really glad to say that everybody but two people weren’t able to make it and one of them wasn't able to make it because they’re from Austria and they weren’t going to make this trip anyway and the other one didn't want to get stranded because they had their son's birthday that they didn't want to miss on Sunday, so I totally get it. But as far as flights being canceled, we didn't have any of that which was amazing, but we did have some people coming in a little bit earlier just to make sure that they didn't get canceled and they could make it to our Inner Circle which was fantastic. I had such a blast and I’m actually going to do a whole episode recapping all of the big takeaways and that will be coming up here soon so look forward to sharing that with you and hopefully you’re going to get a lot of wisdom from that. I think whenever you get a room with a lot of people that are forward-thinkers and just a different mindset, just the energy in the room goes up and just people are motivated and driven and helping each other. It’s just an awesome thing.

[00:04:06] Scott: If you are not part of an inner circle or a mastermind or whatever you want to call it, board of advisors, whatever you want to call it, definitely try to either join one or maybe even just create your own. I've done that in the past too where I have two or three people that I meet with that we have accountability. It's so important and it can really, really grow your business. It has to be the right group, obviously. It can't just be any group, but we found the way that we’re doing ours, it’s just all way around. Everyone's getting value. We’re getting value and we’re really moving businesses forward and that's we want to do. But, anyway, I'm super pumped just because I just came off of that so I’m still on a high a little bit with our inner circle members and everything that they're going to be doing and you’re going to hear all about it in an episode coming up. So, anyway, that's that. Oh, if you guys are wondering, if you're at that level in your business where you are considering joining one of our groups in the inner circle, we are starting our second group now, so we have applicants coming in.

You have to be at least $25,000 or more per month and if you're at that level and you wanted to get the details, you can head over to TASInnerCircle.com. That's TASInnerCircle.com and all the details will be there, and you can see if you qualify, but also if you're interested so check it out. All right. So, the other thing that I wanted to do here is give you a little bit of a reminder. You guys might've heard me talk a little bit about Brand Accelerator Live. We are now less than one year away from our first conference, which I am pumped about. I'm also nervous about and excited and all of those mixed emotions that we have when something is new and fresh and something that we haven’t really done before, but I know it's going to be awesome and it's one of those things. In your business, if you're feeling a little bit of a polar, a little bit of a, “Oh my gosh, I don't know if I should do this,” or a lot of times that means do it. I’ve just known that going through my entire journey. It's like whenever I'm feeling that little bit of, “Oh man, I don't know.”

[00:06:04] Scott: And I'm not saying don't think it out or anything, but sometimes you just got to go, “You know what, I'm doing it,” and you do it and then you have to figure out a way to make it happen. That's exactly what we’re doing here and got a great team behind me. Kevin Sanderson has just been awesome and he's the planner for Brand Accelerator Live and it’s just going to be a great experience, and this isn't going to be just a conference. It's going to be an event. It's going to be fun. It's going to be lessons. It's going to be action steps. I mean, we are going to have you walk away really pumped up and excited, but actually excited to actually get out there and implement what you learn and that's what we’re really going to do there. So, if you have not grabbed a ticket yet, definitely run over to BrandAcceleratorLive.com and do that or just go to TheAmazingSeller.com/Live and do that. Grab a ticket and that way there you don't miss out because I am sure once we get closer, it will come down to selling out and then people will be on a wait list so definitely make sure that you grab your ticket now.

And depending on when you’re listening to this, you’ll probably get a better deal if you purchased your ticket earlier. So, do that. All right. So, before we jump into the question, I did want to give you my weekly thoughts and these weekly thoughts they’re fresh and they're actually because I was just at my inner circle which gave me these thoughts so I’m going to kind of share these two big things with you right now and I've seen this in my own life but I've also seen in other people's businesses or just life in general. Number one, clarity and what to focus on. Now, what I mean by this is right now in your business no matter where you are beginning, maybe you're starting or maybe you’re already up and running for year or maybe you are wanting to grow and you’re at a certain level, it always does come down to clarity and what to focus on and it's going to change. I’m going to promise you this. You are going to change. I just had someone the other day ask me, “Is there ever a goal that is complete, and you've made it and you're done?” The answer is no. Okay. You're always growing.

[00:08:00] Scott: My good friend, well, not really my good friend, my mentor and someone that I call a friend because I feel as though he’s helped me so much is Tony Robbins. He's a good friend in my own mind because he's helped me a lot in just going all the way back to when I was young 21-year-old kid and just listen to tapes, but he said something that really stuck with me and that is, “If you're not growing, you're dying,” and we’re always going to have that growth element. We always want to do something, we see progress. It’s just part of growing and part of something to look forward to and that that goes with business too. It goes with life, it goes with business. So, part of starting a business and then seeing it grow and then building, it is like you almost want those challenges in a sense. I know it sounds kind of weird, but you kind of want those because it helps you overcome them, and then you build confidence by overcoming them. But again, we have to take action and you always hear me say this, you have to take action in order to get a result. Once we get a result, then we can react. We can ask a question and then we can see what we’ve got to do next.

But we have to have clarity on what to focus on, and sometimes you don't have clarity because you think you have to do it all. And then if you think you have to do all, you don't have to focus on and this just happened in our inner circle. We got people in that room doing well over $75,000 a month. We have some doing $150,000 a month. I’ve got one person that’s doing $500,000 a month and it still comes down to I’ve got all these things that I can do and then I think I should do but what should I do first? So, it comes down to clarity, what do I need to focus on, and then focus on it, and then just forget all that other stuff. You might have a list of 25 things but out of those 25 things, there’s probably two or three at most that you should be focusing on. But it comes down to getting clarity as far as where you want to go. Where do you want to go? And if you're just starting, you want to get set up and get a business, so you can start to build it. And once you start to build it, other things come in. Those other things could be, well, now I got to hire a team. I got to hire a few extra people and the team could be one person or two people.

[00:10:05] Scott: Or now I got to figure out how to build a list, because now I have stuff running on Amazon, but I want to build an external channel, so I got to start figuring out how to build a list. What do I deliver to that list? How do I do it right? And then so that's the thing to focus on and that's getting clarity in your business. So, I've seen that over and over and over again internally too within my own self so I’m not just preaching here. I'm actually living this as well. So, clarity and what to focus on and it will change. Number two, I want to share with you is fear. Now, just imagine it right now, you can't see me but you're listening to me, fear in all caps. Boom. FEAR. Right? I need to hear the music that makes you feel afraid and scared but fear and uncertainty, okay, it’s going to happen. And our brain is really wired to protect us. It's for survival. It's normal.

But if you kind of flip that around a little bit and you ask yourself, well, wait a minute here, does this mean if I do this thing, I might die? Like, is it that bad? No, probably not. Will it be uncomfortable? Will I might have to make a new decision? Yeah. So, that's the fear element. It also prevents us from moving forward. And a perfect example of this is someone in our inner circle started probably about three years ago. He was actually one of our first private label classroom students, one of our first 25 and he started, and he didn't have a product picked. He picks a product, launches it, starts down this road of this market that he was going into but then he slightly pivoted over the course of the year and then he started pivoting and started focusing on a different market in the same area or the same kind of market but then he started niching down, started to discover himself, and all this stuff happened and he was a little fearful of doing it because he wasn't sure if it was going to work but he did it.

[00:12:00] Scott: And it's funny because just this last weekend he came back to me. He goes, “You know, I was having those same thoughts on day two of our inner circle meeting because it’s stuff that we're doing now that's it's new. I'm not sure what to expect. I’m not sure how it will work. I know how to launch a product. I know it’s going to happen. I know that process. That doesn't bother me anymore,” but it did. So, they went back, and he goes, “Wait a minute here. Back when I started, I had these same thoughts and fears but now look at me. Look what happened.” So, now he knows because he trained his mindset that that fear is generally something that is there to, yes, make me aware, but also push me to say, “You know what, I can do this. I've done it before and if it doesn't work 100% I'll see what I can do to change it and I’ll ask the right questions. So again, once you start getting in this mindset, you start to train yourself that, “Hey, you know what, fear is part of it and uncertainty is part of it. You can move through it. You're going to be able to continue to grow.” And honestly, you're going to enjoy that because you're going to see the growth and you're going to see these different things happening, these doors open. These opportunities happen because you did something. And that's the effect that you get when you start to take action on a regular basis. All right.

So, that is my weekly thoughts. I know I went a little bit longer there. I apologize, but I think you're going to get a ton of value if you just think about that, just that one little nugget. Make sure that you listen to that again if you need to because it's so important. Clarity on what to focus on and also embracing fear and uncertainty and understanding that it will happen again and again and again. But it's okay. You just got to change that mindset. All right. So, let's go ahead and listen to this week's question. You'll hear my answer and then we’ll wrap this baby up and you guys can get on with your day, with your weekend, whatever, and we can get rocking ‘n' rolling. What do you say? Let's do this.

[Q&A]

[00:13:47] Scott: So, today's question comes in from Ethan and Ethan says, “Dear, Scott, always love your videos. They’ve been invaluable in starting my FBA business. Question: with Q4 around the corner, could you provide some warning and words of wisdom when doing research during these inflated times?” All right. First off, let me just say thanks, Ethan, for submitting this question. I really appreciate it and I appreciate you listening and viewing all of the content. I'm glad it's been valuable to you. All right. So, yes, this is something that we need to be aware of and there's a few things that you need to do to protect yourself from just looking at the numbers right now or in that period of time. So, the first thing that you want to do is you want to, number one, look at the numbers, but not for just right now. You want to go back in time. You want to go back in time as far as the history of that product or your competition. This is why if you see a product that looks really good and this doesn't even matter if it's the busiest time of the year. Now, if you're looking at a product and you're looking at those sales numbers, whether that’s Jungle Scout or any other tool and you're looking at those numbers, you need to investigate those numbers. All right?

And what I mean by that is that person could’ve just launched their product like a month ago and they could've gotten a whole bunch of sales through a 90% off coupon code or something like that. That stuff still happens, by the way, and then what happens is you base your whole decision on those numbers and then what happens is you get the product in stock. You send it in and you start doing your launch process. It could be heavy pay-per-click, it could be your own launch list, and then all of a sudden, you're like, “Well, wait a minute here, the sales really aren’t like they were when I looked at the numbers there,” and that's because those weren’t numbers of people actually searching for that product. So, we need to understand, especially when launching on Amazon, selling your products on Amazon is we are really getting traffic from people that are searching for those things and that's really what we want to do. We want to figure out is that thing being searched for? And the way that we can do that is by looking at the numbers, not just now but in the past.

[00:15:49] Scott: And the way that you can do this is you can use a free tool CamelCamelCamel.com or you can use Keepa.com, both free tools as of the time of recording this. Now, if you're using Jungle Scout what you can do is you can go ahead and click on the price or you can click on the BSR and any one of those will give you the history that they have as far as how far they've been selling. And that's really, really important because if you click on one of those and it goes back in time, just as if you were going into CamelCamelCamel or if you’re going into Keepa, I have no idea why they named it CamelCamelCamel either, but anyway they did. It's hard to say but what you want to do is you want to look at that history and a red flag, a timeout, a whistle blown would be if you look at that history and they just launched a month or a month-and-a-half ago. That doesn't give us enough data. So, if you're in fourth quarter and you're looking at these numbers, you may see a whole bunch of sales that just happened and then you're going to base your decision on that.

Now, Jungle Scout does have stuff in their algorithm that will help you prevent that, but it’s still going to be skewed in my opinion. So, that's why you always want to go back in time and try to go back at least six to eight months so this way here you can look out for any red flags like that right there. So, that's the obvious one that you want to do. And, again, if you're looking at your competition, you want to look and see how long they've been selling. You want to see the price point that they’ve been selling because sometimes they had a spike in sales because they dropped their price way down. You can see that by clicking on that price inside of Jungle Scout and it'll show you the price fluctuations and the adjustments that they've done over the period of time that they’ve been selling. So, these are some ways for you to go ahead and really look at the history of the products that you're thinking about launching and this will give you a better understanding, a better idea of how they’ve done in the past.

[00:17:40] Scott: Now, one last tip. If you go to Google Trends, free tool, and you can look and see also that market or those products that are selling in that market and you can see how they’ve been doing over time, usually in the past five years. So, if you're selling a snow shovel, if you type that in, this is a good example too, if you want to go ahead and type in snow shovel, you’ll see what a seasonal item looks like. It will be a giant spike and, boom, and then it flatlines. That right there is a seasonal product. We also want to look out for those. But in fourth quarter, use these types of techniques to really go out there and make sure that you understand that the sales that are coming in are either inflated because of the time a year or they’re consistently selling that well, or maybe just steady throughout the year.

[CLOSING]

[00:18:27] Scott: All right. So, there you go. There is the big question, how to research products in fourth quarter without being full. Hopefully, that helps you, gives you some things to think about. And even when you're looking at media market in July and you have Prime Day and there's a big bump or whatever, you’ll want to be looking at the history. You don't just want to be looking at like the data that you're looking at now. You want to see something that's got a little bit of history to it and there are some things there that I just shared with you that you can do any time of the year and I would recommend using those anytime you're researching new products. All right, so that's it. That's pretty much going to wrap it up. If you want to download the show notes and the transcripts and all the goodies, head on over to TheAmazingSeller.com/574. If you want to ask your own question, head over to TheAmazingSeller.com/Ask.

And then I want to remind you one more time, if you want to hang out with us live in person, then head over to BrandAcceleratorLive.com. Look at all the details there and see if you're interested and hopefully you are and hopefully you join us at our first ever conference which is going to be amazing. I can't wait to hang out with over 300 entrepreneurs just like yourself looking to build a brand on and off of Amazon. I can't wait. This is going to be awesome. All right, guys. So, that's it. That's going to officially wrap this up. Remember, as always, I’m here for you, I believe in you, and I am rooting for you, but you have to, you have to, come on, say it with me, say it loud, say it proud, when you take action good things happen, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.

[END]

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