Do you have all the tools you need to help your ecommerce brand compete in a tough market? Wouldn’t it be nice if you had a clear approach that you could use to time and time again to launch products in a challenging market? 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 his thought of the week, answers a question from a TAS follower like you, and much more. Don’t miss a minute of this helpful episode featuring Scott expert insights!
If it were easy, everyone would do it!
How do you handle difficulty that comes your way? Do you easily throw in the towel or are you the type that sticks with it to find a solution? Too often people get excited about their plans only to give up on them when things get challenging. Don’t fall for that trap! If you want to build something that lasts, you’ve got to be willing to stick it out in good times and in difficult times. Let’s face it; if creating a successful and thriving ecommerce brand was easy, everyone would be doing it! If you’ve made it this far, you can count yourself among the brave and determined few. Get more helpful insights like this one from Scott by listening to this episode of The Amazing Seller!
How to sell products in a competitive market.
Are you ready to go all in and build your ecommerce brand in a competitive market? Do you think you’ve accounted for all the challenges you’ll face along the way? On this episode of The Amazing Seller, Scott lays out his plan for selling products in a competitive market.
- Research the market you want to compete in as a whole.
- Niche down and get specific.
- Find out how you can educate your target market.
- Go where your market is hanging out — Instagram, YouTube, Facebook, etc.
- Leverage your interests or your area of expertise.
If you are ready to start putting in the work necessary to build an ecommerce brand that can compete in a crowded market, this is the episode for you. Don’t miss it!
Don’t build your brand around a product!
If you’ve been around the TAS community for very long, you know that Scott wants to help sellers like you build an ecommerce brand that will last. All too often ecommerce sellers focus on the wrong aspects and get distracted by building their brand around a product. That approach might work in the short term, but it won’t work for the long haul! Scott has created a resource that sellers like you can use to build a well thought out ecommerce brand, you can find a link to this resource at the end of this post. Go further with this topic and much more from Scott by listening to this episode of The Amazing Seller!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:20] Scott’s thought of the week; if it was easy, everyone would be doing it.
- [7:15] Question: How can I sell products in a competitive market?
- [17:40] Scott recaps his approach to selling in a competitive market.
- [19:20] Closing thoughts from Scott.
TRANSCRIPT TAS 646
TAS 646: Ask Scott #202 – How Can I Sell Products in Competitive Market? FB LIVE
[00:00:02] Scott: Well, hey, hey, what’s up, everyone? Welcome back to another episode of The Amazing Seller Podcast. This is Episode #646 and Session #202 of Ask Scott. This is where I answer your questions here on the podcast and I’m going to do it again here today and today’s question is all about…
[read more=”Read full transcript…” less=”Read less”]
…how to sell products in a competitive market, and this was a question that came in that I'm going to address. Actually, I'm going to play another recording from a Facebook live where I answered this live on a Facebook live. Get it? Live? And I answered it live but I'm going to actually play the recording for you because after I got done, I was like, “You know what, that's a great question. I know a lot of people probably have this question and I think it's very helpful.” So, I wanted to really post it here on the podcast for an Ask Scott session. That also reminds me to remind you that if you are not connected on Facebook with me, head over to TheAmazingSeller.com/FB.
That is The Amazing Seller page. If you like that page, then you will be notified when I go live and if you want to show up live and hang out and have coffee together, well that be the place to do it. I've been showing up live almost every single day for a while now and I'm enjoying it because, well, I get to hang out with you guys and really just connect and answer questions on the fly which I really, really enjoy doing. So, definitely, do that. If you're not connected on Facebook over there, go ahead and do it. If you don't want to connect on Facebook, well, I'll try to post the questions that I answer over there that I think that will be good over here, I will do that as well because I know some of you don't connect on Facebook and I’ve had some people say, “Scott, I just don’t want to go on Facebook.” I’m like, “All right. Cool. No problem.” I’ll just post it on the podcast. No problem or YouTube.
[00:01:57] Scott: So, yeah, but if you have a question that you want me to answer on an upcoming Ask Scott session, you can always head over to TheAmazingSeller.com/Ask and you can do it over there and you can also find me over on YouTube or Facebook, wherever. So, let me just jump into my thoughts today or this week and it has to do with, well, also how we can sell more products in a competitive market, but this I actually posted on Instagram of a picture and a quote of something that I thought of and that was you've probably heard something similar to this. If it was easy, everyone would do it like if it was easy, everyone would do it and the problem with a lot of people and I’ve been guilty of this myself so I'm not going to sit here and say that I'm not guilty of this. I’m human, I am, but the reason why people never reach their goals is usually because they give up too soon. They are either doing something just for the money and then they don't have enough stamina to keep going because the money doesn't come quick enough.
Or they don't get the results, whether that's, “Well, I don’t have enough email subscribers. It didn't work so I should just stop,” or, “I ran an ad and I didn't make any money so I should stop,” or, “I posted some content and there's no traffic coming yet. I guess I'll stop.” So, a lot of times people just give up way too early. Now, to me, we can speed up that process a little bit, quite a bit, from even when I started over 12 years ago on the online space. It became even easier to reach people and get their attention and really go out there and learn the market, but then show up in the marketplace. And so, many people are just trying to go out there and just do a money grab and that is go out there and just make the money quick, quick, quick and, yes, I get it. I've been there and who doesn't want to make some extra money? Like, who doesn’t want to make more money?
[00:04:00] Scott: Like, yeah, that helps us achieve what we want to in life. Freedom is generally what we’re looking for but the thing I really want to clarify is that sometimes if you just push a little bit harder, you did that thing that you’ve been doing and showing up and you just put another day and then said, “You know what, I know the results will come eventually, but I'm not seeing them yet but that's okay. This is part of the process and I've learned something through this process,” then it’s fine then you're okay. But you have to understand that if it was easy, everyone would be doing it and everyone would be in competition with you and today we’re going to talk about how to sell products in a competitive market, but there'd be even more competition if it was that easy. So, just understand if something is a little bit hard or takes a little bit more time, that could be a good thing and generally, it is a good thing. So, you just want to always think about that. Always think about that.
You're putting out content or you're building an email list and you're not getting the engagement right away or you're not getting the sales quick enough. It's okay. As long as you have a clear roadmap of where you're going and you're taking steps every single day to get there and you’re putting pieces in place that could help you now and, in the future, then you’re going to do okay and this is exactly what I break down in my 10-step formula. You guys probably heard me talk about this if you guys have been listening lately, my ECOM Business Formula that is, and I've actually went through and broke it all down in 10 steps inside of a very comprehensive but quick read inside of a book that I created for you.
[00:05:53] Scott: So, if you have not grabbed that yet and you're interested in going through the process to really identify your market even if you're currently selling, identifying the market or the submarkets that you can position your brand into and then start to move laterally throughout different submarkets. And then from there really this future growth of the business, you can map that stuff out really well. And this way you're not getting to a certain stage where you’re like, “Wait a minute here, I can't really build an email list in this market. It's just not, I can’t do it.” We want to figure that stuff out before we get to that point. So, if you're interested in checking that out, my little shameless plug here, ECOMBizBook.com. You can go there. Check it out. It's a digital version so you can get it immediately and, yeah, check it out. Let me know what you think and this way here you can really map out that plan so you can show up every day to execute on that plan. So, again, check it out, ECOMBizBook.com and you can get all the details there but this does really outline and demonstrate that process for you and it validates before you get to the point where you're like, “Oh crap, this doesn't work,” or, “I'm putting this time and I should’ve done this before,” or whatever. You figure that stuff out beforehand.
All right. So, with that all being said, let's go ahead and dive into this question, how to sell products in a competitive market. I’m going to give you guys my advice, my two cents, so sit back, relax and enjoy.
[00:07:16] Scott: “Scott, I want to sell a competitive product and I really want to know what's the best way to do this so this way here I have the best chance of succeeding and the issue here is, well, you're leading with the product once again?” All right. Now, I'm okay with leading with the product but if you're leading with a very competitive product, it's going to be very, very difficult to compete unless you have very deep pockets. All right. So, I’m going to give you the advice that I gave this person today and let’s just use skincare. Let’s say it's a skincare product or vitamins or supplements for your skin, something like that. Low-power. I got to remove that. So, hopefully, I got enough time here to do this for you guys. So, what I’m going to do right now is kind of take you through the process and how I would consider doing this.
Now, number one, we’re looking at the market. You guys have heard me say this probably a thousand times now or more is really we’re looking at the market. So, we’re looking at this competitive market. Now, that competitive market probably doesn't have all their products competitive, okay, or as far as competition goes. There's probably different levels of competition per the products. Now, whenever you have something that has a recurring revenue model built around it, some type of supplement or skincare or something that's replenishable that usually attracts more people to want to sell it. Why? Well, because you can make one sale and you can repeat that process over and over and over again. When someone becomes a customer, they’re going to probably be a repeat customer if they're happy. So, that's what we call recurring revenue model and we love that. It’s like a subscription. Who wouldn’t love that? Again, that brings on more competition. So, I would, first off, I’ve got a few different things that I want you to consider here if you're thinking about this.
[00:09:15] Scott: Number one, I’m looking at the market as a whole and I'm saying, okay, number one, is this a niche market or is this a very broad market? So, first step is going to be niche down. Once I niche it down, if I say, okay, yes, there's this skincare product that I want to sell but it's very, very competitive in that sub-niche. Are there other products that could relate to that other product that eventually that customer that you eventually acquire or get their attention could possibly want to buy? All right. So, here's what I told this person. I said, here's what I would do. I would start thinking about how I could educate the market around what that product does as the solution. So, if we’re talking about wrinkles or lifting or acne or whatever it is, if we’re for looking at that stuff, I would personally, if I didn't have another product lined up, I would start to get attention in the market by delivering value to the market.
And the way that you can do this is, number one, start educating the market by going on YouTube or maybe it's a blog or maybe it's Instagram or maybe it's Pinterest or wherever. Wherever your market’s hanging out, that’s where you want to go. Now, when you're doing this, we’re able to kind of get in the market. We’re able to start getting some traction with the market. We started getting that attention, we started getting the traffic. Here's the deal. If you want to sell a very competitive product, the easiest way to do this and it will require some work is to get attention in the market and then when people get to know, like, and trust your brand or yourself, it will become so much easier to sell that product. Now, you're not just trying to take this product that’s very competitive and selling that on Amazon because that’s pretty much what everyone that is contacting me, or that is even maybe watching this is trying to do, is trying to get their products on Amazon so it can rank well so they can start getting eyeballs and so that way there, Amazon's traffic and algorithm can help them sell a whole bunch units, and that's great.
[00:11:23] Scott: The problem is, is your competition is doing the exact same thing. So, I would work on getting attention in the market. Now, here's the other thing. If you're selling something like a supplement, like skincare, like any of that stuff, you probably should know a little bit about that market. I do not believe that you should just go out there and formulate something and kind of wing it and figure out how to sell a product that the factory says that it's a skincare product. I wouldn’t do that. I think you should probably be an expert or know someone that's an expert to help you formulate that and help you actually create a product that people are generally going to like and enjoy and it's going to work. So, there's nothing here that we want to do to try to trick the market or just put a product up and hopefully get sales. We don't want to write. So, again, what I would do is I would educate the market.
Now, I'm going to assume that you are an expert in your market or you know something about the market or maybe you’re something that's learning the market like my buddy that just decided to start a distilling channel on YouTube and he basically was just educating himself and then educating his audience by reporting back on what he did that week and he did that for a solid year and after he did that for a solid year or 52 weeks, every single week he published a video of his progress. He now built up a subscriber base of over 16,000 subscribers and he's earning upwards of $1,000 plus per month on just ad revenue. But now he’s got the attention of the market. People know, like, and trust him. Every video that he publishes gets about 2,000 to 3,000, sometimes 4,000 views within a few days so that's the attention. If we have good attention, we can take attention and direct it over to our listings, into our store and wherever we want. The other cool thing is once we do that, we’re building assets that also can bring another revenue source which is traffic that we can then turn into an email opt-in.
[00:13:19] Scott: We can turn it into ad revenue that's coming through Mediavine, AdThrive, AdSense, any of those subscriber bases on YouTube and we can turn that into dollars. So, all of that stuff starts to build on itself. So, versus going after just the product and how can I sell this product? How can I sell this supplement? How can I sell this skincare cream or whatever? Rather than starting there, start about the problem that you’re solving in that market with that skincare and then educate the market. So, where does that market want to be? Okay. So, I'm going to assume let’s just use acne. We have a whole bunch of acne and we want to clear up that acne because we’re self-conscious of it. We’ve tried everything. Nothing seems to work. I have sensitive skin. Whatever it is, your job is to now go out there and educate the market and get them from where they are right here to where they want to be, even if they never bought your product.
And then when you bring a product to the market, they're going to trust you because they've already built up that trust from the goodwill you delivered to the market. And that's basically in a nutshell, so what I said to this person, I go, “Listen, if you're not sure on that product yet or if you want to go into a competitive market, you better build up goodwill in that market and educate and become the number one resource in that market around that sub-niche.” That's the game and that right there is something it’s actually a winning formula in my eyes. It's actually something that I cover and I’ll give you guys my shameless plug here. You guys have probably heard that and if you haven't, you can hear it again or hear for the first time here, I have a whole process that I go through the formula as far as figuring out everything from picking the market, to validating the market, the growth of the market, the potential, and then how to build out these assets and then really turn it into a revenue by creating products that they want that, they need, and then also traffic through that content that you're creating and that can be found at ECOMBizBook.com. Again that's ECOMBizBook.com.
[00:15:18] Scott: Everything that I’m talking about right here and this is just a high-level view, I dig really deep into the entire process from start to finish all the way through. So, when you get to the end of that, you have a pretty good idea of the market, the submarket, the products that you could sell whether that's very competitive products and then you can go to the less competitive products but you have a product suite and then from there, we have content that we can deliver to the market to then eventually get the attention of the market. Once you have the attention of the market, everything else becomes easier. The other cool thing is, is once you figure out that market, you also really get less overwhelmed because now you can just focus on the market and delivering value to that market, but you need to know that there's that potential in the market. If you don't do that, then it's going to be very hard. When you get to that point, you’re like, “Well wait a minute, how do I educate the market? What do they really want? What do they need? I guess there isn’t really anything I can to educate the market with because it's not that type of a market.
We want to know that before we ever get to that stage and that's why I would definitely recommend going through that process with me inside of ECOM Business Formula, which can be found at ECOMBizBook.com. So, again, there's another shameless plug. Go check it out. Grab yourself a copy. It's a digital version of that book so you can go grab it immediately and go through it. It's a very simple read but you will want to go back and refer to that time and time again because it is the process. Once you learn the process, it becomes easier. That's why when this question was presented to me, I knew exactly what I was going to ask myself next to see where I would go and that's really important to understand is that we’re learning a skill set, we’re also learning the process and when you do that, it becomes so much easier. All right. So, that's what I would do. If I was going into a competitive market, I would start and look at the market as a whole. Can I sub-niche down? Also, can I find other less competitive products first to start with? And can I get attention in that market by going after these different pieces of content to educate the market, to help them get from here to here and be that resource or be that guide in that process?
[00:17:19] Scott: And when you do that, you establish goodwill and when you get goodwill in the market, you can sell pretty much anything to that market, as long as it's good and it's going to benefit them. You never want to get the attention and then steer them in the wrong direction because then the trust is violated and then it's over with so you don’t want to do that. So, that's what I would recommend doing. Okay. A little recap here. Look at your market as a whole. Look at that one product or those two products that you want to sell that are very competitive. Can you niche that down or can you find other products that are less competitive to start with? I'm sure you can. All right. And then from there, I’d look at the content part of it where we can then add value to the market and get the attention of the market. Do this over the next three to six months and really start building that up, whether that's going on Facebook, creating a Facebook page, delivering the value there every single week whether it's a YouTube channel, whether it is a blog, Pinterest, and Instagram. Any of those channels, you pick it. You figure out where they’re hanging out and you show up you deliver that value. All right.
So, that's what you got to do. If you want a deeper dive in this process, head over to ECOMBizBook.com. You get all the details there. You will buy me a cup of coffee. It is a small investment on your part, but I promise you, once you go through it, you will have that process at your fingertips and you'll be able to go through that and then you’ll be able to repeat that time and time again. To me that's exactly what I go through every single time that I'm thinking about a market or someone approaches me with the market that they want to go into, I followed this framework.
[00:18:51] Scott: All right. So, there you have it. There's my two cents on how to sell products in a competitive market. Is it possible? Yes. Should you start with a competitive product? Probably not but you should definitely start with the market and then find that low hanging fruit in the market, but then also build out the attention and the traffic in that market. And from there, you can start to level it up a little bit and start to go into more of those competitive markets. So, definitely, something you can do but it is going to require some work like anything and like I said in the very beginning, if it was easy, everyone would be doing it. A little bit hard? Cool. Rise to the occasion and just go out there and make it happen. So, guys, if you have any questions you want me to answer on an upcoming Ask Scott session, a couple of different ways you can do it, head over to Facebook, go to TheAmazingSeller.com/FB, like the page, send me something there.
I’ll look at it if I think it makes a good Facebook live. I might just jump on Facebook live there or I might come here on the podcast and do it on the podcast or maybe both. Who knows? But that's where I’ve been hanging out quite a bit lately so definitely would love you to hang out over there with me. If you want to just jump on a recorder and record your message, you can head over to TheAmazingSeller.com/Ask and you can do it there. All right. So, guys, that's it. That's going to wrap it up. As always, remember, 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, take action! Have an awesome amazing day! And I’ll see you right back here on the next episode.
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