31 min listen
12 Principles of Product Development Part 3
12 Principles of Product Development Part 3
ratings:
Length:
31 minutes
Released:
Jul 1, 2022
Format:
Podcast episode
Description
“Private Label” has been a buzzword in e-commerce for several years. But what does it mean for Amazon sellers in 2022? Well, private label product development is a key part of the picture.
So, how do we beat the competition? And stay ahead of them too? On Amazon, one question stands out. How do we make our products different from the competition? Simply this: the key is never to compete only on price. Get this wrong and at most, you’ll make empty sales. Sadly, that usually means no profits and probably a loss.
Get this right and you have a chance to make sustainable profits. Amazon private label product development is the key to success. Without a differentiated product, marketing has no chance. With one, it has a flying start. Then marketing's job is to explain those differences clearly.
In this 3rd episode on this topic, we dive further into Michael’s principles for product development.
What you’ll learn
Why talking to users while developing your product is critical
Why scaling issues should NOT be your focus at the start of a new project, business or product
The multiple upsides of quick iterations
Why low MOQ beats capacity to scale when sourcing
Why mentality matters and how it changes everything else
What iterating is and why it’s so critical
How “failing fast” is the fastest way to finding what works
Related pages
12 Principles of Product Development Part 1
12 Principles of Product Development Part 2
Resources Mentioned
Kickstarter – crowdfunding site for startups/new products
Ycombinator – co-founded by Paul Graham (company motto: “Make something people want”)
The Corridor Principle – Robert Ronstadt
E-commerce and Business Books Mentioned
Tom Peters: In search of Excellence – (UK Amazon)
Jim Collins: Great by Choice – (UK Amazon)
Steve Anderson: The Bezos Letters: 14 Principles to Grow Your Business Like Amazon – (UK Amazon link)
So, how do we beat the competition? And stay ahead of them too? On Amazon, one question stands out. How do we make our products different from the competition? Simply this: the key is never to compete only on price. Get this wrong and at most, you’ll make empty sales. Sadly, that usually means no profits and probably a loss.
Get this right and you have a chance to make sustainable profits. Amazon private label product development is the key to success. Without a differentiated product, marketing has no chance. With one, it has a flying start. Then marketing's job is to explain those differences clearly.
In this 3rd episode on this topic, we dive further into Michael’s principles for product development.
What you’ll learn
Why talking to users while developing your product is critical
Why scaling issues should NOT be your focus at the start of a new project, business or product
The multiple upsides of quick iterations
Why low MOQ beats capacity to scale when sourcing
Why mentality matters and how it changes everything else
What iterating is and why it’s so critical
How “failing fast” is the fastest way to finding what works
Related pages
12 Principles of Product Development Part 1
12 Principles of Product Development Part 2
Resources Mentioned
Kickstarter – crowdfunding site for startups/new products
Ycombinator – co-founded by Paul Graham (company motto: “Make something people want”)
The Corridor Principle – Robert Ronstadt
E-commerce and Business Books Mentioned
Tom Peters: In search of Excellence – (UK Amazon)
Jim Collins: Great by Choice – (UK Amazon)
Steve Anderson: The Bezos Letters: 14 Principles to Grow Your Business Like Amazon – (UK Amazon link)
Released:
Jul 1, 2022
Format:
Podcast episode
Titles in the series (100)
How to Increase Profits for Small Business - Helpful Lessons From The Profit Habits Workshop: The profit habits workshop just ended – and there are interesting lessons to learn for every e-commerce operator – Jason I know you have a list of insights / take-aways that our listeners will get a lot of value out of – shall we jump in … by Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.