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www.getwsodo.com www.getwsodo.com ASM7 Module 1: Narrowing Your List At the end of this lesson, you will have a list of your three best product opportunities! Note: Do not discard any of the products that you don’t choose this time around—they are future product opportunities! This Lesson Covers: 1. Estimated Profit Margin 2. Working with Your List 3. Analyzing Your List 1. Estimated Profit Margin Estimating the profit margin of your product is not 100% accurate, however, it is a great way to compare your products. You may find, once you contact suppliers, that the actual profit margin is higher or lower than you estimated—this can help you choose one product over another. Take the following steps to calculate your estimated profit margin: Make sure your product opportunity list is open and easy to access. Go to www.alibaba.com. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com Copy the product keywords from your product opportunity list, enter it into the alibaba search bar, and click “Search.” (Note: If you don’t see your product, try changing the keyword). Check the box next to “Gold Supplier” towards the top of the page, to ensure that you are only looking at products from reliable suppliers. Check the MOQ (Minimum Order Quantity) for each product—this is the minimum number of pieces of that particular product that you are required to buy from that particular supplier. Scroll down the page until you find the product that most closely matches the one you want to sell. Then check how much each unit costs. Check the prices on several different versions of the product that most closely match yours, so that you can get an idea of what the average price should be. (Note: You might come across some anomalies—products that stand out on their price because either it’s quite high, or very low. Sellers, in these cases, are simply trying to get you to open their listing.) Subtract the average price that you found on alibaba from the selling price of the item that you are researching (you should already have entered this selling price into your spreadsheet). This is your estimated profit margin. Enter this price into the “Estimated Profit Margin” column of your product opportunity list. Repeat these steps until you have entered prices for everything in your product opportunities spreadsheet. 10 If you don’t find your product, you will likely have to source your product from the US, not through Alibaba. You should now have a list of 15 to 20 items. Make sure that all of the information for each product is filled in, so that you can start working with your list. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com 2. Working with Your List Your primary and competing products will have different BSRs. Make sure that your primary product is the one with the lowest BSR. There is no set way to arrange the order of your list. For this example, you will arrange your list in order of the number of reviews—however, you can apply these instructions to any of your categories, and arrange your list the way you would like. Take the following steps to arrange the order of your product opportunity list: Click “Reviews” (column “J” on your spreadsheet). Click the arrow to the right of the letter J, then click “Sort sheet A B” from the drop-down menu. Your list is now arranged in order of lowest to highest number of reviews. Now, take the following steps to make your list a little easier to navigate: If you want to look at just the first four items, right-click the number to the left of the fourth item, then select “Insert 1 below” from the drop down menu, which looks like this: Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com A line is added, making it easier to read through the different sections of your list, which now looks like this: Now, you can look through your top four products, and decide which one looks like the best opportunity. Repeat this process as many times as you need to keep your list organized and readable. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com 3. Analyzing Your List You have all of your items in order, and now it’s time to look closely at the numbers, and choose a viable product. Read through this list of guidelines, and apply them to your own product opportunities: Price: Price is a trade-off. A higher-priced product requires more money from you up-front (for inventory), but can bring in more profit, once it starts selling. However, since many of the products that you are considering will fall into a similar price range, it is more helpful to look at additional factors such as BSR and reviews. BSR numbers: If you are happy with the BSR of a primary product, look at the BSR of the competing products. When competing p roducts have a very high BSR, avoid the one with the highest BSR, since it is likely to be less competitive. Reviews: Reviews can act as an important tie-breaker. When the other criteria is too close to choose, select the product with the lowest number of reviews. Click the line number to the left of your chosen product, then click the “A” at the top of the screen, and choose a color from the drop-down menu, to change the color of your text. This will help you find your chosen product easily. Repeat this process until you have narrowed your list down to three products. Remember that it will take time and practice, so be patient with yourself—doing the hard work now will pay off when you start selling your product! This process is subjective, and it takes time to narrow down your list. Keep in mind that it gets easier the more you do it, and after a while, you will be able to narrow down your list, and pick your top three products. Copyright © 2017 Amazing Selling Machine www.getwsodo.com www.getwsodo.com When you have narrowed down your list to three products, congratulations—you have made it all the way through Module 1, and are well on your way to starting your own business! Make through you are able to check every item off of your checklist. Once you have done that, it’s time to head to Module 2! Copyright © 2017 Amazing Selling Machine