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Product Selection: Combination of Tools and Strategies

Author:XTransfer2024-06-25

Despite the increasing functionality of product selection software, the choice of software ultimately depends on personal habits and preferences. Different software focuses on various data dimensions, so there is no need to pursue the absolute accuracy of the data overly. In fact, some of the selection functions provided by Amazon, thanks to its vast user data and sales records, enjoyed higher data accuracy. It is worthwhile to use them in combination with other selection tools.

 

In the early stage of product selection, you should start with choosing the target market. The "early" refers to the first time in a new category. Specifically, it means that you need to start from scratch without any prior knowledge and experience to gradually understand and develop the product. If you choose a highly competitive and monopolized market initially, you will likely experience setbacks.

 

Once gaining a firm foothold in a certain category and forming a matrix product portfolio, you can respond to market changes more flexibly, continue to launch new products to meet the needs of different customers, and eventually form a certain monopoly in the category.

 

As for the order of product selection, you can take a positive or negative strategy. The positive strategy is observing the market environment first and then screening the products. In contrast, the reverse strategy is to first find products with potential and then assess the feasibility of the market in which they are located. Regardless of the strategy, the first step involves the in-depth assessment and analysis of the target market to ensure its suitability for entry.

Regarding product selection tools, here is a brief recommendation for helpful software. First of all, the free plug-in of "EasyYa" can help us quickly understand the monopoly situation of the market and analyze the annual sales, monthly sales of the top 10 brands, and other data. However, to make a more comprehensive judgment, we also need to consider the number of competitors, the brand monopoly, the sales distribution, and other dimensions. At this point, fee-based tools such as Sorftime can come in handy to provide more detailed data support.

 

During the selection process, apart from employing tools, manual selection is equally important. By organizing and analyzing the data on the type and sales distribution of all products in the category, you can more clearly understand the supply and demand of each product. At the same time, combined with product characteristics, target groups, user reviews, and other information, you can develop a more accurate product development strategy. Of course, you can also use tools for screening and mining, such as SellerSprite, which provides a wealth of screening conditions and keyword-mining features to help quickly find products with potential.

 

In short, product selection is a process concerning carefully considering numerous factors. In the process, we can combine selection tools and manual analysis to find the most suitable selection strategy.

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