US Politician Daniel Webster was warned about becoming a lawyer due to it being an over-saturated field in the 19th century. His famous response was that “there is always room at the top”. He went on to have a highly successful career and make a great impact on the world.
Today I want to encourage you in your journey toward a highly successful business, by showing you that in the midst of a growing marketplace, that there is always room for the best.
Before we get stuck into our topic, a quick couple of announcements for you:
1. Firstly, we have just launched our first-ever Network Nights. These have been created due to relentless demand from our private student community. But we are opening them up to anyone that wants to join us for a night of networking and encouragement. We are holding nights in London, Glasgow and Manchester. Each night will feature food, drink, and great conversation. You can find out more by visiting here.
2. Secondly, in case you missed it in my video last week, we just launched OPTAMAZE - the Amazon Optimization Agency designed to optimize your Amazon presence allowing you to work less hours, make more money, and create more impact. We’re running a special launch promo, just use the code YOUTUBE for 10% off all services. Find out more by visiting here.
Ok, let’s get into the topic - Is Amazon FBA Saturated?
Honestly, I get this question allllll the time. And like a lot of questions, there’s a question within the question.
When people ask ‘Is Amazon FBA Saturated?’ what they are often asking is, is this still an easy opportunity?
Can I still “get rich quick”?
Well, the answer is no. This isn’t an “easy” opportunity. This isn’t a get rich quick opportunity. There is some level of saturation. But where that saturation resides is in the plethora of so-called entrepreneurs (more like “wantrepreneurs”) that have been told they can easily build a business by buying low on Alibaba and selling high on Amazon.
And instead of focusing on how to solve real problems with real product improvements, these wantrepreneurs are rolling out copy and paste products with the sole focus of making money.
But today I want to suggest to you that, whilst that lower level of eCommerce certainly is saturated, there is always room for the best.
The list could go on and on and on. First to market is a beautiful thing, but it’s also a very rare thing. And if you want to build a successful product business what you should be focusing on is less “first to market” and more “best in the market”.
So please, slow down your product research, stop trying to rush a product to market, and focus on being the best you possibly can be.
If you’re losing sleep over market saturation, you’ve missed the mark on product development. The best brands in the world aren’t wasting energy on worrying about the number of competitors in their market, they are throwing it all in to developing products and building a brand that is the best in the business.
So, what does being the best in your market actually look like?
First and foremost, you need a quality product. Marketing, listing optimization and PPC can only do so much. If you haven’t worked with your manufacturer to create a great product, and then verified the quality of the product before putting it to market, you are going to find yourself swimming in saturation.
Whilst everyone else is selling yoga mats, what are you offering with your yoga mat to stand out? There has to be value in what you are offering to the customer in order for there to be a perception that your product is the best on the market. However, when considering this, make sure you take...
An eBook included with your product is not a unique approach.
Let me say that again…
An eBook included with your product is NOT a unique approach.
A simple extra bundled product is not even a unique approach anymore. Don’t get me wrong, it’s potentially an opportunity to stand out, but certainly not a guarantee. You need to put the work in at the research stage and identify what is going to make my product REALLY stand out.
I’m not saying don’t do the above things - I’m just saying don’t assume these will cause you to stand out. Consider them, but also consider other aspects, features, and value-adds that will truly cause your product to stand out in a crowd.
Make sure you are following along with the blog, our Facebook group and my social channels as I’m going to be documenting a new brand launch along with product development and everything we are doing to outwork these key mindsets.
If you want to learn more about this mentality of actually building a brand, and developing products that are the best in the market, enrol the Brand Builder Bootcamp - it’s a free training course designed to help you do exactly that.