Product selection process in the arena.
- Fill out all the different criteria – so that you can hone in on the winning products.
- Product #: Write down a product number – this is like a temporary unique code so you can refer to it later when you want to check what products you have been researching
- Name: What is the “basic name” of this product – don’t get fancy yet!
- Reminders: here are common items to look for in the selection process
- Category: what category – and how hard is this category
- Brand-able? Is this something you can build a long term asset around?
- Weight: Is it heavy or light – for shipping costs
- Seasonal? Will this sell year round?
- Price Range: What is the price most of the competitors are selling it for?
- Accessories? Is there a full product line to sell it under or a 1 product class?
- Profit Margins: How much can you put in your pocket?
- Daily Sales: how much is this selling in the current marketplace
- # Reviews: Average number of reviews in the market
- BSR Ranks: what is the best seller rank
- Product Keywords: top 3 keywords that are money
- Notes/Research/Opportunities: write down ideas and let it flow
- Analysis Summary: What is the big takeaway?
- Keep or Kill? Put this on the short list or cut it?
How does that sound? Using a product research journal is a great way to ensure that each day you are writing, finding out when is the best time to , and have a bit of fun too! See how many ideas you can crank out in one sitting and enjoy the results of more creative output.