So this will be my progress thread on entering an over saturated $11.5B market.
The thing that intrigued me about this market is that the barrier to entry is medium, it's hard to enter without around $4k and yet it still seems very saturated.
One thing I noticed as a consumer of this marketplace is the marketing seems to be very generic and sometimes non existent...
It's a marketplace where product X looks exactly like product Y with the only differentiation being the font or color of the packaging.
___________
I'm going to try to keep initial investments as small as possible, I'm sitting at around $1,100 invested so far and my projections say that worst case scenario I can dump on eBay to recoup the investment very quickly if need be.
That being said, Amazon and eBay sales for this product don't seem to be suffering as many of the listings have over 100 customer reviews.
Even better, the pricing on eBay and Amazon isn't suffering as with my cost per item if I sold at eBay and Amazon prices I'd have a margin of about $35 with a 350% markup.
____________
My marketing will be something that grabs attention and relates to the customer.
Imagine this:
You're in walmart and there's 200,000 bottles of lotion along a 400' stretch of shelving. All look identical except the font and color of the package... And then there's mine. You'd be able to see if from across the store so to speak.
____________
Also, this product is something that will help people of almost all ages and genders etc... And I'm going to devote about 30% of my initial inventory as free samples to people who hold a large number of followers or people who influence a group of people (think college professor, radio host, yoga instructor etc)
I'll keep updating as I proceed, but I'm excited and this is the first time I've had that gut feeling that this one is going to work...
Thanks for reading!
-McCoy Hawkins
The thing that intrigued me about this market is that the barrier to entry is medium, it's hard to enter without around $4k and yet it still seems very saturated.
One thing I noticed as a consumer of this marketplace is the marketing seems to be very generic and sometimes non existent...
It's a marketplace where product X looks exactly like product Y with the only differentiation being the font or color of the packaging.
___________
I'm going to try to keep initial investments as small as possible, I'm sitting at around $1,100 invested so far and my projections say that worst case scenario I can dump on eBay to recoup the investment very quickly if need be.
That being said, Amazon and eBay sales for this product don't seem to be suffering as many of the listings have over 100 customer reviews.
Even better, the pricing on eBay and Amazon isn't suffering as with my cost per item if I sold at eBay and Amazon prices I'd have a margin of about $35 with a 350% markup.
____________
My marketing will be something that grabs attention and relates to the customer.
Imagine this:
You're in walmart and there's 200,000 bottles of lotion along a 400' stretch of shelving. All look identical except the font and color of the package... And then there's mine. You'd be able to see if from across the store so to speak.
____________
Also, this product is something that will help people of almost all ages and genders etc... And I'm going to devote about 30% of my initial inventory as free samples to people who hold a large number of followers or people who influence a group of people (think college professor, radio host, yoga instructor etc)
I'll keep updating as I proceed, but I'm excited and this is the first time I've had that gut feeling that this one is going to work...
Thanks for reading!
-McCoy Hawkins
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