Wed, 27 July 2016
TAS 234 : Product Selection and Growing Your Business Advice from $10 Million Dollar Seller (Chad Rubin)
Every private label seller has dreams of their business going big. But very few think as big as what actually happened for Chad Rubin. Chad’s private label success forced him to create an amazing software solution for his biggest problems. You’re going to hear Chad’s story from the beginning until now - how he built an amazing private label business on Amazon, grew it to monstrous proportions, and then pivoted to create a software that is now leading the way in the ecommerce space.
Great ways to discover product ideas that actually sell.
One of the most difficult aspects of building an Amazon private label business is finding that perfect product that sells - and continues to sell. Chad Rubin says that those kinds of products require a lot of research into the market it will be serving. You’ve got to make sure that you’re actually meeting a real life need to ensure that there will always be a market for the product so you’re not left with a huge investment that never pans out. You can hear Chad’s advice for finding those kinds of products on this episode.
Come up with an idea that solves a specific problem.
You can’t expect to jump on Alibaba and choose the first product that looks like it might sell. You’ve got to find one that truly meets a need that consumers are willing to pay to have solved. Chad Rubin’s formula for private label success starts there. He suggests that you look at your own life - at the problems you face and the things you wish were different - and let those frustrations inspire you to create products that solve those problems. If you have the problem, you can bet thousands of others do too. Find out how Chad goes about his own product discovery on this episode of The Amazing Seller.
Come up with an idea that has to do with something you love.
Many private label sellers fade away over time because they start selling a product they think will be successful, but it’s not something they personally have an interest in. Chad Rubin says that long term success requires that you’re working on something that you actually enjoy or have interest in. When you’re passionate about the products you sell you’re going to be much more motivated over the long haul and will be able to persevere to see your business thrive. If you want to be inspired by an incredible story you’ll want to hear this episode.
Choose a product that doesn’t get you stuck in one narrow niche.
Successful private label sales depends on building a brand, not just selling one popular or in-demand product. When you only have one product you get stuck in a one dimensional place where it’s hard to branch out and create secondary streams of income for your business. Chad Rubin suggests that you start out with an eye toward building a brand that can span many different niches of products. That way you’re able to pivot more easily, add complementary products to your product line in a natural way, and maximize your potential to cross sell to your existing customer base.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
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