@@SpencerJan I've been thinking about toys and games, or specifically stem toys/games. I've been looking at some basic things like a puzzle game that may or may not be that popular. These are the type of items you see in mall shops. Thinking about what problem I am trying to solve hasn't been easy. Do I just create a new theme or packaging to make it stand out? Do I up the materials, add features, and go up market? Or do I completely run with my imagination here and just build what I like. Again, my process is not really solving a real problem. Or am I thinking too much?
You definitely want to focus on solving a problem so focus on this first. Once you’ve dialed that in, then work on making a better product than what’s currently out there. Packaging and branding only go so far and usually won’t be able to make up for a product that isn’t “different” enough. That said, at some point you just gotta start and learn by doing. Do your best to solve a problem and make a product that’s different…then just start 💪
@@SpencerJan What problem did you set out to solve when you created solo stove? It would be nice to the progression and journey from the time you started. Also, how this compared to some of your other ventures. Sorry if I keep picking at your brain here, but I think I struggle the most with getting started and often times I over complicate when I should be thinking of simplifying, like I have with fitness, getting an MBA, and other goals I've accomplished.
Your videos are awesome man, I saw your interview on Adam's channel. How did you manage early on to create custom products on a smaller budget? We have a niche e-com brand and one of the limitations is we're only really selling what is available on Alibaba with some slight customisation. Custom injection moulds are super expensive even in China, did you go the custom route from day one or private label an existing product?
Thanks for watching! If you’re just selling what’s already out there, it’s tough to compete. I’ve done both and innovation will always be the better path to take. Get creative and start small.
Also you mentioned a 70% gross margin, is this what you were running at with Solo Stove? Our brand is solely on Amazon through FBA and 70% is insanely high, we're in the 15-20% range.
Watch my video on designing unique products. When you make something different, you have a chance at higher margin. If you can’t get customers to pay a price that allows you 70% + margins, your product and/or brand needs work. It’s hard to build a brand on Amazon. Watch the video this next Monday for more insights on Amazon.
Thank you so much. Very inspiring. Your video did encourage me not trying to sell to anybody. I’ve a niche product for green tea. Problem is, that people don’t look for something what is not yet in their mind.
You’ll be surprised how many people are looking for what you’re selling. And if there really is no one looking for what you’re selling, focus on building a community of like minded people who would be interested if they learned about it. Don’t focus too hard on selling, focus on building a community. Think of it like you’re just out to make a lot of friends online.
Thank you Spencer, am really enjoying your videos.. Heard about you though Heist. Very inspiring story and love your values. Add oil, so they say. Good luck with the TH-cam path.
@@SpencerJan haha... 你會中文。yes, 一起加油。Although I have been selling for years with a brick and mortar environment, but online selling is new to me. I have only been selling on Amazon for a year. Very tough going, a huge learning curve. My first product is not doing well but am learning from it to gain experience before moving on to the next product. Not ready to give it up yet.
@@tammyliu9528 Be patient. It takes time to build experiences and learn from them. Let me know if there are any topics you want me to cover in future videos that might help you.
Also check out Blue Ocean Strategy from your local library. That’s a great book to go along with this topic of niche markets. Good luck! 🍀
I've read this in business school. Still undecided on what niche and if I'm niching down far enough.
Happy to help you out. Feel free to let me know how far down you’ve drilled on your niche and I’ll give you my two cents.
@@SpencerJan I've been thinking about toys and games, or specifically stem toys/games. I've been looking at some basic things like a puzzle game that may or may not be that popular. These are the type of items you see in mall shops.
Thinking about what problem I am trying to solve hasn't been easy. Do I just create a new theme or packaging to make it stand out? Do I up the materials, add features, and go up market? Or do I completely run with my imagination here and just build what I like. Again, my process is not really solving a real problem. Or am I thinking too much?
You definitely want to focus on solving a problem so focus on this first. Once you’ve dialed that in, then work on making a better product than what’s currently out there. Packaging and branding only go so far and usually won’t be able to make up for a product that isn’t “different” enough. That said, at some point you just gotta start and learn by doing. Do your best to solve a problem and make a product that’s different…then just start 💪
@@SpencerJan What problem did you set out to solve when you created solo stove? It would be nice to the progression and journey from the time you started. Also, how this compared to some of your other ventures.
Sorry if I keep picking at your brain here, but I think I struggle the most with getting started and often times I over complicate when I should be thinking of simplifying, like I have with fitness, getting an MBA, and other goals I've accomplished.
Your videos are awesome man, I saw your interview on Adam's channel. How did you manage early on to create custom products on a smaller budget? We have a niche e-com brand and one of the limitations is we're only really selling what is available on Alibaba with some slight customisation.
Custom injection moulds are super expensive even in China, did you go the custom route from day one or private label an existing product?
Thanks for watching! If you’re just selling what’s already out there, it’s tough to compete. I’ve done both and innovation will always be the better path to take. Get creative and start small.
Also you mentioned a 70% gross margin, is this what you were running at with Solo Stove? Our brand is solely on Amazon through FBA and 70% is insanely high, we're in the 15-20% range.
Watch my video on designing unique products. When you make something different, you have a chance at higher margin. If you can’t get customers to pay a price that allows you 70% + margins, your product and/or brand needs work. It’s hard to build a brand on Amazon. Watch the video this next Monday for more insights on Amazon.
Moms with picky eater toddlers. Thanks for the video
Thank you so much. Very inspiring. Your video did encourage me not trying to sell to anybody. I’ve a niche product for green tea. Problem is, that people don’t look for something what is not yet in their mind.
You’ll be surprised how many people are looking for what you’re selling. And if there really is no one looking for what you’re selling, focus on building a community of like minded people who would be interested if they learned about it. Don’t focus too hard on selling, focus on building a community. Think of it like you’re just out to make a lot of friends online.
Thanks Spencer
Thanks for watching!
Thank you Spencer, am really enjoying your videos.. Heard about you though Heist. Very inspiring story and love your values. Add oil, so they say. Good luck with the TH-cam path.
Thanks for watching Tammy! Glad you enjoyed the video with Adam. 一起加油💪
@@SpencerJan haha... 你會中文。yes, 一起加油。Although I have been selling for years with a brick and mortar environment, but online selling is new to me. I have only been selling on Amazon for a year. Very tough going, a huge learning curve. My first product is not doing well but am learning from it to gain experience before moving on to the next product. Not ready to give it up yet.
@@tammyliu9528 Be patient. It takes time to build experiences and learn from them. Let me know if there are any topics you want me to cover in future videos that might help you.
@@SpencerJan thanks! I will certainly do that. I am still exploring all the different videos on your channel.