I found your channel via a recent interview with Heist and I have to say watching your videos is so valuable! Props to you for sharing your mil $ knowledge for free! Just a matter of time until your channel explodes.
You're incredibly insightful and unmistakably humbling in the exhaustive explanation and description of your presentation of contents. It is a rare opportunity for many aspiring entrepreneurs to learn from. I thank you so very much and also want to explore more into your other videos, which I have noticed as being very well organized in simple to understand logical sequences making learning complete and easy!!❤❤
Love you humbleness. I was sold in first 2 mins into the video with you genuinely willing to help others. There is a great internal pleasure in helping others. Please keep up the great work. My plan for this weekend is to watch all of your videos. ❤
Aww man I always wished I started selling on amazon sooner like you. Amazon has really helped me out and frustrated me at times also. Great video. Do you still sell on amazon?
Hey would you say that when it comes to starting a unique product, there doesn’t necessarily have to be existing search volume (demand) for it (since it doesn’t exist yet) but just the overall niche and sub niche (if applicable) should have healthy and evergreen demand?
I'd agree that you don't need existing search volume if you're developing a brand around a product that doesn't exist. If the product is super innovative, it'll take a lot of education to create demand....but it's possible to do it. Having a niche will be best as you'll focus in on targeting those people interested in that niche.
I'm trying to think of a product that I can make for my genre of personal electric vehicles. This video was super helpful, from beginning to end. Thanks for the education!
Glad it was helpful! I'll let you know if any good product ideas come to mind, that could be a really cool project! Excited to see what you come up with.
Saw you speak at ECF Live. I really appreciate you sharing your insights man. I’ve learned a lot and related to your story and really love the content! Thanks!
amazing content - thanks! Seems like we’re doing a good job with the checklist except returns - something suitcase companies need to think hard about! :)
I'm about to dig in but thank you for saying to change playback speed if you're talking too slow for us. I forget about this feature every time and I think every youtuber should say this at the start of every video along with the whole "don't forget to like and subscribe" thing. You truly are an innovator sir!
Thanks for sharing your analysis and thoughts Spencer! I wonder how can a well-established company transform from selling one private label product to one unique product?
Should be easier for an established company to make the transition since you'll have more capital to throw at it. First step is to develop a product and design it well. Then it's a matter of branding and building an audience around it. Let me know if you have specific questions as you go about it!
I feel like I've been brainstorming and analyzing forever. Would you recommend just starting something easy at first with a private label product, and then building your way to a more unique one?
Absolutely! Just start somewhere because where you start isn't where you'll end up. If you knew how many things I tried you'd be surprised. You'll never get it perfect on the first attempt. But you'll never have your second or third attempt until you start.
@@SpencerJan Thanks for the advice! I think my plan is to start somewhere simple, even if that means "private labeling - copy and pasting" for now. I think I need to learn selling platforms like amazon then shopify, social media marketing, etc and get comfortable with the uncomfortable I think I'll be less hesitant to launch my more creative projects once i get a handle of how to make progress
Thank you that is so helpful. My custom portrait doodles are high ticket and there's a waiting list for them but my t-shirts don't sell that well- I guess because everyone is selling t-shirts. Interesting.
Custom products are a great type of product. If it's different and unique, you'll do better on margin as well - very important! Glad you're making progress!
Wow. JS. My head was about to explode with ideas and exploded it with overwhelming new ideas to think about. Before listening to ur videos. Thank you bro
Some great information in this video. When you start thinking about a product are you looking for problems to solve, or do you think of a product category and make sure it checks the list you talk about in the video? (E.g. outdoor equipment - beach product) Also, when you have a cool idea how do you go about with validation of that idea and ensure that it’s a product the market wants? Lots of new products come out every year and the reality is the majority don’t make it. How do you ensure that your product can be a winner from the beginning?
Solving a problem is a must. This can happen in a handful of ways so check out my video on product design as well as my video on brand guiding product development. There's no such thing as being absolutely sure the market wants your product. That's WHY you see a lot of "failures". You can do as much market research and surveys as you want but the real test is to give it a try and sell it. This is why you'll find a lot of copycat products out there (especially on amazon) because people are afraid of selling something different so they just sell the same widget that's already being sold. This is how products become commoditized.
@@SpencerJan I’ve been learning that the sooner you can launch your product the better even if it’s just your MVP. The market will tell you if they like the product or not and where improvements and changes are needed. Do you think that the sooner you can get that feedback the better off you’ll be?
Absolutely! Not to get on a tangent but this is why bootstrapping can be great. You can try things without investing a lot of capital. When things don't turn out the way you expected, learn and try again. Listen to interviews by the guy who started NATIVE (Moiz Ali) and you'll see the same pattern of not knowing whether or not his product was good enough. He tried, it eventually worked and he sold to P&G for $100M in two years. You'll never really know until you try.
I personally just "gather" inspiration from other countries. That inspiration can come from anything like watching a documentary or a youtube video, traveling to other countries or visiting ethnic grocery stores. I hope that helps.
Thanks for the great video, lots of great advice! My notes to this video 1:Product variation. How many Colors / sizes your going to have . 2: How strong is the seasonality 3: does your product have a shelf life 4: what is the price point ? Higher the better. High margin ! You can get by with low volume and pay more attention to customer. 5:how shareable is the product? People don’t often talk about beds with there friends. Use products that people share. Like camping products or sports products. 6: do you have experience with this product ? Don’t accidentally sell a weed lamp , if that’s not what you stand for . 7: is this product a one time purchase or repeatable. A ladder is normally a one time buy product, but a cleaning product needs to be bought regularly. 8:is it fragile? The fedex guy did it , but you pay for it . 9: is it trendy? Look at google trends , if it’s not consistent, and only has 2 spikes, it’s trendy . If it’s consistent it’s not trendy. 10: how much tech is included Tech gets old fast, so your product becomes obsolete quickly 11: what are your after sales service demands Is your product confusing ? 12: size of the box Space is important, if your product is big make sure you have space to store it. Your garage is looking pretty full 13: Liability’s Watch out for problems that will cause lawsuits . 14:Do you have passion? Do you care about your product, or not? If not it will show in your customers service. 15: can you grow the product line? Is it a one hit wonder, or can you expand the product line? 16: can you apply Patents? Protect your product from copycats and thief’s who want to steal your great idea. 18:how hard is the return process? 19: is it regulated 20: does it have electrics that break easily 21: is this product marketable 22:Does it require certifications? 23: where is the supplier In your native country you have the same culture and easy communication. Outside you can run into communication problems. 24: what is the market size 1: Pick your poison (Products have have pros and cons, learn them so you can make proper decisions) Taking risks is good, taking calculated risks is better 2: you have to start somewhere, and where you start is probably not where you will end up 3: the harder the path you take, the least likely someone will follow. (Meaning less competition) but be smart . 4: Be different! (In a good way) 5: look at other countries products for ideas
I found your channel via a recent interview with Heist and I have to say watching your videos is so valuable! Props to you for sharing your mil $ knowledge for free! Just a matter of time until your channel explodes.
Thanks for the encouraging words! That's means a lot to me. I appreciate you watching! 👊
Man you are a gem
You're incredibly insightful and unmistakably humbling in the exhaustive explanation and description of your presentation of contents. It is a rare opportunity for many aspiring entrepreneurs to learn from. I thank you so very much and also want to explore more into your other videos, which I have noticed as being very well organized in simple to understand logical sequences making learning complete and easy!!❤❤
Glad it was helpful! Thanks for commenting
Love you humbleness. I was sold in first 2 mins into the video with you genuinely willing to help others. There is a great internal pleasure in helping others. Please keep up the great work. My plan for this weekend is to watch all of your videos. ❤
Thanks so helpful
No problem!
Great stuff Spencer. Saw your interview with Adam. Such a fun interview to watch. Love your sense of humor and humbleness in that video.
Thanks for watching Lob!
Which microphone do you use. I am curious and impressed with the voice quality !
rode
thanks man; it's like a therapy listening to you ❤
Great video. Spencer seems like a really genuine person that cares about helping people. I'm looking forward to keeping up with these videos. Thanks
Thanks for following along and watching. If I can help out a small handful of people, it’ll be worth it!
Thank you so much for your help Spencer. This was so helpful
You're very welcome!
Love your video - Congrats on the IPO. I am working on launching a product at the moment.
Awesome 👏 I’d love to hear more!
@@SpencerJan sure! I can send you an email to follow up :) I am doing something around flame too.
Incredible information!
Glad it was helpful
Aww man I always wished I started selling on amazon sooner like you. Amazon has really helped me out and frustrated me at times also. Great video. Do you still sell on amazon?
I don't currently sell on amazon... but who knows, maybe I'll get back in the game
Hey would you say that when it comes to starting a unique product, there doesn’t necessarily have to be existing search volume (demand) for it (since it doesn’t exist yet) but just the overall niche and sub niche (if applicable) should have healthy and evergreen demand?
I'd agree that you don't need existing search volume if you're developing a brand around a product that doesn't exist. If the product is super innovative, it'll take a lot of education to create demand....but it's possible to do it. Having a niche will be best as you'll focus in on targeting those people interested in that niche.
I'm trying to think of a product that I can make for my genre of personal electric vehicles. This video was super helpful, from beginning to end. Thanks for the education!
Glad it was helpful! I'll let you know if any good product ideas come to mind, that could be a really cool project! Excited to see what you come up with.
Thanks thanks
I’m really interesting to start my business and you really help me out. I really appreciate it.
you're welcome!
Thank you Spencer for pushing out content like this.
My pleasure!
Amazing checklist. Product selection is essential to success in Ecom and this covers just about every base there is
Thanks Casey!
This video was awesome, funny I just asked you to slow down talking and this video you mentioned it. Thanks for the knowledge
Spencer are you still working on the channel? Can i pitch you my business to see what you think?
Thank you Spencer!
My pleasure!
Saw you speak at ECF Live. I really appreciate you sharing your insights man. I’ve learned a lot and related to your story and really love the content! Thanks!
ECF was fun to do. Glad we (kinda) connected there!
Man this is awesome
"THE" Alex Judd???
This is goooold
I agree
thanks a lot
Happy to help
amazing content - thanks! Seems like we’re doing a good job with the checklist except returns - something suitcase companies need to think hard about! :)
Interesting 🤔
I'm about to dig in but thank you for saying to change playback speed if you're talking too slow for us. I forget about this feature every time and I think every youtuber should say this at the start of every video along with the whole "don't forget to like and subscribe" thing. You truly are an innovator sir!
😂 you’re welcome! It’s a lot to take in. Grab a drink!
This was thorough and comprehensive, good stuff Spencer 👌🏾
Thanks for the comment! I appreciate it 🙏
Thanks for sharing your analysis and thoughts Spencer! I wonder how can a well-established company transform from selling one private label product to one unique product?
Should be easier for an established company to make the transition since you'll have more capital to throw at it. First step is to develop a product and design it well. Then it's a matter of branding and building an audience around it. Let me know if you have specific questions as you go about it!
You now have +1 subscriber Spencer… 😊 good stuff. Greetings from Switzerland 🇨🇭
Welcome aboard!
SO UNDERATED CHANNEL, THIS IS A FINDING A DIAMOND IN PILE OF DIRT
I hope to make more soon!
THANK YOU SPENCER - You are a beast *heart*
My pleasure! Glad it was helpful.
Thank you for honest Detailed video 💕💕
I appreciate All your help
You’re the best!
You are so welcome!
I feel like I've been brainstorming and analyzing forever. Would you recommend just starting something easy at first with a private label product, and then building your way to a more unique one?
Absolutely! Just start somewhere because where you start isn't where you'll end up. If you knew how many things I tried you'd be surprised. You'll never get it perfect on the first attempt. But you'll never have your second or third attempt until you start.
@@SpencerJan Thanks for the advice! I think my plan is to start somewhere simple, even if that means "private labeling - copy and pasting" for now. I think I need to learn selling platforms like amazon then shopify, social media marketing, etc and get comfortable with the uncomfortable I think I'll be less hesitant to launch my more creative projects once i get a handle of how to make progress
Starting can be the hardest step to take. Go for it!
Thank you that is so helpful. My custom portrait doodles are high ticket and there's a waiting list for them but my t-shirts don't sell that well- I guess because everyone is selling t-shirts. Interesting.
Custom products are a great type of product. If it's different and unique, you'll do better on margin as well - very important! Glad you're making progress!
Did you try selling on Etsy?
Wow. JS. My head was about to explode with ideas and exploded it with overwhelming new ideas to think about. Before listening to ur videos. Thank you bro
Many thanks for sharing! Such a good content!
Thanks for the feedback and encouragement! 👊
Great stuff Spencer. Very helpful.
Glad it was helpful Travis 😁
Awesome video!
Thanks for watching, glad you liked it!
JS is simply humble. Thanks bro
Keep them coming Spencer!
You got it!
thank you so much for doing this, You are like a beacon that guides people out of life's predicaments.i will keeping up with your videos.
You are so welcome
i am deeply grateful for your decision to share your knowledge & experience. thank you.
My pleasure
Some great information in this video.
When you start thinking about a product are you looking for problems to solve, or do you think of a product category and make sure it checks the list you talk about in the video? (E.g. outdoor equipment - beach product)
Also, when you have a cool idea how do you go about with validation of that idea and ensure that it’s a product the market wants?
Lots of new products come out every year and the reality is the majority don’t make it. How do you ensure that your product can be a winner from the beginning?
Solving a problem is a must. This can happen in a handful of ways so check out my video on product design as well as my video on brand guiding product development. There's no such thing as being absolutely sure the market wants your product. That's WHY you see a lot of "failures". You can do as much market research and surveys as you want but the real test is to give it a try and sell it. This is why you'll find a lot of copycat products out there (especially on amazon) because people are afraid of selling something different so they just sell the same widget that's already being sold. This is how products become commoditized.
@@SpencerJan I’ve been learning that the sooner you can launch your product the better even if it’s just your MVP.
The market will tell you if they like the product or not and where improvements and changes are needed. Do you think that the sooner you can get that feedback the better off you’ll be?
Absolutely! Not to get on a tangent but this is why bootstrapping can be great. You can try things without investing a lot of capital. When things don't turn out the way you expected, learn and try again. Listen to interviews by the guy who started NATIVE (Moiz Ali) and you'll see the same pattern of not knowing whether or not his product was good enough. He tried, it eventually worked and he sold to P&G for $100M in two years. You'll never really know until you try.
To get ideas from other countries/cultures do you just go to those countries top ecom websites and look around?
I personally just "gather" inspiration from other countries. That inspiration can come from anything like watching a documentary or a youtube video, traveling to other countries or visiting ethnic grocery stores. I hope that helps.
Thanks for the great video, lots of great advice!
My notes to this video
1:Product variation. How many Colors / sizes your going to have .
2: How strong is the seasonality
3: does your product have a shelf life
4: what is the price point ?
Higher the better. High margin ! You can get by with low volume and pay more attention to customer.
5:how shareable is the product?
People don’t often talk about beds with there friends. Use products that people share. Like camping products or sports products.
6: do you have experience with this product ?
Don’t accidentally sell a weed lamp , if that’s not what you stand for .
7: is this product a one time purchase or repeatable.
A ladder is normally a one time buy product, but a cleaning product needs to be bought regularly.
8:is it fragile?
The fedex guy did it , but you pay for it .
9: is it trendy?
Look at google trends , if it’s not consistent, and only has 2 spikes, it’s trendy . If it’s consistent it’s not trendy.
10: how much tech is included
Tech gets old fast, so your product becomes obsolete quickly
11: what are your after sales service demands
Is your product confusing ?
12: size of the box
Space is important, if your product is big make sure you have space to store it. Your garage is looking pretty full
13: Liability’s
Watch out for problems that will cause lawsuits .
14:Do you have passion?
Do you care about your product, or not? If not it will show in your customers service.
15: can you grow the product line?
Is it a one hit wonder, or can you expand the product line?
16: can you apply Patents?
Protect your product from copycats and thief’s who want to steal your great idea.
18:how hard is the return process?
19: is it regulated
20: does it have electrics that break easily
21: is this product marketable
22:Does it require certifications?
23: where is the supplier
In your native country you have the same culture and easy communication. Outside you can run into communication problems.
24: what is the market size
1: Pick your poison
(Products have have pros and cons, learn them so you can make proper decisions)
Taking risks is good, taking calculated risks is better
2: you have to start somewhere, and where you start is probably not where you will end up
3: the harder the path you take, the least likely someone will follow.
(Meaning less competition) but be smart .
4: Be different! (In a good way)
5: look at other countries products for ideas
AMAZING!!!
Thank you Brandon 😀