I get asked almost every day how to build a power brand. If you don't know the power brand is, essentially it's a private label product that you can sell on Amazon, eBay, and other channels.
The difference between a power brand and a private label product though is that you are banking on the brand itself becoming a household name. Other than that, they are essentially the same.
All that aside, building a power brand has become the hottest topic on the market. Everyone and their mom is now a guru on how to sell private label products.
And, unfortunately, these gurus can charge upwards of $3000 or more to learn how to build these products.
Here's the secret that most people won't tell you when it comes to building a private label… They are very hard to do.
Of course, just because they are hard doesn't mean it's not worth it, but there are a lot of pitfalls that you have to avoid prior to starting the process of building your power brand.
How to build a power brand before you know what you are going to sell
The thing that really makes me angry is that very few gurus will tell you this one piece of information that could mean the difference between having a successful product, or being thousands of dollars in the hole.
Before you do anything, you need to start doing your market research.
Well, I'd rather be bored up front and make money when it's all said and done then to be excited about a product that I am sourcing from China that has no proven sales data whatsoever and flops. Avoiding the boring stuff in the beginning means losing tens of thousands of dollars potentially.
So yeah, I'd rather do the boring stuff
You need to make sure that you are going to be selling something that people want, something that isn't already saturated with other competitors, and that can be replenished.
So how do we do that? Here's how…
How to listen to your potential customers
Before we go out and start buying thousands of dollars worth of product that we've never tested, the easiest way to find out what your customers want is to purchase a similar item off the shelf.
You can merge and fulfill that item or have Amazon fulfill it, but the purpose is to list it and gather data.
You can run Amazon sponsored ads to try and see what keywords convert, you can optimize your listing to see if you can make sales with your test product, and you can change out your pictures to see which ones convert better.
Ultimately, by running Amazon sponsored ads you can really dial in your listing to determine what your potential customers are looking for.
Once you realize that they are searching for a particular item, you can then test an item that you bought off the shelf that closely resembles what people are looking for.
Then if that item is doing well, then - and only then - you can start sourcing large quantities.
Solving the big problem
You see, the biggest problem when creating a brand is not how to build a power brand, it's how to determine what your market wants.
If you can figure out what your customers are looking for, your power brand will do very well. If not, well… You probably wasted a lot of money and time.
If you are dying to get into the private label realm with your business but you don't want to do all of the research, risk mitigation, and work involved - make sure you check out my Power Brand Partner Private Label Service where I make it as simple and risk-free as possible fore you. You will love it!