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In this episode of Selling on Giants, we dive deep with Dylan Lam, founder of Omirank, to uncover the 4-step formula that helps eCommerce sellers build a sustainable and profitable product launch strategy on Amazon.
Key Takeaways:

1️⃣ Product Development & Validation: Craft a Unique Selling Point (USP) to stand out in the market.
2️⃣ Product Audience Engagement: Test your concept with low-cost validation methods like social media polls and reviews.
3️⃣ Audience Building & Identification: Use external platforms like Facebook and TikTok to target the right audience.
4️⃣ Crowdfunding for Product Launch: Leverage platforms like Kickstarter to raise funds and build initial buzz.

Step 1 - Product Development and Validation

• Having a unique selling proposition to differentiate products from competitors and achieve greater market appeal.
• Early examples of product evolution include transitioning from simple products (e.g., a standard water bottle) to more advanced versions (e.g., a titanium bottle with health indicators).
• Sellers must identify innovative features to include in their products, adapting to technological advancements and changing consumer behaviors.
• Tools like Helium 10 and social media polls can be utilized for market research and product concept validation.

Step 2 - Audience Engagement

• In this phase, sellers engage with potential customers to validate their products before launch.
• Low-cost validation techniques such as social media polls and ad campaigns to gauge market interest.
• The goal is to determine if potential customers are emotionally connected to the product and if it stands out in the marketplace.
• Testing ads on platforms like Facebook and TikTok is recommended, as these can generate more engaging and visual content to assess audience interest.

Step 3 - Audience Building and Identification

• Once the initial audience is engaged, Dylan highlights the importance of expanding this audience through targeted outreach.
• Key metrics to monitor include Cost Per Click (CPC) and Cost Per Acquisition (CPA), which will inform future marketing strategies and budgeting.
• By identifying three distinct audience segments through targeted advertising, sellers can better understand where to allocate resources for maximum impact.
• An initial reservation fee of $1 can serve as a commitment tool to measure the audience's genuine interest in the product.

Step 4 - Crowdfunding for Product Launch

• Crowdfunding platforms, such as Kickstarter or Indiegogo, serve as venues for launching products and securing initial funding.
• This process helps to build a community of engaged customers while generating buzz around the product before it hits the market.
• It allows sellers to create a pre-launch strategy that connects directly with interested consumers, ensuring a smoother transition into full-scale marketing and sales.
• Understanding which audience segments react positively during crowdfunding helps inform future operational decisions.

Ready to transform your next product launch and dominate Amazon?