A Step-by-Step Guide to Launching Your Premium Product
Launching a premium product can be daunting, especially when you are up against low-price competitors who have been on the market for months or even years.
But don’t let that discourage you! With the right strategy, you can compete and even outsell your competition.
The key to success is to launch your product at half of your targeted selling price and gradually increase it over time.
For example, if your targeted selling price is $50, but the average selling price for similar products is in the range of $25 to $30, launch your product at $25.
This strategy not only allows you to compete with low-price sellers but also allows you to maintain a 40% profit margin, which is essential for covering expenses and reinvesting in your business.
To avoid the threat of Amazon suppressing your listing or banning your account, increase your product price weekly at a certain time.
This way, if Amazon does suppress your listing, you can advocate for yourself by explaining that this is part of your launching strategy.
Additionally, the Amazon A9 algorithm will see your product as valuable, as it detects a gradual increase in price with an increase in sales velocity.
It’s important to elongate this process for 3-4 months to reach your targeted price.
By then, your product listing will be mature, with reviews and a strong ranking.
Your product’s premium quality and unique selling features will generate organic sales and repeat customers.
Another golden tip to convert a generic product into a premium product is to shortlist your top 20 best-selling competitors and read one and five-star reviews of their listing to find flaws and selling features of their products.
Then, improve the imperfections in your product and add their unique selling feature to the feature list of your product.
This will give your product an edge over the competition and make it stand out as a premium product.
What’s coming next?
In the next two posts of this series, you’ll learn how to hijack your competitors’ listings and drive traffic from their listings to your product page. Follow us and press the bell icon to get notifications of those posts.
Final Verdict
In conclusion, launching a premium product can be challenging, but with the right strategy, you can compete and even outsell your competition.
By launching at half of your targeted selling price, gradually increasing it over time, and addressing your competition’s flaws and unique selling features, you can create a premium product that stands out from the crowd.
Don’t hesitate to follow the series for more tips and tricks on premium product launches.
