Developing a product that you love can give you a sense of pride and fulfillment. Blood, sweat, and tears have gone into the production of a product. And now, it’s finally ready to conquer the hearts of Amazon customers everywhere.
But wait. Is your product ready? A sense of pride does not a successful product make. In other words, no matter how much you love your product, it doesn’t always translate into staggering sales numbers.
So, it’s time to kill your darlings and try a date-driven, quantifying approach to figuring out what your customers love.
What Is A Data-Driven Approach?
The definition of a data-driven approach is making strategic decisions based on data analysis and interpretation. It is collecting and analyzing data that demands a systematic approach. You are no longer trusting opinions. Instead, the way you design the (Amazon) listing of your new product is based on numbers. And numbers don’t lie.
The number one biggest benefit of a data-driven approach is that it gives you reliable information about whether or not a product/Amazon listing is going to be converting well. It’s a solid foundation to make your decisions.
In short, a solid systematic, data-driven approach helps you to predict the future (sales numbers) by using information from the past and present.
The Big Battle: A Data-Driven Approach Versus Your Favorite Colleague’s Gut Feeling
Relying solely on gut instinct is the number one biggest mistake that Amazon sellers make when it comes to making business decisions. Decisions based on intuition can’t be trusted when it comes to business. You need reliable information to make sure that the decisions you make translate into a solid CTR and outlandish organic sales.
The difference between a data-driven approach and gut feeling is that the former requires a strategy or system while the latter is just a random person’s opinion. The first is objective — it can be tested again and again and have more or less the same result in each case. The second is subjective — opinions are as changeable as the weather. Feelings and beliefs can change based on someone’s mood or state of mind. This paints a clear picture of why it’s a bad idea to solely trust on gut feelings. After creating a product or (Amazon) listing, you might just change your mind and then you’ll have an even bigger problem on your hands.
The 3 Most Important Benefits Of A Data-Driven Approach:
- Giving you confidence in your decisions
You have hard facts to back up your decisions. You are no longer basing the future of your business on gut instinct. This rationale will instill a sense of confidence in your decisions. - Saving costs in the long run
With a data-driven approach, the chances of a failed product/Amazon listing are much smaller. You’re wasting less time on products or listings bound to fail. Instead, you’re able to improve and gain revenue even from products you thought lost. - Improving your existing products/Amazon listings accurately
A data-driven approach is not just beneficial for new products or to-be-launched listings. A poorly performing listing can be transformed with the right approach. All you need is data and translating the data to practical improvements on your listing, such as a better main image. You will not believe what can happen to your CTR with just some small changes that are rooted in data.
Implement A Data-Driven Approach Into Your Market Research
Today’s eCommerce world is highly competitive and to stay ahead of the competition you need to be cunning, ambitious and resourceful. With the combination of those three traits, it should be easy to implement a strategy that can give you the data you need to leave your competitors in the dust.
To figure out what will make your CTR soar, Intellivy has developed a tool, Rapid Micro Testing. It’s a strategic, data-driven approach to market research that removes any obstacles you may have regarding a data-driven approach. It’s too time-consuming, too expensive, too complicated. Nope, Intellivy has done the brute of the work for you. All you need to do is formulate a business objective and get started with your first Rapid Micro Test! It’s simple:
- What is my product?
- Who are my competitors?
- Who is my audience?
With this information in mind, you have everything you need to start collecting data from an audience who represent your real customers on Amazon.
There are other tools that can be helpful. Such as Word Cloud, Microsoft Excel, Google Sheets, SPSS. But they are not designed with your end goal in mind. (Although they can be useful sometimes in combination with Intellivy’s Rapid Micro Testing!) They don’t always have the functionalities you need to get reliable results. That is why Intellivy developed a system called Rapid Micro Testing. With this program, you no longer have to guess what is on your customer’s mind. Instead, you will stand out from the competition by developing a product customers can’t resist.
With Intellivy’s Rapid Micro Testing you can say goodbye to intuition and gut instinct and say hello to hard facts and an increase in sales rates.