How can I sell more in a competitive product niche?

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Here’s the transcript from the video:

Mickey: “I think, first and foremost, competitive doesn’t mean bad. Competition can be a really great thing. It means that people out there want to buy products like yours. It’s just about making sure that your products can stand out from the crowd.

“The very first way that I would encourage folks to think about competition is differentiation from your competitors. Go do research. Find out what they do well. Find out how your products might want to be similar to theirs in some ways, but then understand a way to make them stand out in some unique way so that customers understand, hey, I want to buy this product, not that product, even though they’re similar.

“Second thing that’s really important for competitive niches is price. Price is not the only way that customers make purchases. They purchase because they like the color, they purchase because it’s the right shipping speed. There’s a lot of different factors, but price is really important to a lot of customers. So understand what a competitive price should be for your product.

“We give you a lot of different information and tools at Amazon to help you understand what a competitive price would be. The one I’d recommend first is the Automate Pricing tool. You can use this tool to create and apply rules to your entire catalog, to a single product in your catalog, and really dig down and understand what the right price for that should be. Automate Pricing changes your prices automatically so it can keep them competitive within a range that you feel comfortable with. If you don’t feel comfortable below a certain price, set that limit. Your product won’t go below it.

“Last but not least is, just, you need to stand out, usually in the Amazon store, both on the product detail page and elsewhere. So think about things like A+ Content. Really get those images, get those videos onto your listing so that you stand out and you’re a spectacle in the Amazon store.

“You also probably want to think about things like promotions and coupons. Just get your products in front of customers in different parts of our store, not just your product detail page. And last, classically, ads. Ads can appear in the Amazon store. They can appear beyond the Amazon store. You can use Sponsored Products. Sponsored Display, Sponsored Brands. All of these are cost-per-click opportunities you can use to really get your products in front of more people.

“A lot of those things are located in our New Seller Guide. Not every part of the guide is about standing out from the crowd, but several different parts of it are. Go check it out.”