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Understanding your market is one of the biggest factors in running a successful business. This is especially true in such a large, multi-faceted marketplace like Amazon. Your target Amazon market size and scope can drive every decision, from product selection to advertising strategies.
So, how do you find your Amazon market size and the best methods to reach them? With software like Helium 10, you can use tools to gain data-driven insights, making it easier to make smart business decisions. Thanks to the intuitive nature of these tools, you can analyze your Amazon market size and study their purchase habits with efficiency and accuracy.
In this guide, we’ll walk you through how to use Helium 10’s features to estimate your Amazon market size and more.
Tip #1: Define Your Target Audience With ‘Market Tracker 360’
There are a few aspects of market research that you can conduct on Helium 10, each providing you with valuable information about your audience. Using H10’s Market Tracker, you can better understand your market and where you fit within it.
First, you want to define your target audience for your product. This includes determining the demographic features of your typical customer. You also want to look deeply into trends to better understand the purchasing habits of your target audience. With Market Tracker 360, you can gather quick market insights into the markets for your current products and others you’re considering.
Bonus Tip: The ‘Audience’ Tool
Helium 10 has a pretty cool feature called Audience, which you can find under the Listing Optimization group. This feature will allow you to create a poll to learn your product’s demands and hear potential buyers’ preferences.
Tip #2: Utilize H10’s Data Filters With ‘Black Box’
If you want to look at customized data sets, you can use Helium 10’s helpful sorting and filtering features. Look deeper into customer behavior and sort products by your market share and revenue. You can also create custom markets in the tool to research segments and better finetune your target audience.
One of the best tools that Helium 10 has is Black Box — the filter options here are truly endless.
Want to learn more about how to use this tool? We have an in-depth article about Black Box waiting for you. H10 also just launched an awesome new feature that informs users of top search terms based on Amazon Business Advisory data. This feature is currently only available for Helium 10 Diamond users, so you’ll need to upgrade your plan if you don’t have Diamond already.
Tip #3: Analyze Competitor Data With ‘Listing Analyzer’
One of the most valuable aspects of research and analytics on Helium 10 is identifying your top competitors. You can see the highest-performing sellers and compare your data to see how you stack up. Plus, you can pinpoint pricing strategies or trends that may help you better understand how they win market share.
H10’s Listing Analyzer is an Amazon product analyzer that allows you to leverage your competitors’ selling strategies and see how your products stack up. With Listing Analyzer, you can import up to 10 ASINs and have the tool analyze various metrics. One of the coolest parts of this feature is that it will give you an in-depth product optimization checklist to show you how to improve your product listing.
We have a complete guide ready for you if you want more details on how to optimize your Amazon listing with H10’s Listing Analyzer.
Tip #4: Assess Industry Trends with XRay
Historical data can be the best predictor of how your target market will behave in the future. With Helium 10’s Chrome extension Xray, you can see how a product’s sales have trended for up to two years. This gives you a good picture of seasonal ebbs and flows or popularity surges. Understanding the market dynamics over time allows you to predict market size for a given timeframe better.
Xray is very visual, allowing you to see graphics and other metrics without leaving the Amazon browser. And it’s simple (and free) to use; all you do is:
- Search for a product.
- Click on the Helium 10 icon next to your URL bar.
- Click on Xray.
- Wait for the chart to pop up.
- Sort and filter the chart to refine your search.
If you want to see a specific product from the list, just click on its ASIN.
Tip #5: Calculate Total Addressable Market (TAM) With Cerebro & the Profitability Calculator
Your total addressable market, or TAM, relates to the sales price and Amazon’s total market size for a given product. You calculate your TAM by multiplying your current total number of customers by the average sales price of your item. This number can help you determine everything from ideal inventory costs to a reasonable marketing budget.
You can use Helium 10’s Cerebro tool to assess your TAM by following these steps:
- Select the ‘Cerebro’ tool from the dashboard.
- Input the ASIN of your product or a competitor’s product into the search bar.
- Hit ‘Get Keywords’ to generate a list of relevant keywords associated with the product.
- Review the estimated search volume for these keywords, which gives you an indication of your TAM.
- Use the ‘Advanced Filters’ to refine your results. For example, you can filter by search volume to focus on the most popular keywords or use the total sales filter to see the number of products sold by both you and your competitors. These will give you a more accurate estimate of your TAM.
You can also gain some insight into TAM with Helium 10’s profitability calculator:
1. Once on the product page, hit the “% profitability calculator.”.
2. This will show you product information, including manufacturing cost.
3. The calculator will then show you an estimate of your monthly revenue and profit.
4. Use this information to calculate your TAM by multiplying the number of potential customers (based on market size) by your sales price.
Knowing your total addressable market is crucial for making informed business decisions and setting realistic goals for your Amazon business. It can also help you identify areas for potential growth and expansion.
Why Helium 10 is a Valuable Amazon Seller’s Tool
Helium 10 is a highly effective tool for estimating market size on Amazon for several reasons:
- It provides comprehensive data on product demand, competition, and overall market trends.
- It offers various features that help sellers analyze and understand the profitability of their product ideas. These include keyword research tools, competition analysis, and profit calculators, which can estimate a particular product’s potential revenue and profits.
- It has a vast database of Amazon products that you can filter by category, price range, sales rank, and other criteria. This makes it easier to identify niche markets with high demand but low competition.
- Its Market Tracker feature gives users insights into how specific products perform in terms of sales volume and revenue over time.
Overall, Helium 10’s comprehensive set of tools and features makes it an invaluable resource for estimating market size on Amazon. By using this platform effectively, sellers can gain a competitive edge in the marketplace and make data-driven decisions to maximize their profits.
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