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ASM Module 01: Narrowing

Down Your Product List

In this lesson, we will show you how to narrow down your Hot

Opportunity List to your best three products.

This Lesson Covers:

1. Narrowing Down Your Product List

2. Final Notes

4. What’s Next

5. Action Item

1. Narrowing Down Your Product List

Take the following steps to narrow down your list to your top three

opportunities:

Go to your product list.

a. NOTE: There is a new column: Estimating Monthly Sales

2. Go to

Alibaba.com,

in order to find the estimated cost of these products

(Column N). Alibaba is a marketplace where manufacturers sell their

products.

3. Enter your keywords into the search bar (in this example, we will use the

“knife sharpening whetstone kit”).

4. The goal is to find a similar product to what is on your list. It can be

helpful to have a tab open with a picture of what you’re looking for.

5. When you find a similar product, note the Minimum Order (MOQ) - how

many you need to order to get the quoted price. There should be several

6. For the knife sharpening wet stone kit, we found about five similar items,

with the average price of $8. Don’t worry about getting an exact price,

because at this point, it’s impossible without contacting suppliers.

7. Putting $8 into the estimate cost column changes the estimated profit

margin column to $28.99, which is still a very large profit margin. Again,

this is just an estimation.

8. Follow the above steps for each item on your product list.

9. Now it’s up to you on how you want to pick your hot products. You can

choose based off any of the following:

a. Estimated Cost (if you are low on funds, this method is great for

lower inventory costs)

b. Estimated Profit Margin (these products will get you the highest

estimated profit after costs)

c. Lowest Reviews (usually means the lowest competition)

10. Use the “Sort” function in the spreadsheet when picking your top product

options. Highlight the data, then click “Data” from the top menu, and

“Sort.” Make sure the header row is included in the highlighted area, so

it’s easily searchable.

choices in your search, so

take the average price

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2. Final Notes

It comes down to you making the decision about which products to move

forward with. It can take time, but

don’t rush it.

There is no wrong decision for

this.

Do not

discard the remaining items on the list, as they might be your future

products. As you move forward with the top three products, there might be

issues with one of them, and you’ll need to come back to the list for a new

choice.

4. What’s Next

In the next lesson, we will teach you how to stretch the ASM criteria.

5. Action Step

Pick your best three hot opportunities.

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