CAMEL CAMEL CAMEL: How to Set Your Private Label Price

Today I’m showing you how to use Camel Camel Camel to get a feel for how to set your price for private label products.  Wondering what the market will bear? Camel Camel Camel has got you covered.

Transcript:

So you’ve got your product ready to go, but how do you set your price? Today we’re going to look at Camel Camel Camel to get some ideas.

Hey welcome back to another episode of The Bootstrap Boutique where beginners build businesses, glad you’re here because today we’re going to do a review of Camel Camel Camel. Camel Camel Camel, I have no idea where that name came from, is a free tool that allows you to see price history and sales rank of all Amazon products.

If you are just trying to shop on Amazon you can also use it to set up price notifications so you know when stuff goes on sale. That’s actually how I first came to know the tool and used it like that for a couple of years but today we are going to use it to talk about how do you set your price for your private label product on Amazon.

You might have guessed, this is going to be a video tutorial so let’s go to the computer.

Getting Started

Alright, in order to use Camel Camel Camel we actually need to go over to Amazon to start because we are going to need an ASIN on our product or an ASIN as I call it. And while that’s loading I’ll just go ahead and share with you that there’s a lot of different things you can use Camel Camel Camel for it actually has quite a few applications on the retail arbitrage side, but instead of talking about something I don’t really know a lot about because I don’t do retail arbitrage, I’m just going to point you over to a video from Stephen at Fulltime FBA, I’ll link it down in the description below, where he talks about how he uses Camel Camel Camel.

So if you guys remember a previous video that I did where I talked about how to find keywords for your product using your competitors reviews, the example I used was this childrens saucer swing, so I thought that I would just go ahead and use that example also to kind of keep a common thread.  We’re just going to scroll down here and grab the ASIN. I’m going to copy that. And I’m going to open a new tab and go to camel – if I can spell it – camelcamelcamel.com.

Camel Camel Camel

And when this website eventually loads you’ll see that I do have an account. The accounts are free.  That let’s you do a couple of things, one it will allow you to track products, like I mentioned in the intro to this video I was tracking this to buy for my kid and then also it will allow you to access more of the charts and graphs and that fun stuff. So free account, no reason not to sign up for it.

So I just entered the ASIN up here at the top and it pulled up our product. That’s the right one so that is a good thing to see. And we’re just going to go in and look at the price history and the sales rank and we’re going to look at a few of these.

We’re going to go through, if I was you doing this for real and not just on an example I would probably look at 5 or 6 just to see where can I price this, where should I not price it, whats too high, whats too low, kind of like what will the market bear?

And I think about this like looking at support and resistance bands in stock charts, and that may not mean a lot to you if you’re not kind of nerdy about that stuff like I am.

And this is why, this is a good example of why you want to look at more than one. Because this product is a little bit weird of a price chart. So let’s just go over what this is showing us.

Reading Camel Camel Camel Charts

This is the price history for the Blue Island Tree Swing. We are looking at all time periods, so how long has it been sold at Amazon. Over here there’s a couple of different price types, so there’s not a box to check Amazon so Amazon does not sell it itself, this is all third party sellers. So we can see here, we’ve got third party new and third party used. And we’re really only interested in third party new because we’re not going to be selling used products here if we do private label.

So we all know how to read charts right? This is our price, this is our dates. So this product has been sold just since the 8th of November of 2016, and they’ve stayed pretty much within this band here.

Probably, I’m going to make a guess here that they were very close to going out of stock, and you can see they actually went out of stock here at this dotted line, and so in order to not go out of stock they just jacked their price up to $500.

Then you see that they ended up going out of stock anyway it looks like. But you can see here that when they first launched the product it was over $100, then they dropped it down to this $79 level. They have gone as low as $59 once and now they are back at $79 and they’ve really stayed pretty tight in that range except for here where like I said they were probably getting low on stock.

So ok, that’s a good data point, it’s only 1 data point though, right? So we go $79.99 that is a data point for what we might want to charge for a similar product.

Camel Camel Camel Sales Rank

We also can just quickly look at the sales rank, so remember guys, sales rank is like golf scores, the lower the better.

So you can see this started out at launch at 18,000 dropped some, I think they were out of stock period there, they shot back up and then over the same time period where they were jacking their price to $500, probably like I said because they were getting close to going out of stock, and/or they were just trying to take advantage of the fact that it was right before Christmas, you can see that their price rank went lower and lower until it dropped all the way down to 229,857.

And then once they probably came back into stock and lowered their price they came up more. Took a little nose dive during the middle of January and now are back up higher than they started, they went as high as 696. But you can just see how those 2 things, especially if we are hypothesizing that they were jacking up their prices because they were very low on stock, you can see how those things interplay.

So we know that this product was listed at $79.99 and they are holding pretty tight at that price range. That’s, that’s a good thing. Alright, here’s a good one that’s got some actual data behind it. This has been selling since November 30, 2015. And over that year and change period their prices have fluctuated quite a bit.

They launched at maybe $118 or so, probably $115, went up to $125 and it looks like they might have gone out of stock, so they may have just been testing the market with one or two sales, came down here, let’s see here we can look at the price chart, to $98.97 sold a couple, I’m going to assume here went out of stock again, so you know, they are doing what people do on Amazon when they are getting low on stock they are raising their price and then they’re coming back down and trying to generate sales and boost their BSR. Then they are getting out of stock again and jacking their price up and then they come down again.

And so on and so forth. They are doing pretty much what people do.

A couple of interesting things though that you see down here, in early December of 2016 they went down to $85 a couple of times so they could have been running one day promotions to an email list or trying to do a lightening deal or something like that but $85 is the lowest they went, which is again is, what is that, $6 or so higher than the other competitor we saw? But they are selling, they are trying to keep their price right at about $118.

So we’ve got $118 and then we’ve got $79.99 as our low. And remember, we’re just trying to figure out where is the mid point, where is going to be a sweet spot for us to sell.

Lets just check out their sales rank to see, I always like to see how they work with  price history.  So it does kind of match the early parts of their price history when they jacked up their price a little bit higher for whatever reason. But then here in December when they were lowering their prices to $85, it did not have a corresponding increase in sales rank. So that’s interesting, that’s because the market was super competitive in December. And even at $85 they are above that other product that had the $79.99 as just kind of their hold steady price.

So as you can see, if you go through these, go through 10 or however many you need to really get a good feel for where the market is and make your price.

Setting Your Price

Of course there’s going to be a lot of other factors that go into setting your price like cost of goods, what you’re going to spend on PPC, what kind of profit you’re looking to make, but this can definitely help you get started and is a good way to give you just an idea of where you can sell it.

And you’ll also notice if you have a seasonal product for instance, that you can sell for more when you are in season, and then when you are out of season maybe you back it off a little bit just so you can kind of try and continue to make sales whereas maybe you wouldn’t make very many sales if it was an out of season product.

Wrap Up

So thumbs up on the video if you’ve enjoyed it, if it gave you something to think about. And if you have any questions about what I did here leave them down in the comments below and I will be sure to answer. Don’t forget to subscribe if you haven’t already so you never miss a video and I will talk to you next time. Take care!

You can watch this video on The Bootstrap Boutique YouTube Channel here.

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