1. Load the Data
- Import the dataset into your analysis tool (e.g., Excel, Python, R).
2. Verify Columns
- Ensure the dataset contains the following essential columns: ASIN, BSR, Price Trend (90 days) (%), Reviews Rating, Review Count, Monthly Revenue, and Age (Month).
3. Preprocess the Data
- Handle missing values as needed, especially in the financial and review-related columns.
- For missing Reviews Ratings, assign a default rating that reflects a calculated opportunity threshold, indicating an average opportunity for market entry.
4. Define Weights for Criteria
- Assign weights to each criterion reflecting their importance for market opportunity analysis and adjust based on strategic insights:
- Best Sellers Rank (BSR): 10%
- Price Trend (90 days) (%): 10%
- Reviews Rating (lower is better for identifying opportunities): 20%
- Review Count (fewer is better, indicating less competition): 25%
- Revenue: 25%
- Age (Month) (newer might indicate less saturation): 10%
5. Normalize the Data
- Invert metrics where appropriate to align with the opportunity perspective (e.g., BSR, Review Count, and higher Reviews Ratings indicate less opportunity).
- Adjust the Price Trend (90 days) (%) to penalize negative trends.
6. Calculate Scores
- Use the normalized and weighted criteria to compute an opportunity score for each product.
7. Rank All Products
- Sort the entire list of products by their opportunity score from highest to lowest.
8. Create a Downloadable Sheet
- Generate a downloadable sheet containing all products, sorted by their opportunity score, including all relevant metrics.
9. Review and Analyze the Sorted List
- Examine the sorted list to identify both top opportunities and those that may be improved to become competitive.
10. Perform a Qualitative Review (Optional)
- For any products of interest, particularly those with high scores, conduct a qualitative review to assess factors not captured in the quantitative data.
11. Decide on Product Focus
- Based on the comprehensive ranking and additional qualitative assessments, determine which products to focus on for launch or improvement.
Notes:
- Regularly repeat this analysis with new datasets to keep abreast of market changes.
- Continuously refine weights and normalization methods to reflect evolving market dynamics and business objectives.
- Use the ranked list to inform strategic decisions across the entire product range.
