Mark Lewyn is a 6-figure Amazon seller and founder of Patently.io. He began his career a journalist and soon realized he needed to change directions as the technology and the internet grew. His software enables Amazon sellers to research patents to help them find new products to launch.
Hitting the Bullseye
Mark began investing with a few startups and over time found his way to the world of Amazon selling. In 2015, Mark launched his first product, darts, on Amazon.
His strategy was looking at the data and he was amazed at how many darts they sold on Amazon. He had never even played the game nor has he since.
You don’t want to violate anyone’s patent, ever. – Mark Lewyn
Research is King for Mark Lewyn
He took notice of the issues with darts and thought he could fix the problems. His first product was a significant success that gave him the encouragement to try it again and again and again.
Mark had been investing in startups and liked the idea of not having to go out and raise a lot of money. He’s made a lot of mistakes along the way but he’s been right more often than wrong.
Researching The Relative Cost of Products
For his product research, Mark uses Jungle Scout a lot. Once he narrows down a product he does a little bit of research for that specific product.
During his research, he’s come across really high-priced products that were expensive relative to what they were. For instance, an airline seatbelt for kids. Essentially it was a glorified seatbelt for kids.
The seatbelt sold for $80.00 and they were selling a bunch because there was no competition. Mark Lewyn quickly figured out it was expensive because it had a patent on it.
The Power of Patents
There are two major types of patents…design…and utility patent. – Mark Lewyn
He looked at the patent and it was about to expire. He found a manufacturer that was selling the same thing for $5.00 on Ali Baba. If he would have taken the Ali Baba product and sold it on Amazon, it would have been a mess of trouble with patent lawsuits.
Timing is Everything
Mark launched his product on the day the patent expired. He was following the law and was able to capture a lot of the margin the guy who was selling it for $80.00 was capturing.
There’s always a bull market somewhere; there’s always a new opportunity. – Jonathan Gabriel
He kept coming across products that were similar in that their patents were about to expire and began to build a database.
To hear how Mark Lewyn uses his database to increase his sales and expand his product line, download and listen to the episode.
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