Choosing the right product to sell is instrumental to your success. Getting this first step right makes everything else that much easier. Things like marketing, finding the right demographic, looking for competitors, branding, etc., all become much clearer when you find the right product to sell.
Luckily, technology has simplified things for us by providing a ton of valuable information at our fingertips. In addition, it takes a lot of the guesswork out of the process as we have real-world proof of products that work and businesses that fail.
It is essential to realize that you don’t need to reinvent the wheel. Finding the right product to sell doesn’t mean you need to create a brand-new product from scratch. That shouldn’t be your initial focus. Instead, you are better off looking at what is currently available and brainstorming how to make it better. Every problem is a product.
To help you on your entrepreneurial journey, we’ve made a list of things you can do to find the right product to sell in today’s market.
Pay attention to things you usually wouldn’t notice, like following a particular brand where specific items are always out of stock. That indicates a demand that this brand is not meeting. You make sales out of convenience because if a consumer can’t find a product on one site, they will look at other places, and if your website SEO is good, then chances are they will find you.
Subscribe to Newsletters
Look at your inbox and the number of unopened emails you have, newsletters from brands that you didn’t even know you had subscribed to. For the ordinary person, these emails are an annoyance. However, to the intelligent entrepreneur, this is a learning opportunity.
These companies do the hard work by giving her business and trend insights which she then uses to improve her brand or create a better product than what’s already available on the market.
Use available software and platforms to find market trends.
There are some fantastic websites available that the general public can access but don’t know about. If you are on a mission to find the right product to sell, you should be visiting these websites as a daily routine to analyze all the data available until a pattern or a gap in the market sticks out to you.
– Trendhunter: This site was created by an entrepreneur like yourself who was on the hunt to build a product to match current trends. He couldn’t find a reliable source, so he decided to create one. It features a daily dose of micro-trends, news that has gone viral, and topics about pop culture.
– MY AD FINDER: This is an extension you can add to your browser that collects ads while on Facebook. You can then filter through the ads to see what’s trending. Next, look at the engagement metrics of those ads and look for positive and negative reviews. If an ad has a lot of engagement but negative reviews, there is a demand the brand cannot meet. But, on the other hand, if there are a lot of positive reviews, that could mean you can create a product to ride this popular trend.
– Google Trends: Google Trends is a powerful tool that helps you spot patterns and trends by visualizing people’s behavior and search queries on the internet.
– Trustpilot: This site shows you all the reviews available for a brand. It can help you find pain points and positive points for a product. This way, you might do something the brand does but better or find a way to build a complementary product.
– Ecommerce marketplaces: Look at popular sites such as Amazon, eBay, Etsy, Wish, Alibaba, etc. These show how many units of a product are being sold. In addition, you can find trending products, read reviews, and find out what you can capitalize on.
Try to make complementary products to big brands or popular trends.
Big brands already have a vast customer base. You can use that to your advantage by looking for average or poor reviews and for problems that can be turned into products. For example, activewear brand reviews might show that there isn’t enough variety for plus-sized consumers. So, you might look into creating a plus-sized activewear brand.
Finding the right product to sell has been made incredibly easy with modern-day technological advancements. If you are motivated and disciplined enough to do the necessary research without having anyone over your shoulder to keep you accountable, you will eventually find success.
So, to recap all the steps we’ve shown you above, here is the list that you must go through to find the right product to sell:
– Pay attention to things you usually wouldn’t
– Subscribe to essential newsletters
– Use available software and websites to find trends in the current market
– Try to make complementary products to big brands or popular trends
We have many more articles that provide you with actionable advice on succeeding in your entrepreneurial journey. Feel free to read them all to educate yourself and increase your chances of building a successful business.