How to find hot selling products
How do you find good products that will sell online?
First thing we need to do is understand what type of products people already have an interest in buying. Finding a product with high demand is the most important part in finding a good product that will sell. Also check out the competition for that product. If there are a million website already trying to sell that same product then your chances of being successful with that product are pretty slim.
So how do you find products in high demand with little competition?
This is the question I hear most often from people trying to profit from selling products online. Well the truth is your only choice is to do some research.
There are all kinds of twists and turns along the way that may lead you to think you have a high-demand product or idea. We must be able to comprehend and satisfy the need, wants and expectations of our customers on a certain product that they’re trying to buy. Those three things are the necessities in a purchase.
- Needs are the basic reasons or the minimum requirements consumers are looking for in a product or service.
- Wants are the determining dimensions among many choices.
- Expectations, on the other hand, are values or intangibles related with a product or service. Expectations are actually part of wants but they become extremely important when products or services are not differentiated.
The next step is finding the level of competition for your new found product or service. While companies would naturally define it’s target competitors, it is actually the consumers who ultimately decide the competitive frame, or the list related products or services that consumers consider when exercising their purchasing power.
We must therefore choose the market segment where we can have a potential leadership or at least a strong challenger role. Because the overriding objective of getting into this business is not just to satisfy the needs and wants of our customers but to do so profitably better than his competition. Otherwise, our competition will end up satisfying the customers better than our own interest.
The third factor to be considered in finding hot selling products is finding out the general interest level about the product. General interest in a product helps us to gauge where our demand and competition numbers fall into the big picture. Simply saying, if there isn’t much demand for the product, and there isn’t much competition, it would seem that it might not be good a good put up for sale. But the research doesn’t stop here; there is one last thing to be considered to exactly find the hot selling products that you’ve been looking for.
We must also learn how others are advertising those products. If there are a good number of them doing so, it may mean that it’s a good product to get into. Coming to the last phase of the process is analyzing and evaluating all the information that has been collected. We have to look at all of the data we have collected on demand, competition, and advertising, and make decision as how they all balance out.
And here are several factors or aspects that must be measured:
(a) not enough demand means not enough people are going to buy
(b) too much competition means not enough of a profit to go around
(c) too much advertising drives up the price of pay per click ads, and competition as well
(d) not enough general interest, combined with low demand, means there may not be a good market even if there is competition trying to make the sales.