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Many people are now using the Internet as a way to make a living by selling various products. However, before you can start your own online business, you first need to figure out what you are going to sell. This is something you really need to put some thought into. This article will take a look at some of the things you need to consider when you are deciding what items your online business will sell.
1. What is your potential market size?
When you begin selling online, you ideally want to select a niche and product with a market size that is small but sufficient. You should stay away from niches that are small with not enough searches for keywords. For example, it would be a good idea to sell a product that is made for women who are 20-35 years old. However, a product that is made for women that are 20-35 years old who also like jazz music is too small of a target audience. This will make it much more difficult for you to find interested customers. It will also cost you more to acquire these customers and the growth of your business will be seriously limited by the tiny size of the market.
2. Who is your competition?
You need to determine what the competitive landscape is for the particular products that you want to sell. Are there going to be many competitors, several or none at all? If there are many competitors in the specific niche you have chosen, this is a sign of validation for the market. However, if you are going to break through and become a success, you need to stand out from the crowd and conduct business differently than all of the competition. Only then will you get potential customers to notice you and increase your share of the market.
3. Is it a growing market, a fad or a trend?
You should always be certain to keep track of your products current standing in the marketplace. If your product is on the way out, or if there is something bigger, better or more advanced on the horizon, it would not be a smart idea to build a business around that particular product. For some products, timing is everything. There was a large demand for Geiger counters in Japan after the earthquake in March of 2011, so anybody selling those items at that time made a fortune. You can use Google Trends to help you determine if a product is a fad, a trend or if it has the potential to develop into a stable market that is worth getting involved in. If you notice any spikes indicating increased demand over a short period of time, do some research to find out what caused them.
4. Can you buy the product locally?
If the product you want to sell is easy to get in your area, there is not much reason for people to buy it from you on the Internet. For example, if you are trying to sell toilet plungers online, you will have a hard time. This is because people who need that item will simply drive to a hardware store that is close to them. If the product you want to sell can be obtained in your area, the burden falls on you to make your product more attractive to consumers. How can you do this? A lower price, better quality and a better selection are some ideas.
5. Who are the consumers you are targeting?
You need to know who you are selling your product to and their capability to buy something online. If the item that you want to sell is aimed at teenagers, you should keep in mind that people under 18 do not have their own credit cards, so they will be relying on their parents to buy it for them. This can be problematic.
1. What is your potential market size?
When you begin selling online, you ideally want to select a niche and product with a market size that is small but sufficient. You should stay away from niches that are small with not enough searches for keywords. For example, it would be a good idea to sell a product that is made for women who are 20-35 years old. However, a product that is made for women that are 20-35 years old who also like jazz music is too small of a target audience. This will make it much more difficult for you to find interested customers. It will also cost you more to acquire these customers and the growth of your business will be seriously limited by the tiny size of the market.
2. Who is your competition?
You need to determine what the competitive landscape is for the particular products that you want to sell. Are there going to be many competitors, several or none at all? If there are many competitors in the specific niche you have chosen, this is a sign of validation for the market. However, if you are going to break through and become a success, you need to stand out from the crowd and conduct business differently than all of the competition. Only then will you get potential customers to notice you and increase your share of the market.
3. Is it a growing market, a fad or a trend?
You should always be certain to keep track of your products current standing in the marketplace. If your product is on the way out, or if there is something bigger, better or more advanced on the horizon, it would not be a smart idea to build a business around that particular product. For some products, timing is everything. There was a large demand for Geiger counters in Japan after the earthquake in March of 2011, so anybody selling those items at that time made a fortune. You can use Google Trends to help you determine if a product is a fad, a trend or if it has the potential to develop into a stable market that is worth getting involved in. If you notice any spikes indicating increased demand over a short period of time, do some research to find out what caused them.
4. Can you buy the product locally?
If the product you want to sell is easy to get in your area, there is not much reason for people to buy it from you on the Internet. For example, if you are trying to sell toilet plungers online, you will have a hard time. This is because people who need that item will simply drive to a hardware store that is close to them. If the product you want to sell can be obtained in your area, the burden falls on you to make your product more attractive to consumers. How can you do this? A lower price, better quality and a better selection are some ideas.
5. Who are the consumers you are targeting?
You need to know who you are selling your product to and their capability to buy something online. If the item that you want to sell is aimed at teenagers, you should keep in mind that people under 18 do not have their own credit cards, so they will be relying on their parents to buy it for them. This can be problematic.
Posted in: Online Business
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