How To Choose The Right Product for the Right Market
Below is a MRR and PLR article in category Business -> subcategory Marketing.
How to Choose the Right Product for the Right Market
Overview
When evaluating home business opportunities, it's crucial to determine if the product you want to sell is marketable, assess market saturation, and identify a competitive price.
Identifying Marketable Products
Even if your home business isn't internet-based and targets local customers, exploring online auction sites is useful. These platforms can help you understand industry trends and pricing standards. Online merchant experts recommend pricing your product at about two-thirds of what major auction sites list similar items, or 65% of the top bids from the last sixty days. Local cost of living and market competition should also influence your pricing strategy.
Evaluating Market Saturation
When assessing local home business opportunities, focus on your immediate competition. Market research should weigh heavily on local business dynamics, ensuring you aren’t entering an overcrowded market.
Assessing the Parent Company's Credibility
A company doesn't need to report massive revenues to present a viable home business opportunity. Smaller firms can offer valuable advantages, such as direct access to executives, providing insights and support as you start your venture.
Gathering Reliable Information
Consult people you know who have interacted with the company. If unavailable, review financial statements for public corporations or use resources like Hoovers for stability insights. Local organizations like the Chamber of Commerce and Better Business Bureau can also provide guidance.
Consulting Vendors and Customers
Engage with vendors to understand the company’s financial health. Their ability to pay bills on time and sustain large orders indicates good sales. Additionally, reach out to both current and former customers?"not just those suggested by the firm?"to gain honest feedback.
By thoroughly researching and evaluating these aspects, you can better choose the right product for the right market in your home business endeavor.
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