How Do I Know What Product To Sell
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
How to Identify the Right Product to Sell
Overview
Identifying the right product to sell boils down to this fundamental sequence:
1. Discover what people desire.
2. Provide a product that meets that need.
3. Persuade customers to purchase that product.
Many beginners mistakenly prioritize creating a product before understanding what people want, leading to poor sales. Instead, focus on areas with high demand rather than niche, esoteric topics.
Finding a Niche Market
Step 1: Research Trending Topics
Begin by identifying what’s currently popular or consistently in demand. Simple research can start at your local newsstand. If magazines are published regularly, it indicates a loyal audience. Buy a few copies of popular ones and examine the ads. Repeated ads mean they're successfully attracting buyers.
Step 2: Explore Online Platforms
Platforms like eBay and Amazon offer insights into what products are frequently searched for and purchased. Joining online forums and examining popular discussion threads can also reveal current interests. You can even compile this information into a well-structured eBook using eBook software.
Step 3: Analyze the Competition
Use keyword analysis tools to assess market competition. Tools like Micro Niche Finder, Google's Keyword Planner, or Wordtracker’s free trial, help gauge market saturation. A dominant, high-priced product in the market could be advantageous, as you might offer a simpler, more affordable alternative.
Caution with Popular Markets
Be wary of overly competitive markets, especially when using Google Adwords. For example, top bids on search terms like "weight loss" may exceed your budget, diminishing returns.
Avoid Minimal Competition
If a market has little to no competition, investigate why. A lack of competition often indicates low buyer interest rather than untapped potential. The goal isn't to find a market devoid of competition but rather one where you can stand out and excel.
Key Considerations
When evaluating potential markets, consider:
- Insufficient demand means poor sales.
- Excessive competition can overshadow your efforts.
- High Adwords costs may reduce profitability.
- Lack of general interest implies minimal search traffic.
By considering these factors, you can strategically choose a product to sell, ensuring it aligns with market demands and competitive dynamics.
Peter Phillips
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