Building an online store is one of the most popular ways to make some money on the side. The statistics reveal that the growth rate of the UK’s online shopping landscape will even grow to 34.5% by 2023.
However, many beginners often find themselves stuck when thinking about what they could bring to the market.
Apart from worrying about whether the selected product will be in demand, they also consider whether it will generate a positive return on investment.
If you’re also trying to find out how to pick a profitable product or service, keep reading. This article will share the most effective tips on how to choose the best products to sell online.
1. Identify Customer Pain Points
Identifying customer pain points is an essential step that shouldn’t be overlooked. When a business offers solutions to customers’ problems, they can expect a higher return on investments and an increased engagement.
Customer pain points often emerge because of the substandard experiences with the currently available products.
Specifying the target audience group may be the perfect starting point to better understand your prospective customers and what they’re expecting from a product. For that, a customer persona comes to the rescue.
A customer, buyer, or user persona is a semi-fictional character of an ideal consumer for your product. Creating a persona can help you pinpoint your target customers’ problems and help determine the best marketing strategies for them.
Here are some of the information to include when making a customer persona:
- Pain points
Make sure to base these on the existing customer information in your market, and you’ll have a clear image of who you should be targeting when you start selling your products.
2. Consider Following Your Passion
When it comes to developing the products, following your passion can be a great tactic.
The way business owners promote their products and services often reflects how much they actually like them themselves. By showing passion towards your business, your audience may feel the excitement and meaningfulness of the products. As a result, the marketing strategies can drive more leads, which can turn into sales.
Following your passion also lets you look deeper into the products you’re trying to sell. It helps you find ideas on how to improve the current product selections and offer better value to your target market.
Using a passion for building a business also allows entrepreneurs to build a community. This is because such a business may attract people with similar views towards the niche. Ergo, following personal passion may help boost a business’s engagement and customer loyalty.
Source: Robert Lawler Photography
For example, if you’re an excellent public speaker, creating your own online course may help you earn some extra money. Or, if you love to experiment with cameras, offering photography services may be the perfect option.
3. Invest in Trends Early
While there’s controversy about following a trend, it’s another story if you can hop onto it quicker than your competition. Apart from getting a new business to stand out, it will help you establish your brand as the leader in the industry.
Dominating SEO keywords is another advantage of investing in trends early. It helps ensure a new business’s visibility on the search engine due to fewer competitors’ articles on the subject.
Source: Google Trends
Here are some easy tips on how to stay up to date when it comes to trending products and services:
- Utilize Google Trends. With a simple search of a relevant keyword, Google Trends presents how the topic performs in a specified period of time and geographical location. By analyzing the graph, users may be able to project the topic’s capitalization opportunities.
- Look into hot topics in forums. Internet users often have long discussions about the latest fads. To recognize those subject matters, visiting Reddit is one of the best approaches to begin with. Its Popular page will help you figure out what’s currently buzzing.
- Take advantage of social listening tools. They help keep track and analyze online conversations related to a specific topic or industry. What’s great about this software is that users can monitor a number of social media platforms in one place.
4. Use Keywords to Conduct Product Research
In general, product research refers to the process of gathering information about current best-selling products or services. Using keywords to find profitable products or services helps ensure there’s a market for them.
One of the easiest ways to conduct this research is by looking at the top sellers and most wished for on marketplaces, like Amazon and eBay. When performing the search, narrowing down the category can help to specify the products.
Another way to check a product’s competitive advantage is by running a search query with competitor research tools, for example, SEMRush. Such software helps find out:
- Where an eCommerce site traffic is from.
- How it promotes its products.
- What their top-tier products are.
5. Check Customer Reviews on Existing Products
Customer reviews provide loads of insights into currently available products on the market. If you’ve decided on what to sell, reading customers’ thoughts on similar products may help you present better options.
Let’s look at some of the reviews for this dress:
If you’re going to focus on the fashion industry, a similar piece of clothing may go into one of your product lines. Reading its reviews helps figure out the customers’ expectations towards it. Whether it’s the cutting or the fabric, you may enhance them to offer better product quality.
6. Test Before You Launch
Test-marketing is like a dress rehearsal for newly developed products. It may involve selling the products to a limited number of people or offering a sample. This test helps predict a product’s acceptance and viability. On top of that, it also helps estimate sales and profits.
Here’s a deeper look into some of the best test-marketing strategies:
- Conduct an alpha test. Once you’ve done creating a product, gather first opinions from users within your organization. This helps ensure the product functions well and meets the industry standards.
- Get insights from controlled customer groups. If you decide to sell your product to a group of people, don’t forget to let them have their say about it. That way, you know what to do to make it better.
- Take advantage of the rough prototypes. Providing incomplete products can offer more room for further improvements. Also, it helps to save more money. Therefore this strategy may suit you well if you’re on a shoestring budget.
- Offer a sample. A take on this approach may sound exorbitant, as you’re giving your product away. However, it’s excellent because it helps reach a wider audience. Free sample marketing is also a great way to acquire some customers’ reviews.
- Utilize test advertisements. Using ads is among the most cost-effective ways to estimate audience and market size. With this strategy, all you ought to do is prepare a short introduction video or product photo carousel. Once displayed on a publisher’s web, you’ll be able to track its engagement rate.
Choosing the best products to sell can be the most stressful step when starting an online business. However, it won’t be that much of a problem if you know where to look.
In this article, we looked at six easy tips for selecting the perfect product to sell online. Here’s a short recap:
- Identify customer pain points. This is to ensure that your product helps meet customers’ needs and solves their problems.
- Consider following a personal passion. One of the best benefits of this strategy is that it helps you sell your product more effectively. As passions usually relate closely to hobbies and expertise, business owners can use their knowledge to create the best product to offer.
- Invest in trends early. Paving the way for a specific topic may leave the impression that a business is a leading brand for it. This strategy also brings about SEO advantages.
- Use keywords to conduct product research. Searching for best-selling items on popular marketplaces helps figure out the market size and profitability for specific products.
- Check customer reviews on existing products. This tip helps find insights on available products in the market.
- Test before you launch. It helps determine a product’s acceptance and viability before a full launch.
Some business owners may get lucky to have their online store generate a significant number of sales on their first try. However, learning as you go will likely be your motto, as building a successful business takes a lot of time and effort. Thus, it’s okay if you need to find another idea before you accomplish success.
We hope all those handy tips can help you ease your business development process.