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Finding Hot Selling Products to Sell
In order to locate products that sell online, we need to understand what people already want to buy. Finding a good choice of product is always accompanied by interfacing the demand for the product in the current market, and the level of competition ( or market share ) that the product will have in the long run.
What should You sell? What products are hot selling? These are the questions most people are asking in order for them to make the definite decision. If we really want to know the answer to these questions, our only choice is to do some research.
There are all kinds of twists and turns along the road. Initially, you may think you have a high demand idea. But first, we must be able to understand, and satisfy, the needs, wants and expectations of our customers. This are called the basic needs, or minimum requirements, for a purchase.
Meeting needs are the basic reasons, the minimum requirements, which consumers are looking for in a product or service. They are called the qualifying, or gatekeeper, dimensions in a purchase. Wants are the determining dimensions among many choices. Expectations, on the other hand, are values or intangibles associated with a product or service. Expectations are actually part of wants but they become extremely important when products or services are not differentiated.
For example, in reading a logic book, university students look for the following:
Relevant logic concepts,
use of simple language,
easy to understand
and affordable prices.
These similar ideas can be applied to Internet Sales as well. After all, the Internet is just another place to sell products. The basic concept of demand is the same there as it is anywhere else. It has been this way all the time.
Now, the second thing that must be considered when seeking hot products to sell... is the level of competition, or the market shares your product will have. Market share, or level of competition, means the ratio of your brand sales versus the total market sales.
While companies will define its major competitors, it is actually the consumers who ultimately decide. 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 a business is not just to satisfy the needs of our customers, but to do so profitably better than the competition. Otherwise, our competition will end up better satisfying the customers.
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 to gauge where our demand and competition numbers fall into the big picture. If there is not much demand for the product, and there is little competition, it would seem that it might not be a good idea. How many Eskimos would buy air conditioners?
The research does not stop here; there is one last thing to be considered. Find the hot selling products that you have 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 is a good product to get into. Remember the early days of the Cell Phone?
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 the data we have collected on demand, competition, and advertising, and make a decision as to how they all balance out.
And here are several factors that must be measured:
(a) not enough demand means not enough people are going to buy
(b) too much competition means not enough profit to go around
(c) too much advertising drives up the price of ads, and competition
(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.
Put these mitigating factors to work for you before you jump into a business venture selling a hot product that will soon turn cold... if the above factors work against them. Do your research.