Choosing the Best Products to Sell Online
There are a lot of startups in the world, and most of them are trying to sell something to someone. Many of those fledgling businesses fail because they can’t identify and produce a product that people want to buy. The internet is the biggest storefront around and caters to the widest possible audience, so why is it so hard to get anyone to buy anything? Let’s try to answer that question and nail down some the kind of product that your startup has a strong chance of moving.
The first mistake that new startups often make is that they try to reinvent the wheel. New ideas can be powerful and game-changing, but they aren’t necessary to any kind of success.
Use the wealth of information that exists on the internet to find a niche market with a problem that needs solving and begin building a solution. That’s always the first step. The next is to find a way to get people talking about it.
Finding a niche can be a difficult thing, but there’s a wealth of tools out there to make that research a little bit easier. Believe it or not, Amazon is a great place to start. At the bottom of every product page, you can find a BSR (Best Seller’s Rate) and use it to determine how well that product is selling and how profitable it is.
If this sounds daunting, there’s a tool called JungleScout that makes the whole process much easier. It will estimate the monthly revenue of any given list of products for you so you don’t have to do all the math yourself. You can filter and categorize all you like to help you determine the perfect product for your startup to go after.
Another idea is to use keywords to help identify what your ideal audience is searching for online. The definitive solution for this strategy is still the Google Adwords Keyword Planner. Use it to narrow down what words any given audience is searching to research products, solutions, or services.
But you can’t just identify a product that’s selling well. It needs to be affordable, within your means to produce, and has to have a decent product margin — in other words, it needs to make you money.
Most startups make their money with a strategy called upselling. Essentially, this means offering additional products or services when a customer goes to buy the first thing that they see. Whether this be by building a longterm relationship with your brand or simply presenting a popular loss leader that you then pair with more products; it’s one of the best ways for online sellers to actually get cash flowing in.
Not only can upselling be extremely profitable, but when someone buys a particular product, it can help you identify their passions so that you can begin building more solutions for them in the future.
No matter what your business or strategy turns out to be, always pick something profitable that you are confident you can make.
If your chosen product or service is something you're passionate about too, that’s always a huge bonus. If you really care about the work you’re doing, chances are you’ll be doing better work anyway. When you can hit the perfect intersection of those interests that’s when you’ve really got it made.