Finding the right product remains one of the greatest obstacles for aspiring online entrepreneurs as they look for profitable, trending products that will sell, whether it be a single product or an entire product line that fills a market niche.
Coming up with product ideas is unquestionably difficult, and the importance of selling a product that consumers want can cause even the most motivated individuals to experience analysis paralysis. Oftentimes, it seems as though everything you could possibly sell has already been sold, not to mention the fact that there will be considerable competition in the most popular product categories.
There are still golden opportunities available, as evidenced by the constant launch of successful new products. To help you get started, we've compiled a list of methods for finding products to offer in your online store.
Meet customer needs
Solving a customer pain point will always be an effective method for developing a product that consumers desire.
In contrast, abstract consumer pain points typically involve addressing poor or frustrating experiences with the current selection of products.
It is important to pay close attention whenever you observe recurring issues with an extant line of products. Being acutely aware of the pain points and minor annoyances you encounter on a daily basis may be exactly what you need to generate your next profitable product idea.
Appeal to passionate enthusiasts
When consumers are enthusiastic about a particular profession or leisure, they are typically more willing to spend money on the exact product they desire. This willingness to pay can be an important criterion for evaluating the prospective opportunity of any product or line of products.
Customers who are enthusiastic about your brand tend to be more involved in the industry and to derive greater value from the products they purchase. Let's examine some examples.
Follow your personal interests
There are inherent hazards in selecting a niche based on one's own interests, but this is not necessarily a recipe for disaster. Using your expertise to create and market a distinctive product can be extremely lucrative.
Founder / market fit is important because establishing a business is a lot of hard work, and you will be better equipped to stay motivated and overcome obstacles if you have a strong emotional connection to the product you are selling.
Consider your professional qualifications
Working in a specific industry has helped you learn the ins and outs, correct? Perhaps you have a skill or a unique set of experiences that make you more knowledgeable than the average person on a specific topic. Turning your expertise into an online business is a smart way to gain a competitive advantage that is difficult for others to duplicate or replicate.
Capitalize on emerging trends
Recognizing a trend early on can be a significant advantage for a startup company. It enables you to carve out a niche in the market and establish yourself as a market leader before others do. And as a result of the characteristics of digital marketing, your paid expenditures will likely be lower, and opportunities to generate long-term SEO traffic may be more abundant.
The key is to distinguish between a "fad" and a "trend." A fad is something that has risen to prominence due solely to novelty or a gimmick; while fads can provide excellent marketing opportunities, keep in mind that if you build your business on a fad, the demand will ultimately wane. A trend, on the other hand, satisfies an existing need in a novel manner, which explains why its demand lasts much longer than that of a fad.
Here are a few methods to keep an eye on what's popular so you can seize opportunities quickly:
Social listening: This can be as simple as reviewing trending hashtags on Twitter or topics on Facebook, or as complex as employing social monitoring tools to identify and track trends over time.
Google Trends: View the prevalence of topics over time and determine which are experiencing a surge in interest.
Trend Hunter: The "world's largest, most popular trend community" utilizes data, artificial intelligence, and actual people to identify consumer insights and new opportunities.
Reddit, "the homepage of the internet," features forums on virtually every subject under the sun. Visit the popular page to find out what everyone is talking about.
Read reviews of existing products from customers
Whether you already sell products online or not, customer evaluations provide a wealth of information.
If you already have a well-established online store, you can see what consumers are saying about your existing products. Are there any trends or intriguing feedback that can serve as a source of inspiration for your next product? Pay special attention to deficiencies and complaints shared by others.
If you do not presently have a store, you should review customer feedback for other brands and products in the industry you wish to enter. What "wishlist" comments are exchanged regarding possible enhancements to already successful products? What accessories or additional products do clients frequently request?
If you are unsure of the industry or product category to investigate, consider a specific demographic and concentrate on brands and products that appeal to those individuals.
Discover product possibilities in keywords
It's no secret that organic search engine traffic is an essential marketing channel. Searching for keyword opportunities entails searching for a product based on the search queries people are using, the number of monthly searches, and the overall competition for those searches.
This strategy can be quite technical and requires an intermediate level of keyword research and search engine optimization knowledge. Pairing product demand with existing keywords can be an effective way to acquire consistent organic traffic from Google, but it comes with its own set of risks, namely that if you rely too heavily on search engine traffic, you will be overly susceptible to changes in Google's algorithm.
Keep in mind that Google is not the only search engine that people use, and as such, it is not the only place to mine for keywords. Additionally, online marketplaces have their own search functions, resulting in an abundance of query data. Here are a few tools you can use to discover prevalent search terms, which may assist you in locating the next product to sell:
Keywords Everywhere
Keyword Tool
Keyword Inspector
Helium 10
Sonar Popular Keywords and Markets Keywords
If you prefer to sell products on your own online store, you can still get ideas by observing what's popular and trending on other marketplaces. Explore sites such as Amazon, Etsy, and eBay, as well as 'What's hot,' 'Most wished for,' and other categories that highlight current consumer demand. Here are some links to help you begin:
Amazon's Best Sellers
Amazon's Most Wanted
Amazon's Movers & Shakers
Etsy's Most Wanted
Etsy's Best Selling Items
Etsy's Most Popular Item
eBay's Trending
Kickstarter's Most Popular
Test before launching
As we've previously discussed, true product validation occurs only when money is exchanged; therefore, you cannot be certain you're onto something until people swipe their credit cards.
However, it is undeniably advantageous to secure some level of interest and investment from potential consumers prior to shipment. Even excellent products can fail if they are introduced to no one. If you already have an idea but are not yet prepared to invest significantly in it, you can minimize your initial investment and test the market by creating a landing page to promote your potential product, where interested customers can leave their email address, and running a few paid ads to drive traffic to it.
Obviously, a variety of variables will influence the success of your campaign. But any initial traction indicates something. At the very least, you may wish to contemplate investing more in your idea.
To explore a little deeper, consider using a tool like Jungle Scout, which allows you to filter by category, price, sales, and other attributes to identify best-selling products and popular sellers.
Examine profit margins
Less-expensive-to-produce products offer a low-risk entry point because it is simpler to achieve higher profit margins than with more expensive products. When setting prices for your products, you must account for the complete resources you've expended to sell them, also known as the cost of goods sold (COGS).
You must consider not only the cost to manufacture the product, but also the cost to promote, store, and dispatch it. Look for inexpensive products with a high return on investment (ROI). Remember that lighter products will be less expensive to ship. And just because a product is economical to purchase in bulk does not imply that it can be sold for the highest ROI.
Start your search with similar products
Do you currently have an interest in a specific industry or product category? Consider the items or products that are frequently purchased together by consumers in this niche. Amazon is a beneficial resource for this, as the site displays product affinity in multiple locations.
It is essential not to disregard random notions that may occur. Keep a list on your smartphone or on paper so that you can refer to it when conducting market research for your product idea.
Selecting the appropriate product or product category is crucial to your success. The products you choose will affect every aspect of your business, including marketing, shipping, pricing, product development, and line extensions.
These ideas should get your creative juices flowing and lead you to a product that people want to purchase and that you're equally excited to sell.