7 Ways to Find a Product which Sells

In this blog find out how to find products with high ROI.

7 Ways to Find a Product which Sells

So you have decided or thinking to sell online, either via your own eCommerce store or through amazon. But not sure how to research for the perfect product that you want to sell. In this blog I have jotted down the 7 most effective strategies to find perfect products through which you can launch a long-lasting business with high sales.

1. Consider the Products related to your Passion
2. Products that solve Problems of your Customer
3. Pick the Trends Early
4. Always be looking for new Product
5. Search for the Products having high-Profit Margin
6. Start your search with related products
7. Customer Interaction before launching the Product

1. Consider Products related to your Passion

 "If you do what you love, you'll never work a day in your life." - Marc Anthony

There is always a risk associated while choosing a product to sell. Even with all the surveys, helping to predict high sales volume, some products do fail. But you should not underestimate the power of your Passion.

The Equation is simple. If you are selling what you love, then there must be others who share the same enthusiasm. There must be a sizable market share.

Example- There are tons of case studies of businesses selling the products that they are passionate about. But the story of Mac Donald's is one of my favorite ones.

Sure there are a number of factors resulting in McDonald's success, but one of the most important factors is- Only Selling Burgers. 

Before turning it to a franchise business model, Richard and Maurice (the founder of McDonald's) were selling a number of products along with their hamburger. But as they saw that their Burgers are selling way more than there other products, they dropped their other products and start selling just burgers. And also customized the whole restaurant just to produce burgers faster and efficiently.

2. Products that solve Problems of your Customer

A product that solves any Problem of the customer always stays in demand. That way you are tapping to the pain point of the customer, offering more value and appealing to their emotion. But the big advantage will always be that this Product will have a high ratio of customer loyalty. Therefore more opportunities for branding.

Example- Waterproof eyeliner of Lakme.

 Problem: Normal Eyeliner doesn't stay long, especially if you are sweating.

 Solution: Waterproof eyeliner, which could withstand as long as 24 hrs. Lakme and other big brands saw the opportunity and launched their own waterproof eyeliners.

If you are having difficulty finding the pain point of your target customer, or just want to be sure that what you have thought does also exist in reality, it's best to conduct a survey to know the Pain Point of your target customer.

3. Pick the Trends Early

You can gain substantial success if you tap on the trends early, at the right time. That's why identifying a trend is crucial to sustaining your business for a long period of time.

But it is also risky. There is a high chance that you may think a short-time gig a genuine trend. These gigs will fade out with time, and in the long run, will hurt your brand image or worst, it may put you out of business!

These are a few strategies that you can try to identify genuine trends:

  •  Reddit: Browse the popular page to see what people are talking about.
  • Google Trends: Use google trends to compare the interest curve of the products you are considering to sell.
  •  #Tags: Keep a regular watch on the trending hashtags.

4. Always be looking for new Product

Even after launching your Product, always try to be on a lookout for the next hot product. And keep a habit of carrying a short notebook, that way you will be able to note down new ideas and strategies that you will encounter.
And it is also a good habit to keep an eye on your competitors. You will find several good strategies that your competitor is incorporating in their business, therefore you should consider these strategies too.

5. Search for the Products having high-Profit Margin

Starting with higher-margin products gives you more freedom and flexibility in your business. And gives you a less risky environment.

It also offers you more freedom to test out new strategies or if you are thinking to launch a new product.

Tip: From apparels, you can have a product of more than 100% of margin.

6. Start your search with related products

Try to cross-sell some products, that way you will encourage the customer to buy more.

Cross-Selling is, with the product that you are selling you also suggest a list of complementary products, products that the consumer might or will need with your main product.

Example- If you are selling a laptop, then the customer might also need a keyboard, mouse, or headset. So in the section of related items, you also show these complementary products.

7. Customer Interaction before launching the Product

Now you are done with the market research and have already selected your niche and the list of products that you are going to sell. But you are still not sure, how will your target audience react to it.

Hence it's a good idea that you interact with your target audience via email beforehand. Formulate a google form to get the gist of customer's reactions towards your product. If the majority of them send back positive reactions then you are good to go. But if the majority of the reactions are negative then you should consider changing your product or marketing strategy.

Please let us know what you think about the above list, by commenting down below. And also share with your friends if you like the blog.

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