In order to locate products that sell online, we
need to understand what people already want to
buy. Finding a good choice of idea or 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 be having in the long run.
“What should I sell? What products are hot
selling? These are the questions most people are
trying to find an answer in order for them to
make the definite decision. And if we really want
to know the answer to this question, our only
choice is to do some research.
There are all kinds of twists along the road that
may lead you to think you have a high-demand idea.
We must be able to understand and satisfy the need,
wants and expectations of our customers on a certain
product that they’re trying to buy.
This three are called the basic needs or minimum
requirements in a purchase. Needs are the basic
reasons or the minimum requirements 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, and has been
all the time.
Now, the second thing that must be considered in
finding “hot” products to sell are the level of
competition or the market shares do your product
will have. Market share or level of competition
means the ratio of your brand sales versus the
total market sales. While companies would
naturally define its target competitors, it is
actually the consumers who ultimately decide the
competitive frame, or the list related products
or services that consumers consider when
exercising their purchasing power. 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 this business is not just to
satisfy the needs and wants of our customers but
to do so profitably better than his competition.
Otherwise, our competition will end up satisfying
the customers better than our own interest.
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 us to gauge where our
demand and competition numbers fall into the big
picture. Simply saying, if there isn’t much
demand for the product, and there isn’t much
competition, it would seem that it might not be
good a good put up for sale.
But the research doesn’t stop here; there is one
last thing to be considered to exactly find the hot
selling products that you’ve 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’s a good product to
get into. 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
of the data we have collected on demand,
competition, and advertising, and make decision
as how they all balance out.
And here are several factors or aspects that must
be measured: (a) not enough demand means not
enough people are going to buy (b) too much
competition means not enough of a profit to go
around (c) too much advertising drives up the
price of pay per click ads, and competition as
well (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.
Warmly,
Ken Mathie.
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