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How To Select Your Product Line: Researching Your Market

Make Fact-Based Decisions

Choosing what products you’ll sell is one of the most important decisions you’ll make regarding your eBiz. If you choose your product line based on personal preferences or hot-item lists, you’re gambling with your business. There may not be a market for your particular tastes or the market may be saturated. And by the time an item reaches a hot-list, the supply has met or exceeded the demand.

That’s why you need to base all your decisions on yo...

Make Fact-Based Decisions

Choosing what products you’ll sell is one of the most important decisions you’ll make regarding your eBiz. If you choose your product line based on personal preferences or hot-item lists, you’re gambling with your business. There may not be a market for your particular tastes or the market may be saturated. And by the time an item reaches a hot-list, the supply has met or exceeded the demand.

That’s why you need to base all your decisions on your market research. Gather information about specific products, not just overall market data. You want to know exactly what the demand and competition is for your particular item. You’re looking for products with steady demand, but without a huge amount of competition—niche markets. Research can reveal a lot about what you should sell and how you should sell it.

Determine If Your Product Will Do Well

You need to find out if you can compete with a product before you decide to sell it. There are some questions you can ask that will help you determine if it’s a good choice for you:

• How much demand is there? Use tools like http://WordTracker.com or http://Terapeak.com to see how many people are searching for your product. You want items with a consistent, median demand.

• How much competition will I have? You can find your competition the same way your customers do—type the name of your item into a search engine and sift through the results. If the market’s flooded, be willing to keep looking—there are plenty of product markets out there with enough room for you.

• Can I be competitive? Consider your competitions’ retail prices and their shipping costs. They may offset the one with the other, so it’s important to look at both. Compare them with your own wholesale and shipping costs, and determine if you’ll be able to charge competitive prices and still make a profit.

WorldwideBrands.com offers a Market Research Wizard that takes all these factors into account and tells you how likely you are to be profitable with an item.

Find the Best Way to Market Your Product

In addition to showing you which items you should be selling, market research can also show you how you should be selling them. You can see what keywords people are using to search for your product and pick keywords for your ads and your optimization accordingly. You want focused words that will bring in the right kind of traffic—users specifically searching for what you’re selling.

You can also look at your competitors to see what the successful and unsuccessful ones do differently. Pay attention to their advertisements and auction listings to get an idea of what works and what doesn’t. The more familiar you are with your market, the better equipped you’ll be to succeed in it.

 

How To Select Your Product Line: Researching Your Market

Make Fact-Based Decisions

Choosing what products you’ll sell is one of the most important decisions you’ll make regarding your eBiz. If you choose your product line based on personal preferences or hot-item lists, you’re gambling with your business. There may not be a market for your particular tastes or the market may be saturated. And by the time an item reaches a hot-list, the supply has met or exceeded the demand.

That’s why you need to base all your decisions on yo...

Make Fact-Based Decisions

Choosing what products you’ll sell is one of the most important decisions you’ll make regarding your eBiz. If you choose your product line based on personal preferences or hot-item lists, you’re gambling with your business. There may not be a market for your particular tastes or the market may be saturated. And by the time an item reaches a hot-list, the supply has met or exceeded the demand.

That’s why you need to base all your decisions on your market research. Gather information about specific products, not just overall market data. You want to know exactly what the demand and competition is for your particular item. You’re looking for products with steady demand, but without a huge amount of competition—niche markets. Research can reveal a lot about what you should sell and how you should sell it.

Determine If Your Product Will Do Well

You need to find out if you can compete with a product before you decide to sell it. There are some questions you can ask that will help you determine if it’s a good choice for you:

• How much demand is there? Use tools like http://WordTracker.com or http://Terapeak.com to see how many people are searching for your product. You want items with a consistent, median demand.

• How much competition will I have? You can find your competition the same way your customers do—type the name of your item into a search engine and sift through the results. If the market’s flooded, be willing to keep looking—there are plenty of product markets out there with enough room for you.

• Can I be competitive? Consider your competitions’ retail prices and their shipping costs. They may offset the one with the other, so it’s important to look at both. Compare them with your own wholesale and shipping costs, and determine if you’ll be able to charge competitive prices and still make a profit.

WorldwideBrands.com offers a Market Research Wizard that takes all these factors into account and tells you how likely you are to be profitable with an item.

Find the Best Way to Market Your Product

In addition to showing you which items you should be selling, market research can also show you how you should be selling them. You can see what keywords people are using to search for your product and pick keywords for your ads and your optimization accordingly. You want focused words that will bring in the right kind of traffic—users specifically searching for what you’re selling.

You can also look at your competitors to see what the successful and unsuccessful ones do differently. Pay attention to their advertisements and auction listings to get an idea of what works and what doesn’t. The more familiar you are with your market, the better equipped you’ll be to succeed in it.

 

How to Research and Find Your Niche Online

Deciding on what product or service you will promote in a niche market should be based on a simple principle. There should be a demand for your product or service. You want to offer something that people actually need, something that will make their lives better, make them feel better physically, make them look better, or help them solve a problem.

Once you have chosen a product or service to market, researching to find the right niche for your product or service is the next most important part of beginning a niche marketing program. The things that you need to know are where they spend their time online, and what makes them tick from a personal and business point of view. There is niche marketing software out there that can help you learn these things about your potential niche market.

The next thing you need to learn as you research your online niche market is what you can reasonable charge for your product or service. The best and most effective was to do this is to visit sites that advertise products or services similar to what you have chosen to sell. It should be easy to see if they are giving away a service or selling the product at a price far lower than you would have to charge.

If you can determine that there are people out there who are willing to spend money to buy what you are selling and you can identify those people then you have a niche marketing product or service that can make money on the Internet. Sometimes it takes reframing your product or service to make it more attractive, better or just different than what others are selling it for. Research is the key to successful niche marketing.




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