One of the biggest challenges faced by entrepreneurs is to create the perfect product to sell online–one that will have a huge demand and will be loved by the target segment.
It doesn’t matter if it is a single product or a product line, but it should be able to occupy a niche in the market.
You’ll most often feel that whatever you want to sell is already being sold, and there will always be plenty of competition in popular products.
However, there are still golden opportunities to create the perfect product to sell online, and here are a few ways to help you do that:
1. Solve A Problem
No one is going to buy a product if it doesn’t solve a problem or pain point for them. People will always face a problem, whether or not there is a product available for that or not.
For instance, when people didn’t have portable Bluetooth speakers, that was the problem that could be solved. When people had those options, the problem was with the battery life per charge of the speaker.
As a business, you need to understand what is the pain point that your potential customer is facing currently, and how you can create the perfect product that solves it for them.
2. Appeal To Enthusiastic Hobbyists
When a consumer is passionate about any particular hobby or trade, they don’t usually mind spending a little extra money on a product that is solving their exact purpose.
Besides, since such customers care more about their specifications, if your product appeals to them, you could earn them as loyal customers for a really long time.
For instance, gym enthusiasts prefer well-made hand bands that can help them continue their workout properly without getting their hands damaged.
Or football/soccer players want to spend on the perfect shoes that allow them to get a stronger grip and enhance their game.
3. Explore Your Personal Passion
You can also create the perfect product by picking a niche that you have a personal interest in. The reason is that you naturally have great know-how about it, and chances of going wrong with it are low.
Running a business requires a lot of dedication and hard work and, most importantly, patience. If your product is a part of your personal passion, the level of dedication you put in would be higher than what it would be otherwise.
For example, when fitness enthusiasts start a business with fitness supplements or healthy food products they have a personal interest in it and automatically do great.
4. Use Your Professional Experience
If you have worked in any industry before this, you could use that professional experience to create the perfect product to sell online.
Your previous experience might have helped you develop a specific skill set, and it would be a good idea to use it to the benefit of your current venture.
It won’t be easy for your competitors to duplicate or copy what you are doing as they might be lacking the required experience that you already have.
5. Capitalize On Trends
Different trends keep popping up from time to time, and you should always be on the lookout for them.
If you see any new trend that even remotely belongs to your industry, you could capitalize on it and create the perfect product to sell online.
If done soon enough, it can help you carve out a special place in the market and establish yourself as a leader before anyone else.
Besides, you could also get the advantage of the trend by building long term SEO traffic with the help of a well-planned digital marketing strategy that focuses on it.
6. Explore Customer Reviews
If you are already selling a product/s, you can go through customer reviews on them to see if there is an additional problem that can be solved for your customers.
These reviews could simply enlighten you about any new trends or inspire you to develop your next product.
If you aren’t selling anything yet, you can follow the same procedure with other brands in your niche.
Read through their customer reviews to find out what are the pain points that you can address and create the perfect product to sell online.
7. Do A Thorough Keyword Research
In the online world, the best way to market a product is by optimizing SEO, which again is highly dependent on your site’s keyword usage.
With the help of proper eCommerce keyword research, you can find out which are the keywords that are being searched for more than the others.
Once you have those, you can probably plan a product that fits well with such keywords and start promoting it using them.
Chances are that your site and blog would start ranking high in Google search results as well, and it will be comparatively easier to sell your product.
8. Create Products With High-Profit Margins
It’s always a good idea to start with products that have little overhead, as that way the risk is low and profit margins are high.
With products that cost higher to produce, the profit margin is automatically low and hence riskier.
For the same reason, you need to make sure that when you are pricing your products, you need to account for the total cost of goods sold, and whatever other resources you have put in it.
Besides the cost of creating the product, you need to consider other factors like the cost of its promotion, holding the inventory, or even shipping.
9. Look At Related Items
An interesting way to create the perfect product to sell is by researching related items in your niche.
For instance, if you look up a product on Amazon, you will find related products or products that customers bought along with it, and you could decide on your next product like that.
The different kinds of related items suggestions that you could look into are:
- Products that customers buy together frequently
- Other products that customers buy frequently
- Similar items as per Amazon’s recommendations
- Related sponsored products
10. Test Your Market
It might so happen that you come up with an interesting idea to create the perfect product to sell online, but are not quite sure whether it’s the right one or not.
In that case, you can go for a small test with minimal investment without going ahead with the complete production.
You can create a landing page on your site with a short introduction and a teaser of it. Promote that page with minimal investment to see how your audience is responding to it.
You can ask your audience to share their email ids if they are interested in it, or share their feedback in some other way.
By doing that you will get to know how much interest your audience is showing in your idea, and you will also have a fixed customer base that is going to buy your product, in case you end up launching it.
In Conclusion
Your product will define the success of your business and you will need to make sure that you have put great thought before going ahead with it.
Don’t ignore smaller product categories either.
Sometimes leading a small niche could turn out to be much more beneficial than competing with bigger players in a large niche.
Even though there are various factors that determine the success of any campaign or the final product, this initial test will at least give you a good understanding of whether you should even invest in the product or not.
It could also give you ideas for launching the product with a few added features that could solve customer problems better.
