Jun 08 2021
Jun 08 2021
What should I sell and What products are hot selling? Questions like these are what people are trying to find an answer to when making the definite decision. Finding the answer to this question, really boils down to research.
There are all kinds of twists along the road that may lead you to think of having 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 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. They are also part of the “wants” when a products or services are not differentiated.
Now, the next thing that must be considered in finding “hot” products to sell are the level of competition or the market shares your product will have. This means the ratio of your brand sales vs the total market sales. 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.
Therefore when choosing 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 only 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.
A final consideration in finding hot selling products is finding out the general interest level about a 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 product to put up for sale.
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. Learn how the competition are advertising those products is going to determine 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. This make decision of how they all balance out.
Here are 4 factors or aspects that must be measured:
1. not enough demand means not enough people are going to buy.
2. too much competition means not enough of a profit to go around.
3. too much advertising drives up the price of pay per click ads, and competition as well.
4. 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.
Need help finding way to sell your next hot product online? Contact us now as we can assist you!