- Part 1 – [ULTIMATE PRODUCT SELECTION GUIDE] How To Find The Best Product To Sell Online in 2017 – The Latest Approach [You are here]
- Part 2 – 3 Crucial Product Criteria That Will Boost Your Sales [PUBLISHED]
- Part 3 – How to Select a Product with High Demand – Part 1/2 [PUBLISHED]
- Part 4 – How to Select a Product with High Demand 2/2 [PUBLISHED]
- Part 5 – Stop Wasting Time And Start Setting Your Online Business Goals [PUBLISHED]
- Part 6 – How To Smash The Competition With Better Quality Products And Low Prices [PUBLISHED]
- Part 7 – 3 Ways To Find Products That You Can Sell Online Like Hot Cakes [PUBLISHED]
Have you ever wondered how to choose the best product to sell? Have you ever wanted to know how the expert know what product to list on their stores? Have you ever wondered is it possible to estimate the sales of a product, BEFORE launching it? And are you tired of searching on the web how to find your perfect product to sell?
We spent the last five yeas into estimating and applying strategies to find the most practical way of choosing the perfect product to list on your store. All the techniques in this guide are tested and used right now from the big e-commerce giants to estimate whether a product is going to be profitable or not. After reading the whole guide, you will have tremendously valuable knowledge that will help you to choose and sell the perfect product.
My friend, we are about to reveal to you one of the best strategies to find your profitable product and be able to estimate and predict the sales before even listing it on your store. And we want to warn you! This ultimate guide is going to be at least 20-25,000 words, and it will be segmented into few parts. The reason for this is that we will show you all the little details step-by-step you need to look for before listing a product on your store, just as the big e-commerce giants do.
And when we say that we will discuss all of the things that go into product selection process – we really mean it. Of course, you can find a profitable product just with few of the steps we will show you, but if you want to skyrocket your sales and estimate predictable sales and do your job like a real expert, then this ultimate guide is a MUST for your preparation.
In this [Part 1] we will focus our attention on the latest approach to finding your perfect product to sell. We will focus on why people make a mistake to search for the perfect product instead for the profitable one, and what is the difference between both types of products.
So what actually is the “perfect” product? You probably have heard a lot of people to say “I really want to sell the perfect product.” Well, lets see how does the perfect product look like.
Say that you just listed it in your shop and then a tone of sales start to happen, just because you listed it. And we must say that it does happen sometimes.
The perfect product also has a huge profit margin.
The profit will just be insane, and lets say that you are sourcing it for a dollar or two and then selling it for 30 to 40 dollars, well this is going to be a giant profit margin.
The perfect product also doesn’t require a lot of research.
The moment you though if it you just list It on your shop and that’s all. It doesn’t require a lot of time for thinking of it and then listing it on your shop. So from the day you thought of this product or had the idea for it to actually listing it was as short as humanly could be possible.
The perfect product will also have a really huge demand on an upslope.
So if there a lot of people buying your product today, then there will be a lot of people buying if tomorrow or a year after and so on. The demand of your product will increase.
Your product will have unmatched quality in absolutely every area. Your perfect product will be just truly better that any of the market – in quality, in build, in design, in the logo in type in marketing in just everything. Not that you have everything you need, but your product will be significantly superior to any of your competitors.
Your perfect product also really expands – in any direction.
In grows fast and easy, horizontally and vertically. It’s like a seed and you just pour it with water and just leave it to grow and expand in every direction. You just have all the opportunity for growing and expansion. It will be easy to build your brand around this product, to make the marketing just everything.
By now you probably already will see that the whole model the perfect product is an IMPOSSIBLE model. That’s is what an excellent product looks like, it gives you a good emotion, and you start to feel so good but in reality this model it doesn’t exist.
And a lot of people try to make this module their product selection criteria and ironically, this is the reason why they fail. It’s just a huge issue for the people who choose those criteria for their product selection, because it is an impossible to model. If you’ve got just one of these things, then you can be happy. And if you have two of these things then you are gold.
That is kind of what the perfect product search criteria look like. And choosing those criteria is just a secure precedent for you to fail.
And let’s see now what is the criteria you should be looking for, and what is the criteria for a product that actually sells or as we call it the “practical” product. We will go even deeper into how you actually go into the selection of the product.
How do you define what a solid product is?
If we look realistically at what a practical product means – it is listing it on your store and then the product could start generating sales. And if you list your product correctly that will actually happen quite frequently. Of course, you are not counting on it, but listing it correctly on your shop could start generating sales.
Such product would have a competition that was already there, but not insurmountable.
Because when there is a competition that itself proves that there is a demand for your product, that literally means that there a people who are already taking out their wallets and paying for this product. There is no need to test it whether it works or not because you already know that it already works.
If there a lot of people selling it, then go for it. But you don’t want to be too crazy, and we well go for that and teach you and dig in about how to assess the competition.
A solid product will have a profit margin that allows for growth.
Proffit margins mean how much actually money you make on a sale, that there is a profit available on your sales and it will have enough profit that will allow you to grow without cashflow issues. That means that you will have enough money to pay for inventory for the next month.
For example, your inventory might grow, and as your business grow you might need to have more inventory on hand, in fact, you will need that more inventory on hand. And we will dig much more into exactly how to calculate profit margin and what profit margin are good, but for now, you just need to know that a solid product will have a profit margin that allows for growth.
Realistically your product will also have an acceptable level of demand.
So that means that your product doesn’t need to have such high demand trough the roof, but there just need to be enough people who want it. You need to have enough people who are looking for your product.
You need just 1000 people to buy from you month. You don’t need the who country, you even don’t need the whole city, you just need a 1000 people and then you can have an amazing life and strong foundations on which you can build more (if you want to.)
In fact, the really high demand could be even worse, because then there will be much higher competition and it will be harder for you to sell your product. And we will be digging into that later as we get further into the product selection process. You will know exactly how to find a practical product.
You will also have a good quality for the price range.
And this particular one is something that everyone struggles with. People are trying to create a Bentley car and sell it at the lowest price. You just can’t have the best quality of an item and sell it at the lowest price. It’s just impossible. In that way, people are setting up a false paradigm for themselves because nobody wants to sell inferior products and that’s not what we suggest you.
We are suggesting you have the best quality of product within your price range. Quality is subjective, and you have to pick the price range of the product that you are selling and then have the best possible product you can have in that price range.
And the best thing about such type of goods is that as you start to sell and make money, you can then improve your product. You can modify your product and introduce a higher quality and then compare it with the lower quality product, and people will want to buy from you.
Let’s take the “Gillette” company for example. If you are following their growing then probably you have noticed that their product changes year after year. They improve their product continuously to make sure that the give to their client the best quality within the price range.
What they do actually is that they hire experts and ask them to find a better product than their own, which means that they compete against themselves. The “Gillette” company pays a big amount of money to KILL their own products and to bring improved version of the product, which is a fantastic example of what you can do with your products once you start.
In essence what you want to understand is that a solid product has a good quality for the price range that you are selling it.
Another thing about the practical products is that expansion is not required.
Of course, it will be great, but it is not necessary. First what is the most important is to go and make some money – that’s all you need. The expansion could then happen naturally, but you should not thinking right now about this, you just need to think about getting a product up that will make you some sales.
This is the way you start about picking your product.
That’s how you choose a product that sells – is has a room for growth, make sales, there is not too much competition, and it’s a good quality within the price range. That is the kind of product you are looking for to start making some money.
We continue with the Ultimate Guild of Choosing A The Best Product That Sells in the next article where we will look more deep into the choosing process and the specific criteria you need to be aware of so that you can make predictable sales and not relying on luck.
And even without reading the other parts you can still make it with all the information you have by now, but if you take your online business serious and you want to really choose the best product you can the reading the whole parts of the guide is a Must for you.