- Part 1 – [ULTIMATE PRODUCT SELECTION GUIDE] How To Find The Best Product To Sell Online in 2017 – The Latest Approach [PUBLISHED]
- 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 [You are here]
- Part 7 – 3 Ways To Find Products That You Can Sell Online Like Hot Cakes [PUBLISHED]
This Part 6 article is part of the Ultimate Product Selection Guide where we show you the exact system step-by-step how to plan, search, find and sell a product online, especially if you are just starting. Even if you already have e-commerce store and your products are not selling well, and you want to learn the little tactics to find a bestselling product and measure predictable sales, then this guide is for you too.
Up to now, we have looked at the overall latest approach of how to find and sell your product; then we went deeper into each segment into the product selection criteria and to the different strategies of finding a product with high demand.
In this part, we are going to look at another product selection consideration which is the quality of your product. Moreover, this is the exact factor where people get really really hooked and most muddled. So that is why we will spend some time with this consideration and get clear on what we are aiming for on the realm of quality.
Now what we have found is that the new online business owners want the absolute best quality, but they want to sell their products at prices that are really cheap. And there is a big reason why the Ferrari does not sell for $1,000. There is a reason why the Ferrari is not a mass market offer. They cost much money to make, to brand and so on.
However, Seat, for example, would be more mass market offer. So regarding the quality, you have to have the best quality for the price point because most people do not want the Ferrari. Actually what they want is the Fiat car because that is what they can afford, that is what has a good price point, and it is actually a high-quality car for the price point that they can afford.
So what we want is the best quality for the price. So the question that you have to ask yourself is will the customers actually buy your product from you, will the customers feel good about the transaction when they receive the product?
Now if the answer is yes then you have got a good quality product to offer, and if the answer is no, then you do not have a good product, and you have to read this article to understand how to provide such types of quality product.
So what you want to do is to think one level higher.
That is kind of how the big and profitable companies think. Now let’s go a little more practical and go into real life ecommerce popular examples here. Let’s say for example that most products sell between $20 and $30 in the market.
And the next level up in the same market is $50 to $70. (Read the previous articles from this multi-part guide to understand the importance of pricing and why the most profitable products are between $10 and $50.) So you should ask yourself “How do you get a product that is the closes in look and feel and usage to the 50 and $70 versions on this market, but still that you can buy at a price that will allow you to sell it for $20 to $30?”
So how can we get the think that people will associate with the higher price level and still have it in the lower price range? So you can see here in this market that here seem to be many people who use this market and there is a wide variance of products in this market range.
This product for example is $15 (and you can find it way cheaper if you search more.)
This product here is the electric one, and it is about $50
And here you can see a hand press juicer that’s a little bit more intense, and it is about a hundred dollars.
And this one here is around $800
Moreover, there are all kinds of products in between. So within this one marketplace of juicers, there are a million different sorts of price ranges and what you have to understand is that for the most products and most markets there is a Low range, Medium range, and High range.
So there are low range, mid range and high range products and low range, mid range and high range customers. So you know there are actually customers who want the low range and there are customers who want the middle range and there are the ones who want the high range. Also, some markets run in the levels between low, medium and high range products.
r for example. The tap water is almost free, like 0.2 cents for every hundred gallons but then you have the higher range for mineral water, and there are bottles that are priced for $10 – just for one bottle of mineral water. And there are also a $1 bottles of mineral water, so there are all kinds of different price ranges and qualities within one marketplace.
Take even the shirts market for example – you can take $5 shirt, and you can find similar Armani shirt for a hundred bucks. So there is a lot of different price ranges so what you want to do and what you want to shoot for is having the look, quality, and feel like you are the next level up of price range in your market but still having the economics work for the lower category. Of course, it is not required, but it is something to shoot for.
What you can remember is that people and especially in the e-commerce market, judge books by their covers. We cannot help it we make judgments about things and individuals based on the way they look. We have preconceived notions about certain types of people and products in the way they look – we really place a significant factor on that. It is kind of lame, but it is the way that it is.
So if we understand that we can accommodate for high-quality design and that makes a gigantic difference in the way you present your product.
Now, this is something that you really want to focus on – the customers’ perception often creates their reality. That means that if the customers feel good about the purchase that they made and that thing that they bought shows up at their door and they experience that good feeling again from the point of the purchase, then that means that your product is the perfect product.
So half of your job is to make sure that your product looks and feels magnificent when the customers see it on your online store.People buy promises – they buy what we tell them about them the product, what it looks like and how it feels like when they read the description.
This is what is going to make them get they wallet and put their credit card information. So the job of a product is to live up to that promise. So what you are looking for is a good quality for the price range that you are playing in, and you want to have the quality that is at or (even better) exceeding that price range (just by making the tweaks that we are going to show you).
You probably don’t have the money or the experience when you are first starting out to make the absolute best version of a product in the market. You are probably not going to manufacture a $900 juicer.
So you probably don’t want to play in the top tier of a market when you get started. You probably want to play in the middle or the lower tier of the market for your first product or maybe or for several products. And then maybe you want to move up to a higher tier of product within a market.
So what you need to do now is to get in the game and that is why we are here: to help you how you can start, run, create and have a profitable product in the online business and make sure that the hat the wheel will start to rotate. You just got to get into the playing, and once you get playing, then you can strive for the highest tires or the marketplace.
At the end of the day, you need to make sure that your customers feel good about the purchase that they made, and that is the most important think you should focus on. It really doesn’t matter what price range you play in as long as whatever that price range is you have got the product that is good quality in that price range.
The next step for you is:
- Go to the marketplace that you love and find passionate and choose a product that you want to sell (you can check our previous articles from this multi-guide and learn how to find the most profitable product in the e-commerce market),
- Find what is the price range for your product and choose a product that is between $10 and $50 (Read this article to understand the importance of pricing and why the most profitable products are between $10 and $50.)
- Now go and look at the most expensive and premium products similar to your within your marketplace and check what the pictures they use are and what is the title and description they use.
- Find or make better pictures, write a better title and better description and you are ready to go and smash the competition with a cheaper product, but a better quality presentation.
That is how you will crush the competition, and you will give the best price, the best quality and the best feeling about your product.
If you still haven’t started your online business and if you are still wondering or if you do not know from where to start, make sure that you read the whole guide from this multi-part guide. After reading all the articles, you will get a perfectly clear idea on how to start your online business, how to find your product and how to sell it.
If you have any other questions, you can write us, and we will happily help you to get trough the whole process of selling your first product. So make sure that you read all the articles so far.
In the next article, we are going to go much deeper into the technical part of how to find amazing product ideas. Then will you go into the deep product selection analysis and I will show you the latest practices to choose your product so that you can predict whether your product is going to have sales or not.