By Graham Lee
Before you start promoting any products online, you need to know which products are going to bring you the most sales. If you try to start promoting the wrong products you will waste a lot of effort and time with very little results.
In order to locate products that sell well online, you need to understand what people already want to buy. This is no different to selling products in a physical store, if you fill your store with products nobody wants to buy you will very quickly go out of business.
Finding good products is always linked to the demand for the product in the current market and the level of competition or market share that the product will be having in the long run. It is better to have a product that sells continuously, than to have a product which sells well to start with and then stops selling, possibly due to a market trend. Stores that sell only Christmas merchandise will do well in the Christmas selling period but will then struggle at other times.
What to Sell or Promote.
“What should I sell? What are hottest selling products?
These are the questions most people are asking in order for them to make the definitive decision. And if we really want to know the answer to this question, our only choice is to do some research.
Step One – Research
If you do not do any research or do your research badly you will find that you may think you have a high-demand product, when in actual fact it is a poor product. 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.
These are the basic minimum requirements required to make a purchase.
- Needs are the basic reasons why the consumer is looking for the product or service. The consumer most likely has a problem that needs resolving, so they come to the internet to search for a solution. Invariably the solution involves purchasing a product or service.
- Wants are what determines the choice made from the many products found.
- Expectations, on the other hand, are values or intangibles associated with a product or service. Expectations are actually part of “wants” but they become extremely important when products or services are not differentiated. So the consumer knows what he expects the product or service to do and will buy if it does what he wants it to do.
For example, in reading a logic book, university students look for the following: Relevant logic concepts, use of simple language, easy to understand and affordable prices.
The student ‘Needs’ a book which provides the relevant logic concepts, and he ‘Wants’ to be able to understand the book and pay as little as possible and therefore ‘Expects’ the use of simple language, for the book to be easy to understand and at an affordable price.
These similar ideas can be applied to online Sales as well. After all, the Internet is just another place to sell products. The basic concept of demand is the same online as it is anywhere else, and has been all the time.
You have to fill the ‘Needs’ of the customer by finding a product which he ‘Wants’ to purchase because it meets his ‘Expectations’.
Step Two – Competition and Market Share
The second thing that must be considered in finding hot products to sell is the level of competition and market share your product will have.
Level of competition means the ratio of your product sales versus the total market sales. While companies would naturally define its target competitors, it is actually the consumers who ultimately decide the competitive frame. The competitive frame is the list of related products or services that consumers consider when exercising their purchasing power.
We must therefore choose the market segment where we can have a potential leadership or at least a strong challenger role. When you perform your keyword search and find potential products, it is of no use to jump in and start promoting the same products as everyone else, unless the market share is so big it does not matter.
Because the overriding objective of getting into this business is not just to satisfy the needs and wants of your customers but to do so profitably, you need to do this better than the competition. Otherwise, the competition will end up satisfying the customer’s needs, wants and expectations better than your own interest.
So when you have found some potential products, you then have to look at the market share, before you can decide which products are the best ones to promote for profit. Find out how many other people are promoting the same product, if it’s very high, then your market share may be too low and you may struggle to make enough sales to be profitable. If only a few people are promoting the same product it means you market share could possibly be quite high and obviously if your sales message is correct, you will clean up in the marketplace.
Step Three – Demand
There is a flip side to this however, and that is the level of interest or demand for the product. If there are a lot of people promoting a specific product, it could mean that the level of interest is also very high. But the converse may be true if there are only a few people promoting a product, few sellers could mean that there is little or no demand for the product
So the third factor to be considered in finding hot selling products is finding out the general interest level about the product.
General interest in a product helps you to gauge where your demand and competition numbers fall into the big picture.
By simply saying ‘there is not much demand for the product’, or ‘there is too much competition’, would make seem like it might not be a good idea to promote a specific product, but this may be flawed.
You need to analyse and evaluate all the information that has been collected. You have to look at all the areas of data we have collected about customer needs, wants and expectations, product demand, competition and market share, and make decision as how they all balance out.
Step Four- Advertising
But the research doesn’t stop here; there is one last thing to be considered to find the hot selling products that you’ve been looking for.
You must learn how to advertise those products effectively, to get the best return on your advertising. One of the best places to find out whether your advertising is going to work is by observing how others, your competition, are advertising those products.
And this information will also have an effect on your overall decision as to whether your product is a hot product or not.
First of all, if there are a good number of other sellers advertising the product, it may mean that it’s a good product to get into. Those sellers are obviously getting enough sales to warrant the time and expense on advertising, so it stands to reason that the product is selling well.
But too much advertising by your competition may also mean the market is over saturated and you will struggle to get sales. Excessive advertising may indicate that a high of advertising is required to get enough sales to break even. Do you really want to get involved in that level of, possibly expensive, advertising?
So as we’ve seen there are a number of factors to be taken into consideration when trying to decide what products are hot products to sell.
To summarise, here are the factors that must be considered:
- Are there specific customer Needs, Wants and Expectations. If not there may be too little demand for the product
- Not enough demand means not enough people are going to buy
- Too much competition means not enough of a profit to go around
- Too much advertising drives up the price of advertising, and increases the competition
- 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.
Now that you understand what is required to find a hot product to sell, you should be able to go to the various tools available, search engines, keyword tools, market trend analysis sites, affiliate marketplaces etc. and start searching for those hot products.
Providing that you stick to the rules, you should be able to find hot products that sell and sell and give you profits and more profits.
About the Author
Graham Lee is CEO of The Income Zone, where you will find online ebusiness tools for web entrepreneurs. Graham is also the owner of a number of other websites offering tools and information about internet marketing and working online.
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