So you have a very nice idea of what product to sell online. You’re so in love with your idea and you’re already planning the packaging, pricing, and marketing.
But before you get caught up with your excitement, don’t forget to do the most basic stuff and that is to research how to know if your product will sell online.
Just because you like a product does not mean it would sell. Doing this first step would save you a lot of headaches in the long run in case (but let’s hope not) it’s a flop.
Here are the 5 best criteria to know if your product will sell online. This is what I learned from Ryan Levesque in a podcast by Patt Flynn of Smart Passive Income Episode #411.
These are worth sharing that I’m sure will be very useful. If your product passed all of these, congratulations! You already have a very clear picture of whether your product will fly.
1. Evergreen Market
Does your product always have a market ever since? Is your product a fad or can it serve people even with the changing time? Do sales have consistent or stable growth over time?
An example is the gardening niche. Gardening has always been around since time immemorial. It is not a fad that will only be around for a couple of years and it’s gone. It serves not just one country but almost all countries if you want it global.
Even if there’s a rapid change in technology, the gardening niche can keep up.
To better know this, its best to get actual data from Google Trends. It is a free tool that you can use to know whether your product has potential in terms of sales.
2. enthusiast Market
Does it have a large number of people who are fans of your niche?
A great example would be the health and fitness niche. There are a lot of fitness centers sprouting everywhere especially in the metro. Not to mention the different herbal teas, food supplements, and different kinds of diet procedures that have emerged such as Keto diet, intermittent fasting, low-calorie diet and the like.
People who are fans of your niche are most likely to buy multiple products. In the health and fitness example, customers will buy a different product in the same niche. If you’re selling a membership course on yoga, you can sell other products to your existing customers such as yoga mat, yoga balls, mat bag and more.
This means you can sell multiple products to the same market.
3. Immediate problem that needs to be solved
What is the immediate problem in your market that needs to be solved immediately?
A bride who is soon to tie a knot for sure is searching for an immediate dietary solution to lose weight in, let’s say, 2 months.
Or someone who’s basil plant is withering and is finding a solution on “how to keep a basil plant alive”.
These people want immediate answers to their pressing needs. If you have a product that can solve an immediate need, that person can be your repeat customer.
4. what Are the future problems of your target market?
If you’re in the gardening niche and one of your products is seeds, the same customers would also buy other gardening products such as tools.
What are the problems that may arise in growing a plant? How to get rid of pests and how to prevent them? Finding the right gloves to protect your hands when trimming a plant. How to keep your plants hydrated? How to extend the freshness of the flowers? And so much more…
Think of the possible problems your target market would have in the future then you will know if your product will sell online.
5. Players with Money
No matter how great your product is but you’re selling to the wrong target market, of course, your product won’t sell. You need to sell to people who have the buying power.
A fresh college graduate who is just looking for a job to pay off his student loan has no financial capability to buy. It would be difficult for them to shell out money for “luxuries” and things that they don’t really need.
Now that you already have guidelines to know if your product will sell online, your apprehension is somehow relieved. However, there is still more a lot to it than just putting out your product online. You also have to do a lot of marketing.
Remember that there are tons of competition out there and it’s your job to stand out and be noticed. There are some tips on how to make your e-commerce business a success.
But for now, all you have to do is follow these criteria so that you’ll have the right product for the right target market. Best of luck!