What to sell online? That’s one of the biggest questions you’ll be asking yourself when building an online store. How do some stores end up making 6 and 7 figures while others are making a big, fat zero? It all comes to having winning products. Doing Product research will help you be able to find those winning products.
In this article, I’m going to reveal my winning product criteria. It’s the 9 things your product needs to be a winner. Your product doesn’t need all 9 things for it to be a hit but you’re going to need at least 3
When doing Product Research and looking for a winner, always go for something that can hit 3-5 of the 9 points I’m going to cover below.
Now let me get straight to my 9 steps “Winning Product Criteria”
#1 The Product Improves Confidence
This is a huge benefit. We always want a product that improves a customer’s confidence and self-esteem – because doing so is invaluable. This is why people are willing to spend a lot of money on it.
Teeth whitening is a great example. Having really white teeth increases a person’s confidence – so they will pay a lot for it. That’s why this product was so hot and made millions for the people who capitalized on the TREND.
#2 The Product Improves Convenience
If you can make life easier for someone, they will go out of their way to give you money. Products that improve convenience are always big money makers
#3 Product Solves a Problem
This is a big one. people are motivated to move away from pain. Products that help solve a problem- like hair loss, for example, are always hot. If you can find a product that does this, you will get money from people.
#4 Save Someone Money
If your product helps someone save money – people will buy it.
#5 Save Someone Time
This goes hand in hand with #4 – as the saying goes, time is money. So if you can do this, you are doubling down #4.
#6 The Product is Extremely Unique
Now, pay attention here, because this one can be a double edge sword. If you have a product the market has never seen before – it can sell really well.
On the other hand, if the market has never seen it before for a reason – it may tank. So make sure it’s unique, people really want it. Do this and you can make it rain.
#7 The Product Improves Quality of Life
This goes without saying. However, it’s slightly less important simply because it’s more intangible and harder to measure. But if you have a product that really improves the quality of life – its almost guaranteed to make you a lot of money.
#8 The Perceived Value is High
For example, if you are marketing a smartwatch and buying it for R200, you can probably sell it for R500 – R700 because it’s perceived to be worth a lot – electronic, tech, flashy, etc. This will drive up your profit margins and help you to make bank’
#9 Female Dominated
Now, the truth is – you can make more money with a female-dominated product. The reason is, typically speaking and in my personal experience, women shop online a lot more than men, so the cost to acquire a customer is lower. You can still make money with male products, but it’s easier in a female-dominated market.
There you have it. My 9 Step Winning Product Research Criteria also known as “The Product Index”. As said above, make sure that you hit 3 of these, but ideally, aim for 3 to 5. It’s the most guaranteed way to hit a big money winner. I really hope this helps. Once you have your winning product, you can now turn online shoppers into buyers
As always go out there and crush those