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
Working from your house has numerous advantages, but also comes with its disadvantages. Building a successful online business is a dream come true for many people around the world, though to some, it is not always fun and games. Sources have it that you can survive on online businesses and enjoy the freedom of earning real money from your passions. As earlier mentioned, running an online business is not always a walk in the park, and therefore it is wise not to underestimate the hard work that a successful online business requires.
To understand what it entails to run an online business, let us take a look at the pros and cons of running online businesses.
Pros of Running an Online Business
1) Flexible schedule and rules.
Owning an online job allows you to create your rules and be your boss. With the flexibility that comes with self-employment, one can even create time to see friends and family.
2) Low startup costs.
One key benefit of owning an online business is the low starting cost. Sources have it that you can start a website with less than $100, and as your business grows, you can invest more in it. Online business gives you the liberty of working from your house and requires no leasing costs. You do not have to worry about employee’s salary too!
3) You become the boss.
Running your own online business gives you the mandate of setting the rules and regulations. Nobody tells you what to do, and you get an opportunity of controlling your destiny. You get to make decisions about marketing, product or service development, customer service, and pretty much everything related to your business.
The Cons of Running an Online Business
1) Long working hours
For any business to succeed, it calls for hard work and long working hours. Starting an online job from scratch takes a good amount of time to be successful and in some cases, people are required to work on weekends to reach their targets.
2) Requires a lot of discipline.
With all the freedom that comes with running your own business, discipline is fundamental. Time one takes for breaks should be limited, and more focus should be made to reach the set target.
Running an online business has its pros and cons. Low startup cost, and setting your rules are some of the advantages of starting an online business. Additionally, for all the people who are not afraid of working for long hours, online business is meant for you.
A hobby can be turned into a business but a business can never become a hobby. There are some rich and famous people who have the luxury to conduct business while indulging in leisure. For the lesser mortals, business and leisure don’t go hand in hand. Any business requires serious investments, be it material such as money and infrastructure or immaterial as time and effort. Here are some of the many reasons why you should treat your business like a business and not a hobby.
• A hobby is more of a pastime in which you have substantial passion. A business can never be a pastime. There are serious consequences. You may lose money. If you have employees, then those jobs are at stake and hence their livelihoods. If you have products or services that people depend on then you are risking that and your consumers or customers will be left high and dry if you fail to deliver. A hobby is absolutely personal. No business is completely personal. A business will have direct and indirect impacts on the lives of many people. A startup can still be treated as a hobby till there is serious money in it and the potential or actual impacts on others. Beyond that point, a business must be treated like a business.
• A hobby has a lot to do with emotion over pragmatism. Most hobbies develop out of sheer love for something. There is little or no aspiration to monetize the skill or whatever you are creating. The purpose is to give form to your feelings or the skills you possess. Essentially, a hobby is about emotions. A business can stem from a particular or cluster of emotions but it can never be managed or run emotionally. You must always have a pragmatic take on your business and that will not happen if you treat it as a hobby or an emotional endeavor.
• A hobby often has to dabble through spells of procrastination. You cannot allow procrastination to seep in when you are running an actual business. There are deadlines in the real world, bottom lines and real money at stake. You cannot take your own sweet time to develop or deliver something. Treating your business like a hobby will be the recipe for disaster and sooner than later your enterprise will cease to exist or be unsustainable. Also, a hobby is principally about personal satisfaction. A business is not.