In Today’s market, every new entrepreneur who starts their business wants to create something extraordinary.
They have plans and strategies to make their brand popular and embellished in the industry.
But the main concern is the product.
Regardless of what business you do, online or offline, one question is common – What product to choose that can sell, and the company can earn a profit.
There are lots of famous companies, established brands, and millions of products. What should you choose that attracts customers and thrives in the business?
Going through the same phase? Here is what can help you solve the issue, along with effective strategies and tips to improve the approach.
How To Find Your First Product?
Choosing the first product is important as it can turn your business into a brand. Promoting your first product can create an image and decide how your business will survive.
You must narrow down the options and keep filtering them until you find the one product that has potential.
To ensure you find the right first product, you must follow a few steps.
Step 1: What Buyers Are Looking For?
If you have nothing to offer for starting, you can always choose what people seek.
When you offer the solution to the people, they will buy it without thinking too much. Look for people’s questions and problems and find the product that can help them.
Small businesses should consider products that can sell over the years.
A few points to remember :
- Also, look for small products and light. For starters, go with a product that doesn’t cost too much on shipping.
- Choose products that can be specific and niche instead of bigger ones. It will help in standing out from the market.
- Have long plans and consider the big picture. You must know what to do once your first product is out for sale.
Step 2: Research & Analyze The Market
The fastest way to help you find the first product is to look for the bestselling list over the years.
Once you know there is a market and verify it; you can analyze what your competitors are doing. Make sure to do the proper check so you don’t sell the same thing.
Step 3: Look For The Reasons
What you choose should help someone, don’t choose something because they have a trend. Even if you do, there must be other reasons your customers should consider purchasing.
Strategies To Find Your First Profitable Product
The challenge of choosing the product for the first time is nerve-wracking.
Coming up with new ideas and forming plans are tricky. Even if you are the most motivated person, there are chances to get stuck in analysis paralysis.
The chances of what you want to sell are already getting sold are high. But still, there are opportunities, and the proof is the market itself, where new products are getting launched now and then.
Also, the success of new ideas is a great motivation to start your own search for the product.
To ensure you are going in the right direction, here are some helpful strategies you can consider.
1. Solve What Pains The People Most
Every successful business in today’s market holds the solution to a customer’s pain point. This is the most effective way that has no chance of failing.
When you nail what other people are going through, and no company is focusing on that, there is an assurance that people will purchase no matter what.
Customers don’t purchase items because they like brands; they do because it solves their problem.
Address the problems and pick the pain points to solve their issues.
For example, Active Hound‘s founders Lucy and Zak noticed that pet owners are tired and frustrated that their pets’ toys are not durable.
On top of that, such toys are expensive, and not having the wear and tear makes them purchase again.
The founders decided to offer a product that is not just ultra-durable but fits the bill. Not just it solves the problem of pet owners, but Active hound is now selling treats and different dog products too.
2. Choose What You Are Passionate About
There is a risk, but choosing what you are passionate about gives you much more opportunities to create unique products,
However, make sure you are not choosing a recipe for disaster and do the research beforehand.
Choosing what interests you motivates you to handle the hurdles and keeps you invested.
For example, The owner of Beardbrand, Eric Bandholz who, started the blog discussing the strategies and sales in business.
Image source: freshworks
But his passion for beards started to creep into his blog. Slowly he develops the passion into something more than a part of his lifestyle.
The blog is now doing a successful business and running as an e-commerce selling products regarding grooming.
3. Approach The Enthusiastic Hobbyist
People who have hobbies are more interested in purchasing the products related to them.
This willingness to purchase is a good start and a sign that your product will profit from selling.
Make sure that your product qualifies their expectations and has potential. The additional profit you get here is engagement and loyalty from them.
People who are interested in buying stuff for their hobbies, if they find your product helpful, then they will stick for a longer time.
4. Use Your Experience In a Particular Industry
Do you have experience working in some specific industry? You can use the knowledge to find your first product.
Not just you have much better information and knowledge, but due to your experience, you know the ins and outs of the industry.
You can turn your expertise into the first product of your business.
5. Capitalize On Trends Early
The biggest example here is Netflix; the company started when online streaming was not even a thing.
But today, it’s the biggest platform where millions of people watch their movies and series.
Image source: webdesignerdepot
Recognizing the trend in the early stage can help you get ahead of the business. Also, you can crave a place for yourself in the market.
This allows you to become a leader and build something that will take much time for others to cover.
The key point here is to understand the difference between fad and trend. Building your business based on a fad or something that surged into the spotlight because of some gimmicks increases the chances of failing. Even though there is a demand, it will eventually fade out.
Choosing a trend means offering something needed for an existing problem. This holds a much longer time and field to experiment.
When you are looking for trends, here are points to consider.
- Social Listening: Monitor the trends that are going on social media, such as hashtags on Instagram or Twitter or topics on Facebook.
- Reddit: This one is known as the front page of the internet. You can find almost every topic and visit different forums to understand what people are discussing.
- Google Trends: Look for the opportunities that are hitting the hike on the internet and the interest of others.
- Trend Hunter: This is the world’s most popular community. You can use artificial intelligence and data, and identify opportunities.
For example, when VR was introduced, Knoxlabs started its business in the early market. They started to sell cardboard headsets. Taron Lizagub, who is a founder, tried the idea with a scrappy splash page.
Image source: mondayclub
Surprisingly it worked, and I got the 500 headsets pre-orders. The company started its sales in 2015 with $3 Million.
6. Look For Opportunities In Keywords
The search engine’s organic traffic is one of the most important marketing channels. You can look for the opportunities in keywords people use to search for items. Consider the queries people have been looking for for months and overall.
Ensure you understand to keep the approach informative and fairly technical of the research.
Google algorithms keep changing, making sure you are up to the risks. And relying on search engines and keeping the organic traffic updated need some intermediate understanding of the topic.
7. Read The Reviews Of People On Products that Exist
It doesn’t matter if you are planning an online market or offline; the best is to go with both. But even if you have preferences set, you can always have an insight into what customers say in their online reviews.
Look for the products in the market and relate them to your ideas; you can search for the items and see what people say about them. You can get a lot of understanding of the problems they are facing.
If you are unsure about the category, you can choose the demographic and keep your focus on brands and products that people are crazy about.
8. Keep It Ready For Every Time
Well, the idea can pop up anytime. It’s much better if you are ready for the time. Keep on the lookout and keep a list of whichever device you like to carry. It can be your phone or pen & paper.
This is one of the most straightforward strategies that you can opt for. Also, it will give you a more natural and organic way of finding the product that you want to sell for the business.
9. Check The Related Products
When your business is connected with some specific category or category, you can start with the related products that the customer looks at when they purchase it together.
Image source: salecycle
Amazon is the most useful resource from where you can get the idea based on several locations. Here this will be divided into these options. Including:
- Other products that are purchased together
- Frequently purchased products together
- Similar items that are purchased together
- Related sponsored products
10. Look For The Products That Offers Higher Margins In Profit
Products that have higher margins are profitable as compared to the lower ones. Not just for the obvious reasons but also the added factors for selling the product.
The product is not just about the cost in which it sells or is created, but it adds the cost of shipping, promoting, and holding it.
Where lower cost items are better to go with as you can get better ROI, it’s cheaper when it comes to shipping.
11. Browse What’s Trending In Market
Choose other online marketplaces where you can find trending products. You can use sites like eBay, Etsy, and Amazon.
Image source: Junglescout
Go with the list that shows what’s most trending and what people are purchasing in different categories. You can start with the following:
- Popular on Kickstarter
- Bestseller on Amazon
- Most wished for on Amazon
- A most popular item on Etsy
- Most wanted on Etsy
- Trending on eBay
You can start with the different pages and look for the best seller and most ranked items. This will give you an idea about what people are purchasing online.
You can also use tools like Junglescout, with this, you can start identifying what products are top-selling and filtered based on the factors like sales, price, and category.
Tips To Consider When You Are Choosing The First Product
For the business, choosing the right product is the lifeblood of how your business will lead. It decides the profit and the next step.
But when you are choosing the first product to sell, there are a few tips that can help.
Tip 1: Choose Items With High Competition
When you choose a product with too much competition, chances are higher that the big names will not let your business thrive.
In the case of lower, you won’t get the people who might be willing to purchase. In both cases, your first product won’t get enough profit or may get a big failure.
Go with the products which have a healthy amount of competition. It will give you a market-ready for more items and some names which you can compete against.
Tip 2: Keep It Simple
When you are new to this, make sure to choose products that are easy and simple to manufacture,
Avoid getting too much into complex stuff, not just you get mixed up with dealing a lot in the manufacturing process. But also, the chances of failing increase.
Avoid using products that are big and heavy. It will increase shipping. Also, if your product will be in storage for hold, it’s much better to keep it unbreakable.
Tip 3: Be Ready To Sell What You Are Not Passionate About
There are chances that what you want to sell is not having a market. The ones you are getting in hot sales are something you are not passionate about.
It may be something you don’t feel interested in and related to. But most businesses make the sales of products to earn a profit.
Know how much you want to invest your emotion in products. Also, don’t choose something you can’t tolerate at all. Find something in the middle, so you can sell without getting too much hassle.
Tip 4: Don’t Choose Seasonal Product
Choosing the items which are on-demand and getting too much attention might be tempting for the first time, especially for profit earning.
But such items are just for seasonal; for example, if Christmas lights are in demand, it will be just for Christmas,
Seasonal products are only in demand when the season starts. Go with the products that will be needed all over the year.
Tip 5: Familiar Yourself With What You Are Selling
There is a saying – write what you know. The same applies to what you are selling.
Following the passion and choosing the product gives you the convenience of keeping it more interesting. However, if you don’t have much passion, ensure you know about it.
When you are selling the product, ensure you have the information about the features and for whom it’s perfect.
Frequently Asked Questions ( FAQs)
How can I find profitable products to sell?
You can start by monitoring the social media platforms and see what products are in demand. Also, use tools and keep yourself updated with the market. Also, keep yourself understanding about keywords and search engine optimization.
What is some low cost with high-profit margins to sell?
Some product has a lower cost but with high-profit margins, including beauty products, jewelry, kids’ toys, tv accessories, video games, and women’s boutique apparel.
What is the ideal way to choose the first product?
The ideal way is to look for products that can help people. Find customers’ problems and pain points and see what you can offer to solve the problem.
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“Business, marketing, and Branding – these three words describe me the best. I am the founder of Burban Branding and Media, and a self-taught marketer with 10 years of experience. My passion lies in helping startups enhance their business through marketing, Branding, leadership, and finance. I am on a mission to assist businesses in achieving their goals.”