Finding A Hot Product To Sell

In order to locate a product to sell online with any chance for success we need to find a hungry crowd. That is, we must locate similar minded people who have a need for something and supply that need. You notice I said “a hungry crowd,” not a few hungry people, a crowd!

And if we really want to find that “crowd”, our only choice is to do some research. We must be able to understand the needs, wants and expectations of that crowd in order to find the solution for them. If we can provide the solution we have a winner!
These three are the minimum requirements in a purchase. “Needs” are the basic reasons or the minimum requirements consumers are looking for in a product or service.

If the needs are met by a product then “wants” become the determining factors if there are many choices. “Expectations”, on the other hand, are values or intangibles associated with a product or service.
Now, the second thing that must be considered in finding “hot” products to sell are the level of competition or the market shares your product will have. Market share or level of competition means the ratio of your brand’s sales versus the total market sales. To be successful we must therefore choose the market segment where we can either lead or at least be competitive, because the overriding objective of getting into this business is not just to satisfy the needs and wants of our customers but to do so profitably.

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 us to gauge where our demand and competition numbers fall into the big picture. Simply said, if there isn’t much demand for the product, and there isn’t much competition, it would seem that it might not be a good product for selling. If however, there are others advertising the product, there is probably potential there.

The last phase of the process is analyzing and evaluating all the information that has been collected. We have to look at all of the data we have collected on demand, competition, and advertising, and make decision as to how they all balance out.
In conclusion: (a) not enough demand means not enough people are going to buy (b) too much competition means there won’t be enough of a profit to go around (c) too much advertising drives up the price of ads and drives up competition as well and(d) 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.

Finding a hot product to sell is part science and part art. It is not going by our personal like or dislike of a product because we are not the ones we want to sell it too. We need to find a group of people who have a need and fulfill that need with a product they will like and that is profitable to sell!

By: Joe Cardinal

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