Aspiring entrepreneurs new to the startup process often get stuck deciding what products to sell. It can be especially tricky if you’ve never started a business before. However, it’s important not to make the mistake of spending too much time at this stage. This article will teach how to select the right products that people are willing to pay for.
Research your audience first before finding a product; not the other way around
First things first, don’t start selling randomly just because you’ve identified products that sell. That’s what newbies do. They search for hot products and then get them at wholesale prices to sell. That’s a short-term strategy. A competitor can knock you off any time, particularly because you’re just selling on merchant sites and don’t have real customers.
“Successful businesses are built through branding, not quick sales on merchant sites you don’t have control over.”
What to do instead? Build a brand that sells niche products to clearly defined customers. That way, even if Shoppee shuts down today, your customers will still know how to find you. A brand is beyond just logos, a fancy website, good packaging, etc. Those things are important, but they aren’t what makes a brand. For your business to be called a brand, it has to serve a particular market segment with products that are dear to that market.
For example, selling female scarves randomly on Shoppee is a good business and can be profitable. But if you want to build a lasting brand, you have to take it a notch by clearly defining and niching down on a particular target market., say sportswomen. The sort of scarves women wear when doing sport is different from what other working women usually wear. Deciding on a particular niche also means you can deeply study the market and know the range of products that will serve them.
You can’t really be happy unless you’re doing something that benefits other people.
Ideally, you should have three to five products serving the same audience. It could be more, but you can also start with just one product and develop others as you grow.
How to find a product to sell:
- “Scratch your own itch” is a startup term that simply means identifying a problem you have, creating a solution for it, and selling that solution to others. But it mustn’t be your problem. It should be one the people around you have.
- Identifying the problem will give you ideas on the sort of product you can create to solve it. This product could be something novel or an improvement of what already exists.
You’ve found an ideal market you want to serve and have an idea of the kind of product they need. How do you go about it?
In this testing stage, you can experiment with yourself or a small group of people representing your target audience.
Copy the tactics software companies use. Give out the product for free to these small groups of people and get their reviews, just as software companies do. It’s important to note your product development stages because you’ll need them when marketing. Few things are convincing, like showing how your products are different from those of your competitors. Also, being open about your development stages is a good medium for proving that.
Success in business requires making your product unique
Most entrepreneurs think that to be successful in business, you need to reinvent the wheel or change the face of your business entirely, but this is not true.
The key to your product becoming successful is making it different, even if it’s just in one small way. If you keep reinventing or what you have is not unique, you will not get the desired success. To make your product successful, focus on refining and creating something unique, not revolutionizing. You may be tempted to pursue perfection, but perfect doesn’t sell. Quality and uniqueness do. Please don’t waste time reinventing the wheel. Simply give your customers what they already want.
Instead of trying to guess your way to success, focus on getting more feedback on your samples to figure out what isn’t working and really target those who will be receptive to your product.
Address a pain point with your product, reach out to those who have that problem, and then get feedback in the form of sales.
The longer you search for the perfect product or the ideal branding, the longer your product lives in fairy-dust land rather than in a reality where it can secure you that financial freedom you crave.
Some people believe in improving their packaging, working and reworking a logo, and changing the color of their plastic wrapping, considering a hundred different fonts for their brand name. These don’t always work. If the product speaks to your customers, they’ll get it regardless of the plastic you wrap it in.
Branding, logo, and overall design are all going to be important in expanding your reach. But you can change that later. The only things you can’t change later are the things that prevent you from making a sale in the first place. Refining your product and making it unique is a never-ending process. Mistakes, even bad ones, are a part of this business. No amount of preparation ensures a perfect process.
Did you know? If you’re selling a product on Shoppee, most people won’t even notice your packaging. For the customer, the packaging is a white-orange Shoppee plastic on the doorstep.
Always be critical about getting your target market right. Whenever you have identified your target market, conduct a proper survey, asking whether this is the right solution or product for their problem. We would recommend using Survey Sparrow a survey platform that provides everything you need to solidify your target market understanding, from what question to ask, marketing analysis, market segmentation to concept testing.