- Solve a customer pain point
- Appeal to enthusiastic hobbyists
- Go with your personal passion
- Consider your professional experience
- Capitalize on trends early
- Read customer reviews on existing products
- Find product opportunities in keywords
- Litmus test before you launch
- Browse what’s trending on online marketplaces
- Research products with higher profit margins
- Start your search with related products
- Always be on the lookout
Let’s look at each strategy in greater detail to help you find the right product.
1. Solve a customer pain point
It is always a good idea to solve customer problems before you can develop a product that people love. Tylenol would not be in business without literal headaches. Abstract customer pain points are often about solving problems or frustrating experiences with current products.
You should pay attention to any common problems with a product line. You might just find the inspiration you need to create your next product.
2. Attract enthusiastic hobbyists
Consumers who are passionate about a trade or hobby will be more likely to invest in the product they desire. The willingness to pay can be a key indicator when evaluating any product or line of products. For example, golfers have been known to invest hundreds of thousands of dollars in order to improve their scores by just a few strokes.
3. Follow your passions
While there are inherent risks in choosing a niche based on your own interests, it certainly doesn’t have to be a recipe for disaster. It can be very profitable to use your knowledge to position and create a unique product.
Founder/market fit matters, because building a business is a lot of hard work, and you’ll be better equipped to stay motivated and overcome the hurdles if you are deeply invested in what you are selling.
4. Take into account your professional experience
Have you learned the intricacies of a specific industry by working in it? Perhaps you have a unique skill or set of experience that makes you more knowledgeable about a topic than the average person. It’s a smart way of gaining a competitive edge in the market by leveraging your knowledge and creating your own online business.
5. Take advantage of trends early
A new business can win by recognizing a trend before others. This allows you to establish yourself as an authority in your market and to be recognized by others before they do. Digital marketing is more cost-effective than traditional marketing and offers you the opportunity to increase long-term traffic.
It is important not to confuse a “fad” with a true “trend”.FadA fad is a product or service that has exploded into the spotlight based on novelty or a gimmick. While fads may be great marketing opportunities, keep in mind that if your business is built on a fad, the demand will eventually fade. ATrendIn the meantime, “” is something that fills an existing need in new ways. This is why their demand lasts longer than a fad.
6. Review existing products by customers
Customer reviews can provide valuable insight, regardless of whether you sell products online.
You can view what customers have to say about your products if you already have an online store that is gaining traction. Are there are any trends or interesting bits of feedback you can use as inspiration to develop your next product? Be aware of the complaints and shortcomings being shared.
You can also look at reviews of other brands and products within the same industry if you don’t have one. What feedback do customers have to say about improvements to products that are already selling well? What additional products or add-ons do customers always mention?
7. Search for product opportunities using keywords
Organic traffic from search engines is a powerful marketing channel. Searching for keyword opportunities means strategically looking for a product based on the search queries people are using, the number of searches per month, and overall competition for those searches.
This approach is not for everyone. It requires a basic understanding of search engine optimization and keyword research. Although it can provide consistent organic traffic from Google by linking product demand and existing keywords, this approach has its downsides. You’ll be more vulnerable to Google’s algorithm changes if you rely solely on search engine traffic.
8. Before you launch, test your litmus test
As we’ve shared before, real product validation only happens when money changes hands, so you can’t be sure you’re onto something until people swipe their credit cards.
It is important to secure some interest from potential customers and invest before you ship. Even the best products can fail when they are launched to nobody. If you have an idea but aren’t ready to invest in it yet, you can test the market and reduce your initial investment. You can also create a landing page that promotes your product. It will allow interested customers to submit their email address. The landing page will then be used to drive traffic to your website through paid ads.
9. Check out what’s hot on online marketplaces
You can also find inspiration from other marketplaces if you are looking to sell products online. Browse websites like Amazon, Etsy, and eBay to find lists such as ‘What’s Hot,’ Most Wanted,’ and other categories that reflect current customer demand.
10. Look for products that have higher profit margins
Low overhead products are a better way to start because you can achieve higher profit margins than those with more costly production costs. When pricing your products, you need to account for the total resources that you’ve put in to sell the product or your cost of goods sold (COGS).
It is important to consider not only the cost of creating the product but also the costs associated with promoting, holding, shipping, and shipping it. Low-cost items with a high return of investment (ROI) are best. Lightweight items are easier to ship. You can still make a profit by selling the product wholesale.
11. Start your search by looking for related products
Are you interested in a specific industry or product? You can find related products or items that customers often buy together in this niche by looking at similar items. Amazon is a great resource because it has many locations that display product affinity.