When you are planning to start an online business that sells physical products you need to figure out what you want to sell online.
In learning about physical product creation and affiliate marketing I have found an immediate parallel of success in both fields.
Three Simple Things
I am going to give you some personal advice today based positive and negative results I have personally encountered.
First here are the three things that will help you find a market that will lead to success. These 3 things will help you figure out what you want to sell online in marketplaces and your own webstore.
- Pick A Passion
- Pick Something You’ll Commit Too
- Pick A Market With Money In It
Now I am going to explain these things above and guide you through figuring out how to choose products that fit for you personally.
The Passion Products
This isn’t always easy but you need to determine if you’re passionate about something. If you’re not passionate about anything you’ll struggle to communicate effectively with potential buyers and you’ll struggle to make the gains you’d like in this market.
I’ve found over the years that people are often passionate about things but think they do not have a passion.
So below is a list of things that could lead you to find your passion.
- A hobby
- Something you’re already good at
- Something you have vast knowledge in
- Something you do daily
- Something that makes you excited
- Something that you find fun every time you discuss it
- Something you wouldn’t have a problem explaining to a friend over a beer,glass of wine or coffee
See the things above are often passions that many people do not recognize as passions.
Let me give you an example.
Let’s say you collect model trains and train sets, landscape and tracks. You basically love building these and look forward to working on the layouts etc.
This is likely a passionate hobby you’re involved in. How cool would it be to be able to create your own line of train sets, tracks and landscapes? How cool would it be to make money doing that?
That was a rather easy example. Let me give you another example based on a topic rather than a product to start with.
Let’s say you love gardening. Every year you plant a garden and harvest your rewards at the picking season.
How awesome would it be to create your own gardening line of tools and equipment? Again, wouldn’t it be amazing to make money doing this?
Maybe you don’t do much with gardening but you love canning fruits and vegetables during harvest season. How great would it be to develop your own line of canning supplies?
My guess is if you’re passionate it’d be great.
No Passion Leads To Fizzling Out
Now picture creating products in a field where you are not passionate. Think about a line of products that you would hate to deal with on a daily basis.
Sometimes all the money in the world couldn’t keep your interest if you do not like the industry. I really try to steer clear of products like this myself.
I’ve been in niche markets that I have no interest in and the ideas start strong but my lack of interest leads to the idea of continuing that niche to fizzle out.
I wanted you to picture that because I would advise you to ignore that route.
It’s Not Just About Passion
Passion can help steer us in the right direction and passions are important, but they are not everything.
Read on and I’ll explain why.
Committing To Your Products
You must still find a market that you’ll commit yourself and time to.
You can be extremely passionate about something but also not want to commit to creating products in that field.
A quick example would be if you love discussing politics but you wouldn’t love creating products like t-shirts or books around that field. I’m not saying that t-shirts and books are the only thing that sells in politics as there is obviously so much more. However, I just wanting to give you a basic example to increase your understanding.
Maybe the thought of creating products in this field sounds fun but you wouldn’t want to create new products in this field over and over again?
These are questions to ask yourself before selecting the niche you’d like to be involved in.
Perhaps there aren’t many products you can think of creating in this field? I.e. let’s say you can only think of 1 product for this particular industry. Think long and hard about if getting into that field is worth it.
Sometimes it is. Other times, especially if you can’t think of continuing to grow a product line, it might become simply mundane and you’ll feel it’s not worth your time.
Money Is Important For A Product Niche
Sometimes passion and commitment aren’t the final factor. Nope, sometimes it’s the market. Some markets are too narrow and don’t have enough money flowing into them.
So before you jump into a market you need to see if there is some demand for it. If there is little to no demand it might not be the best market for you.
How To Determine If There’s Money In The Market
The following factors will help you determine if an industry is making money or not.
- Look to see if there are competitors
- Look to see if your competitors have any “sales” interaction on social media
- Search Google Trends for various keywords to see if there is movement
- Pay attention to the media
- Do a simple Google search on the industry
No Competitors Is A Red Flag
If you can’t search the Internet and find a competing website you may not be entering a good field.
Look, everything has been done before. You’re not looking to reinvent the wheel you’re simply looking to get the wheel moving.
So if something isn’t being done at all it usually means that the market just isn’t there.
Of course, you may have a great idea for a product line that isn’t currently being addressed properly and this is good. But, if you look around and there is no one doing anything in that field, watch out.
Sales interaction will help you figure out what you want to sell online
This is sometimes hard to find but it’s something I tend to look at. Visit your competitors on social media and look to see what people are saying.
Are people talking about how much they love buying their products? If so, that’s a great sign. Just pay attention to interaction. Look for anything that can denote that people are buying this company’s products. If they are, this is good for you.
If you can’t find much about information about someone buying from this company it shouldn’t deter you still unless other factors I mention here are not met.
Good Ole’ Google Trends
I have loved Google Trends since it was created for the public. Google Trends let’s you search industries via search keywords and see how much they are being searched for online.
Here is the beauty of this.
You can type in a search term in any industry and see where it’s rise or fall have started or ended.
Check this out.
Let’s say you wanted to look for the term “buy a drone”
You simply type it into the Trends Search Box and press “Enter” on your keyboard.
Then, you’ll be able to see a nice graph come up showing when it started getting a number of searches and from which countries.
You’ll notice on this graph that right before 2013 people started searching for this term and it’s done nothing but climb since.
This shows that there is a market for this. I deliberately looked at “buy a drone” because I wanted to see if people are looking to spend money on this type of product.
From this I can determine that there “IS” money in this industry.
Of course the media is an easy source to find what people are talking about. I still remember when people first started talking about drones; the media discussed it daily. This showed the early signs that a market was emerging.
By watching media trends and paying attention to sites like INC.COM will help you see what new start-ups are doing well and what is being predicted for the future.
A Simple Google Search
You’d be surprised at how much information you can find by just using Google, Bing and other search engines.
Try this. Think of a market, go to a search engine now and type in “your market sales statistics.”
In my example below I search for “Gift basket sales statistics.”
Well, what do you know! The first result is several years old but it still discusses stats. Scrolling down a little bit I can look to see if there is anything more recent.
If all else fails I can always put this term into Google Trends and see which way the arrow is pointing. Pretty easy eh?
A Task For You
Using everything I’ve demonstrated above make a list of topics that you are passionate about, or believe you’re possibly passionate about.
Then think about the industry. Would you like to be in this market?
Do you think you’d like to make an entire product line here?
Then finally check to see if there is money in the market.
Go ahead and try it out. If you have any questions, just ask.