How to know if your product will sell?

If you build it they will come…”

You know that expression, right?

Where did that even come from because that is so far from the truth especially when it comes to marketing your business or selling products and services online.

Our time and money are the most precious commodities we have., and if you’re anything like me, there’s nothing worse than wasting either of them.

Is there anything worse than spending endless hours or thousands of dollars on something that didn’t pan out and if we one had the benefit of hindsight one may have realized it never really had a chance of success.

If you’re looking to begin selling products online, you’ll want to ask, “will my product sell?”

We’re going to dig into this in this blog post by looking at the several ways to answer this question. We’ll begin by looking at the popular niches.

The Business Dictionary does a great job defining the term niche, as “A small but profitable segment of a market suitable for focused attention by a marketer.

Market niches do not exist by themselves, but are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them.”

Fitness and weight loss

Our first niche is fitness and weight loss. Now this is a huge market.

It seems like almost everyone wants to be physically fit, especially in 2018.

We’re fresh off of the new most people set resolutions of losing weight or exercising.

People want to live longer people and look great, and people are willing to pay for it.

Some don’t have to go to the gym, they may think the gym is too crowded, or their worried about getting germs.

For many reasons, this is a good and profitable niche to get into however when it comes to marketing it could be a little tricky.

This niche is often prone to unethical marketing tactics and many channels are ready to penalize that type of behavior.

Health & Beauty

Similar to fitness and weight loss health and beauty is a booming industry.

Just take a look at YouTube and you’ll see countless videos from how to clear up your skin to taking care of natural hair make up tutorials and a bunch more in the health and beauty niche.

You’ll also notice that many of them have tens of thousands sometimes hundreds of thousands of views.

Why?

Because people want to be beautiful and are willing to pay for Let’s dive a little deeper into categories. Take a look at hair.

For African-Americans, for example, wearing natural hair is really hot right now.

For those with permed hair thinking about or in the process of transitioning to natural hair they will be looking for all types of ideas, styles, products to use etc.

So find a niche within the health and beauty similar to this and you could see your business explode.

Personal development/Self help

First it was Les Brown then Tony Robbins, now there so many others that are inspiring people into action.

Sharing quotes, anecdotes, leadership advice is very popular. Videos with speeches or books from folks like Wil Smith, Zig Ziglar, Joel Osteen and more are being shared every day.

As humans, we’re always looking for sources of inspiration, people understand where we’ve been and know that strength comes from within and can lead us to where we want to go.

That’s why this niche is so huge.

We’re also living in this age of technology where people are looking for time freedom, they’re looking for a way out, a way to work from home, a way to start a business, a way to fix broken relationships, just a way to improve life overall and that’s why this niche is so important and so profitable.

Wealth building and Investment

You can hardly turn on the news, look at your newsfeed, or have a conversation without hearing an opinion about bitcoin and crypto currency.

Apparently, this is the new form of investment.

There is a strong market for companies who sell or trade these new currencies or simply educate people about it.

The bottom line is that wealth building has a high value and is often at the cornerstone of almost everything we do and people are willing to pay top dollar to help them do it successfully.

Dating and relationships

The dating and relationships niche has gone well beyond Steve Harvey and Dear Abby.

There are hundreds of dating sites and even more apps targeting people looking for love.

The numbers of people looking to the Internet and social media to find their true love or just a date has grown tremendously.

It’s a niche where people are willing to pay to find that one person can spend the rest of their life with.

Gadgets and technology

There are so many technical techie gadgets out there really too many to count however it’s an important part of our lives especially if you’re running a business; unfortunately, many people who need or want these technical gadgets are not always tech savvy.

There’s so much opportunity for those who have the talent and are able to share how these gadgets work and how they can be leveraged to grow one’s business and one’s finances as well as enhancing one’s life.

Personal finance

There seems to be more and more focus on budgeting and credit repair, especially in the context of talking about paying for college, buying a home or a car, and just saving for the future.

With the economy a bit unpredictable people want to be more aware of their personal finances and want to know how to best spend their money, save the money, and pay off their debt while also being able to do the things they want to for their family.

It could be going on vacation, purchasing some high-ticket item or whatever it might be they want be able to do that comfortably and to do this they look too personal finance expert’s.

eCommerce

You may have heard about the death of the big box stores.

If not you’re probably aware that many landmark stores are closing like Sears. They are closing many stores and they are joined by Kmart.

Perhaps you remember the time where there were as many Kmart stores as there are Walmart stores, maybe more.

Now you barely even see Kmart anymore.

There are many traditional stores going out of business, leaving shopping malls, and much of that is because people are shopping online.

BI Intelligence, predicts U.S. consumers will spend $632 billion online in billion in 2020.

With the right strategy, this a great way to earn an income with very little upfront capital and very low overhead making it one of the best niches to get into.

Pets

There are millions of pet lovers looking for all types of advice on training, food, apparel, and much more.

This is very broad so you’ll want to narrow down the category and really make a name for your business.

Now that you know more popular niches, how can you ensure yourself you have a market for your particular product or service?

Simply put, get out there and do the research.

You can start with Google Keyword Planner which will help you find the right keywords to target your audience.

It will help you better understand how many people are searching your topic.

To use the planner, you must create an Adwords account. You can do that at: http://adwords.google.com/KeywordPlanner.

Then follow the steps below:

1. Click Search for new keyword and ad group ideas

2. Enter one or more of the following in the boxes that appear:

• Words or phrases that describe what you’re advertising.
• The URL of a page on your website or your entire website.
• A category relevant to your product or service.

3. Click Get ideas.

You will now see a set of Ad Group ideas. The right tab will show you the keyword ideas.

You can also use Similar Web to spy on your competitors by seeing where their traffic is coming from and other valuable insights.

Alexa is another website that can provide you with additional insight as to whether as to how well your competitors are doing on the web.

Know the pain points

Knowing the pain points of your prospects is essential.

You must understand what your what they’re really struggling with and how your product or service can solve those problems.

You must also be able to communicate to them that your product will solve their problem. People are naturally skeptical.

This is especially true when they’re expected to share their personal information online.

It will be up to you to show them that they can trust you and that you’re an asset and not a risk.

What already exists

You already started on this step in the research phase.

You should make a list of businesses who are doing what you want to do.

Get on their mailing lists, join their social networks and groups.

Look at what questions are being asked, what are they blogging about.

Take a look at trade publications and groups on Facebook and LinkedIn.

Ask potential customers.

This sounds simple enough, right?

And it is.

If you have a list, create a survey using Survey Monkey.

See if your idea is relatable and desired.

There’s no use putting together a product that nobody wants to buy.

If you don’t have a list or want a wider opinion run an add with the survey on Facebook or using Google ads.

Ask members of groups you belong to on Facebook or LinkedIn but make sure the owner is fine with you doing that first.

Test! Test! Test!

Once you’re comfortable with your product put it out there in the market and test.

Testing is the best way to know if what you’re doing is working.

Start small and scale up.

If you’re not seeing the results you were hoping for don’t give up.

This may just mean you need to make a tweak here or there.

Go back and look at your research and determine where the gaps are.

Make the necessary adjustments and move forward until you get it right!

Conclusion

Creating new products is exciting.

But it’s not always clear if it will be successful or not.

Sometimes we find that what we find interesting, others do not or are not willing to pay for it.

If you’re going to spend your time and money creating a product, do what you can to make sure it’s a product others would be willing to pay for.

There are many resources online that you can leverage as well as your existing lists. If you don’t have a list yet you can always ask your family and friends.

And then make sure that you test your product before putting everything you have into it.

Follow these tips, and you’ll be on the right path of creating a product that sells.

Good luck!

What strategies are you using to know if your product will sell?

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