In today’s market, every aspiring entrepreneur wants to create something extraordinary. They have the plans and strategies on paper to make their brand popular as well as established in the industry. However, the main concern is always finding a profitable product.
Regardless of what business you do and which channel you use for your business, one question is common – What product to choose that can sell well and profitably at the same time. There are a plethora of famous companies, established brands and billions of products.
Probably even your target industry has some dominant big players already in place. So, what should you choose that attracts the customers and thrives in the business? Going through the same phase? We have what can help you in solving the issue along with effective strategies and tips to improve the approach.
In this blog, we will discuss the top 10 strategies for finding profitable products for your business.
Focus On One of Your Audience’s Pain Points
You could have a great product that brings in no sales because it is simply not what your audience needs. The first step to creating a great product is figuring out your audience’s everyday annoyances, which will help you determine possible solutions.
If you manage to solve even the tiniest problem, you will have tons of people willing to invest in the solution. A good way to find a pain point to target is by being more attentive during your everyday life situations.
Try to keep a close eye on everything you are doing throughout a given week and note what puts you off while you are performing basic tasks. Once you are able to focus on something that can be improved or have a better solution, you can create a product.
For example – Bikayi solved one of the long-chased problems involving digitising MSMEs in India, by providing a comprehensive platform to start an e-commerce store within a few clicks.
Another example is Loganix, a keyword research tool, capitalised on this by creating a service that, unlike other fully-automated keyword research tools you need to use yourself, does everything for you. They find keywords with commercial intent that you can order and have delivered to you within a few days.
Listen to What Customers are Saying
When researching your product possibilities, make sure you take the time to read customer reviews that competitors have listed on their websites or e-commerce stores. These can be absolute gems when you are trying to figure out ways to improve your product or come up with something new.
Why? Because people often complain about things they do not like or praise what they enjoy within a product review.
Look for brands within your niche or companies that target your demographic and look at what their customers are saying. This could help you narrow down on the service you want to offer, the features you want to include, and the audience you want to reach.
Find Products You and Other People are Passionate About
Passion consists of a lot of value when someone works with it. Starting your own business is certainly not all like the glamorous journey that’s depicted in the movies. In actual reality, it’s more of long hours, facing heavy problems, having no clue about what could come next and all the similar feelings.
Being passionate about your business choice will not only assist you when passing against hard times, but it will shape your brand message that converses with people in a way that is authentic, meaningful, and fascinating.
Let’s be real — without passion, what else can serve your online business? Once you fully dedicate yourself to your product, you can deliver its best value and your vision to the buyers. Additionally, you can always go with emotions for establishing an emotional story full of passion that will help you stand out among competitors.
Find Products With Branding Potential
You’ve finally found a potential solution that answers customers’ issues and perfectly aligns with your passion. Now, what? Building a resounding brand message and can initiate the change in the competitive e-commerce space.
Establishing a well-known and memorable brand directly implies you’ll need to put in the efforts as well as time to research. You need to deeply understand and analyse your target audience.
Your brand should lead a conversation with your potential customers in a way that persuades them.
Moreover, you want to establish loyalty for your brand.
Some primary questions, to begin with, should be:
- How does your target audience behave and what kind of brand behaviour is expected?
- How well do you position your product?
Trends Help You Find a Profitable Product
Utilize an emerging market to your good and curate a different spot for your brand.
To be successful in establishing a unique image in the market, it’s necessary that you stay updated with the latest, trending products, solutions and services. Then, you can launch your site to sell and capitalize on your research and strategy.
As a small business, hopping on trends early would be of great advantage to your store.
Find Profitable Products That Fulfill Guilty Pleasures
It always arrives back to something you are really passionate about. So a successful product or service is one serving customers’ passions and satisfying their major fantasies.
Shoppers (even us) sub-consciously spend more on their guilty pleasures, building immense loyalty to brands that understand their obsessions and passions.
For example – From its early beginnings, Jeni’s Ice Cream focused on capturing the emotion of guilty pleasures with their customer base.
The organization knows ice cream is a fantastic treat, and that’s why they produce their products using fresh ingredients. So now Jeni’s customers mostly feel good about having Jeni’s ice cream frequently.
SEO Analytics can Trace a Profitable Product
SEO analytics and keyword research are great ways of seeing whether your industry or product has an audience. These will allow you to figure out what keywords are trending in a certain geographical area and whether your product idea is actually as popular as you thought. You can use a free or paid tool to get this done.
- Google Keyword Planner -This free tool shows you average monthly search numbers and related phrases when you enter a keyword. You will also be able to check whether someone is paying to rank the keyword.
- Google Trends -This free tool shows you what is trending globally or locally within any industry of your choice on Google, so it gives you a fair idea of whether your product has the potential to bring in an audience.
- Ahrefs– Navigate across features like keyword difficulty, volume, cost per click, related keywords and phrases.
Selling Niche Profitable Product
An oversaturated market will normally have a niche within it that can be used as a foundation for a new brand. Fenty Beauty, for example, entered the oversaturated makeup industry and made its mark by focusing on women of colour.
Many of their foundations and makeup products are available in darker shades that match their targeted demographic and are not offered by competing brands. This has helped Fenty grow a loyal audience in an industry that is normally considered to be pretty difficult to make your mark in and is also deemed oversaturated by some.
Browse What’s Trending In the Market
Go to more online marketplaces where you can surely find trending products. Utilize platforms like eBay, Etsy, and Amazon.
Check the list that shows what’s trending on the top and what people are currently purchasing:
- Popular on Kickstarter
- Bestseller on Amazon
- Most wished for on Amazon
- A most popular item on Etsy
- Most wanted on Etsy
- Trending on eBay
You can start with the different pages and look for the best seller and most ranked items. This will give you an idea about what people are purchasing online.
Spot Business Opportunities Absolutely Everywhere
A major part of being an entrepreneur is trying hard for ideas beyond normal thoughts.
You can try out different things for this – pay close attention to how consumers around you behave. Are there some rules which do not make any sense and need to be broken? Is there an opportunity to add value to people’s lives?
In addition, sit down and determine your strengths and interests.
Hopefully, this guide has shown you how important it is to select a good product as a foundation for your online business. You want to be able to create a brand, attract an audience, and enter a market with your product idea. Now that you are armed with ideas, you can make a list of your own. Building a business is one of the greatest joys of life. Once you get started – just be consistent, even the mistakes will be enjoyable.