You Make Money Finding The Right Products
One of the ways in which a business owner makes money is by creating and selling products to their target customers. But first, you have to find the products. A lot of thought needs to go into each product, from who will find it, to how it will be marketed, and what technology will be used to implement the entire sales cycle. It’s a lot to think about, but if you get it down to a science, you can continuously find or create products for your audience that they will buy and love.
Know Your Target Audience
In order to find products, it’s important that you are clear about who your target audience is, and the frustrations or pains they have, so that you can create solutions for them. In addition, you need to have a thoughtful sales funnel and know where each product fits into that funnel. What’s really great about all of this is that you can always ask your customers what they need. If you’ve done a good job at building a list of your target customers, all that’s left to do is find products they will love that are exclusively for them.
Some people are great at coming up with ideas, just not so great at finishing them. Others get stuck in the idea phase and are not satisfied with the ideas that they do have. If you have a lot of ideas, it’s important to write them down, and categorize them according to where they will fit in your sales process. You should also be able to clearly identify the frustration or point of joy that the product is solving for your audience.
Answer this question: What problem is this product solving for my audience? Start with the simplest idea on your list and work your way up to the biggest idea, building buzz as you go along. Is it a hard to find gift they will enjoy giving to the person who has everything? Is it a cute and inexpensive item they can accessorize with? What do they want in a product that you can find them?
If you have trouble coming up with ideas, then you need to practice brain storming of some kind. Nothing is off the table, just let it flow out, writing it all down. Categorize and analyze the ideas later to ensure that they do address a need that your target audience has and that they fit into your boutique, you don’t want to add stuffed animals to a victorian antique style shop, but you might think about some fun corsets and garters that your target audience could use for fun. Once you have at least one solid idea, you can get onto the search and find phase.
Product Search And Find Cycle
The product research and find cycle looks like this:
* Research – going to market, looking on the web
* Customer Feedback from a small group
* Price Analysis and Order Placed
* Add To Shop and Market, Market, Market
* Rinse and repeat
It doesn’t matter if your product is as simple as a pair of earrings or as complex as a 5 piece suit, or any other physical product. It’s important to complete the product search and find cycle to ensure that you bring the very best products each time for your audience. Products that they need, want, and are willing to pay good money for. Products that they also actually use or give as gifts and implement into their lives or family.
If you follow this process each and every time you find any product, you’re going to be exponentially more successful. Let me know about what products you have recently found that you used this process for and how did it work for you?