Entrepreneurs are often torn about the products or services to
sell in their business. You might be an aspiring entrepreneur
who is struggling to find the right product. Finding the right
product starts off by:
Having a concrete idea of your ideal product
You may have thought about wanting to start a specific type of
business, selling a particular product or service. What service
or product was it? What made it so appealing about the product?
Answering these questions will give you a clear picture of the
products or services you would want to sell to consumers.
Identifying the products you are interested or passionate about
Having a passion for a product makes it easy to market and sell
the product. It is important to find a product that you can
easily identify with in terms of its usability and appeal.
Identifying products your friends are interested or passionate
Establishing the products that your friends love or have a
passion about gives you a vantage point since they will help
you promote your business. For instance, if your friends love a
specific brand of shoes, you can add the product in your
business. Your friends are likely to be loyal customers since
you bring products that your friends really like.
Solving current problems or frustrations in your existing
If you already have a running business, you probably have an
established product already. Improving your sales revenue means
working on the inadequacies of the product or services you are
currently selling. Is the product/service appealing to all
consumers? Are there any frustrations or pain points that
hinder your products or service from selling? Establishing
these frustrations or pain points and solving these problems
will make your product more appealing to consumers.
Hunting for the right product
Is it possible to find the right product? Well you guessed it,
yes you can. Many entrepreneurs have identified the right
products and are making numerous gains in their business. Doing
a comprehensive research on the products you intend to sell
will enable you have a strong list of the contending products.
Conduct a research in your Locality
Even before you log on to access the numerous products
available for sale on the internet, conducting a product
research in your local community can be very effective since
your business is likely to have local consumers. Observing
keenly the existing brick-and-mortar retail concepts, and also
browsing the newspapers and periodicals for new and trending
products in the community, are an essential source of great
product ideas and concepts.
Online consumer trend publications
Haven’t found what you need in your locality? It is now time to
extensively conduct a research in the internet for product
ideas and unique concepts. Online consumer trend publications
have numerous information on the new and trending products. The
authors of such websites curate the new, interesting and
trending products that appeal to many consumers regionally and
globally. Websites such as Springwise and TrendHunter give
users an opportunity to browse a wide range of products in
Consumer Product Review Blogs
Have you already discovered the industry you would want to
venture into? If the answer to this question is yes, then you
need to focus more on consumer product review blogs websites.
These sites focus on specific products and the reviews of
consumers who have purchased the products. Reviewing these
sites gives you an opportunity to learn more about the products
currently available, and you may discover new improvements that
can make your product unique.
Business to Business Market places
If you want to venture into an industry that is green to you,
it is always good to look into the big players in the industry.
This entails looking for reliable information from the
suppliers or manufacturers of the products. This also helps you
get the appropriate channels and connections that will enable
you kick start your business. Knowing the statistics about the
units sold, sales margins and other contingent expenses will
help you to analyse whether the product you intend to introduce
will work for your business. Large scale Commercial Websites,
such as Alibaba, offer wide range of products from different
manufacturers and suppliers.