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Finding a good choice of idea or product is always accompanied by interfacing the demand for the product in the current market and the level of competition or market share that the product will be having in the long run.
What should I sell? What products are hot selling? These are the questions most people are trying to find an answer in order for them to make the definite decision. And if we really want to know the answer to this question, our only choice is to do some research.
We must be able to understand and satisfy the need, wants and expectations of our customers on a certain product that they're trying to buy. This three are called the basic needs or minimum requirements in a purchase.
Needs are the basic reasons or the minimum requirements consumers are looking for in a product or service. They are called the qualifying or 'gatekeeper' dimensions in a purchase.
Wants are the determining dimensions among many choices.
Expectations, on the other hand, are values or intangibles associated with a product or service. Expectations are actually part of 'want' but they become extremely important when products or services are not differentiated.
For example, in reading a logic book, university students look for the following: Relevant logic concepts use of simple language, easy to understand and affordable prices. These similar ideas can be applied to Internet Sales as well. After all, the Internet is just another place to sell products. The basic concept of demand is the same there as it is anywhere else, and has been all the time.
Now, the second thing that must be considered in finding 'hot' products to sell are the level of competition or the market shares do your product will have.
Market share or level of competition means the ratio of your brand sales versus the total market sales. While companies would naturally define its target competitors, it is actually the consumers who ulti
mately decide the competitive frame, or the list related products or services that consumers consider when exercising their purchasing power.
We must therefore choose the market segment where we can have a potential leadership or at least a strong challenger role. Because the overriding objective of getting into this business is not just to satisfy the needs and wants of our customers but to do so profitably better than his competition. Otherwise, our competition will end up satisfying the customers better than our own interest.
Third factor to be considered in finding hot selling products is finding out the general interest level about the product. General interest in a product helps us to gauge where our demand and competition numbers fall into the big picture. Simply saying, if there isn't much demand for the product, and there isn't much competition, it would seem that it might not be good a good put up for sale.
But the research doesn't stop here; there is one last thing to be considered to exactly find the hot selling products that you've been looking for. We must also learn how others are advertising those products.
If there are a good number of them doing so, it may mean that it's a good product to get into. Coming to the last phase of the process is analyzing and evaluating all the information that has been collected. We have to look at all of the data we have collected on demand, competition, and advertising, and make decision as how they all balance out.
And here are several factors or aspects that must be measured:
(a) not enough demand means not enough people are going to buy
(b) too much competition means not enough of a profit to go around
(c) too much advertising drives up the price of pay per click ads, and competition as well
(d) not enough general interest, combined with low demand, means there may not be a good market even if there is competition trying to make the sales.
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