This article is chapter 8 of a 10 part series on Challenges faced by Internet Marketers. If you have not read the previous chapters, I urge you to read them before you read this article.
Making money online means you have to sell something. You won’t make money on the internet if you will not offer something that people can pay for. This is mainly the concern of the topic for this internet marketing series that we have been discussing for the past several days.
The success of your business will ultimately depend on your internet marketing strategies and predominantly the kind of product that you are advertising. If you market the right product and make sure that the ball keeps rolling in terms of advertisements and publicity then success won’t be a problem.
You can easily make money online with the right product. However, the biggest challenge in choosing a product is that there are a whole lot of choices that it might be overwhelming to find the right one.
It’s important that you choose wisely because not all products sell. A product that sounds good doesn’t mean it will sell. A product that did well in the past doesn’t mean it will sell today.
An important consideration in choosing a product is the niche you’re involved in. As much as possible choose a product that is extremely relevant to your niche. Make sure that it’s also a practical product. It should be something that a lot of people interested in your niche will find useful.
Nonetheless, there are several criteria that you can check with to see if the product is a good thing to market. Choosing the right product will definitely help you successfully make money on the internet.
Choosing the Right Product to Sell Online
In order to see which product is the best for your business try to consider the following factors:
The Product is in-demand
Certainly, something that is highly popular won’t be hard to sell. Try to search what products are often high in demand. However, make sure that the product is not just a fad. Fad items are usually just popular for a period of time and soon their demand will considerably decrease.
Be careful of products which have just recently gained attention. See if their utility is not temporary. This should give you an idea on whether a product will just become a fad or not. It’s also good to see which products have been in the market for long.
Usually, consumable items are good products to sell. Since they are consumable, people will have to buy every time it runs out. This should ensure that clients buy from you again.
Consumable products can also ensure you a steady flow of income since customers have to buy repeatedly. Nonetheless, make sure that the product is of quality because that would ensure your steady sales.
While selling expensive products may be tempting, often the best sellers are the more affordable ones. Since the rich only constitutes a small percent of the world population, it’s best to target the larger market. If you want to make money online regularly then offer something that people can also buy regularly.
Especially if you are referring to an affiliate program like Amazon, you may be surprised to find that a lot of your customers that you refer to Amazon may end up buying some other products than the one you’ve referred them to. This has been the case for me many times. This is the beauty about online marketing!
So if you choose reasonably priced products and refer the customer to an affiliate site, they may end up spending a lot more. A win win for everyone involved.
Fits your Niche that you are working in
The niche you’re involved mean usually means that your expertise or interests or both lies within that area. Likewise, it’s best to promote something that is relevant to your niche. It should be easier to publicize something that you already have an idea or interested about. You’ll be more convincing in this way.
Quality product sells. It is the core of any successful company. For you to sell, people should be extremely satisfied with your product. A quality product also gives you the right to promote it and convince people why it is the right choice. This helps build your credibility.
Types of Products that You can Sell Online
Aside from learning the different criteria to which products should be evaluated against, it’s also major decision to consider selling a digital product or a physical item.
Pros: Digital products are a lot easier to handle. It requires little man power. As long as you have a computer and the necessary software and application then you’re good to go. They’re also relatively popular regardless of the niche or the target market.
Cons: Digital products are extremely reliant on digital technology. They also require constant upgrade. The competition for digital products is so intense that it’s possible to see newer and better products even after just a few days of releasing your version.
Pros: Unlike digital products, it usually takes some time before newer products or editions of an item are released. Since assembly and production are still crucial, you’ll have enough time to come up with better products before competitors can really leverage the competition once again. While the advent of computers has changed the way people live, still most people use a lot more physical products than digital ones. You have a very big market for physical products.
Cons: You need manpower. While you may not be the one producing, still you need to take of shipment, delivery and arrangement of stocks. Some physical products also tend to wear out if not dispatched over a certain period of time.
In making money online, you have to understand a lot of things. The foremost would be to understand your customers. If you cannot understand your customers then your business will definitely fail.
They are your lifeline. As long as they patronize you, your business will be alive. Certainly, you won’t be able to offer anything that they can use or will patronize if you don’t understand them.
You have to determine what products are essential for them. Only when you understand your target customers will you be able to narrow down your list of product choices. If you understand them, you’ll be able to offer what they need.
Nonetheless, aside from understanding your potential customers, you also have to make sure that the product you choose falls within certain boundaries. Knowing what your client needs is not enough. You have to offer something that can surpass their expectations.
This will help you seal a good solid relationship with them. Choosing the right product takes a lot of thought and you should not rush into things just because you want to make money online fast. Hurried decisions will not get you anywhere.
Again it is trial and error. You shouldn’t be afraid to try something and if it doesn’t you need to move on to some other product. As you build your business online, I am sure you will figure out the right products quicker next time.
Here are few articles that I’ve written before that would help you with this topic: