Currently, that you’ve chosen a product and niche to further explore and evaluate the market, it’s time to put it under the microscope. Without accurately evaluating your goods and niche plan, your selections will be random, and so will your opportunities for achievement. Using the evaluation criteria under, you’ll receive a much better sense of your product’s research and niche, along with a better understanding of its strengths and the knowledge to identify its weaknesses.
You will likely never find a good or niche market that fits all the criteria below. But assessing your plan against this list will better understand your selected product/niche, helping you avoid pitfalls and increase your overall chances of success.
1. What Is Products Research
Product research is how you validate a product’s plan and see if it’ll be successful or not. It’s a part of the product improvement procedure that supports identifying consumer wants and if your plan can meet market demand. The result is a better return on investment on your product. Products research answers questions such as:
- Will the product be an achievement in the market?
- What are similar products in the market?
- What’s the best system to improve and sell the product?
Businesses that perform daily products research stay ahead of participants. It also supports improving innovative, high-value products because you’ll constantly know what’s on-trend and if the trends will produce sustainably.
2. How To Do Products Research
Before know how to products research we get into every evaluation point, let’s take a look at a fast overview of all the criteria we’ll be covering:
- What is the possible market size?
- What does the competitive landscape look like?
- Is it a tendency or a fad, a flat or a growing market?
- Is your product available locally and for the long
- Who are your goal customers?
- What are your markup and product ideas?
- What’s your possible selling price?
- What is your product’s size,type of products and weight?
- How durable is your product?
- Is your product seasonal or successful products?
- Does your product serve a passion, relieve pain,be a profitable product, existing product or solve a problem?
- How often will you want to turn over records?
- Is your product consumable or disposable?
- Is your product perishable?
- Are there any limits or regulations on your product?
- Is your product scalable?
3. Ten Best Ways How To Products Research
3.1 Follow Consumer Trend Publications
Customer trend publications can refer you to new goods and businesses you may not have known existed. They also support you to stay up to date on the newest trends to remain competitive and discover new product chances. One non-payable platform to follow is Trend Hunter. Trend Hunter is the biggest trend community, with over 200,000 people dedicated to finding the latest trends and also becoming a focus group.
You can discover online business trends for anything on this site, including beauty, fashion, culture, luxury, and more. You could turn this into a business plan and make a marketing strategy with a range of apparel or accessories based on these designs. Another trend platform to check out is PSFK. It’s a membership website that produces reports and insights around retail and consumer experience trends.
3.2 Find Best Sellers On Amazon
Amazon is one of the biggest customer marketplaces in the world. You’ll for sure find thousands of products research the minute you land on the site. But it’s simple to get lost in all the goods and advertisements if you don’t have an idea about the product research process,product research tool. To speed up the procedure, go straight to Amazon’s bestsellers list.
You can find profitable goods from any category, from toys and games to patio, lawn and garden and further. All goods on the record are based on sales and updated hourly. So you’ll never run out of product research for your business and also for your target audience. You can buy Amazon products by researching products online.
You can simply search from any product by search volumes, keyword, category, or custom filter with the brand’s product database, a searchable catalog with over 475 million goods from Amazon. Or evaluate products research in seconds with its Chrome extension.Market research or potential market research is very important to gain potential customers.All of this can give your plans for winning products, whether you’re an Amazon seller or run an online stock. A few dissimilar factors when doing Amazon products research:
- Product listing reviews
- Who is spending on ads?
- Product variants
- What product bundles exist?
3.3 Browse Social Curation Sites
Image curation sites can be a rich foundation for finding product plans. Just by observing likes and trending images, you can get a sense of market demand for exact goods or niches. A few sites to check out include:
- Pinterest, the biggest visual discovery engine and curation site
- We Heart it for fashion and beauty product discovery
- Dude pins for discovering and purchasing goods for men
- Fancy, for unique collections, from home decor to art to clothing
- Wanelo, a digital mall with over 12 million goods people can discover and purchase.
3.4 Evaluate B2B Wholesale Marketplaces
B2B wholesale markets are a gold mine for product research,and the market evaluates whatever plans directly from the source. These sites will refer you to thousands of possible product plans to sell. If you end up liking goods, you can purchase them right away. You’ll want to check the first two sources: Alibaba and AliExpress, which are markets that connect you to producers from Asia.
They have hundreds of thousands of goods to explore. You can find almost anything. Alibaba is for B2B transactions. So if you need to order large amounts of a product straight from producers, you’d use Alibaba. On the other hand, AliExpress is available to everyone.
If you need to test a product, you can order in small batches from AliExpress. Another area to do product research for dropshipping is Oberlo. In this product sourcing app, you can check out trending dropshipping goods based on data from AliExpress. Oberlo displays to you which products have lots of sales and which have few, and how new those sales were.
Other B2B marketplaces to explore are:
- Global Sources
- Wholesale Central
3.5 Observe Niche Forums
Industry and niche forms are other systems to discover new products and research to sell. They are also an excellent place to join with possible consumers over shared experiences and discuss related topics. Some niches, like gaming, have active online communities.
For example, if you needed to do product research, you could head to websites like GameFAQs or NeoGAF to detect discussions around video games. There’s also Reddit, which is the forum of all forums. You can find communities within Reddit for any topic, like tech, culture, and environment.
To date, there are over 2.2 million subreddits, also known as communities, where people come together to talk about dissimilar topics relevant to the community’s title. And if you’re still not finding any forums around your niche, try searching Google. Type your niche + forum into the search bar and see what results come up.
3.6 Analyze The Competitive Landscape
What does the competitive landscape look like for your chosen product and niche? Are you first to market? Are there previously a few participants, or is the market saturated with people selling the same product or targeting the same niche? If you’re first to market, you’ll need to do a lot of market products research to control that there is, in fact, a market attracted to your product.
If there are various participants in the market, that’s a sign the market has been validated. However, you’ll likely have to control how you can differentiate your brand and goods from the sea of participants in order to carve out your own spot.
3.7 Determine Product Category Outlook
Riding a fad can be unsafe. A trend can be lucrative. Stable markets are safe, and increasing markets are planned. Understanding where your goods and niche lay can play a huge role in your success or failure. To better understand the differences among each of these; let’s look at the growth curves, then at real-world examples of each type:
A fad is something that produces in popularity for a very short period of time and dies out just as rapidly. A trend can be lucrative if your entry into the market and exit are timed accurately, but this can be problematic to predict and usually a recipe for disaster.
A Geiger counter is a personal electronic item about the size of a cell phone that measures the level of radiation around you. Shortly after Japan suffered an earthquake in 2011, Geiger counters were flying off the shelves. Though, as you can see from the Google Trends graph below, interest died as fast as it started.
A stable market is one that usually is immune to shocks and bumps. It is neither declining nor rising but maintains itself over long periods of time. A kitchen sink is a real example of a product with a market that has usually continued constant and flat for decades. There’s likely not going to be any big spikes or dips in the interest and buy behavior of kitchen sinks.
3.8 Determine Your Target Customer
You don’t want to go into great detail defining your exact consumer persona at this point, but you should be aware of the type of consumer you would likely be selling to and their online buying abilities.
If you have a good idea geared to teens, it’s significant to keep in mind that most teens don’t have a credit card to buy online. Similarly, if your goods are geared toward older baby boomers, you may find that your target demographic has a lower level of technology adoption and doesn’t like to buy online.
- Audience demographics because this is key to understanding age range, male vs. female, and how the present product appeals to that demographic.
- Geolocation, because knowing what audiences are doing in a location can support form an insight. For example, people in Melbourne don’t want a lawnmower as much as people in Perth, based on Melbourne having a higher percentage of people living in apartment complexes due to Perth having more urban sprawl.
- Top pages, which are a great pulse check for how many people are seeing goods. Shane has come across reports where the top goods were labeled as outperforming each other by ten xs, only to review top pages and see that the 10x was in reference to hundreds of visits, not thousands.
3.9 Determine Product Weight And Size
Product size and weight can have a big impact on your sales and bottom line. Many consumers expect free shipping these days, and just rolling the shipping cost into your prices doesn’t always work. This means these costs tend to eat into your margins. If you choose to pass the shipping costs onto your consumer, you’ll find that the shock of high shipping will likely hurt your conversion rate.
Additionally, if you don’t use the dropshipping model, you’ll need to consider the cost of shipping the goods to yourself from your builder, as well as storage fees. If you’re ordering your inventory from overseas, you might be surprised at the costs included.
3.10 Figure Out Selling Price
Selling an inexpensive product means you’ll need to move many units to make a decent profit. Additionally, along with moving a lot of units come increased customer service inquiries as well as an increase in other operating metrics. Otherwise, selling very expensive goods means a longer sales cycle and more discerning consumers.
Generally, a product price point between $75 and $150 is recommended, as it minimizes the need to find a big number of customers to get decent benefits and is still able to give you some cushion for advertising and operation costs.
Our previous example, the pet pedometer, had a relatively low selling price of $25. Because of this, variable costs ate away at much of the profit, leaving a profit per unit of only $12.95.
Let’s see what happens, though, if we switch out the pet pedometer for new goods and assume that these new goods have a potential selling price of $100. For consistency, we’ve also multiplied the other appropriate cost by a factor of four.