What to sell Online? Given it a thought?
You have planned to start an online business? What products or services will you offer? This can be a bit difficult to answer. Another difficulty is that you come with a great idea and feel confident enough to go with it, Will anyone care? Will anyone buy from you? These are the obvious questions that everyone starting an online business have in their mind at some point of time.
The truth is, you’ll never know how well your idea works until you actually start up the eCommerce shop. However, by validating your product idea you can build confidence and save much of your time and money.
This time we will look forward to discuss some strategies that you can use to validate the product ideas as it will help you mitigate risk and feel more confident about your idea before investing your revenue and time.
Find Out Your Competition
It’s for sure that you might not be the first one to sell a particular product online. So, it is always good to have a check of your competition to understand the demand and product appeal. Even though it might be difficult to know how well your competitors do, still, you can have a pretty good amount of idea how things are working for them.
Find out who is selling the same products that you offer. Do some Google searches for your product. Think like a customer and search for the terms that customers would actually use. There are several online tools like SEMrush and SimilarWeb that can help you find more competitors and also offer additional details like the keywords, referral websites, social referrals and traffic. With such tools you can understand your competitors well.
You can also find out how long they have been in this business by checking their social media website account creation date. This can help you to better understand the success rate.
Follow the Social Followings and Interactions
With this you can find out the market interest. Look past the social followings of your competitor and find out the interaction and responses they receive on their posts. Don’t go for the page likes as it can be inflated easily these days. Services like Status People can help you review the social websites to take account of the fake followers. This will give you a better idea about the authenticity.
The above discussed tools like SEMrush and SimilarWeb can help you understand the approximate traffic that a site gets. You can also know the source of these traffic and back links.
Understand Your Market
For now you have a better understanding about your competitors and how well they are doing, it's time that you look at the market and customers’ interest rate.
Using services like Topsy you can find out the information related to the hashtags that will help you learn more about what customers have to say about your product idea. Free web applications like Google Trends will help you to understand the current market trend using the related keyword search. With this you can know whether your product idea is shooting up, down or is stagnant and then you can take informed decisions.
Tools like Google's Keyword Planner will help you to find out the keywords and phrases that are related to your product and also offers the number of searches for the chosen term. It will also help you to know the level of competition in case of paid search for each term. This can give you indication related to profitability.
Crowd Funding Campaign
It has become a popular way to test your product idea these days. By setting up a crowd funding campaign on websites like Indigogo or Kickstarter, you can validate your product idea and also collect money.
Open Your Test Store
The best way to understand the demand for your product idea is to set up a test store. This involves setting up a simple store with your product and driving traffic to it to find out the consumer interest.
Starting a new business is crucial, especially when you are not sure what to sell. However, understanding your competitors and market can help you save money.
Start finding out how well your idea clicks and then ‘Just Go For It’.