Determining the right product for your store is a tedious and curved process but if carried out well, it can be easy. There’s a series of new products produced over a short period of time yet a few products qualify to be winning products.
What exactly is a winning product?
Winning products must be a top preference for your target audience at all times. This connects the dots to if your products will be moving or not and that’s why winning products must stand out. How do some stores end up making six and seven figures while others have a big, fat zero? It comes down to having winning products. And fortunately, all you need to do is find the right one to make it big.
Here is how to have winning products for your store
You need to first do research and case studies into what product is in demand. Look for what products are already in the market or simply look for similar products in your category to determine what sells best. There’s also a boom in internet research with incredible information on what products to sell more so in terms of what products are trending. An example of a good site is Google Trends which is pretty much a convenient tool for searching for winning products for your store.
Understand your target Audience
An extensive analysis in to your target audience is basically what will help you understand what problems to solve to meet demand and that is by choosing the best winning products for your store. The main questions here would be similar to ask yourself of the target audience: What age should you target? What are their preference in terms of detailing? And What gender is your target market?
Market research will basically help you out in understanding the strength, weaknesses, opportunities and trends covering your product. An in-depth analysis into all these key identification segments will help you determine what is the preference for your target market. The downside of this is that everyone is selling the same products as you. But we like to look at it from a whole new perspective: if everyone’s selling the same stuff, you can easily sell it too. And if you know what their best sellers are, then you can sell a winning product.
Regardless of the place you decide to do your market research, the methods herein are the same and it’s good to realize that your market evaluation can make or break your business.
Find out what works for your competitors
Keeping your competition close during your research to having winning products for your store should be a top priority because it helps you in creating your market strategy and building an impactful business plan.
Overtime, you will realize what works for you by observing trends in your industry of operation. You might not be able to specifically find a product that brings them the most revenue, but you can still study their product collections and look for patterns in their best seller lists that can prove helpful in your finding.
Watch out for bestseller lists
To find the product that helps you hit the jackpot, all you need to do is a little bit of product research by looking through best seller lists for literally every category. And not only that, but the updated lists which help you mould a conclusion into the winning product for your store. These lists help you in picking out the best that you can get into the market and incorporating this tip will surely push your vision for the perfect store.
Our E-commerce retail sellers publish their best seller lists online, which gives a comprehensive overview of the product category that has the most sales.
Monitor high performing Ads
This is another way of keeping an eye on your competition although indirectly. On social media, we scroll past many Ads and according to your recent searches on products, you are likely to see ads related to what you search for, It’s just the internet of the things. To use this to your advantage, undertake an in-depth look into these and you will estimate what product gets the most shares, the most likes and don’t forget to always check up on the comments. They tell a lot about the product.
Always be open to new ideas
This will come by through brainstorming especially if done the right way. When you discuss ideas and throw around suggestions, you are likely to come across great product ideas that can put your business on the map.
Characteristics of a winning product are also inevitable to change according to market demand. So, you need to keep looking for the best products in the market that will appeal to your target audience.