Concept / Idea
One of the biggest hurdles for successful sourcing is the very first step of identifying what product to buy, where to sell and which country to sell and which country to source from. Finding great products to sell online profitably can be a challenging task. There are many thousands of choices, yet, everything seems like it's been done a thousand times before... .With all these choices where do you even begin? An initial step to finding products to sell is to be able to recognize the various opportunities that exist for uncovering great products. Understanding these product opportunity types is key to identifying great product and niche opportunities.
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KEY WORDS TEST
Work with a search engine marketing specialist to provide opportunities for product keywords that have a large...
volume of search results, for have limited current advertising competition in your target market(s). This suggests there is a demand but limited supply, at the moment at least!
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BUILD A CAPTIVATING BRAND
A brand building approach involves developing an in-depth understanding of your target market / customers...
, crafting a unique brand with a strong place in your customer's mind. This approach can be particularly effective at differentiating from competitors if there is strong competition.
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CUSTOMER PAIN POINT
Products that solve pain points can be lucrative because customers are actively seeking out solutions to...
these problems. Pain can be physical but also frustrating, time consuming, or poor experiences. Reviewing major dot com social media customer service websites can provide a good insight into the voice of the customer to identify poor quality experiences to leverage in your business.
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CONSUMER PASSIONS
Consumers spend more to support their passions and habits. Golfers, for example, can spend many thousands...
of dollars on gear and gadgets with the hopes and dreams of lowering their score, even by the slightest margin. Catering to passions has additional benefits as well as including deeper interaction with your brand, brand loyalty and increased word of mouth marketing.
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YOUR OWN PASSION
A key benefit in sourcing products around your passion is having the tenacity to keep going when you run...
into difficult times. This should not be underestimated as staying motivated is a major key to building a successful online business.
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OPPORTUNITY GAP
This opportunity involves uncovering problems or deficiencies in a product or the marketing for a product that can...
be capitalized on. An opportunity gap may exist in the form of an improved or additional product feature, an unrealized market by the current competitors, or it may even come in the form of your own marketing capability.
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Ideation Inspiration
INTERNAL
What product niches or industries are you particularly passionate about or...
interested in? What pain points or frustrating experience do you have in your own life?
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LOCAL COMMUNITY
Look around local retail concepts and products, review local newspapers for...
new, innovative and local concepts and products.
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CONSUMER TRENDS
Following trend publications is a great way to begin getting a sense of the direction...
consumer products are going in and the ideas other entrepreneurs are introducing to the market. These publications can also expose you to new product categories and industries that you previously didn't know about.
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PRODUCT REVIEWS
Product reviews are a fantastic source of ideas and inspiration There are many sites that...
provide curated product trends daily. This is a great way to get inspired with a every day glimpse into the new and innovative products global entrepreneurs are bringing to the market.
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B2B MARKETPLACES
This has been a popular option amongst entrepreneurs for a while. Wholesale and...
manufacturer sourcing sites, like Alibaba, exposes you to thousands of potential product ideas. It can be easy to get overwhelmed with the sheer amount of product available so you need to take your time.
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CONSUMER MARKETPLACES
An incredibly rich source for product ideas is the online consumer marketplaces...
. Many sites exist, and continue to pop up, in this space such as Taobao and eBay, however, it is also well worth reviewing crowd funding innovation sites such as Kickstarter or Indiegogo.
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