Making Money On The 'Net: More On Selling A Product
Making Money On The ‘Net: More On Selling A Product
In the article “Starting An Internet Business: On Selling A Product And Overhead”, I briefly touched on some of the issues you will face when trying to sell a product on the internet. In this article, I will discuss in more detail how to sell a product and where to look for products to sell.
However, the single most important thing you must recognize before you sell a product is to sell what people want to buy.
I know that sounds simple, but the fact remains that many people ignore this basic truth about marketing. Any successful business owner will constantly refer to this simple maxim of sell what people want to buy. Unfortunately, many business owners fail to grasp this concept and sell things that are cute, or because they like them. What happens? These businesses fail because the business owner disregarded the wants and needs of the customer. So, what should you do? Simply stated, sell what people want to buy and know to whom you are selling. To make these things happen, pick a product that appeals to a large audience. High-sellers solve a common problem fast, and they are simple to use.
How should you find a product? Once again, do a web search for wholesalers or go to the library and look in the manufacturer’s directory. Look for ads that run continuously. These ads run repeatedly for a reason: they’re making cold, hard cash. In addition, look for a product that is unique and that solves a common problem. Even if the product may not be on the market yet, if it solves a common problem and is easy to use then you have a solid base for a good product.
For a more unique product, search import directories on the web or at the library. If possible buy a few issues of the International Wall Street Journal, for many foreign companies are looking for representatives to sell their product. The only problem with international products is you will need a good broker to help the product clear customs, and using a broker could be expensive. If this is an avenue you want to pursue, every port city will have a list of brokers sorted under import/export.
When picking a product, be sure that you focus on a product that solves a common problem. Also, be sure you have adequate mark up so you can make a profit. Many people forget this. A good rule of thumb for mark up is a least three, preferably five, dollars or greater to every one dollar spent. Mark ups are necessary so you can afford to run your business. But to whom should you market your product?
To determine who is the most likely buyer of your product, look at past ads that have run over and over again. You’ll see what people are advertising and where they are advertising. To find out who the product appeals to, contact that ad source to establish the sex, the age, and the income of those potential buyers.
This article is by no means exhaustive; rather, this article is a quick shot of information to help point you in the right direction. I hope this article helps, and good luck!