Now, more than ever, it's easier for people to be online entrepreneurs. But that doesn't mean you can be a successful one easily. It takes effort and the right strategy to make serious money online. And it starts with figuring out what your first product should be - one that has good potential to be profitable.
So how do you do it? How can you create a profitable product? Here is a quick guide to help you achieve your entrepreneur goals.
A common mistake that new entrepreneurs make is that they try to offer too many products at once when they should be focusing on one product that can address one problem. This is especially important if you are offering information products, whether that's an ebook, a video tutorial, coaching, or others.
Focus on one thing that you know so well that you can answer any question about it. Also, make sure that it can solve a problem and do it well. Consumers are smart enough to know that no single product can solve all their problems, so don't make such claims.
There is no simple answer to this question as several factors make up a good product. One is the size and weight of the product and its composition and whether or not it would be safe, easy, and cheap to ship.
Price is also an important consideration. A product that sells for less than $15 would leave you with little to no profit margin after costs such as shipping, storage, handling, and more. Then, there are other things to consider, like the average number of reviews of the product, as well as the life cycle of the product.
These are just the basics. There is a lot more that goes into the selection of a good product. But knowing what to look for is always a good place to start.
At this point, you have an idea of what makes a good product. The next step is doing an actual selection and comparison of the products. But before you can do any of that, you need to identify the products that you'll research.
Don't think of profitabilDity and ROI for now. You're trying to scout for potential products that you can later trim down based on their profitability and other factors. Here are several approaches to this.
• Look for trending products. You can find some great sources for this online. But remember not to just jump into any trend. Try to analyze if it has potential staying power. Fidget spinners were hot for a minute. But you can't see any of those today.
• Go for products that address certain pain points. Products that can help eliminate specific pain points that many people complain about can be profitable.
• Focus on a specific hobby or interest. You may be able to find some product opportunities that are not available from other sellers.
Later, when you have established your business and have several profitable products, you can carry items with higher value and price. But when it comes to your initial ones, it's best to keep them under $100 (you'd find that most of them are actually under $50). That's a price point that won't make buyers hesitate to purchase, nor would you have to reinvest a huge chunk of your profits back.
Automation tools may seem expensive, but considering what they can do for your business, they may be one of the greatest investments you could make. Not only can automation tools be used to improve the conversion rate for your e-commerce site, it can also help you with things like product shipping, gathering customer information, order fulfillment, and delivery, among others.
When you automate your business' sales process, you won't get overwhelmed when you get an influx of traffic, as you know that everything will be in order. Automation is a way to lessen the hassles of growing a business.
You want to make as much profit as you can from your chosen product. One of the things that can help you achieve that is ensuring that your product is the first and only thing that your prospective customers see when they reach your page.
You need to make sure that your product is the only thing that grabs their attention so they'll get the directive that this is the only product they should buy.
So, whether it's your social media pages, your blogs, and other communication channels, make sure that they all funnel into that product page.
The launch of your product should be considered a major event, even if it's done online. To be successful, you need to get your prospective customers excited and build as much hype as you can, as these will be your key to getting higher conversion rates and even more prospective customers.
You can achieve this by involving people or brands that are relevant to your industry. If you can find an influencer (they don't have to have millions of followers) with a bigger audience than you already have (and more importantly, an audience that needs your product) who is willing to work with you for your product launch, that would be great.
You'll probably have to offer affiliate commission for every sale they get you, but if they can bring attention to what you're selling, that would definitely be good for you both.
After some time, most consumers lose interest in a product that they have viewed and considered buying. Even if the price is good, you will notice a significant drop-off rate in product purchases. What you need to do now is re-engage those consumers.
Traditionally, you'd have to work on your email list and send your prospects some sales correspondence. But if they're not working as you expect, it's time to take a different approach.
For instance, as more people are now looking for work-from-home jobs, training videos and webinars have become a big thing. Why not offer those to your prospects to get their attention back, engage them, and ultimately get them to purchase the product you are selling?
Also, if you don't forget to include custom branded packaging, it will create brand awareness, and it is a key step in promoting a new product or reviving an older brand. Remember that customers love it when they get the feeling that they're getting a lot more than what they pay for.
Becoming an online entrepreneur is indeed an exciting journey. But you should know that success does not come in an instant. You may have to spend weeks, if not months, creating your first profitable product. That's fine. Take as much time as needed to make sure you find and put out a product that you can stand by and profit from.
Don't rush the process, and know that your launch is not the end but actually the beginning. Remember that once you have released your digital product, you'll have to monitor the channels to see which ones bring you more customers.
You will have to start testing and learning from your progress, as that will be your guide when it's time for you to build and launch your next product online.
Until next time, Be creative! - Pix'sTory made by Vincent Sevilla
I'm Vincent Sevilla, a professional web designer, and a passionate market researcher who is on the spree to capture multiple facets of the industry through creativity and innovation.