“What do I sell?” is the biggest question you need to answer when starting your own online store. Answering this question is not easy and can make or break the success of your business. The difference between a store that brings in six figures and a store that makes zero is often to do with your product.
Finding and selling winning products is key to making it big. Often finding just one winning product is enough to get you ahead in the game. But finding more than just one winning product will bring you closer to making six figures yourself. In this guide, we’ll cover all the essential steps on how to find winning products.
What Is A Winning Product?
A winning product is one that has high demand, and therefore high profit, from your target audience. This product should “fly off the shelves” and cater to your intended customers tastes and desires.
Everyone needs toilet paper but that does not make it a winning product. Why should a customer purchase toilet paper from you when you can just buy it from your nearest drugstore? A winning product is not just a product that people need, but also one that they want and from you.
Particularly with online shopping now, you are able to find unique or niche products much more easily than from a normal retail store. Since it is often too expensive for a brick-and-mortar store to hold space for certain types of unique products, you can take advantage of this. Many people are now shopping online, especially during the pandemic, so there are a ton of opportunities within eCommerce.
This is why it is so important to know how to identify winning products. Here are some of the ways that will help you find the most winning products for your eCommerce store:
- Have a Proper Product Research System
In dropshipping, 90% of products are losers. You need to know how to find the 10% of products that are winners and would be selling consistently every day. One highly effective way to find a winning product is to have a proper product research system. By conducting adequate product research, you can gather information to understand your customers’ needs and therefore more effectively promote your product in the early stages of testing for product demand.
Product research helps you in evaluating your ideas for products. It informs you if that product is needed and reveals what your potential customers are looking for in a product. In dropshipping, a proper product research system allows you to save your time and money by analyzing whether the options that are available in the market would be in demand and if they are even meeting your existing customers’ needs and expectations.
To help our students find their winning product, we teach some key criterias from our Product Matrix. This includes picking a product that is women-dominated, unique, gives off a “WOW” factor, and solves a lot of pain points. You want to sell women-dominated products because statistically, women shop a lot more and also when you are using Facebook Ads, the majority of users are women.
You also want to make sure the product is unique and looks special so that it is memorable enough for people to click into your ad and go through the purchase process. This product should be unique enough that it is not easily found at big box retailers. Finally, it should solve a lot of pain points for people and not just something cool and trendy to have around. These are just some of the key criteria within our Product Matrix.
- Use Google Trends Or Google Keyword Tool To Validate Your Product(s) Demand
Before spending money on marketing and advertising, you should validate the demand for your products.
When choosing products you are essentially making an educated guess on what products might appeal to your target audience. Before you jump into selling something that you think people will buy, you should verify the validity of your guesses. This will allow you to modify and refine your ideas and transform them into a successful and viable business.
The most effective (and free!) way to validate the demand of your products is to use the Google Keyword Tool or Google Trends and search for product-related keywords. This enables you to see if people are actually looking for this product.
- Keyword Tool
Go to the Keyword Tool on Google and search for your product-related keywords. Google will then provide you with some information on the number of monthly searches that have been performed for various keywords related to your product.
This will give you an initial idea of your product’s demand. If nobody is searching for the product(s) you want to sell, it’s clearly not a good sign. Conversely, if hundreds or thousands of searches have been performed for your product-related keywords, you should consider doing additional research and move on to the next step.
- Google Trends
Google Trends is a tool that enables you to determine if a product is declining or growing in popularity. You can see how much search volume changed for your products’ keywords throughout the last few years.
You can use Google Trends to foresee potential growth in demand and predict trends. For example, if you search for “iPhone cases” you may see that search volume growth lines up with release dates for new iPhone models.
- What Does Google Trends Data Mean?
- So, if your search term reaches a value of 100, it indicates that its popularity is at its peak. If this number is lower, the search term is trending less.
- If your search terms get a 0 score, it indicates that there wasn’t enough data available.
With the help of Google Trends, you can also see in which part of the world your potential customers are most interested in your eCommerce store product(s).
- Find Trends and See What’s Happening in the World
Trends are changing monthly and sometimes even daily. While predicting trends can be difficult, there are some things you can consider to help you follow where trends may be headed.
Consider:
- What’s happening in the world?
- What’s going on with my target audience?
- How do current trends and events affect the online space?
- What trends are most likely to stay in the market for longer?
For example, in 2020 consumers were spending more time indoors and at-home due to the COVID-19 pandemic. Naturally, many people developed interests in indoor hobbies and activities such as puzzles, breadmaking, and DIY home decor. In addition, due to closures of gyms and fitness classes, many people found ways to stay active at home, ultimately increasing demand and sales of gym equipment.
Another example is the popularity of board games. Due to the growth of technology and social media, many millenials have shifted towards activities that foster real human connection and reduce their screen time. Playing physical board games does both of these things. In addition, online shopping makes buying a wide variety of these games more accessible. Furthermore, online communities have aided in the rise of “geek culture” causing growth for niche communities. Understanding what trends are happening now and why can help you better predict how trends will change for your target audience.
Despite the ongoing Covid-19 pandemic, it’s quite likely these products are still trending and will be your winning products this year in 2022 as well. Here are some trending niches and products to find a winning product in 2022.
Beauty
- Peel-off face mask
Fitness & Health
- Exercise bands
- Water bottles
- Home fitness equipment
- Kayaking accessories
Hobbies
- Board games
- Jigsaw puzzles
Home Decor & Furniture
- Kitchen Utensils
- Kitchen and dining room furniture
- Home office supplies
Electronics & Accessories
- Smart wearable devices
- Smart home devices
- Bluetooth devices
- Magnetic tech
Other winning products
- Pets’ accessories
- A Winning Product Usually Solves A Problem
People are primarily drawn towards products that solve a problem for them. This problem could be anything:
- Problem: Not drinking enough water daily / Product: Water bottle that tracks water intake
- Problem: Not enough kitchen counter space / Product: Wall-mounted magnetic knife bar
- Problem: Plugs too bulky to fit into outlets behind furniture / Product: Vertical wall tap splitter adapter
Some of the most thriving and winning product ideas are based on just this one concept. As well, don’t forget that there are many ways to solve the same problem. A car and horse can both solve the problem of transportation. When looking for your winning product, try to keep an eye for “cars” in a market of “horses”.
Launchers Academy: We Help You Make Money
When starting your own dropshipping business, you want to use a proven method for not only finding winning products but assessing and testing products for continued success.
Launchers Academy is all about helping you find winning products for your eCommerce store so you can be on your way to success and hitting $10,000+ per month. Join the Launchers Academy now and learn how to launch your own winning store in just 90 days.