What is product research? Join us in this video and we will show you how to find winning products and validate your idea with these 16 steps.
Part of the product development process that helps identify customer needs and if your idea can meet market demand. The result is a better return on investment on your product.
Now that you’ve selected a product and niche to further explore and evaluate, it’s time to put it under the microscope. Without properly evaluating your product and niche idea, your choices will be random—and so will your chances of success.
Using the evaluation criteria in this video, you’ll get a much better sense of your product and niche, along with a better understanding of its strengths and the knowledge to identify its weaknesses. We will show you product research tools and tips to help you understand how your product will perform in the market.
You will likely never find a product or niche market that fits all the criteria below. But evaluating your idea against this list will give you a better understanding of your chosen product/niche, helping you avoid pitfalls and increase your overall chances of success.
Here is what we’ll cover in this video:
01:21 What is the Potential Market Size or Demand
02:17 Who are Your Competitors?
03:02 Is it a Trend, Fad, Flat or Growing Market?
03:56 Can Your Customers Buy the Product Locally?
04:28 Who are Your Target Customers?
06:00 What is Your Potential Selling Price?
07:19 What is Your Potential MarkUp?
08:14 How Many SKUS Will You Have to Stock?
08:50 Can You Offer a Subscription?
09:25 What is Your Products Size and Weight?
10:02 How Durable is Your Product?
10:44 Will You Face Seasonality Swings?
11:32 Does Your Product Serve a Passion or Solve a Pain?
12:07 Is Your Product Consumable or Disposable?
12:31 Is Your Product Perishable?
13:08 Are There any Restrictions or Regulations?
► Hey! If you’re here looking to get started building an online business but aren’t sure what to sell and need help finding a product, make sure you check out our free, 40-minute webinar that will teach you how to find winning product ideas, how to validate them, and how to get started. Just click the link in the description below to get started with this free training now. https://bit.ly/3xcluh5
— RESOURCES —
► BuzzSumo https://buzzsumo.com/
► Trendhunter https://www.trendhunter.com/
► Alexa https://www.alexa.com/
► Product Research: The 15-Step Checklist for Finding Profitable, in-Demand Product Ideas
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