The first step in Internet Marketing Success is choosing the right product.
If you choose the wrong product, you are wasting your time on everything else.
You need to sell a product that has a market. For example, if you were selling buggy whips, you wouldn’t be able to make very much money, unless you found a group of people who wanted buggy whips, and you would also need to find enough of these people to make it worth your time selling online.
Finding your “Target Market”
Your target market is just that group of people who want what you have. You need to find out who wants what you have, and then determine if there is an entire group of people who want it.
For example, if you were selling buggy whips, your target market would be the Amish. But since the Amish make most of their own products, you wouldn’t have much of a market to sell to.
What you need to do is find a product that has a big enough customer base for you to profit off of.
The Profitable Product
If you have a product that doesn’t have a large market, you can still make a profit, provided there are enough people who want what you have. It doesn’t have to be a large group of people, just enough of them to make you a livable income.
Here are some examples of products and their target markets:
- Electronics. Target market: Just about everyone
- Food. Target market: Everyone eats. You would have a market with everyone except maybe farmers. And even they tend to buy some of their food from the store.
- Soap– Almost everyone uses soap to wash their bodies with each day.
- Books—Although many people opt to use electronic devices for finding information, there will always be plenty of people who want to pick up an actual book to read.
Now, just because a product has a large target market doesn’t mean that it’s the product you should choose to sell. Every single example I gave you above is about a product that has a large target market. However, the market is so large that there is very little room for you to muscle your way in and dominate the market. That’s called “market saturation”, and it’s why so many people fail at internet marketing: they pick a market that is so big, the competition is almost undefeatable.
What you want to do is to pick a product in a market that has a big enough customer base for you to profit from, but in a market that not a lot of people are selling in.
But what can you do if you are set on selling something in a market that IS saturated?
Well, there is still hope. What you need to to do is find a “niche” market within your industry.
For example, if you were selling soap, you would have to find a way to market that to a niche group of soap users. Like, soap for hippies, or gluten-free soap (yes, that would really be a market that would resonate to hippies).
In other words, you just need to be creative!
So take some time today and assess your business, product or service by running it through the filters above.
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