How to Choose a Product That Makes You Money
by Reed Iredale
‘To choose a product’ is what I find store owners having a huge issue with at the moment.
They see a bunch of ads on Facebook promoting some drop shipping product and think this is a sure fire way to bring in $10,000 to $15,000 added revenue to their household per year.
This is what I like to go into a business ‘blind’. You see no real need for something though just look at the idea of money and don’t really see an outcome like you expected.
1. Check Out Google Trends
This is what people are searching for. It’s real data from Google and it’s not based on a fluff decision in your head.
You want to like what you’re selling. It is paramount. In 3 months make sure you’ll still give a damn about beard oil.
You can check out plenty of new emerging markets too.
- Beard Oil
- Subscription Boxes (for everything)
- Health Food (made on the day and shipped out)
And plenty more on Google Trends
2. Use the 3 People Test
Whenever I want to do any sort of speculation on selling a product. I ask 3 people.
- My mum
- My best friend Justin
- Some random person in the office that I might have just met
There will likely be some bias around the first two people though those two want you to be successful enough not to lose. They may even have different motives altogether.
You’ll likely get a bullshit answer from your mum (she’s protecting you) and you’ll get a ‘ehh not for me’ from your bff, though they might perhaps send you to someone else if it’s good enough.
If you can go into depth with a very honest friend you’ll get the answers you need to for your positioning to sell. So always keep your ears wide open!
I look to get two buys from the three.
3. The Shut Up and Take My Money Test
“I need this in my life now…”
You have a bunch of people ready to buy. They’re asking you if you have [X product] in stock all the time. Constantly nagging you for it. Harder to say for some products. If you have a great durable product you might not get that feedback loop for a long time.
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Reed sits in the middle of creativity and commerce.