Product ideas are not uncommon. You might have had five new ones in the shower today morning. But, winning product ideas are rare.
Thousands of new products launch every week, all over the globe. Yet, only a handful of them can be considered winning products.
So, what exactly is a winning product and how do you track down profitable products for your business?
A winning product is one that is loved by your target audience and gets high traction. And, in order to find winning product ideas to start your own dropshipping store, or to launch your own product, you need to do a lot of research on your market audience.
There are also many tools that you can utilise to find the products that sell the most, and use this data to grow your own business.
In this blog, we’ll take a look at how you can find new product ideas that will help you fine-tune your business.
Table of Contents
- Understand Your Target Audience
- Find a Problem to Solve
- Do Some Thorough Market Research
- Go Through e-Commerce Best Sellers Lists
- Find Out What Works for Your Competitors
- Use eBay Watch Count
- Track High-Performing Ads
- Utilise Tools Like Google Trends
- Brainstorm with Smart People
- Keep Looking
1. Understand Your Target Audience
The key to finding a winning business idea is learning everything you can about your target audience.
- What are their age groups?
- What are their likes and dislikes?
- Which is the predominant gender in your target market?
- What are the problems they’re facing which you can resolve?
When you analyse your target audience you will be able to understand the problems that they would like to get solved with technology. This will help you streamline your business ideas to find the product that will be in the best interest of your target market.
2. Find a Problem to Solve
What came first: the chicken or the egg?
Well, it doesn’t matter here. What matters for your product ideas is what came first: the problem or the solution?
It’s always a good idea to find a problem and then find a solution for it, rather than trying to find a problem that you can club with your solution. While both ways can work when you’re trying to find a product to sell, the optimal way to go about it is to solve a problem that your market audience faces.
Always employ the principle of SISP, that is, Solution in Search of a Problem, rather than trying to find a problem that will validate the solution you have in mind.
Take a look at the 7 Best Profitable Tech Startup Ideas to Watch for in 2021.
3. Do Some Thorough Product Research
Market research and product research will help you in numerous ways.
If you do your research properly and understand the strengths and weaknesses of your own business as well as the needs and wants of your audience, you will be able to increase the value addition when building your own brand.
Ultimately, your market evaluation can make or break your business strategies.
If you are particular that your research should be thorough, then take a look at how to do market research for your startup business.
4. Go Through e-Commerce Best Sellers Lists
If you are considering starting a successful online dropshipping business and you want to find winning products, it’s a good idea to go through e-commerce best seller lists such as the one on Amazon and Wish.
Both these e-commerce retail sellers publish their best seller lists online, which gives a comprehensive overview of the product category that has the most sales.
5. Find Out What Works for Your Competitors
Competitor research comes with many advantages, and not just in terms of building a business plan and a good marketing strategy.
One of the other advantages of monitoring your competition comes in when you are trying to figure out how to find the products that sell the most.
You can simply head over to the product pages of your competition and see which products are their best sellers.
You might not be able to specifically find a product that brings them the most revenue, but you can still study their product collections and look for patterns in their best seller lists that can prove helpful in your quest.
6. Use eBay Watch Count
Watch Count is a website that lists what’s popular on eBay, as voted by eBay users. From home decor to spare parts, you can get a good glimpse into what your potential customers would want to purchase.
You can also utilise hyper targeted keywords to see what are the most popular product trends now.
7. Track High-Performing Ads
We are all used to scrolling past seemingly hundreds of ads everyday on social media platforms like Facebook and Instagram. Well, stop scrolling and start scrutinising high-performing ads.
They will give you an idea of what products are most popular based on the number of user engagements such as likes and comments and shares.
8. Utilise Tools Like Google Trends
Google Trends is one of the best free tools available in the market that will help you determine the popularity highs and lows of different products.
You can search for specific keywords related to the products you want to vet and understand how users react to those products.
9. Brainstorm with Smart People
Brainstorming might seem underrated, but it really is not, especially if done the right way. When you discuss ideas and throw around suggestions, you are likely to come across great product ideas that can put your business on the map.
It may seem like a simple thing to do, but you need to make sure that the brainstorming session is heading in the right trajectory by moderating it.
Check out our blog on How to Get Startup Ideas & Turn Them Into Successful Business.
10. Keep Looking
You can’t stop your quest for winning product ideas even after you find them. This is because the popularity of products keeps fluctuating in accordance with the predilections of users at any given point of time.
Product development is an evolving process, and the characteristics of a potential winning product are also susceptible to change according to market demand. So, you need to keep looking for the best products in the market that will appeal to your target audience.
Successful business ideas are not usually born in a day.
Popular products are even harder to build and sustain. In fact, many good products lose their relevance if not marketed the right way.
So, whether you’re building an online e-commerce store, a software-based business, or trying your hand at developing a dropshipping store, be patient. Do your product research well, and you’ll stumble across trending products that are perfect for your business sooner than later.
If you are wondering about the right methodology to adopt for your research princess, why don’t you take a look at the types of research that will help you build your own brand?