There is an art to picking profitable products. It's not just what you want to sell but rather what will sell. Unless you pick a product in demand in the marketplace, you will fail. A fundamental principle of the capitalist system is "supply and demand". It represents a delicate balancing act between "what people want" and how much of "it" is available.
Every Christmas, we see one toy that everyone wants. One year is "talking Elmo" and the next year it's something else. But, it never fails to occur. Because everyone wants "it", so "it" is in high demand. If the supply of the product isn't sufficient to meet the customer demand, prices soar, as do profits for the people selling them.
You could hope you pick one of those products and make a lot of money in one season, or you can be smart and have a profitable business all year round. How? Understand trends in our society and how they help you predict the products which are or will be in demand, now and in the future.
Current Trends In American Society
By reading and watching current news, we should be able to spot trends. These trends will have an impact upon people and therefore, the products they need or want. For instance, some current trends in the United States are as follows:
· Americans are fatter than prior generations (particularly children)
· Baby Boomers (a very large potential market) are getting older. Many are in the 50s or 60s.
· More and more people purchase online from the security and comfort of their own home
· Americans are more security conscious since 9/11
· Travel by car or recreational vehicle is up over previous years
· Diabetes is making major inroads into the general population
These are just some of the trends impacting our culture now. We need to take those identified trends and make some assumptions about them. With these assumptions come product decisions, profitable product decisions.
Using a Trend to Pick Profitable Products
Let's choose the Baby Boomer trends upon which to focus. We know that the Baby Boomer Generation represents a large, and very wealth, segment of the current American society. If we choose to focus upon this group of consumers, we know we have a large potential audience. More importantly, we know we have an audience who can pay.
Determining the products we will offer starts with making some assumptions about our targeted market. What does that mean for the Baby Boomers? We need to take what we know about that market segment and then make some assumption based upon that knowledge. Let's try.
What We Know: What We Can Assume:
We know they are getting older. We can assume they don't like that. We know they are fatter than prior We can assume they don't like that generations. and want to do something about it.
Let's just look at those two trends and how they help us choose products. If this generation is fatter than the last generation, we can assume larger size clothes are needed right now. Is that true? At eBay, plus size women's clothing sold for a total of $90,903.37 in the last 30 days! There's a profitable product selection for the present.
If we assume they are fatter and don't like it, they must want to do something about it. What might they do? Exercise or diet. What does this mean for possible products? Exercise equipment or diet pills. Is this true? At eBay, exercise equipment sold for a total of $1,125,144.50 in the last 30 days and weight loss pills sold a total of $130,795.34 in the last 30 days! Two more profitable, "in-demand", products at eBay, right now.
Choosing the right product for a profitable business does not have to be difficult. Just follow the four easy steps; analyze, assume, test, and choose. You simply have to read and watch the world. Look at leading news articles and magazine stories. What appears to be uppermost in the minds of potential consumers? What assumptions can you make about the trend? What product(s) does that translate to? Sell that product and you will earn money. Continue to follow those four steps and you will be profitable for a long time.
Michele Schermerhorn has over 30 years experience in the business world and over 12 years running her own successful online businesses. She is President of Online Business Institute Inc. (http://www.obinstitute.com). Online Business Institute Inc. exists to "Create Successful Online Business Owners One Person At A Time". They run regularly scheduled free online seminars.
I've bought over 100 items on eBay over three years... Read More
I flew back to New York from Atlanta a few... Read More
Some sell on eBay to clean out their garage or... Read More
There is an art to picking profitable products. It's not... Read More
Selling an item on eBay should be simple but it... Read More
In 1995, when Pierre Omidyar introduced an online business venue... Read More
eBay is the 'BEST' opportunity you can use right now... Read More
Do a quick search on Google, Yahoo, or your favorite... Read More
If you've ever heard the expression "the devil is in... Read More
Q: I want to start an online business. Since I... Read More
For small Internet retailers, drop-shipping is one of the best... Read More
Is it an antique and is it worth anything? Would... Read More
Your eBay listing has finished and you have made a... Read More
I was browsing through all of the classified sections, and... Read More
Creating a product from scratch that you can sell on... Read More
Have you ever dealt with a salesperson or a waiter... Read More
Janette Oke is a Christian writer whose books about life,... Read More
Are you planning to sell on eBay? Or have you... Read More
I began selling on eBay in 1999 and have found... Read More
Without a doubt, eBay was one of the cleverest on-line... Read More
You may have heard about ebay and other online auctions.You... Read More
Listing your items on eBay can be very confusing if... Read More
Experienced sellers at online auction sites such as EBay will... Read More
eBay's user feedback system is one of the site's most... Read More
Ebay.com is a Tool. It is an awesome tool that... Read More
I've got this strange friend; her name is Maria. Maria's... Read More
One of the most frequently asked questions on the Net... Read More
No matter how many times I see it happening, I'mconstantly... Read More
Remember back when selling online was a new experience? Dealers... Read More
Ya know, I sort of giggle when I look at... Read More
You would like to increase your income by selling other... Read More
When I talk about feedback to new Ebay sellers, I... Read More
So your auction closes. Now what?Hopefully you made a sale... Read More
If you've ever heard the expression "the devil is in... Read More
Dropshipping is an attractive marketing technique, but when you take... Read More
Have you tried to register a decent eBay username and... Read More
If your business is not using eBay and other Internet... Read More
You have suddenly found the perfect business and you are... Read More
If you've ever read an article about eBay, you will... Read More
If you have dabbled at all in the world of... Read More
Ever since I sold my first item on ebay I... Read More
Use eBay picture service or host your own photos?If you... Read More
eBay is the 'BEST' opportunity you can use right now... Read More
eBay trades in more than 33 international countries with over... Read More
Taking some pride in my one hundred percent positive feedback... Read More
Everyone's talking about eBay these days. With the frequency of... Read More
An untapped online business resource--outside of your basic Yahoo and... Read More
Due in part to the popularity of the U. S.... Read More
It should be simple - your favourite team/band/theatre play is... Read More
In your quest to build credibility as an Ebay seller,... Read More
Auction supplies are clearly an expense and major consideration for... Read More
Experienced sellers at online auction sites such as EBay will... Read More
If you are selling online,here is the down side of... Read More
There is an art to picking profitable products. It's not... Read More
eBay and Dropshipping go together like a hand in a... Read More
Sometimes it's the simple things that can make your eBay... Read More
eBay offers any business owner a new global market to... Read More
The Internet Fraud Complaint Center (IFCC) reported that last year... Read More
Basic Paper Piecing TipsHere are some tips that will help... Read More
Inexperienced auction sellers, or those lacking in confidence, often want... Read More
Need Extra Money? Buy and Sell Your Gently Used Baby... Read More
Selling eBooks on eBay, and making any worthwhile profit from... Read More
A fascinating eBay case study is the number one seller... Read More
Did you know that eBay will help you locate products... Read More
Have you ever participated in any online auctions?Yes, people are... Read More
Q: I want to start an online business. Since I... Read More
Online Auction |