Evaluating Your Idea

August 18, 2017 admin 6 comments

Hi

Today we are going to discuss about your idea .Once you have a product idea in mind, how do you know whether it is good or bad? In this section, we will go through two evaluations methods, evaluating both the product itself, as well as the market for your product choice. 

  1. Product
    What are you selling ? Is it the same product as what your competitor is selling ? Is it the same product but of a different material or size ? Is it cheaper ? Many of us tend to sell products which are hot sellers of our competitor. This is ok but the competition is high. You can make money but you can make much more if you sell different products which is in trend. How do you know ? Search your product in Google Trend! You can funnel down to states to see the demand.
  2. Market
    Who are you selling to ? If you are selling to everybody than the chances are very slim that you are going to make money. Use Google Adwords Keyword Planner to check .Than use FB AD to fine tunes your market to the fullest.If your product is considered LOW supply than your business has the potential to succeed. If its HIGH you may still succeed provided you have the right strategy and target market.

These 2 factors will ensure 80 % of your success in Online Retailing. Please spend sometime in evaluating your products and target market. I have experimented and succeed and also failed in my first year of business. I am now evaluating my Online Business to find a profitable product and market .

 

6 Comments on “Evaluating Your Idea

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