The product/service you sell is absolutely key to the success of your internet venture… consider your product very carefully.
Whilst it’s not possible for us to be specific with what product you should sell.
We can give you some valuable advice, information that with hindsight would have saved
our companies thousands of dollars and many hours of wasted time and effort.
Consider the following criteria when deciding what product or service you are going to sell.
- Market – who are your customers and do they use the internet? If you plan to sell your product on the internet you need to establish if your product is well searched
and ultimately purchased through the medium.
- Demand - how much do people spend on average on
the product/service?
- Competition – who are your competitors and how can you create a competitive edge?
- Supply – is there a regular supply of the product and where and who are you going to purchase it from?
- Shipping – in relation to it’s size and weight, how easy is your product to deliver?
- Support – how technical is the product and will your customers require after sales support? If so, will they be prepared to pay for it?
- Profit – what is your profit margin? Is the difference between cost and sales price large enough to make it a viable project?
- Perceived Value – is the customers perception of what the product is worth similar to the sales price of your item?
- Costs – consider all the costs that you will incur bringing your product to market and ultimately fulfilling customer orders.
Apart from the profitability, the single most important factor when choosing a product to sell on the internet is: if people are not looking for it, you won’t sell it! In the marketing section
we will show you the techniques required to ascertain if your product is well searched on the internet and if so, how to pick up targeted traffic for as little money as possible.
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