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So You Are About to Launch Your Product to the Online World - Have You Done Yo
There is nothing worse than seeing someone who is so passionate about
their product, something they truly believe will sell like hot cakes.
They invest so much time, effort and money planning for the masses of
sales that will soon come in. But if they haven't done their research
to ensure there are actually people out there wanting what they have
to offer, it could all be in vain.
Research should be a key part of any pre-product launch, and
unfortunately it is often overlooked. It is something that takes
relatively little time, and it could potentially save you lots of
time, money and heartache. The good news is that research doesn't take
very long, it is fairly simple, and it's free. Here are some tips on
how to conduct your research, and what sorts of things you should look
at to determine if there is a viable market for your product.
Search for similar items
Go to any online auction site such as eBay, and do a search for your
product, or something similar. Take note of how many listings there
are. Very few, and it could mean that you are tapping into unchartered
territory. Too many, and you may be throwing yourself in the ring with
many other competitors. That shouldn't mean give up right away. You
may want to consider looking into more of a niche market. For example,
if you are looking into "women's clothing" and there are 10 million
hits, you may want to confine it a bit by targeting on "women's casual
wear" instead.
See if these items are selling
Something else you should consider is whether or not the items are
selling. Just because there may be lots of listings, it doesn't
necessarily mean you should start popping the champagne corks just
yet. You may want to look into it further. Look at whether these
listings are actually getting bids. There is no point tapping into a
market that lots of people are trying to succeed in if there are no
interested buyers.
Get a feel for the price
You may also want to see what similar items sell for. I sold items on
eBay for years, and I was often surprised to see what some things sold
for at the end of the day. It would be a good idea to gauge your entry
price by what people are paying. Calculate what your minimum price is,
without selling yourself short, and compare these figures with what
others are getting.
By taking the time up front to look into your existing market, you are
more likely to come out a winner at the end of the day.
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