That product came and went very quickly, and you can tell by this next graph just how things have been for fidget spinners over just the last 90 days. If you decided to order a ton of fidget spinner inventory heading into this holiday season, you’re going to lose a lot of money. If you’re trying to sell a fidget spinner right now, today, I feel sorry for you. These things made a lot of people a lot of money in 2017, and if you timed it well, you may have made a substantial amount of money on them. The first item on the list was the single hottest product to hit the earth in 2017 – the fidget spinner. Equally as bad of a product as the first one, right? Stay away from both of these? This product must be absolutely terrible, right?Īnd how about this item below? It was big last September and October, and then it completely fell off the face of the earth in November and was nearly non-existent during the holiday season. That graph shows nothing going on right now. Five-year is good when researching things that are more seasonal.įor example, if you only look at this graph you may think that the product is completely dead. But overall, you can get a pretty good idea of a product’s popularity just by looking at the 12-month graph, and for longer-term products, the 5 years graph. Some things are a little more difficult to identify, as trends may run seasonal, or perhaps they are new and don’t have a lengthy history. If you have an idea for a product that you want to sell, the first thing you should do is pull up your handy Google Trends page and do a search for that product. The first thing we’re going to talk about is one of the key components to product research – Google Trends. I would buy one, so it is likely that other people would buy it too. I was thinking about how much I could use a decent trunk organizer for this very scenario. Just driving home earlier today, I had some groceries in the trunk that ended up all over the place by the time I arrived home. Remember, if there is a product that solves a problem for you, there are a lot of people in the world who have the same problem for you. Maybe it’s a problem that you’re facing yourself. But the process and analysis is all the same, regardless of the product. Make it something you aren’t going to lose interest in two weeks later. Really, there is no right answer to your product selection. If you’re married to a teacher, perhaps something in educational products might make more sense. If you love animals, maybe you should be leaning toward pet products. Keep in mind that one thing that makes a difference is your passion for the product. And as I write this, I’m going into this workshop with a completely open mind about the product so that you can see how the analysis of product selection might work for you.
At the end, we will work out the last two pricing questions for whatever product we land on. We’ll also assume that you are not manufacturing this product yourself, and are sourcing it either by working with a factory / distributor, or very likely in this scenario, dropshipping. We’ll look for something with appeal that makes it different to other competitive products, and we’ll talk about what to do if we simply can’t do that from a product perspective. We still would like for that product to have some perceived value, so that we can promote it as a premium product if we choose to do so. Is there a market for your product at the price that you’ve selected?įor the purpose of this article, we’re going to assume the answer to the first question is yes, you are looking to sell a commodity that other people are also selling.At what price would selling this product allow you to operate profitably?.Can you source this product or manufacture the product yourself?.Is there appeal to the product that makes it different to other competitive products that exist in the market?.Does the product solve a problem or provide perceived value in some way?.Are you selling a product that many other people are also selling (commodity)?.😊įirst, reflect back on the prior article on the six questions you must ask on product analysis. When I get into the weeds, sometimes I don’t come out for a while. And when I say a little bit of a deep dive, I can’t make any promises exactly how deep this is going to get. I’ve been asked a lot recently to expand on my earlier article on Choosing the Right Product, so I think it is a good time to go into a little bit of a deep dive to help people find that thing that really clicks with them.
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