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When considering a product for Web sales, use these sixteen factors, listed in approximate order of importance…
1) Product Quality -- Does your product solve someone's problem, or deliver a benefit, in a high-quality way? If not, STOP -- kill this product. Everything becomes a lot easier if you are selling a great product.
2) Competition -- Consider the competition. Don't enter a crowded field if you don't have some kind of unique edge (for example, a unique product or a unique approach).
3) Market Size -- Wide appeal is great, but the Internet is ideal for niche products, as long as that market is on the Net in sufficient numbers.
4) Promotability -- Can your product be promoted at low-or-no-cost?
5) Profit Margin/Pricing -- Even though the cost of doing business on the Web is low, a product with a great profit margin is still a wonderful product to sell.
6) Supply and Exclusivity -- If you develop your own product, you're 100% sure of your supplier... you! Exclusivity on a product is the next best thing. Otherwise, make sure that you are protected.
7) Advantage for You to Sell Via the Web? -- Evan Schwartz, in his wonderful book Webonomics, describes information-rich products as being the ideal ones for the Web. By that he means videos or software, but not Tide detergent. Is your product information-rich?
8) Advantage for Customer to Buy Via Web? -- Is there an advantage to the customer to buy via the Web? For example, availability, price, convenience, or speed of delivery.
9) Sizzle Factor -- Does the product lend itself well to some marketing "sizzle?"
10) Support Required? -- Is the product basically "plug and play." If your consumer can use it immediately with no special help, this is a big plus.
11) Legal/Regulations -- Make sure it's safe and legal in every jurisdiction where you'll be selling it, including a trademark search to be sure.
12) Cost of Transportation -- The product must be cheap to ship (as a percentage of the cost of the item).
13) Cost of Inventory -- It should be cheap to maintain inventory.
14) Potential for Repeat Purchase? -- Your product must have the potential to develop repeat business.
15) Community -- Does the product lend itself to building community? Perhaps via a newsletter? Or through a Chat Room or E-mail Discussion List?
16) "Fun" for you? -- Does selling the product give you pleasure? Your Web marketing efforts will suck a lot of your time, and will require a lot of creativity. If you enjoy it, time and creativity both come easier.
If you can give all the above 16 factors high or perfects scores, you’re all set. If you can’t or the product your considering doesn’t, the reposition the product or start over. If your product is not solid, everything else becomes 100 times harder.
The Internet is a fabulous place to change your life by building your own online business. Your product is your foundation. DON’T set it on quicksand!
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About the Author
Ann Rusnak is the owner of Marketplace Strategies Inc.and author of "Too Busy To Get Anything Done" the #1 Time Leveraging System for busy entrepreneur. To learn more her book and sign up for more Fr-ee tips like these, visit her site at: http://www.Just15Minutes.com
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