How to decide what product to sell online is critical to your business success. You can either identify or create your own products that solve a marketplace problem.

MASS MARKET APPEAL: Choosing the right products is about looking for whether it has Mass Market Appeal. The law of income states that the need for what we do is about whether there is actually a need for it. “You will be paid in direct proportion to the value you deliver according to the marketplace”. The product you choose to promote is not only of interest to you but also has a widespread appeal. So knowing who your audience is and will your product appeal to everyone in that group and finally “Is this group big enough to be profitable?

Different types of market groups:

• Affiliate Marketing

• Network Marketing

• Make Money

• MLM Network Marketing

• Direct Sales

• Digital Marketing

• E-commerce

• Students …to name a few

From a biz perspective, we’ve got to think about it to the extent that we can serve the market. Ask yourself, is there a great need for your product or for the results your product is promising to deliver?

USE YOUR OWN PRODUCT: When you promote a product it’s a good idea to walk the talk and actually be a user of the product. In other words, stand behind your product. Walk the talk so to speak. If you personally are not willing to buy the product and use the product don’t be a hypocrite and promote the product. You have to be a believer in the product to be successful in promoting it to someone else. If you haven’t bought it yourself or believe in your product do not expect others to buy it.

PRODUCT SUITE: When choosing the right product check to see if it is part of a product suite. What does that mean? Be aware that companies like Apple have products that connect to other products. All products complement each other.I was recently reading an article on one of Apple’s strategies called Create an Integrated Product Suite.

To Understand This Better:

An integrated product suite is a series of products that increase in price and provide customers a greater experience while being connected together by a central platform. Each of these products provides a different experience for customers but they still remain tied together by a central hub.It is Apple’s suite of products that have defined them as a company and what a great model.

For your information:

Itunes was created by Apple and they created other products that also revolved around iTunes as their central hub like the iPod, iPhone, iPad, Apple TV, iMac, and MacBook just to name a few.

That is the genius of this strategy. I can now see the model I personally have chosen to work with. In order to get the best experience out of all the products, you still need to keep coming back to a central hub.

Can you see this model being applied in your business?

For those of you that are writers and have books as the business, instead of your books just being the business perhaps you may want to consider adding to your created product suite.

• Audiobooks.

• Audio program based on the book.

• DVD programs.

• Seminar/workshop/training based on the book.

• Coaching program.

• Consulting services.

The whole concept has been designed around that one product with a creation series of follow-on products, that increase in price and provide more value to your customers. This one concept has now totally shifted how I too think through product creation.

So always check to see if there is another symbiotic product around it.

How To Choose What Products To Sell Online also consists of the COMPENSATION PLAN :

Another component is when looking for a product is we are looking to see if it has earning potential as in the compensation plan. This is more applicable for affiliate marketers. Although personal belief comes through before the compensation plan. Again multiple streams of income tie into 1 source or multiple sources.

FUTURE AND SCALABILITY: Where’s the company and product going? Is it gonna cap out or is it gonna continue to scale?

LETS UNDERSTAND -WHAT IS SCALABILITY?

A word that’s always heard in business especially when it comes to the future, investment, and growth–is scalability.SCALABILITY is defined as the ability of something to adapt over time to changes. The modifications usually involve growth, expansion, or upgrade. Those in business also use the word to describe the adaptability of a company. Interestingly enough small businesses are known to cease because they fail to foresee what they might need or where the market can take them, having too much of a here-and-now mindset.

So go over your product to see if it has the ability to adapt, particularly in regard to growth and increased demand along with the earlier tips given and I’m sure you will come up trumps.

Share in the comments below your thoughts on this subject. What is it you have chosen and why?