Hi there, it’s Matthew Larsen from Ultra Growth Marketing. Today, we are going to talk about how to find new products to sell. Because there are so many possibilities and variables, depending on what industry you are in, the best way that I can help you is by showing you the things you need to consider and the criteria you should use when sourcing new products. Let’s get started!
How to Find New Products to Sell.
If you are already in business, you probably know how to find products to sell. You can find an endless supply of manufacturers anywhere in the world with a simple Google Search. One recommendation that I would have for you is try not to sell products that everybody else can sell as well. What I mean by this is if possible, don’t just go on Alibaba or similar websites and buy something “right off the shelf.” The reason you probably don’t want to do this is because although it is very easy and very quick to do, that means it is very easy and very quick for potential competitors to do as well.
When you buy these products, there are almost always multiple different companies selling them as well, and since they are the exact same product, there are no real differences between your company and theirs except for price. It then becomes a “race to the bottom.” Trust me, I know from personal experience, and I’ve seen it happen again and again and again to my clients over the years.
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Criteria For Sourcing New Products
There are a few things that you must consider when sourcing new products. Read this over and over again before you decide to buy anything. Some of these are MUSTS, and some are what I would consider “highly preferable.”
1. You must be able to buy it very easily (no jumping through hoops).
2. You want it to be a “consumable” product meaning that people have to buy it again and again. This will make it easier to sell and you’ll end up paying for less advertising.
3. You want it to be lightweight and as small as possible. The lighter and smaller, the lower the shipping costs.
4. You must have at least 50% gross profit margins.
5. You want to be able to sell the product for at least $50 each, and have at least $25 profit each. This will make your life much easier.
6. You must only sell high-quality products to protect your reputation.
7. You want your product to be easy to demonstrate/show how it works in an ad and on your website. The easier it is to demonstrate, the easier it will be to sell.
Summary: How to Find New Products to Sell
Finding new products to sell is one of the most important aspects of your entire business. Follow these seven criteria and I have no doubt that you will be successful in this very important part of your business. Don’t go overboard either. It is better to sell fewer products, but more of them than it is to sell more products, but fewer of each. You only need to find one to three products to really strike it big in eCommerce. I have found in my many years working with many clients that just three products usually add up to 90% of total sales, regardless of how many total products they are selling.
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