Sunday, December 25, 2011

10 Easy Steps to Start Your Online Business (Part 2) | Product Identification and Selling Techniques

2)      Identify Products to Offer 

Product Marketing
Product Marketing
  
After identifying the needs of your niche market, note down the list of products and services that you can offer to your customers. The next thing to do is to source for available suppliers for these products. You can approach the supplier directly to request for direct stocks or to apply for the affiliate programme offered by the supplier (if available). You can also become an affiliate marketer by selling products from Internet Retailers such as ClickBank, Commission Junction or AffiliateBot.

The ability to find a supplier that offers you a competitive pricing will help enhance your profit margin and also gives you the flexibility to sell your product at a lower price, giving you a competitive edge over your competitors. 

4 things online shoppers look for when making their purchase decision.

a) Cheap products

Customers are always looking for discounts in their purchase. You can then arrange sales during certain periods of the year as part of your marketing strategy.

b) Persuasive Advertising

Customers are attracted by eye-catchy sales copy. You can promote your products by writing compelling sales copies with captivating title headings in blogs, magazines, newsletters etc. Customers are further convinced and compelled to purchase a product after watching a persuasive video sales presentation on the product attributes.  You can also further arouse their desire to acquire your products by including testimonials from previous satisfied buyers to enhance the credibility of your items.

c) Convenience in Shopping

One of the main reasons why online shopping has gained popularity in recent years is due to the ease of online purchases. Customers are looking for ease in the buying process and the convenience of receiving their purchase via delivery to their mailing address. Thus, you should simplify your ordering process and to ensure that there is easy-to-understand instruction to guide customers in their purchases. It is also important to provide delivery service to deliver the orders to the doorstep of your customers.   

d) Unique Products
Customers are more willing to purchase unique and hard-to- find products. Thus, customized and differentiate your products from your competitors. You may even wish to sell only a limited number of a particular product to increase its exclusiveness to enhance its market value.

Go back to Part 1 (Identify Niche Market).

Go to Part 3 (Draft Business Plan).

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