Questions to ask yourself when looking for product ideas
The most effective place to begin researching your business idea is your immediate environment. Find products that can assist the goals, aspirations, or challenges of those around you. You can come up with business ideas that you can then research online by being observant.
- What issues or pain points do you want to get rid of?
- How do you feel about the products you currently use?
- What global trends have you observed that you could capitalize on?
- What are your friends and family’s thoughts on the products they use?
- What are some of your favorite pastimes? Which products have the potential to enhance those activities?
Use keyword research tools to spot trends and opportunities
When it comes to selling online, your passion may not necessarily translate into success. Use tools for keyword research to identify trends and opportunities. You must determine whether customers desire the product. Utilize online resources like Google Trends to learn about the hottest products, find out what customers are asking, and what their current solutions are. If you’re looking for opportunities in a specific niche, look at the list of Amazon Best Sellers.
The product already exists. What next?
Don’t worry if your idea or product is already in use: There are a few choices for you. Specifically, you might be able to provide a superior alternative product or the same product at a more competitive price. Additionally, the product’s availability confirms its market potential, which is a positive sign!
Find out where your rivals fall short by reading product reviews left by current customers. Compile a list of the complaints and look for trends. The next step is to conduct research and determine how much it might cost to resolve the problem.