Product Sourcing: What product to sell?

Discussion in 'Growing and Managing a Business' started by Nazreen, May 7, 2008.

  1. Nazreen

    Nazreen
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    In this post, I've touched a bit on Product Sourcing and that if your product both fulfills both the Need and Desire of customers, then it will be a success. Product Sourcing basically means "Finding Products to sell through your business".

    Whenever someone starts a business, the first question that will be in their minds will be.. "What do I sell in ebay?", "What website should I create?" or basically, "What product/s sells?".

    The basic premise to good Product Sourcing is "Live in the world in which your buyers live". Let's take a very extreme example to illustrate this. Let's say that you live in Tibet and you want to target New York as your market. You can immediately see in this example that one who has lived in Tibet his whole life will not be in a good position to know what New Yorkers want. Also, even if you're a New Yorker and you just sat there in silence concentrating on what to sell, you might still come up empty. So in order to get ideas on what to sell, you must go out there where the buyers are. Here are some suggestions.

    1) Go shopping - Everyone is out shopping so you should also go shopping but keep your eyes and ears open. You must notice what other people are buying. If you happen to overhear several people looking for a specific item and having a hard time getting it, then there you have it... you already got your idea!

    2) Go to parties or social events - We usually get lots of invitations to weddings or birthdays but sometimes we're just too lazy to go. It is in these social events and occassions that we can actually get to meet a lot of people. When you get to talking, friends and new acquaintances will normally tell of their experiences and the things they like.

    3) Read consumer magazines, newspapers and advertisements - You'll often get new product ideas, new niches, and clues as to what's hot in these publications.

    4) ebay - If you're planning to sell on ebay, what better way to know what people are buying than going through the different categories in ebay.
     
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    #1 Nazreen, May 7, 2008
    Last edited: May 7, 2008
  2. Fergal

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    Some great ideas there Nazreen, I especially like;

    The question you pose is a very important one. There isn't much to be gained from trying to sell products or services that your target market doesn't want to purchase.

    Before you decide on what product or service to sell you will need to define who your target market is. Your post says "Live in the world in which your buyers live" you need to be able to define who your buyers are before you can do this. The more specific your description and the more detailed your knowledge of your target market the more effective you will be in deciding on which products / services to sell.
     
  3. Nazreen

    Nazreen
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    Some people normally associate hard work as going all out in their business and staying up late. Going to parties and social events are the last things in their minds. What they didn't know is that these usually has a double purpose for sales people and businessmen. The first purpose is to have fun and to relieve stress. The second one is to mingle and socialize with people. These new acquaintances and friends can be your future customers and you can even glean knowledge and new business ideas from them. Do remember to bring your business card along with you.
     
  4. Hurbel2k

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    It's called networking. At the same time You do market research.

    Another idea is to buy a map. Not a normal one, but one with additional information, like natural resources, temperature and humidity, locations of airports etc.

    Then You might find something, that is missing in the area. Or that an area is very good for producing something. Your new business.
    I'm still young, but I try to travel a lot to see what other places are like. An I mean no only traveling to the typical tourist spots.
     
  5. Nazreen

    Nazreen
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    Yes Hendrik, a map can also help. Your product or business might also depend on this. If you're planning on building a hotel/motel business, then the ideal place for this would be near tourist spots or preferably near the airport. Money changer business and tourist agencies should also be near these places.
     
  6. Judeep27

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    I really love the way information is presented in your post. I have added you in my social bookmark…and i am waiting for your next post. I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your efforts in product sourcing
     
  7. DaveB

    DaveB
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    One important part of product sourcing that I feel is valuable and not mentioned yet is look inside your self and into your own personal needs and hurdles. So many amazing business ideas and products have been created because a person needed something the could not find anywhere or wanted something that was not readily available and simply created the product for themselves. It is often wise to look into your own life and personal wishes to gain insight and inspiration into what others may desire. Isn't there some super famous quote that goes "necessity is the Mother of invention". I would place a huge importance on that concept when thinking of new business ideas.
     
  8. euso

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    Thanks for sharing information. It is an important thing to gather as much information as we can for product sourcing. In this sense, I sometimes refer to hot keywords on B2B sites,
    e.g.) http://www.ec21.com/html/ec/HR/keyword.html
    these are the keywords/companies that visitors search the most, so I get to know which items are popular on market. they are helpful for my business ideas.
     
  9. alunduo007

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    thank you, I learn more from your post! Christmas coming,merry christmas! Hold a party .3g router wish you have a wonderful night!
     
  10. jack123456

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    I really really like the way details is offered in your article. I have included you in my public bookmark…and i am awaiting your next article. I desired to depart a little thoughts to aid you and wish you a good extension. Wanting you the best of success for all your time and effort in products sourcing
     

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