Product Select Quick Start Guide
We take the headache out of product selection!
You have chosen Product Select to help jump start your online business. Product Select accelerates the process of selecting the ideal product for your website. What is your ideal product? One that you enjoy selling and that makes you a healthy profit! The ideal product for you will be completely different than the ideal product for someone else because you have different likes, dislikes and vision for what you want your online business to become.
Through years of helping clients build successful online businesses, we have found that the single biggest delay to building their first site and becoming profitable is in the product selection phase. When it comes to choosing a product, it's easy to get a case of "analysis paralysis", which keeps you from being able to make your first big decision as a new online business owner - deciding on a product to sell. In the business world, time is money and you just can't afford to lose any amount of time in this area.
Because you have chosen Product Select, while others are muddling through the process of product research and hoping for the best, you have the assurance of My eBiz's expert internet research team on your side. Using the most current, cutting-edge technology combined with years of experience, your My eBiz research team will quickly determine whether your product ideas have a strong likelihood of success.
Here's how it works:
2. Select your top five product ideas and submit them to the My eBiz Product Select team
3. Upon receiving your product ideas, the My eBiz Product Select Team immediately begins researching them
4. Within five business days, you receive your comprehensive product research report
5. Using the critical data found in the Product Select report, you choose your product niche
It's that simple! The comprehensive report slashes the time you would normally need to spend on product research and gives you all the information you need to make an informed decision about where to invest your time, energy and efforts.
The report identifies three main areas that are critical to your online marketing success:
But we don't stop there. Over and above the primary keywords you will use to build your website, we also provide you with an extensive list of keyword possibilities to further develop your marketing campaign and allow you-as we say in the industry-to go "deep and rich within your niche".
My eBiz's Product Select lets you capitalize on our proven system for verifying the hottest products to sell online, saving you time and money and giving your new business venture the jump-start you need to rocket ahead of your competition.
Brainstorming Product Ideas
Brainstorming is the process of writing down ideas as quickly as they come to you. The brainstorming process is fast! In fact, this entire brainstorming exercise shouldn't take you more than a few hours.
The goal of this brainstorming exercise is to end up with five product ideas you are sincerely interested in and that you can envision yourself selling on the internet. Our seasoned research team will take it from there!
Following are tips to help guide you through the brainstorming process:
Tip #1: Think Niche
Have you ever looked down at a concrete sidewalk and seen a plant pushing its way up between a crack in the cement, growing where there seems to be no room and nothing to nourish it? Perhaps you've noticed that if the plant is allowed to grow and become mature, the cement will break from the pressure of the growing plant-making room for the plant to flourish.
A business based upon a product niche is a little like that plant. You begin small, with nothing but the desire to grow. You shoot down roots in a small crack because it is the only place you can find among the huge concrete slabs (which represent the corporate giants like Walmart and Amazon.com) to grow. The crack in the concrete is just big enough and unique enough to allow you to begin life. And just like the plant, your small niche-based business can eventually push back the corporate giants and carve a permanent place on the internet where you can thrive. Finding the correct niche is where your internet business starts.
Tip #2: Think Small
Huge retail sites offer everything under the sun to everyone who visits their site. Unlike you, they can't take time to focus on one specific line of products and they can't market to a specific demographic or offer the level of customer service that you can offer. This is where you, with a well-researched product niche, have an opportunity to break through the concrete and come to full bloom.
Tip #3: Think of Your Interests
As you brainstorm product ideas, you will think about some of the products that interest you and then re-evaluate them to see how you can further specialize. For instance, rather than a broad product line that interests you, maybe you can you offer special accessories for that product line.
Tip #4: Think of Your Expertise
Do you have an area where others consider you an expert? If you really give this question some thought, you might be surprised at the answers you come up with. What do people ask you about most often? The answer to this question can help expand your view of everyday products and open up ideas for a unique niche for which you already hold a degree of expertise.
Tip #5: Think of What You Buy
In addition to thinking about what you actually buy, you can think of things you would like to buy if you could afford it. Think not only about one time purchases, but things you buy or would like to buy on a regular basis.
Following is a step-by-step process that leads you to the five products you will submit to Product Select for thorough market research. With the above tips in mind, you are ready to begin brainstorming.
Step 1: Get Ready
Prepare yourself to record ideas as fast as possible. It doesn't matter if you use a pencil and paper, a word processor or a spreadsheet program. Use what feels comfortable for you.
Step 2: Turn Off Your Analytical Brain
Once you have your mode of recording prepared and in front of you, turn off the analytical side of your brain. Brainstorming doesn't work if you stop to analyze your ideas-you must write them as quickly as they pop into your head. You won't know if your idea is good until you have investigated it further, which happens later in the process.
Step 3: Write Quickly for 30 Minutes
When you write, write everything. It doesn't matter if you think of the new lava lamp your neighbor just bought, or a product you saw on a late-night infomercial. Write it down. You will evaluate your ideas later. If, before 30 minutes is up, you find yourself running out of ideas, look around and note some of the items in your home, go through some of your past jobs and products you used in those jobs, or look at what your children or pets enjoy.
Step 4: Take a 20 Minute Break
After you have finished writing for 30 minutes, take a 20 minute break to cool your brain. Don't break for longer than 20 minutes or you may get distracted.
Step 5: Group Your Ideas into Categories
After your break, come back to the list and review it. At this point it's time to reengage your analytical brain, but don't eliminate any ideas just yet. Instead, group them into categories. For example, you might have a sports category, a home office category, and a pets category. Placing product ideas into categories lets you know where your main interests lie. If one category is extremely long and another extremely short, chances are your main interests lie in the longer category.
Step 6: Expand on Your Categories
Now list products associated with each category. For example, in your sports category you may have listed basketball. You could then list specific products associated with basketball-a Rawlings leather ball, a basketball standard, an adjustable standard, weighted practice balls, agility cones, etc. As you build this list, provide a brand name with each product. If you think of more than one brand name, write them as well. This exercise provides you with some very specific product ideas and helps you discover which categories you know most about.
Step 7: Narrow Your List Down to 10
Now it's time to begin eliminating ideas. For example, pottery wheel may have been one of your original ideas. However, if you find that you know nothing about them and don't really care about them, you should eliminate pottery wheel as a product idea. Eliminate ideas until you have only 10 left. Now write those top 10 ideas down on a separate sheet of paper.
Step 8: Consider Potential Profits
Before reducing your list to your final five product niches, you need to get a quick feel for the potential profit you can make from each niche. Knowing what you might make can be a big factor in deciding which items to cut from your list.
In order to keep a website profitable and worth the time it takes to manage it, you need to make at least $15 profit per transaction. This does not mean per product, because some products lend themselves to multiple sales per order. So don't get hung up on the fact that a single product might only provide $10 in profit, as long as you can package items so that you achieve at least $15 profit per transaction.
Using the typical dropshipping business model with a profit margin of 30%, this would mean each transaction on your site would need to average $50. Does that mean that each product has to sell for $50 or more? No. Again, it only means that you need to be confident that you can make at least $50 in combined sales per transaction. If you don't know what the product will sell for, you can get a general idea for current product prices by searching the product name on the internet.
Step 9: Create Your "Top Five" List
Time for another short break. With a fresh mind, you are ready to select your top five product ideas to send to the My eBiz Product Select Team. Don't belabor this part! It's easy to get caught up in the feeling that you must select the perfect product, but you need to realize that this feeling is false. There is no "perfect" product and if the data from the report is positive on more than one product, you can always sell the other product on your next website. Consider the potential profit of the product niche, as discussed above, in selecting your final five product ideas.
Step 10: Send Us Your Top Five Products!
Now that you have brainstormed product ideas and reduced the possibilities to five distinct product niches, there is nothing left to do but complete the form below! Complete the form and allow up to five business days for our experienced research team to create a comprehensive report that details each of your five choices and their possibilities for success in today's online marketplace. Again, congratulations on choosing My eBiz Product Select to jump start your online business. You are well on your way to internet success!
a PMI Advisor before submitting.
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