What up What up?!
This is for all the folks who have a ton of ambition and drive to launch a product but just don’t know where to start and the hard working professional who loves their profession and has some money to invest in a product based business.
There is no silver bullet to launching a succesful product, there are several factors that come into play, such as whether the product proven or unproven in the market. Succesful products come from both factors, but one can lower your risk substantially when launching your first product.
Go after already existing products that have high monthly search volume, low competition and high profit margins. These products can literally be anything: Toothbrush stands, extension cords, wheel locks, alarm clocks, yoga mats, door handles and forever and ever. Look at products that people use on a daily, weekly, monthly basis and see if there are any ways that you can add more value to already existing product.
3 Ways to Add Value To An Already Proven Product:
- Changing the color: Not that valuable, since literally any competitor could come in and change the color of theirs and take your business – but if there are 50,000 people searching for Kitty umbrellas and there is no one on a marketplace such as Amazon selling Kitty umbrellas, why the hell not!?
- Changing the material: Let’s say you found a car part that is selling very well on Amazon and you notice that lots of customers are complaining in the reviews about the quality. You can work with a manufacturer create that same part with a different material more durable material to increase the lifetime use of that part.
- Bundling: You notice that baseball gloves sell very well, but believe it would be nice to include a ball with the mitt so the parent could have a game of catch ready to go right out the box, thus adding value.
I’m not saying to never go after a new concept, but if you’re just getting started a great way to get started is to improve an already existing product.
Peace out homies!