MARKET BLOGS GHANA: 2016

Market Research

While you may feel intimidated by the thought of conducting market research, you really shouldn’t be. In fact, this exercise is a great way to enhance your business, as it gives you a better understanding of the overall competitive landscape and unveils important customer insights. And while you won’t have to create massive spreadsheets with pivot tables to guide your decision (bonus points if you do), using market research to help confirm your product selection only increases the chances of you launching a successful online business.
Here are some areas to investigate when figuring out what to sell:
Market trends
If you already have an idea of what to sell online, start by seeing how well your idea is already performing. Or, if you’re unsure of what to sell, look at new trends to help inspire your decision. Keeping your finger on the pulse of the marketplace helps you gauge demand and recognize the various needs of your market.
Here are some quick resources to begin your research:

Newspapers and magazines: Look at the lifestyle section of major newspapers and thumb through advertisements of popular magazines. If companies are paying big bucks to advertise these products, they’ve likely already identified a demand for them.
Trade journals: If you’re looking to sell products that pertain to a specific industry, take a look at publications that are unique to that industry. Doing so will help you gather insights into what products and trends are popular with that market.
Product directories: Go online to see product listings for various dropshippers and wholesalers. These directories often have a wide selection, with filters, to help you isolate different product ideas. Even more, most include product photos and pricing information to give you a better idea of what you’d be selling.
Other stores: On your next shopping trip, step into retail stores that sell similar products to your idea. What items are they promoting? Then browse various ecommerce sites to see which products they’re featuring and have the most positive customer reviews.

Competitive landscape
Unless you’re selling something revolutionary, there will be other websites that sell very similar, if not the same, products. This means that you need to have a firm understanding of your competition, that way you can stand out from the crowd while ensuring you’re on par with the rest of the industry.
To begin your competitor analysis, try these approaches:

Make a list of competitors: The first step is identifying who your competitors actually are. You can do so by performing a basic web search for the products you intend to sell. From there, you can see what other businesses exist in your space.
Categorize your competitors: Once you have your list together, break it into logical categories. For example, you’ll have direct competitors that offer the same products as you, and larger competitors, such as big retail sites.
Visit their websites: By visiting your competitors’ ecommerce sites, you’ll get a quick glimpse into the products that they prominently feature, along with information on their price points, branding, customer reviews, etc.
Sign up for their emails: If your competitor has a place to subscribe to their emails, go ahead and do so. This allows you to see what promotions they’re running, and on which products. If they don’t have an email signup, try referencing their social media channels instead.

The main idea here is to understand how your competitors are pricing and presenting their products so you can find a balance between meeting industry standards and differentiating your products from everybody else.

Niche market vs. general market

No matter what type of product you choose to sell online, you’ll be facing some pretty stiff competition from major retailers in your industry, including big ecommerce sites like Amazon. And while your online store can definitely succeed despite this competition, you might opt to target a niche market instead.
In a nutshell, a niche market consists of a much smaller population of a general audience for a product. For example, instead of selling socks to everyone, you could focus on selling socks that are specific to those affected by diabetes.
Although niche markets are comprised of a much smaller pool of customers, these shoppers tend to be much more involved with the products you’re selling. Even better, they can be easier to reach and engage with, especially through targeted niche marketing efforts. For example, although there aren’t swarms of Star Trek fans out there, Trekkies are extremely engaged with the Star Trek brand, often buying large amounts of memorabilia, attending conferences and participating in user forums.

Breadth of product offering

This part really boils down to one question: how many products will you be offering in your online store? This number could range from one or two to hundreds of thousands, which makes a big impact on the time and effort placed into building your site. Depending on what you’re selling, you’ll want to research the breadth of products that are available to you, including whether you’ll be offering any additional accessories or variations, known as product options.
Product costs
As with most things in life, securing your inventory will come at a price. That’s why determining the cost of sourcing your items is another important component in choosing which products to sell. Naturally, the cost of getting your products will be a big factor in the price you charge your customers, which we’ll cover later in this guide.
For most merchants, there are typically three ways to obtain products, with varying costs associated with each:

Self-made products: This approach is common for many craftspeople or hobbyists, or those who create products on their own. The primary product costs in this situation include the purchasing of materials and the storage of inventory, along with any labor and shipping costs.
Drop shipping: Acquiring products from a drop shipper allows you to sell products without storing inventory. In this arrangement, your product costs will often involve “drop fees,” along with any monthly or transactional fees incurred by your product supplier.
Purchase products outright: You can also purchase products directly from a manufacturer or wholesaler. If you choose this option, your product costs will include the price of acquiring the product, the cost of storing it as inventory, as well as any upkeep and shipping.

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