PART 4. Product Research Framework
Let’s talk about the Product Research framework, the product versus niche. A baby cot versus boutique infant products. You can start with a product which is a baby cot but always keep in mind that you are targeting the niche, and that is boutique infant products.
Firstly - identify the product trend and you observe product patterns like the product evolution, emerging trends. One would observe product patterns by evaluation of what you’ve learned on the previous step by evolution of the product.
So, you see how product evolved over a period of time and you also look at the emerging trends. You consume the authority blogs on a subject, and most importantly, in social media, I suggest that you target, and tag, and follow product designers in your niche because those designers who came up with designs of new products in it.
Typically, they take pride in their work and there’s a good chance that they’re going to post some discussion or links to what they working on and sometimes to the upcoming product, really good and really sneaky way to identify the product trend, would you agree?
Let’s practice this, shall we?
Have a look at www.magazines.com .
Here’s the question: is printed publication, printed magazines - hard business to be in nowadays?
Certainly is because we have the cost of publishing is high and if you don’t sell the magazine, you pretty much have to absorb and write-off the cost.
Now, what is on the cover of the magazine is critical for the sale of the magazine – do you see this? On the left hand side of above picture - there are categories pertaining to almost any possible niche or market you can think about. Observe that and see what’s on the cover of the magazine. It will give you a really good indication what is trending or will be trending. Do you agree? Is this exciting? It is!J
If you’re planning to sell, import, buy from local wholesaler the technical gadgets, you can go to TechCrunch.com here and conveniently for your research purpose, there is a trending link here, and same on the Amazon as well of course.
Then we go to Amazon and look at Just Arrived Category here. If it is just arrived, let’s say in the United States, then if you’re based in Australia and New Zealand, then possibly, it will arrive to your country of origin at a later date.
That’s quite exciting. Please take plenty of notes and practice it as soon as you finished your reading.
Okay, so let’s go through the fragment of the mind map below:
Product Research Tools and Methodologies, so number one, we have Observe the Search Engines like Google.com and we’re going to Google.com/trends to see what trends are there.
Then of course, we go to adwords.google.com into keyword planner, and we can also go into bing.com/toolbox/keywords or Yahoo as well.
Next -we use the Market Tools such as on eBay, Amazon, we might use terapeak.com.
A great tool to identify the products, hot products, on Amazon, we use TrendsAmazon.com.
And here’s a little bit abstract for you. You got to develop the skill of Trend Awareness so you are aware of what’s trending and you can only do it when you’re researching the market and you’re constantly into finding what’s new, what’s trending in there. You need to develop Pattern Recognition. Once you see the item popping on the social media, popping on Twitter, on Facebook, on a cover of a magazine, then it can be a pattern. And you can take advantage of this pattern. Of course, make sure that you observe the market and product influencers.
Influencers - such as designers, CEOs of the companies that manufacture the goods. What announcements are they about to do, so make sure that you follow that as well. The influencers could be internal and external.
Internally, the product might change due to demand from the customers and new versions will be rolled out and you can take advantage of the trend.
Externally, a government can pass a new legislation which require you from now on to have certification and go through the extensive compliancy process for your product and your market could be completely wiped or your profit margins could be significantly diminished, so be aware of those.
I recommend to record all your findings into Product Research Folio which is covered in our RPR method http://rprmethod.com/starterkit/ but you can just use the A4 spiral-binded journal.
You need to have ability to rank, score, and compare your products – follow the link above to see what I mean. It will help you to score your products.
Firstly, you can source it from Local wholesalers, Google ‘wholesalers’ + niche + locality in your selected niche.
Then of course, you get products made in China or imported from China. You can check websites such as Alibaba, AliExpress, ChinaVasion, MadeInChina, and so on. You can also get a lot of products depending on your niche in India. So you can start with IndiaMart.com, TradeIndia.com, ExportersIndia.com, IndianIndustry.com. From Europe of course, EuroPages, Wholesalepages.co.uk, lccsuppliers.com.From USA, from Asia, internationally from GlobalSources, Ziliot.com. Above are some of the sources for you to get started with.
Yours for finding hot products success,
Creator of RPR Method