Market Research
Hi, I’m Chris Malta, CEO of Worldwide Brands. I’m eager to introduce you to
the most powerful functions of our Product Sourcing tool – the Market Research
function.
Worldwide Brands’ Product Sourcing Tool gives you all the critical information
you need to source products that will sell well including vitally important
market research information that tells you whether you can compete successfully
in the ecommerce marketplace on the products you’ve chosen.
To decide if you can compete by selling a specific product, you need to know:
1. What’s the CURRENT Demand?
2. What’s the CURRENT Supply?
3. Which ‘Keywords’ CURRENTLY lead people to find this specific product?
4. What Pay-per-Click advertising challenges you in this marketplace?
5. What are the typical and CURRENT prices out there?
Outdated statistics are of no value to you in Internet selling.
You need to know how many people in the last ninety days have searched on the
Internet for this specific product.
The Worldwide Brands Market Research tool takes your keyword, and goes out to
several sources online, some that are in the public domain and some that we
specifically pay for on an annual basis and starts gathering information. Within
seconds it returns CURRENT statistical information on which you can base
informed decisions.
After performing any product search you’ll see this market research information:
The Analysis ‘Probability Thermometer’ is a guideline only. It indicates what
your chances may be of selling this specific product with the CURRENT
Demand/Supply and Competitive Saturation out there. A high result suggests that
you have minimal saturation. A low result suggests that there is a lot of
competition out there.
A low result doesn’t mean that you won’t be able to sell the product. So much
depends on the niche you choose to sell in, your product positioning, how you
price and promote the product, how much traffic you bring to the store and how
successful you are in converting a customer visit into a sale.
When first starting out though, you’re probably safer to stick with products
that have a higher probability percentage.
This same thermometer is displayed in the “Analysis Tab.” The quick analysis on
the product indicates from zero to 100% how well your product might sell across
all current markets.
The Demand tab lists keywords and keyword variations that online shoppers are
using to find your product. This helps you find relevant keywords for your own
website copy, auction listings, advertising, and more. These words are important
for optimizing your store for search engines which is called SEO and attracting
Traffic.
To export these keyword variations to Excel so that you can use them on your
website, simply click on the “Click Here” link. This is a facility that many
‘newbies’ on the Internet typically pay consultants thousands of dollars to
determine. With the Worldwide Brands’ built in Market Research tool you can have
current results within seconds.
In the “Competition Tab” you’ll see how many Yahoo!, eBay and Google references
use the terms that you are researching. This indicates whether a product has
become saturated in the current market.
In the Advertising tab you can quickly view top Google ads from businesses
currently selling your product online. Seeing your top competitors’ advertising
gives you a tremendous head start in creating your own advertising. It gives you
a snap shot of what you will be up against.
In the Auction Pricing tab you’ll see completed eBay auction listings for your
product. This helps you determine whether you can make a profit and how you can
price your products in the market.
To track those analyses that are most strategic to you, you can always save,
export and print the Market Research data so that you can compile your own
Market Research report based on your own results. This will also help with
compiling a trending report so that you can figure out the best times of the
year to sell certain products once you gather enough data over a period of time.
It’s a good business practice to perform multiple searches to find the right
products.
The Worldwide Brands’ Market Research Tool will tell you if a product, you
perform a search on, is a product that people want to buy.
Worldwide Brands, through its relationship with a leading Research Organization
and other Worldwide Brands’ credential partners, will provide information from
time to time indicating product categories and products that are projected to be
in demand in the seasons ahead.
There’s a link to an extremely useful Free Start Up Guide called: “Finding Your
Niche.” This free pdf was prepared by Worldwide Brands’ trusted expert, Matt
Hedges of ‘Simple Market Research.com.’ The document provides hints on how best
use Worldwide Brands’ Market Research Tool, to find products that will sell well
on the Internet. We agree with Matt that you should never search for only one
product at a time. Matt recommends that you select at least three related
options. It should be at least three per search.
Let’s try this now.
From your Dashboard, in the Product Search section, let’s select the drop down
box and click on: “Sporting Goods”, type in “Canoes” and select “Search.”
The “Suppliers” Tab shows us that there are several different wholesale options
for the product were searching on. The Percent Analysis suggests that it could
certainly be worth spending more time researching this product.
The “Analysis” Tab suggests that you have a good chance of selling successfully
with this specific product. Remember that Demand and Supply changes as more
people search for this product, or more people offer it for sale.
The Demand Tab shows that there are several pages of keywords that can bring
people to your site. As we showed previously, you can export these keywords to
an Excel spreadsheet by selecting the “Click Here” button.
The “Competition” Tab shows how many pages on Yahoo!, eBay and Google make
reference to the word “Canoes.” This does not mean that all those people are
selling them, it just means that on many of those sites the word canoes has been
used somewhere in a sentence.
The “Advertising” Tab lists those websites that spend money on Pay-Per-Click
advertising to attract traffic for that product.
The “Auction Price” Tab lists the recent eBay Auction closing prices for
“Canoes.”
Having done this research in seconds, you may feel a little challenged to
compete. This is why Matt Hedges of Simple Market Research.com recommends having
three related product options to search at a time.
Let’s do this same search for “Inflatable Kayaks”
You’ll see that our Percent Analysis is different from that of ”Canoes.” The
Supplier Tab reveals there are several Wholesale options for people who can
supply inflatable kayaks.
The “Analysis” Tab also suggests a lesser chance of selling competitively but it
is still a good chance.
The “Demand” Tab shows less inquiries and less keywords.
The “Competition” Tab shows a lower variety of available products, stores
selling them and pages referencing them but still suggests that you can compete
because of high demand.
The “Advertising” Tab shows a completely different mix of Pay-Per-Click
advertisers.
The “Auction Pricing” Tab once again shows the recent selling prices on eBay.
But Matt still urges us to check out that third option so let’s do this same
search for Kayaks in the same Sporting Goods” category.
Our Percent Analysis is better than that for “Inflatable Kayaks” and is just
about as good as for “Canoes.” The Supplier Tab reveals several wholesale
options once again, where you can get this product.
The “Analysis” Tab also suggests a better chance of selling competitively with
‘Kayaks’ than for “Inflatable Kayaks.”
The “Demand” Tab shows a considerable increase in inquiries and many more
keywords.
The “Competition” Tab shows a high number of available products, stores selling
them and pages referencing them but still suggests that you can compete because
of high demand.
The “Advertising” Tab shows a completely different mix once again of
Pay-Per-Click advertisers whose sites and prices you can research. In fact the
Big Box Stores are notable by their absence in this area.
The “Auction Pricing” Tab once again shows the recent selling prices on eBay
which seem in a much higher range than the other two options.
This illustration has shown you how to do your research carefully so that you
spend your time and money where you have the best opportunity of improving your
profits.
Remember to save your research. Return frequently to repeat it because Demand
and Supply changes. You need to anticipate or move with the change otherwise you
will be caught with inventory or a slow down in sales before you realize it.
Worldwide Brands is here to help you. Keep current with our eNewlsetter.
Keep asking questions and don’t be shy to request help. Members who own the
“Whole $ale” get into our forum, there are a tremendous number of people there
who can help you. You’ve got a lifetime Membership to the best product sourcing
tools on the internet. We want to help your become successful in your Internet
Retailing lifetime.