Want to Have a #1 Seller?
Follow Our 4 Steps Program
There are certain steps you need to take to rise above competition in any project. Whether you are competing in sports or to land a sales account, you will need to follow the same principles.
You can increase your chances of winning with the right strategy and preparation. This applies to eCommerce business, just like any other environment.
Now that you have inventory and have chosen the selling platform, you will have do your best, to stand out and make your product a #1 Seller, in a very competitive market.
We have gathered some information to help you understand the dynamics of the market you are entering in:
Research The Product
1Who is Selling The Product
Research in detail to find out who and where your product is being sold. Do you see it selling mostly in retail stores or online?
2Who is buying the product?
Get to know your target audience and your buyers.
3Who makes the product?
Make sure you can become an authorized seller and can obtain a resell permission from the original manufacturer. This is not a requirement for Private Label business model.
4What are the margins?
Study the selling price and calculate your costs and profits
Analyze Your Research
1Can You Compete?
Now that you know who is selling the product, can you compete with them? Do you have the budget to compete?
2Do you know your buyer?
You have researched your buyer group. Do you have enough knowledge in their behavior?... For example, you want to sell baby products: Do you know what moms need for babies?
3Authorized to sell
Now that you are clear by the manufacturer to sell their products, would you be able to sell it across all major platforms?
You have all the margins lined up. Do you see a profitable product? Make sure you have included all the costs and you see plenty of profits.
Validate Your Analysis
1You can easily Compete
You have all the data on your competition. You validated the data. You have the budget to advertise and can offer better pricing, with more value.
2You Know your Buyers
You know your buyers and target audience, inside out!... You know what they need and you can offer them a product that solves their problem and meets all their needs perfectly
3Manufacturer is on Your side
You are authorized to sell the product by manufacturer and across all selling platforms. Establish a relationship with your supplier to make sure that you can replenish your inventory at a consistently low cost.
4Margins are favorable
Margins are great. You added all the costs, including acquisition of item, shipping to warehouse or fulfillment center, advertising and marketing costs and the bottom line looks good. It’s time for action!
Start and Grow
1Choose a Selling Platform
You know your product well and you know where this product is going to stand out more. Choose the correct selling platform to stand out in competition
2Love Your Buyers
You know your buyers and you have made sure to offer them the best product and value. Treat them with love and respect. Provide the best service possible, to get the best feedback. In eCommerce, social approval level of your product, can make or break your business.
3Always available in Stock
You are authorized to sell the product by manufacturer and across all selling platforms. Establish a relationship with your supplier to make sure that you can replenish your inventory at a consistently low cost. Running out of inventory, would put you at the bottom of the list in the market
4Advertise, Market, Present
You know your competition, just rise above them!. Perfect your marketing plan. Assign a generous amount of your margins to advertise your valuable product. Pack your product as you are gifting them to a loved one and present them with best photos and description. Do your best to stand out in the market.