The Internet is full of great technology products that can make you money. Almost too full - how do you pick the winners? How do you make sure your time and effort gets a return? There are three simple criteria insiders use when picking what to promote:
The ‘Elevator pitch’ test
An elevator pitch is a fast summary of a product or service that can be finished in thirty seconds. If you know a product well enough to deliver a strong elevator pitch you are a long way to making a success of selling it. This is not just repeating product features on a website or box. Concentrate on the benefits those features deliver. So if it is a security solution, don’t go on about SSL encryption or virus monitoring. Stick to “making your window on the web safer for you and your family”.
Look at market size and shape
Look carefully at the actual market you will be targeting. Mobile phone ringtones are a great example.
Mobile phone penetration reaches 94% of the population is some countries. That does not mean all of those mobile owners are targets for ringtones. Ringtones appeal to the younger demographic so you need to factor that into the pricing and choice of product.
If you are smart, you can develop a portfolio of products to target complimentary markets. For example, ringtones may cover the 16-24 age range, but protective phone covers will appeal to those looking to protect a more expensive mobile investment – typically an older user aged 24-35.
Ease of use and reuse
Lastly, how easy is it for the market to use the product? Critically how easy is it to reuse it, time and time again? Reuse of a given product is a great indicator of how likely the customer is to return and buy further products from you.
How do you create a re-using customer? By picking products that has functionality that builds on basic needs. As an example, take home book-keeping software - does it enable you to move forward from simple budgeting and expenditure tracking to more comprehensive tasks?
These three tricks will help you pick the right product that will sell. The internet has made it easy to sell products without even buying your own stock, so you don’t have to risk your own money.
