While your online business is the sum of many parts, each part is directly affected and influenced by the type of products you’re selling. This means that without a solid product line, your business faces an uphill battle before it even starts.
It’s true that deciding what products to sell can be rather difficult, as there are literally millions of options to choose from. Not only that, you need to ensure there’s a market for your products and that you can actually make money from selling them. (After all, we’re all in business to make money, right?)
Even more, the products you sell are a prime factor in shaping other details that impact your online business. For example, if you decide to sell refrigerators, how will you ship this massive item across the country? Or, if you’re selling wine, what legal restrictions do you face when selling to different states and geographies? Are there any additional taxes that need to be paid?
At the end of the day, the products you sell online directly impact the following:
- Pricing: How much will you charge your customers? How much does the product cost to you?
- Target audience: Who do you want your customers to be? The type of product, along with its price point, will be a key factor in deciding your target audience for marketing efforts.
- Branding & design: If you’re selling auto parts, you probably wouldn’t want to give your website a pink background and frilly logo, right? Your brand should reinforce your product line, so make sure they match well.
- Marketing: The marketing outlets you choose, along with your marketing budgets, are dependent on your target audience, which is fully determined by your product offering.
- Your sanity: Keep in mind that you’ll be spending lots of time with these products, so only sell something if you find it interesting and won’t get bored with it soon.
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Why is it so important to strategically select what products to sell online?
Originally Posted by boothkeeper
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