Doing Market Research, knowing and understanding your product and your market.
So, you have decided to sell a product that you make in your home and you are very excited. Or, you have made so many widgets, now you don’t have anywhere to store them and your friends are running away from you because you have gifted them enough widgets already. Either way, you have a little homework to do. You must decide where to sell and how much to charge. Market Research here we come.
Many buyers “do their homework” and use the power of the internet to find good deals, so it is important to know your market and understand the pricing and how to get your product out there to be seen.
Market Research is essentially understanding where to sell, how to show your item, who is interested in your item, and most importantly, how much to charge.
Here are a few things to consider:
- Find a market where similar items are being sold.
I have sold on several online platforms. I just looked on that platform to see who was selling a similar item to determine my price.
- Do you have something unique that sets yours apart?
You must know your niche and understand what adds value and what really doesn’t. Example, I flipped homes for a while, depending on the neighborhood, if you put a gold-plated sink in a home, it probably wouldn’t really affect the pricing of the home.