Sell What is Already Selling

[collector]

In today’s Business Tip from Mark Shaw, we look at one of the most important questions any business has to deal with: the question of what to sell. In many ways, it’s such an obvious question that it tends to go unexamined; yet a poor choice of product can hurt or destroy the most determined efforts to create a successful business.

The truth is that, in most cases, inventing something really new takes a lot of money and a lot of time. Worse still, the odds against success are very high. We would always suggest that you go where the money is already being found, rather than trying to create a new market. In other words, sell something that is already selling.

HOW DO YOU FIND OUT WHAT’S ALREADY SELLING?

There are several ways of doing this. One is to buy the magazines associated with your idea. If, for example, your idea is based around cooking, then buy several top cooking magazines and look at the classified adverts. Do this process for several months, and see which adverts keep appearing. These will probably point to some successful businesses to examine.

Another other option is to go to Google and do a search on “cooking”. Look at the sponsored adverts, and make a careful note of the company and product names. Repeat this process over several weeks, again with your focus on those companies that keep appearing. These are mostly going to be the ones that are making money.

WHAT DO YOU DO NEXT?

Look at those companies; go to their websites; sign up to their newsletters and eBooks; buy something from them; call them; visit them if at all possible. All the time you’re doing this, you’re experiencing their offering, how they’re doing things, what was great and, more importantly, what was poor.... ....because it’s in the things they’re NOT doing well that your opportunity presents itself.

DON’T CLONE THEIR BUSINESS - IMPROVE IT!

The objective of doing all this research is to understand, as fully as possible, what your competitors are doing and how they’re doing it. When you then fully understand this, you can go about setting up your own business. Do not, however clone their business. You must look carefully at their business and find ways to improve it. Cloning it will simply annoy everybody, whilst giving you no competitive advantage.

Improving it, and offering something slightly better or different, may even lead to your creating new products that are a complement for the original offering. In other words, you may end collaborating or partnering with your original competitor.

Have a good week in business.

All the best,

Mark Shaw
Business Start-Ups Mentor

[zooz]

In other words: Focus on Cash Caws.
The following book my help us find our Cash Cows -

The 80/20 Principle: The Secret to Success by Achieving More with Less by Richard Koch.

Good Luck.

[www.infoebookstore.co.uk]

Originally Posted by zooz

In other words: Focus on Cash Caws.

I am really interested to hear about these Caws, are they the next best thing on the Web?