What's your product?

I have received this question several times. I understand how products can make or break a business so, here's a bit of educational blog for you. 

Today, I'm going to share bits and pieces about choosing products for your business that would help you to succeed faster and for the long-term. But, get this first, there isn't one right product for everyone. Just imagine a marketplace selling only one product. That'd be craazy right? For this post, I'm not going to recommend my product or any other product. I'm going to share questions that may guide you towards choosing the "right product" for your business.

I'll be sharing qualities or characteristics of products that may be suited for people who like me are transitioning from employment to business or those shifting from a small-scale business mindset to having a global business empire. 

So, as someone who's never had background in business nor have millions or even hundred thousands of cash to spend, these considerations were important for me:

a. Consumable vs. Durable 

Would I want to sell products that can be consumed (nauubos) or products that last a lifetime?

Of course! I don't wanna be selling forever. I want to share something once and reorders come in every month or every quarter.

b. High-end vs. Commodities

Would I want to sell quality high-end items that have higher profit margin or sell cheap commodities (which are relatively easier to move to my market)?

Since I had no business experience and would want to "play safe" doing it part-time in the beginning, I would want to be trained to focus or zero in on my target market. I didn't have time to be sabog. Selling quality items also entail loyalty because they can only get the products from me. Commodities may be easier to sell in the beginning but loyalty isn't guaranteed. This is exactly the reason why commodities have the need to reformulate, repackage, get new models for their commercials from time to time because they know that market loyalty doesn't exist for cheap commodities. So now, I choose to work with a company that is 30 years advanced in terms of innovation and science so there's practically no competition.

c. Visual and Emotional vs. Non-visual

Would I want to sell products whose results can be seen and felt by my customers?

Everytime I go out to share my business, I am so excited because I know how it has changed the lives of so many people. Yes, I am excited about anti-aging products that make people younger and healthier but I am more excited to share the business opportunity that has lifted a lot of people from their financial struggle; a business opportunity that has caused others to dream again and to see what is possible.

d. Unique Products

Are the products exclusive or can they just be bought anywhere?

Do I have the energy to be in a price war with competitors?

If the product is unique to me, I can focus on sharing its benefits without worrying about price wars or lower profit margins as a result of haggling. I can focus on adding value to people's lives and addressing their concerns. When people see the value of what you are selling, they are willing to pay the price. 

e. Diverse set of Products

Do I offer just one solution to various concerns? 

Would I be able to give options to my clients?

Having the ability to give options to my clients means that I can tap a wider demographic. It would also allow me to address several concerns, thus more profit! 

Bottomline: Always think of how you can add value to others. Whatever product or service you have, make sure that it doesn't fool people. Unless you plan on starting a business that would close down in less than 5 years, offer genuine quality and service because customers are very very smart. They don't buy garbage twice. You may sell now but after finding out that you're not for real, they won't buy from you again. At the end of the day, money would go to those who have created an impact and have provided a solution that works.