To start I must point out that by a hungry crowd I don’t mean a group of people clustered outside a restaurant banging on the door eager to get their food! I’m talking about a group of people that really, really want or need a product that you have available for sale. But why is this such a good thing?
Well, if you can find a hungry crowd then you’ll be in a fantastic place to start making some incredible profits for your online business, and if you can really tap into that hungry crowd then your products will start flying off the shelves because people will genuinely be clamouring to purchase what you have for sale. It’s like waving a morsel of food in front of someone who hasn’t eaten for days; they’ll be offering you whatever you want if you’ll just hand it over to them!
So, to put it even more plainly, by providing a product that meets the need of a hungry crowd is the very best way to see consistent success and increased profits. But how do you go about finding that illusive hungry crowd to whom you can sell?
Well, the first step is in finding your niche market. Personally I suggest opting for something that you already know a bit about, maybe a hobby or an area of interest, or maybe something related to your previous field of work. Selecting a niche market that you’re familiar with will really help because you will probably already have some insight into the sort of products that a hungry crowd could be after. It’s also important to start with a niche market rather than a product, because otherwise you can spend weeks researching potential things to sell and still draw no closer to a solution.
Let’s look at the example of fishing. I’m not a big fishing fan, standing outside in the cold for hours hoping for a nibble on the end of my line doesn’t sound very appealing to me, but I do know that this is a big market and if it’s something that does float your boat (excuse the pun) then you could definitely consider it. You only need to take a quick walk past the magazine shelves of your local newsagent to know that this is a massive market; there are loads of different magazines out there for fishing enthusiasts.
Right, so as an example we’ve selected the fishing niche but what now? This niche can cover everything from clothing to equipment to accessories to bait... anything that you can think of that might have some relevance to the pastime of fishing. What you need to find out though is what the people out there fishing right at this moment in time are looking for.
What problems do they have?
Is there some issue that you could solve with a product?
If so what is it?
Answering these questions will help you to take your first steps towards your hungry crowd. This is the reason why I suggested earlier that you consider opting for a niche that you know about, as chances are if you’re a fishing fan yourself you may already be visualising a couple of issues that a product you could source, could solve.
So, once you have a couple of ideas in mind regarding potential products for your hungry crowd it’s time to go online for some research.
You need to know exactly what the people within your chosen niche market are buying and the eBay website is a great place for a first look. Here you can explore the Completed Listings segment of the site to see exactly what has been selling recently in any niche market area.
Within the ‘Completed Listings’ section (which you can access via Advanced Search or by ticking the box on the left hand side of the search results page as shown above) a lot of green figures on the right for one particular product suggests that the item is selling particularly well.
You can also use the Best Match search engine of eBay (this is the default search) to spot potential hot selling products. By typing in a search term related to a particular product or niche market, eBay will return items that it thinks are the most relevant to your query. These are likely to be the products that are currently selling the most successfully as they will appear at the top of the search results.
Another tool to take advantage of is Amazon’s bestseller lists, available at http://www.amazon.co.uk/gp/bestsellers. Here you can look into a specific category to see what is currently leading as the bestselling item within a niche.
Finally you can also consider a paid research tool such as Terapeak. For a monthly fee this website introduces you to a wealth of information about products listed on eBay.
Rather than searching through eBay manually to spot selling trends and to identify popular products, Terapeak will do all the legwork for you. There is typically a 30 day free trial for Terapeak so it’s worth utilising that to cast a glance over the information that it provides.
Good research is the key to finding your hungry crowd and using the methods above will ensure you are able to confidently pick the products that match. It’s important that you utilise these methods carefully to ensure you reach a position to start selling goods that meet the genuine needs of the hungry crowd within your niche market.
Give it a try and see your profits start to soar.