What’s the best product to import and sell in the current economic situation?
The question implies what product can I make lots of money with? Many startup importers only search for where the money is, trying to find that magical product that will sell so well and with such a profit margin as to make a great income fast. Many of those kind of people fall for that promise of a formula, a hot product to be bought somewhere in China and all they got to do to is to bring it in and two months later they will be netting six figure income.
Undeniably, import export business is the kind of business that is here to stay and there are indeed many opportunities importing products from the Third World countries. To learn how to start an import export business is certainly worthwhile undertaking, but the key point is not what product to import but to ask yourself first, who will be my customer?
There have been books written about products that can actually make you money, but much of that research is about finding what people spend money on, in general.
With the advent of the internet and online marketing, some marketers profess to get involved in inventing products that may best match the keyword searches associated with those products or related ideas. Their premise is what’s most searched on is of keen interest and one way or another money will follow, hence design and develop a product, manufacture it and sell it as fast as possible before the market dries out.
While this approach inherently has to do with niche marketing and on occasion one could become successful, most of the research that goes into this approach focuses on the product. As almost all sold in this country is imported, the idea is to have the product made overseas and imported from there. The idea has a merit and there are number of excellent import export business courses and training seminars available to guide you, but the essence of all is still not the product but the underlying question – Who will be your customer?
Remember, you do not start marketing, trying to sell the product you have designed and developed, when you have the product already in your warehouse ready to sell! You must indeed decide on who will be your customer before you begin your product design and development process.
So who will be your customers? Where do they live? What are their wants and desires? What appeals to them and why? First and foremost you must try to analyze your customer, those who you will be selling to – keep in mind that few ever fail in business by overanalyzing their customer! Answer the questions and then design and develop a product for that customer – your target market!
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