Finding Products Based On Consumer Demand
Wants, Needs, and How to Tell the Difference
One of the most preventable ways you can limit your success on Amazon is by selling only the products that you personally like, need, or want. Don’t assume that what you like is what everyone else likes too. Even if they do, you don’t know if it’s something that will actually sell without doing thorough research.
Part of being successful and growing a business on Amazon is researching and selecting your products based on what consumers are looking for. Here we delve into consumer demand, what drives it, and how to find the wants and needs it’s composed of.
What Do We Mean By Consumer Needs?
Consumer needs are the reason for finding or creating a product. People have a problem that they need to solve, and your product should address that need. When buying a product, the first determining factor is often the need or the problem. For example, Lisa, a frequent Amazon customer, just dropped her favorite extra-large coffee mug and it shattered into pieces. She immediately goes on Amazon and searches for extra-large coffee mugs. The factor that is driving her to search for a coffee mug on Amazon is that she needs to replace the mug to have her morning coffee.
Consumer needs are often connected to the Hierarchy of Needs, established by psychologist Abraham Maslow. He developed a pyramid model based on the idea that people have basic needs for survival, and they exist in an order of prioritization, with the highest priority being physiological, and the lowest being self-actualization. This popular theory is used in marketing to create emotionally compelling advertisements that appeal to these needs.
Take a moment to look at Amazon’s current best-selling products, and try to see where they fit in the categories below.
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For example, it is part of human nature to be concerned about safety, and in modern society we have developed a number of constructs and products that can help us to ensure our safety and the safety of our loved ones. This ongoing need for security provides a niche that encompasses a wide variety of products, from alarms to helmets to Ring doorbell cameras. Fortunately for sellers, the consumer need to feel safe is only one of the needs that prompts people to buy products.
What Do We Mean By Consumer Wants?
Consumer purchasing decisions are also influenced by wants. These are the characteristics of products that probably won’t make or break a consumer’s choice to buy, but it can make your product stand out among competition.
Here is what customers most often want from their products:
- Easy Usage. Who wants to read a confusing manual or watch a 30-minute tutorial on how to use a product? The products customers want to buy are often easy to use, or easy to learn how to use.
- Cost-Efficient. That’s pretty self-explanatory… no one wants to spend more money than they have to.
- Consumers want products that are easy to find, buy, and obtain. Today, ecommerce has expanded because of the convenience of shopping from the comfort of your home.
- The style of your product – that is, the color, pattern, and other visible features – will catch the attention of your consumers first. Similarly, consumers are looking for designs that they feel are unique to them.
- Products that have multiple uses across different niches will appeal to consumers because they can use it to solve more than one problem. This can double, triple, or even quadruple your market because you will have consumers from different target segments wanting to use your product.
Let’s go back to Lisa. When she’s searching for a new mug on Amazon (due to its convenience), she finds Seller A selling only a plain white mug, and Seller B selling a similar mug with a variety of color and pattern options. Because Lisa wants this mug to be her new daily mug, she wants it to be unique and fun. Her wants as a consumer are influencing her to click on Seller B’s listing over Seller A’s.
Identifying Consumer Needs
A good rule of thumb for discovering a profitable product is to look for an unsolved problem and solve it. The same way you don’t know what you need at the grocery store unless you check the fridge and pantry before you leave, you won’t know what products consumers need or want unless you check the internet and do your research.
Identifying consumer needs is both as simple and as difficult as doing a Google search. Because ecommerce is an online world, it is easy to track, pull, and analyze data from free search engines, as well as from paid Amazon selling tools like Helium 10 or Seller.Tools. All of the data is based on real consumer e-actions. So, in essence, when you analyze the trending searches or best-selling products, you are gaining authentic insight in the form of data into what people need and want.
How Does Understanding Consumer Demand Help With Finding Products?
Studying and understanding what consumers are looking for can help you stay ahead of the trend curve and meet those needs as soon as possible. Businesses run by anticipating and responding to consumer needs. The earlier you can identify a need, the faster you can identify products to fulfill that need. And when you have fulfilled the need, you can tweak to address consumer wants. Moving quickly can earn you the early spot in a specific niche, and help you gain a profit before the market becomes saturated.
I Want the Money, But I Don’t Have Time to Do the Work
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