You can take a look at many of the websites that offer products and services and ask yourself which ones are actually making money and which ones are just getting by on hype?
How do successful companies choose the best products for their market? Can you actually find products to sell that have a virtually guaranteed market? Yes you can. You can come up with a product that sells well, is low cost and brings a profitable return on investment.
To do that you must consult Abraham Maslow. Maslow constructed a fascinating format for evaluating the needs of humans and graded those needs. The image of Maslows groups look like a pyramid. The ideal product satisfies one or more of Maslow's Hierarchy of Needs.
If you are going to be in marketing and sales, you need to memorize this list. Here is Maslow's hierarchy of needs:
The base level houses the Physiological needs: Breathing, food, water, sex, sleep, homeostasis, excretion. These needs must be met for normal biological functions. You can see why they are so powerful as motivators.
The second level houses the Safety needs: Security of body, of employment, of resources, of morality, of the family, of health, of property.
The third level houses the Love/Belonging needs: The need for friendship, family, sexual intimacy.
The fourth level houses the Esteem needs: Self esteem, confidence, achievement, respect of others, respect by others.
The fifth and highest level houses the need for Self-actualization: Morality, creativity, spontaneity, problem solving, lack of prejudice, acceptance of facts.
So why is this important in choosing a product and marketing it? Because smart entrepreneurs never make a product without first finding a need, want or desire to fill. The greatest business people look for a problem in search of a solution. What Abraham Maslow gave marketers was a shorthand profile of needs, wants and desires and the framework for advertising products.
Maslow's pyramid shows you where to focus your marketing efforts as well. The first four levels are what he called the deficiency needs; people don't feel anything significant when these needs are met but feel anxious if these needs are not met. The deficiency needs are Physiological, Safety, Love/Belonging, and Esteem. The top level is call the Growth needs- once the basic needs are met, these needs become driving motivators of behavior; these needs include the desire for knowledge, and appreciation of beauty and aesthetics, and the desire to fulfill their highest potential.
When choosing a product, take into account where your target market falls in the hierarchy. Where do your ideal customers fall in the needs level? Take a look at the problems your target market faces and match them to the levels on the list. Once you're able to identify the needs of your target market, to the problems your products solve, you'll be able sell to the right people and generate massive income.