Now that I’ve been in this business for a while, I’m realising more and more how important it is to choose the type and kind of product you sell carefully. There are a few reasons for that, but here are the major factors that will affect your performance:
Market Size – how many people demand the product
Fragmentation of market – how easy is it to get hold of these people? A market may be huge, but if your market is highly fragmented, it’ll be much harder to market to and devleop
Average Order Value (Product Value) – all things being equal, a higher value / priced product will generate more revenue than a lower priced / value product. Go too high though and you’ll see conversion rates drop, but within the $100 – 200 range seems to be pretty good from hearsay. Our experience has shown that if your products average around $40 – 50; you’ll almost double your average cart value compared to products in the $25 – 50 range.
Competition – not much required to discuss here
Uniqueness – if you have a product that others can’t find / locate / buy anywhere else, you have a much higher conversion rate than others. This is great when you can manufacture or otherwise sole-source a product which has high demand and often the reason for breakout successes fir small companies.
One of the most time consuming aspects of running this business is adding new products to the site. Now, unless you are able to hook up your site to your manufacturer(s) or distributor(s), you’ll need to do most of this input by hand. Which means it takes time.
In addition, there’s always the consideration of SEO. Unique content is a must, and that means rewriting your product descriptions as much as possible. However, to do that you need time and expertise. It’s not enough to just throw up some content and hope it’s good – you need ot make it both good and relevant.
So, what can you do?
Contract it out – you could hire some writers to work for you. A writer with copy-writing (and web writing) experience could rewrite product descriptions. It’s not a bad idea, after you input the product basics. Costs would probably be in the $0.10 – 0.25 range per word; so not too bad unless like us, you have a constantly increasing amount of products / rotating products.
In-house – you could train people to do it in-house. Of course, the question then is how good the training is. Still, it gives you better control of what is happening in your business.
Copy & Paste – take a selective approach. Rewrite the one’s that make the most sense, the one’s which have the best sales once they’ve done well. The rest – just copy and paste. After all, not all pages have to rank – just the one’s that will give you funds.