While you might imagine that it's a fairly recent piece of technology, the microphone has been around since 1877 -- and today, you can find one in all sorts of electronic devices, including cameras and cell phones, not to mention the standalone equipment used in the film, television, and music industries.
According to a research piece published by Markets and Markets, the microphone market could be worth $1.81 billion by 2020. That's definitely a big pie, and as a retailer, it makes sense to want to grab a piece of that! But is it really all that promising?
Using our very own Market Research Lab, let's investigate further. We'll look at the microphone's market viability and how you can potentially earn a profit.
Like most electronics, the microphone comes in a variety of types, each targeted at specific uses. Below are the most common types of microphones available.
The stats for microphones on the Market Research Lab look very promising in terms of the success rate, competition, and average selling price. But always be prepared for whatever snags may be thrown your way -- such as competition, shopping cart abandonment and even the challenge of driving traffic. Let's break down the key numbers.
The microphones we found in the lab have sell rates between 76% and 89%. Is this good? Definitely! One of the most obvious indicators that you have found the right product to sell is the products sell-through rate. You should look for a minimum of 50%, but the higher the sell rates the better!
The prices on these microphones start at entry level and increase from there. The fancier the device, the higher the cost, typically speaking. Make it your goal to drive the wholesale price as low as you possibly can before you purchase. You can do this by contacting your chosen supplier and checking what options they offer for volume orders. This will potentially increase your profit. Never settle for the published prices. It pays to put forth the effort and contact your suppliers via email first -- or even better, give them a call.
When you find a low competition market you should seriously consider it as your next niche. Fewer rival sellers means a greater chance of a sale for you. With only a few sellers offering microphones, your listing has a higher chance of being seen, and your price might be the right one. This approach applies to everyone, but it's especially ideal for new sellers, as it will be easier for you to penetrate your market and beat out your rivals.
To ensure you can drive traffic to your listings, you need to find the most popular keywords. To that end, let's take a look at our very own AffiloTools Keyword Research tool. Below are some of the top-ranking keywords for microphones, with “condenser” (a type of microphone as listed above) in first place with an average of 8,100 searches monthly on Google.
AffiloTools will show you the average monthly search volume for related keywords, which can be invaluable in deciding what products to sell. You can easily see what types of microphones people are looking for (note that people are searching for specific types of microphones as well as particular models). With the correct keywords you will be able to create highly optimized product listing titles and descriptions.
Stay competitive wherever you sell by learning how to bundle your products. You can offer related products like microphone stands, batteries and/or amplifiers. Offer free shipping when you can, as this will make your listing more attractive to potential buyers.
Based on the the market data we have collected, microphones appear to be a highly viable product for you to consider. But again, don't take the data for granted. You need to be aware of the challenges you might face and how the market can shift. That will help you stay atop the competition and turn a profit.
Here are some options to help you decide on how and where to sell your microphones:
Based on the research we have done, you know you have a captured market on eBay and Amazon. A quick search on both marketplaces will reveal tons of microphones for sale. Amazon alone has more than 2 million listings alone, so be ready for some competition. You may need to get creative and push your business with targeted promotions to help you stay competitive. To help bring traffic to your listings, we have some tips for you:
If feel that traffic and competition is too tight on eBay and Amazon, then you should try selling directly through your own online store. I would highly suggest using AffiloTools to help you find the correct keywords so you can write highly optimized product titles and descriptions, which should help in bringing the traffic you need.
If you have local bazaars and flea markets, these can both be wonderful venues for you to consider selling at. Selling locally is a more convenient alternative to online selling. Why? Because selling locally means you don't need to worry about shipping arrangements and costs, plus you get to deal with the customer personally. Overall you can price products more competitively and you get to accept payments instantly!
This supplier is a US- based supplier of DJ equipment and other accessories. Although this company will be happy to work with you no matter how small or large your wholesale order is, it does not currently offer dropshipping. Accepted payment methods are major credit cards and PayPal.
Large Product Range: DJ amplifiers, DJ cases, DJ CD players, DJ headphones, DJ lights, lighting stands, intelligent lighting, pin spots, mirror balls, bulbs, strobe lights, blacklights, lighting controllers, laser products, LED lighting, DJ effects (bubble/fog/haze), DJ clamps, DJ mixers, DJ needles, DJ packages, DJ hardware & software, DJ speakers, karaoke gear, microphones, turntables, video equipment, professional DVD players, projection screens, video projectors, pro video mixers, video monitor screens, DJ controllers.
Wholesale and Dropship: This supplier only sells wholesale, but it does offer free domestic US shipping on most products. If you need express shipping, contact the company directly about costs.
Large Product Range: Digital voice recorders, headsets, microphones, transcription accessories, dictation accessories, digital recorders, microcassette recorders and transcribers, conference microphones, music recorders, business recorders, transcription foot pedals, conference recording kits, professional dictation products...and more
Wholesale and Dropship: Both options are available. You can even get blind dropshipping if you need.
This supplier is from China with a huge range of goods! With no minimum order requirement, this is ideal if you are just starting out. This supplier also has great prices, even 10-70 percent lower than what other suppliers offer! Accepted payment methods include Visa, MasterCard, and PayPal.
Large Product Range: Electronics are this company's specialty. Products include but not limited to cell phones, cameras, game consoles, computers and laptops. The supplier also offers items such as traveling and fishing supplies, knives, lights, and other hardware gadgets.
Wholesale and Dropship: Both options are available. There are no start-up fees! Plus, you get free technical support from their team.
See you next Monday!
Disclaimer: The information published here is strictly for informational purposes. All above product items are only suggestions for possible products which will sell favorably, and should be used as a guide only. At the time of writing, all above products were researched using methods recommend by SaleHoo and found to be potentially profitable for sellers. All sellers are encouraged to conduct their own market and product research.