Monday, 8 September 2014

Tips About Market Research

Tips About Market Research

By Andrew Rush

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Expert Author Andrew Rush
Market research is probably the most important step in setting up your home business.

However there are a few individuals out there who hit the jackpot without this step but that was a long time ago when it was much easier to succeed.(But let's not forget that without hard work nobody succeeds online.) The competition was very low or probably none so it was just a piece of cake starting a profitable internet marketing business.

Back then when somebody started a blog only a few had in mind from the beginning the goal to make money with that blog.

They blogged with passion.

Nowadays everybody who reads somewhere on the internet that you can make money online is struggling to set up a blog fast and make easy money.

They just copy articles from other blogs, PLRs, sign up at some affiliate programs and just waiting for the money to roll in. But that is not the way to success.

Yes, you can make money online but, and that's a big but, you have to work hard and follow some essential steps. So, let's get back to market research.

Without knowledge of the market, to start up a business it's like crossing a highway with your eyes closed: DANGEROUS!!!

But what do we call market research in case of setting up an online business?

What is the goal?

The primary goal is to tell if the idea(niche) is viable, can you build a business on it, is there sufficient market, demand for that niche, and very important, are there products that you can sell afterwards or you have to build your own products?

Secondly, we should gather information about the market:

Who is your target audience?
Increases or decreases the demand in that market?
How can we reach our target audience and what are the costs? (If you start with a small budget: can you reach you target audience with free tools and still have some revenues)
How big is the competition in that market?
What are the habits of the target user? What kind of online tools should you use to communicate with them? (Blog? Community Forums? Online course? Audio lessons? Video tutorials? E-mail newsletter? - Maybe a blog is not always the best option)
Where do we get this information?

Statistics, Statements, Forums.
Check out forums and look at what topics are most discussed, what problems persists the most.
Google tools: Keyword Tool, Google Trends
Analysis of customer behavior (what most people buy online)
I found that the best statistics and data collection itself does not get results and it's an uncertain ability to convince people that it is worth starting a business.

Honestly, I do not know anybody -me included-, who acquired all the statistics, collected all the data, and with those in possession was 100% sure that it is worth starting a business.

All the acquired data can give us support, confirm that we are moving in the right direction, but even then it's just like going for a long trip only with a compass and without a map: we are moving in the right direction, but we're definitely not sure when will we get there (not to mention how many adventures are waiting for us:))

And since not everyone chooses rationally, a lot of people have crazy business ideas who just fall in love with their ideas and don't care about numbers and statistics.

This is also good!

The motivation needed to start a business will only happen if we love what we are doing or really want to achieve something!

Thank you for reading. Check out my Marketing Blog for more useful tips and product reviews.

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