market research

Learning How to Do Market Research Is The Foundation For Online Success

There is no question that when it comes to building an online business, your success in that business is only as good as your knowledge and abilities on how to do market research.

Many people do not take the proper time to fully research a market and then wonder why they are not succeeding as well as they could.

There are multiple components to doing market research and each hold an intrinsic value. When coupled together you can be confident of making money in the market based on the data you obtain.

The Basic Components How To Do Market Research

You must answer the questions of

  1. Who is your target market
  2. What do they desire or need
  3. Where are they online

Here is a list of ways to utilize when conducting market research:

  1. Discover who is your buyer (including age, race, location, gender and income bracket)
  2. Identify specific problems people are having by utilizing forums in your target market
  3. Find what they are buying by utilizing Google Adwords, Clickbank and Amazon
  4. Utilize Google Trends to see what direction this market is going in
  5. Find out where they are hanging out on line. This can be done through forums, Google Alerts, Quantcast and facebook
  6. Identify specific products this market is buying now. This can be done through clickbank, Google, and competitors
  7. Research your top 10 competitors within your target market and see what they are doing
  8. Determine how competitive this market is and if there is an avenue for you
  9. Is there a niche within the niche that is not as competitive
  10. How much Search engine traffic is there in this market? This can be done with the tools suggested above

This is just an overview of how to do  market research and what you should be looking at BEFORE you decide that this is a market you want to set up a site in. Without answering the 10 areas above, you are going to not know how to approach the market properly and will be setting yourself up for failure before you even begin.

Many people rush through this stage or take the advice from someone else. I highly recommend you do your due diligence in this area and learn how to do market research effectively.