True meaning of term "Market Research"
When I went on a Business Training course about 1984, the speakers would keep saying "Do Your Market Research".
They cited places like the Public library where you could learn all sorts of facts and figures.
For example ...
"XYZ World Stats says there could be as many as 20,000,000 cars in the USA,
so if we capture 1% of that market, we're looking at a potential 200,000 sales"
I kid you not, that is what was classed as "Market Research" on this course - and maybe others. I now know this to be utter twaddle!
The fact that there were 20,000,000 cars is purely academic. I think "Market Research" should be rephrased as: "Know How Are You Going To Contact Those Potential Buyers" - which is where most budding internet enterpreneurs would fall down big time.
Perhaps you'd say, "I'll advertise in a National Newspaper" Apart from the obvious cost, many of those people might not be interested in a car product. OK, so ... "I'll advertise in Car's Monthly". Hmmm, we're getting better. But now you find this is aimed at supercars, and your product is for giving new life to clapped out Ford car. So now you've got an even more specific market to aim for.
So now the market is being 'fine tuned' or to quote the correct terminology, we're studying the "demographics" of our target audience - but that's another ball game.
Next time you're considering selling or promoting a product, don't think in terms of potential sales possibilities, think how the heck you're going to reach your target audience. Don't get a product, and advertise it to everyone using a shotgun approach, consider HOW you're going to contact the buyers FIRST, in WHAT market, and then consider WHAT product to sell them.
Works the same with affiliate marketing too. Don't sign up for an affiliate deal simply because it offers you 70% commission. Think first of how you're going to find people interested in that product. If you can't, don't sign up to the offer.
You'll save a lot of frustration if you follow this route
They cited places like the Public library where you could learn all sorts of facts and figures.
For example ...
"XYZ World Stats says there could be as many as 20,000,000 cars in the USA,
so if we capture 1% of that market, we're looking at a potential 200,000 sales"
I kid you not, that is what was classed as "Market Research" on this course - and maybe others. I now know this to be utter twaddle!
The fact that there were 20,000,000 cars is purely academic. I think "Market Research" should be rephrased as: "Know How Are You Going To Contact Those Potential Buyers" - which is where most budding internet enterpreneurs would fall down big time.
Perhaps you'd say, "I'll advertise in a National Newspaper" Apart from the obvious cost, many of those people might not be interested in a car product. OK, so ... "I'll advertise in Car's Monthly". Hmmm, we're getting better. But now you find this is aimed at supercars, and your product is for giving new life to clapped out Ford car. So now you've got an even more specific market to aim for.
So now the market is being 'fine tuned' or to quote the correct terminology, we're studying the "demographics" of our target audience - but that's another ball game.
Next time you're considering selling or promoting a product, don't think in terms of potential sales possibilities, think how the heck you're going to reach your target audience. Don't get a product, and advertise it to everyone using a shotgun approach, consider HOW you're going to contact the buyers FIRST, in WHAT market, and then consider WHAT product to sell them.
Works the same with affiliate marketing too. Don't sign up for an affiliate deal simply because it offers you 70% commission. Think first of how you're going to find people interested in that product. If you can't, don't sign up to the offer.
You'll save a lot of frustration if you follow this route
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