Market Research- The Foundation Of Our Online Business!
Hello Warriors,
First I want to say I am not an expert and what I am about to share is a compilation of what I have learned in the past few months.
All the experts are welcome to add there input:
So here goes:
You have to do proper market research in order to find that hungry crowd (your niche). This is the foundation of your business and if you do it wrong, then you are only setting up yourself for failure.
So Here are the main things to look for when doing market research:
• Life of the Market
• Does The Market Spend Money
• What are they spending Money On
That's basically all there is to understanding marketing research. If we can master the above 3 points then we are well on your way to becoming successful online
I like to make everything as simple as possible and so I am going to break down each of the above steps for us.
Life of the Market- This refers to how long a market will be around for. There are several different types of markets and there life time varies. A like to categorize the markets as follows:
Short Term - This means that the market has a
short life span and it is made up of people with a short term problem.
Long Term - Long Term: This is a market with a long lifespan and people with on going needs.
Take for example the hobby market. People in the hobby market will always be looking for ways to improve there skills.
Market Spending Power
Now that we are aware of the life span of the various markets, we want to know if the niche we are about to enter has money and are willing to spend. It makes no sense entering a market that does not have money or a market that is not willing to spend.
What Are They Spending Money On?
At this time, we want t know what and where our market is spending money. Are they spending money on digital products? What makes them spend? What is there language? If we can understand all these factors then you can master any niche.
We can use keyword tools, visit forums, check google trends, what are people asking on yahoo answers etc to help us find out these thing.
Hopefully this post helped at least 1 person.
First I want to say I am not an expert and what I am about to share is a compilation of what I have learned in the past few months.
All the experts are welcome to add there input:
So here goes:
You have to do proper market research in order to find that hungry crowd (your niche). This is the foundation of your business and if you do it wrong, then you are only setting up yourself for failure.
So Here are the main things to look for when doing market research:
• Life of the Market
• Does The Market Spend Money
• What are they spending Money On
That's basically all there is to understanding marketing research. If we can master the above 3 points then we are well on your way to becoming successful online
I like to make everything as simple as possible and so I am going to break down each of the above steps for us.
Life of the Market- This refers to how long a market will be around for. There are several different types of markets and there life time varies. A like to categorize the markets as follows:
Short Term - This means that the market has a
short life span and it is made up of people with a short term problem.
Long Term - Long Term: This is a market with a long lifespan and people with on going needs.
Take for example the hobby market. People in the hobby market will always be looking for ways to improve there skills.
Market Spending Power
Now that we are aware of the life span of the various markets, we want to know if the niche we are about to enter has money and are willing to spend. It makes no sense entering a market that does not have money or a market that is not willing to spend.
What Are They Spending Money On?
At this time, we want t know what and where our market is spending money. Are they spending money on digital products? What makes them spend? What is there language? If we can understand all these factors then you can master any niche.
We can use keyword tools, visit forums, check google trends, what are people asking on yahoo answers etc to help us find out these thing.
Hopefully this post helped at least 1 person.