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Just wondering how much time do you allocate to market research?

by blackhawkup Banned
8 replies
The longest I've spent researching a niche was 3 weeks. Most of it was trying to figure out buying patterns, creating an avatar and a bunch of psychological crap like how susceptible they are to information bias (I love those types of niches). Plus more.

Now my VA just finished market research for a new niche I'm in and she only spent 2 days to complete the market research. And its freaking good.

So i either pay attention to to many details or im not good at speed???

So I was just wondering - how much time do you all normally allocate for market research? And how much importance do you place in that area?

just wondering.
#allocate #market #research #time #wondering
  • Profile picture of the author Corey Geer
    You should always be researching your market and making changes as necessary. Internet Marketing is always moving fast and so is the patterns of spending, the new hot "thing", etc.

    Thankfully, the more technologically modern the world becomes, the easier it is to conduct market research. It's crazy to see how much has changed for internet marketing just in the past 4-5 years.
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    • Profile picture of the author blackhawkup
      Banned
      Originally Posted by GhostWriting View Post

      Thankfully, the more technologically modern the world becomes, the easier it is to conduct market research. It's crazy to see how much has changed for internet marketing just in the past 4-5 years.
      Originally Posted by GhostWriting View Post

      You should always be researching your market and making changes as necessary.
      well maybe i should've rephrased the question.... I would like to know how long you all spend on the intial market research.

      I work in 8 niches (9 now) and they just about never change. Besides a few fads here and there it all stays the same.

      Originally Posted by GhostWriting View Post

      Internet Marketing is always moving fast and so is the patterns of spending, the new hot "thing", etc.
      I dont have any internet marketing sites up because thats a game that im not willing to play for many reasons. (although i am aware people make huge gains in that arena)

      I do maybe 600-720 units (product sales) per month on clickbank and private programs and another 90 or so on CJ.

      My initial reason for doing so much research was so that I would know every nook and cranny of my market...I'm a firm believer that you dont have to be passionate or even in love with your market...You just have to know what the people in a market desire. Whats the major reason keeping them from getting that desire and how to create content that transforms their belief system and aligns it with Needing to purchase what i am offering.

      So seeing how im normally not passionate (OR emotionally charged or connected) with any niche that im i like to tap into my customers emotions.

      simply put as long as i know what they want i can sell it to them

      I use a bunch of conditioning, rhetoric, ethos,pathos, logos, and many more triggers within my marketing

      Thats why i do so much research because i try to know an insane amount of information about how to get these people emotionally charged.

      Thats why i wanted to get a general idea of how long other marketers spend on market research.
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  • Profile picture of the author AlwaysAwa
    Good question i too asking this.
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    • Profile picture of the author JohnMcCabe
      If you count interaction with the people in the market, I guess I can't answer your question because I've never 'finished' my market research.

      If you count only research until I'm comfortable entering a market, I've logged anywhere from a single focused day to a few months of on/off effort.
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      • Profile picture of the author blackhawkup
        Banned
        Originally Posted by JohnMcCabe View Post

        If you count interaction with the people in the market, I guess I can't answer your question because I've never 'finished' my market research.

        If you count only research until I'm comfortable entering a market, I've logged anywhere from a single focused day to a few months of on/off effort.
        The bold part is what i was looking for... haha more so i wanted comformation that i wasn't crazy for spending such a long time in the "research stage"..

        a few months -- well now i dont feel so bad. :rolleyes:
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  • Profile picture of the author blackhawkup
    Banned
    Originally Posted by Sue Nelson View Post

    I think this time issues are always related to every individual, because it really depends on what you want to do, your ideas, your preoccupations etc. There is no time limits outside your own personality.
    thats true..
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  • Profile picture of the author Rod Cortez
    .............So I was just wondering - how much time do you all normally allocate for market research? And how much importance do you place in that area?

    just wondering.
    It really depends. The quickest I've ever done basic market research was in about an hour. The longest was probably a year (because I was keeping tabs on the competition, testing different ad campaigns both online and offline, and affiliate products, etc.)

    It all depends on what kind of market research you're going to do and how deep you want to go. I ran a deep SEO testing campaign on 4 top competitors in a particular niche that ran for 2 months because I wanted to keep track of certain trends and certain keywords (about 500 of them). Of course, there were other things I was looking at too.

    I seldom jump into a market without surveying / polling it first. Remember the old "flycatcher" method from Kern? Well, we do something very similar to that and we usually use PPC / PPV traffic to obtain answers from our potential market /niche. The answers your market gives you makes for powerful sales copy because they are telling you both their needs and wants.

    Some of my market research is ongoing and never stops. In the dating niche there are a couple main competitors that I always keep tabs on. When they come out with a new product, membership site, or service, I buy it. Yes, I buy it.

    My team and I make notes on the whole sales and marketing process, the buying experience, and then we examine their product and service. We make notes on what they do well and where there are areas of improvement.

    Market research also entails making projections. If I'm going to sell a $9.95 product as a loss leader, then have it followed by a $27, $67, and $497 back-end series via autoresponder, then I need to calcluate how much potential sales I'm going to make. This will include market growth, market penetration, demographic stats, etc.

    RoD
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    "Your personal philosophy is the greatest determining factor in how your life works out."
    - Jim Rohn
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    • Profile picture of the author Angel4hire
      Thanks Rod. May I ask what you use to replace the flycatcher page?
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