Everyone talks about market research! Is it that important?

11 years ago

Market research is so hugely important that entire books have been written on the subject. Seriously legitimate corporations are built around providing market research to their corporate clients.

I recommend you send the programmers to lunch while you catch up on this extremely important task of market research.

I know a guy who spent 100,000.00 developing a piece of software. He was convinced it would kill it, make tons of money. It all made so much sense because the s/w was so powerful and could do so many things.

Not one single purchase.

His "ideal market" totally rejected it. That's a true story.

If you have money, outsource this to a professional company who does this. You may find that you have to do some things completely different, or not at all.

Google market research.

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Steve Solem

11 years ago

If you mean finding out what people want to buy before trying to sell something to them, yes, I'd say market research is of the utmost importance when getting involved in any kind of business.

I know it's tough at times, but you need to remember that YOU are NOT your customer, and what you think is the greatest thing in the world may not matter a bit to the people you're trying to sell it to.

Of course if you have really deep pockets and can afford to blow a lot of money you can jump in to develop this and then hope it will sell, but if I were you I'd spend at least some money on market research upfront before jumping in head first.

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datingworld

11 years ago

Almost all businesses [online or offline] are engaged is some kind of research before taking start.
Market research is not only used for the purpose of learning but it is also a critical component to make decisions. Market Research will give you a picture of what is likely going to occur and it will also suggest multiple options. Business decisions made on the basis of Market Research can minimise risks and help to identify more opportunities.
In my opinion Market Research is a fundamental process which should not be neglected.

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Abul-Hussain

11 years ago

If you didn't know how to cook a dish, would you do it without using a recipe?

Well working on a project without market research is doing the exact same. I HATE market research and it's one of the most important tasks that me and my students focus on.

Abul

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vladdarius

11 years ago

guys this is amazing stuff, please keep going, i am actually happy to see such great insights, tank you very much

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Troy_Phillips

11 years ago

You say you have 5 million targeted leads. How do you know if they are targeted if you have not already conducted the market research?

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Randall Magwood

11 years ago

How did you collect your 5 million leads? Lead generation, or you bought them?

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celente

11 years ago

I would say out of every niche we have entererd, and some have been hits, and others utter failures, it came down to researching, or NOT researching properly.

so researching is the ants pants I think. Not the be all and end all...ok, but it can make big money, or just OK money if you do not do it right. The niche is important.

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Joseph Robinson

Banned 11 years ago

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joseph7384 11 years ago

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marketwarrior06

Banned 11 years ago

If you think its important then its important but if you don't think its important then its not. If you research your market very will it will reduce your labor in the long run its proved.

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successpaving

11 years ago

Anyway, market research is very important, by researching the market, you would have knowledge of competition, what kind of products and services you can sell to earn money.

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WarrenPeterson

11 years ago

Yes, if you are planning on selling to a market!

Only the market can tell you what they want to buy. There are tons of examples of companies who created the best/latest/greatest and found out later they had no market who wanted to buy.

With a list that size, use it to learn what their issues are (needs, wants, pains, pleasures, etc...), then create that solution, and sell it to them.

I'm also curious about the list. You say it is a targeted list of 5 million, that is a pretty big number to be targeted. You will most likely find that you need to segment that list down and customize your solution based on each segment.

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joewalter

11 years ago

Market research is very essential to know your customer expectation

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shipwrecked

11 years ago

It's extremely important, especially if you run a major site, you cannot omit this...
Of course, there are tons of distortions, misconceptions - so it's quite complex to understand the online market.

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clever7

11 years ago

If you want to succeed you have to be well-organized. You have to find buyers before creating a product, and you also have to learn how to promote your product to the right audience.

There are many other details. Internet marketing is a system. You have to follow many steps until you’ll be able to regularly make sales, and not just sell a product once in a while.

It’s really misleading to believe that internet marketing is something simple.

If I knew how complicated it really is, I wouldn’t have the courage to begin.

You are lucky because you found the Warrior forum. You'll find many important lessons here. Don’t do anything without being well-organized.

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adamj2 11 years ago

Yeah, is a good idea to know what your audience wants so you can give it to them.

But market research in terms of tyring to uncover some untapped niche is not the best plan in my view.

We already know what the main markets are: health, wealth & relationships. So is just a matter of tapping into that already easily accessible traffic and giving them want they want!

I say go where the traffic is rather than trying to do research for something obscure.
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Ajay Tiwari

11 years ago

Market Research gives you exact idea of results you are going to get for your offer. Without market research how can you understand exactly what people are looking for and what is in demand? I mean its simple what is the use of developing a thing which has no demand and outdated.

You are saying you have 500,000 leads what if your offer is not what your leads are exactly looking for, that will result very less or no sales compare to exactly what they are looking for.

So market research is the important factor for any business.

Ajay

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cashp0wer 11 years ago

Yes, market research is very important if you want to have a successful business. You need to know the right people to market to, as well as the right product to offer them.
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vladdarius

11 years ago

such great info guys, thank you for all your input, i am actually showing this to someone who really appreciates this information too.

cheers

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bit twiddler

11 years ago

This all seems a little off to me. 1st of all, I've never heard of anyone with a targeted list of 5 million except for list mailing companies or large corporations. Is this list your own? Or is this a list you (they) bought? Or is it a list provided by a list mailing company? Remember, if you are mailing blind, your conversions will be incredibly low, especially if you (your company) has no developed relationship with the targets. Is this a "double opt-in" list? It needs to be!

Secondly, if you are representative of your colleagues, and they have no understanding of the market for your product, then you have gone about this in a totally contrary manner to the all of the successful products out there. No one ever lunches any type of product without knowing the intended market through market research. All training starts out with "knowing your market", testing your product, making adjustments suggested through feedback, and then (if all the stars line up) launch. Remember, if you launch without JV's then you are leaving the "Majority" of you sales on the table!

Originally Posted by vladdarius

so i have this brilliant team of programmers and we are working on a tool WE thought about without niche research for small and medium companis and our list is over 5 million targeted leads...so we are planning something big.

so the thing is i have just recently started to work with this team and we have a list of over 5 million targeted leads...yes it's gonna be awesome but it is just now i realized how important market research is and i was just wondering about your thoughts on the importance of this step.

thanks in advance

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imarkedy

11 years ago

I say not really. Listen - Who knew more than 14 years ago, a day would come when everyone would have a mobile phone? What market research said it would be a hit? What about the Ipod?

Jokers here will say those companies had millions and we don't however, the concept is the same. The problem with market research is it causes great people to over-think 'great ideas'. Over-thinking is a DREAM KILLER because it forces 'doubt' into the mind of those who deplore being 'wage slaves'.

So what if the market says there's no demand - it is hardly EVER (in America anyway) about 'the product' more so than can it be presented as solving some urgent demand buyers may have. Whether it does or not is a matter of subjectivity. If they believe it does, it does and you have a happy customer.

Where was the market research that launched Facebook? What about Google in 1998? Some of us 'old folks' remember 'pet rocks'. Where was the market research on that?

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JohnMcCabe

11 years ago

Originally Posted by marketwarrior06

If you think its important then its important but if you don't think its important then its not. If you research your market very will it will reduce your labor in the long run its proved.

I'm sorry, but...

"Huh??????":confused::confused::confused::confused :

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shane_k

11 years ago

Originally Posted by imarkedy

I say not really. Listen - Who knew more than 14 years ago, a day would come when everyone would have a mobile phone? What market research said it would be a hit?

Actually there was tons and tons of research that went into mobile phones.

They originally started out as a way for business people to stay in contact with their business associates. There was a demand.

Then once the general public saw that these business people had mobile phones they became a symbol for success.

So the general public started to want to have that image of success also. So again there was a demand.

What about the Ipod?

Well a couple of things about this. The Ipod was not the first MP3 player out there. There already was a demand for MP3 players and through Apple's Market research they knew they could develop something better than what was already out in the market and they did.

The problem with market research is it causes great people to over-think 'great ideas'. Over-thinking is a DREAM KILLER because it forces 'doubt' into the mind of those who deplore being 'wage slaves'.

Doing Market Research and Overthinking are two completely separate things.

Where was the market research that launched Facebook? What about Google in 1998?

Again these are both examples where there were already products/businesses that already existed that done the same things that these two are doing, but Facebook, and Google just figured out how to do them better than what was already out there.

Some of us 'old folks' remember 'pet rocks'. Where was the market research on that?

This could be one of those things that was a one in a million chance. But why rely on chance? Market Research will improve your odds.

The mistake that you are making is just because you yourself haven't read about the market research you assume there wasn't any.

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Jon Patrick

11 years ago

If everyone is talking about how important something is, chances are it is very important.

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jbsmith

11 years ago

For most people, yes it is absolutely essential. You do find others that have experience with a given marketplace that already know their idea will work though (Steve Jobs as an example...it wasn't market research that led to the Ipod, it was a fundamental understanding of humans - that they deserved to have premium functioning and designed products - then applied that to the already existing Mp3 audio player marketplace.

Sometimes you can see that there is already commercial appeal behind the motivation for buying certain products, but you envision something incrementally or dramatically improving on what exists...less need for market research here, more guts, confidence and ability to market effectively.

Jeff

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Super Daddy Carter

11 years ago

hmm.. dude, I dont get it. You have a list of 5 million targeted leads, but have done no market research?

How can you expect to provide a solution for them if you dont know what they want?

Not trying to be a *ick, but you need to survey your list ASAP before you spend another dime on product creation or you may as well start flushing your money and time down the toilet now because that's what you're setting yourself up for ....

just my 2 cents.

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vladdarius

11 years ago

ok so the thing is that we have a contract with a company that has over 5 mil leads ... the company owns a very large directory in different countries

now we have a contract with them which stipulates that they will sell to the list the tools we build ...the thing is that i have been at this company for just a couple of days and the product is already developing with a deadline by the end of this month and when i saw what was going on i felt a strong need to open this thread for others to see here not just me....

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Everyone talks about market research! Is it that important?

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