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Advice Needed: How to do market research?

by nova320
10 replies
What are some of the ways you do market research? I know a lot of people use Google keyword tools or Market Samurai. But I thought they only focus on keywords for SEO purposes. For people who are looking to create a new product and need to do market research in a niche, what would be the best ways to do this?

My thoughts are to find competitions and products/services that are out there already. Google, Clickbank, and JVZoo search can give me an insight on that. But how to know if the niche is profitable? There must be a better way than "googling" stuff. What do you guys do when you're in the market research phase?
#advice #market #needed #research
  • Profile picture of the author EnterIn
    Essentially, your question is how to find out if a niche is profitable. Here are a couple of great ways.

    1. You mentioned Affiliate networks like Clickbank and JVZoo. Well, check out the best selling products on each of those networks. Those products that are selling well are catering to a niche that is buying them in order to solve their problems. Can you come up with a similar but better product in that niche?

    2. Historically speaking, the most profitable Mega niches have been Health and Fitness, Relationships and Dating, and Money and Business. I got this information from this fantastic report on niche marketing. Click the big yellow button at the bottom right of the page to download it.

    So your task (should you choose to accept it!) is to find a sub niche within one these mega niches. That sub niche for example could be "natural weight loss" within the Health and Fitness mega niche.

    The way to discover a profitable sub niche is to run a survey within one of these mega niches. So find out where people in one of these mega niches hang out and then advertise a survey to them.

    Your ad could for example be in an online health magazine. Ask what frustrates them the most. Their answers could form the basis for a profitable niche. You can use Survey Monkey's software to run a survey. You may also have to offer an incentive like a free report or something to get people to take the survey.

    You can find a few more tips on finding a profitable niche in this short article I wrote a while ago.

    Hope this helps.
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  • Profile picture of the author jame0123
    If you're looking to do market research in a niche segment, Ask Your Target Market (Online Market Research | AYTM Market Research) is a great resource. I've used this service three times recently and it really worked well - you can pretty much hone in on any segment you could possibly be interested in.

    If you want to do something broader, I've also used Amazon Mechanical Turk to recruit panels for surveys. The service's native configuration doesn't allow you to do much more than zero in on the United States, but if you don't need the niche, it's quite a bit less expensive than AYTM.

    In both cases, these services recruit panels only - you still need to write the survey, which shouldn't be discounted. A poorly written survey can undermine the best panel.
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  • Profile picture of the author James1212
    Try google trends go to you tube and type it in. Great place to start.
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    Mike Schlecht

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  • Profile picture of the author ShoppingSignals
    Here's a really good read on finding a product to sell. Should be of some value to you:

    Step by Step Guide on How to Find a Profitable Product to Sell
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  • Profile picture of the author Wizardofwisdom
    Originally Posted by nova320 View Post

    What are some of the ways you do market research? I know a lot of people use Google keyword tools or Market Samurai. But I thought they only focus on keywords for SEO purposes. For people who are looking to create a new product and need to do market research in a niche, what would be the best ways to do this?

    My thoughts are to find competitions and products/services that are out there already. Google, Clickbank, and JVZoo search can give me an insight on that. But how to know if the niche is profitable? There must be a better way than "googling" stuff. What do you guys do when you're in the market research phase?
    Great question!

    Forget the keyword tools. Hit the forums and look for the market by scanning the hot topics and questions people are asking about.

    If there's a lot of people asking then there's a market for the answers! This forum alone is an absolute goldmine if you're in the IM niche.

    If that's not your niche, Google your keyword plus forums. Another great site is Alltop.com where you can find the latest hot blog topics. Magazines.com is another great resource. Search for your topic area, then look at the headlines on the magazines. If the editors think the topic is going to sell more mags, you can probably adapt it too.

    The key is find the hungry market first, then create the product that satisfies their hunger!

    Hope that helps.

    Trevor.
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    • Profile picture of the author experting facebook
      Hi friend
      You can search gioogle on softwares that do this, like "Long Tail Keyword softwares";..
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      • Profile picture of the author The Niche Man
        Another obvious answer is to survey people you know or people you encounter face to face. Relatives, friends, neighbors, who fit the profile of your target customer. Of course you have to be sensitive depending on the product or service.

        The good part about doing in person market research as opposed to online is you get far more personal information, you get fascinating stories, surprising insights and other angles you'd never get online.

        That's why one in-person interview is worth 10 people or more surveyed online. That's also probably why Fortune 500 companies still spend so much for live consumer panels, etc. before they launch a product, service, movie idea or even television show, etc.
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  • Profile picture of the author Marco Moeschter
    Google trends would be a good site for you to find out what is hot right now. You can also use twitter to search for the newest trends. Another way to find good new products for example is to have a look at amazon. They have a section for the newest products as well!
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  • Profile picture of the author nicholasb
    you want to study successful sales letters and and sales videos in your market.

    If you take the time to do this right, you can understand everything you need to know about a market in a day.

    Successful people in each market have paved the way....

    Study other successful sales material in your market and you can know exactly what drives the market, what they want, what they don't want, what their pain points are and their hot buttons.

    In every market there is a language of success, learn to speak it and you'll make all the money you ever want.
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  • Profile picture of the author nova320
    Thank you very much for all of your advice. I think I will search for forum and community related to my sub niche first. Then evaluate the problems most people have. In terms of competition, I'll look into clickbank, jvzoo, amazon kindle, and other publish books...maybe even a youtube channel?

    I don't enjoy Facebook very much due to their privacy issues. But perhaps it's unavoidable if I want to have a long term business?
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