How to do Market Research!!..

16 replies
Hey,

I keep hearing people say that you should do your market research to find out if you're niche is profitable...

But almost no one tells you how to properly and effectively do Market Research !
#market #research
  • Profile picture of the author Steve B
    Originally Posted by CityCowboy View Post

    But almost no one tells you how to properly and effectively do Market Research !

    There are suggestions and tips all over this forum on the tools Warriors use and the things they do to find which markets are profitable and which products/services are in demand.

    Dig into the past threads and posts on the subject using the search function and you will find them.

    To help you get started, I wrote a post about it here (see Post #3)

    Be aware, there is no one set system or way to "properly and effectively do Market Research" that I am aware of. Search the forum and you will find lots of ideas and suggestions from Warriors about how they do their research (and it all varies from complicated to very simple.)

    Steve
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    • Profile picture of the author CityCowboy
      Originally Posted by Steve B View Post

      There are suggestions and tips all over this forum on the tools Warriors use and the things they do to find which markets are profitable and which products/services are in demand.

      Dig into the past threads and posts on the subject using the search function and you will find them.

      To help you get started, I wrote a post about it here (see Post #3)

      Be aware, there is no one set system or way to "properly and effectively do Market Research" that I am aware of. Search the forum and you will find lots of ideas and suggestions from Warriors about how they do their research (and it all varies from complicated to very simple.)

      Steve
      Thanks Steve,

      I liked that post of yours, it's really helpful...

      I guess that when it comes to online marketing, then Keyword Research is a BIG part of Market research...
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      • Profile picture of the author Steve B
        Originally Posted by CityCowboy View Post

        I guess that when it comes to online marketing, then Keyword Research is a BIG part of Market research...

        Yes, it is, but it's not the only way to do research.

        Anything you can do to see and understand what your market participants are doing and asking for can be helpful to you.

        Forums where people discuss their market needs are a good place to research.

        Chat rooms, message boards, and places where comments are made can help you to see what discussions are happening.

        Blogs in your niche often carry comments, articles, and information about the niche that can help your research effort.

        Web sites like Yahoo Answers and similar can help.

        Google Alerts is another service that can keep you informed about specifics going on in the niche.

        Check places that show trends and popular subjects online.

        In addition, web sites are popping up everywhere that help you with competitive intelligence. Get creative in finding ways to monitor and track the subjects you want.

        Here's the kicker . . . doing any research at all takes some work.

        Lots of people that want to start a business apparently have an aversion to any work.

        Steve
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        Steve Browne, online business strategies, tips, guidance, and resources
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    • Profile picture of the author aizaku
      Originally Posted by Steve B View Post

      To help you get started, I wrote a post about it here (see Post #3)
      just read that reply you have in there.

      great stuff, its funny I just learned about Nextmark myself (amazing resource). its a treasure trove of email lists from a variety of niches.
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  • Profile picture of the author KinneyJ2014
    Primary Research: The goal of primary research is to gather data from analyzing current sales and the effectiveness of current practices. It also takes competitors' plans into account, giving you information about your competition.
    • Interviews (either by telephone or face-to-face)
    • Surveys (online or by mail)
    • Questionnaires (online or by mail)
    • Focus groups gathering a sampling of potential clients or customers and getting their direct feedback
    • Some important questions might include:
    • What factors do you consider when purchasing this product or service?
    • What do you like or dislike about current products or services currently on the market?
    • What areas would you suggest for improvement?
    • What is the appropriate price for a product or service?


    Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments.

    Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioral patterns or fall into a predetermined age group.

    Collecting Data

    No small business can succeed without understanding its customers, its products and services, and the market in general.

    Competition is often fierce, and operating without conducting research may give your competitors an advantage over you.

    Here are three pitfalls to avoid.
    1. Using only secondary research. Relying on the published work of others doesn't give you the full picture.
    2. Using only web resources. When you use common search engines to gather information, you get only data that are available to everyone and it may not be fully accurate.
    3. Surveying only the people you know. Small-business owners sometimes interview only family members and close colleagues when conducting research, but friends and family are often not the best survey subjects

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  • Profile picture of the author writeaway
    You can choose to do things the HARD WAY or...

    You can choose to do things the EASIER WAY!

    What's easier? Reverse Engineering!

    Find sites that target your niche

    Study them. Study where they market online. Study their backlinks.

    You'll have more than enough information regarding your market, its preferences, and its existing channels.

    Let your competitors do your homework for you
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  • Read the OP with the intention of saying do what works and look at what your competitors are doing but writeaway beat me to it.

    Work smarter by leveraging off others hard work and proven methods, this will exponentially improve your results.
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  • Profile picture of the author Brent Stangel
    Have a healthy curiosity and thirst for knowledge and the rest takes care of itself.

    Or you can do it the hard way.
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  • Here are some ideas that might help you:
    #1. Go outside the building.*
    #2. Research, research and again research the trends, the new ideas, the new technologies about your industry or topic.
    #3. Do a social research.*
    #4. Research your competition - every day, every week, every month.
    #5. Discuss with your website visitors - new customers or return customers.*
    #6. Combine the traditional research with online research.*

    Confirm your data through qualitative data. Focus groups, quantitative research, interviews, intercepts, mystery shopping or just observing individuals or groups in specific settings or environments are the perfect forms of traditional research with valuable results. Most of them are time-consuming and cost-intensive, but the output has valuable insights for your business. Online research came with the massive growth of Internet usage in general, and with the social networks. Online surveys, online communities, online focus groups or social networks give you meaningful data about trends, users or competition. Use different online media monitoring apps such as Oscilloskope (The Ultimate Online Media Monitoring App | Oscilloskope) and automate the research.
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    • Profile picture of the author CityCowboy
      Originally Posted by Adina Daniela Jipa View Post

      Here are some ideas that might help you:
      #1. Go outside the building.*
      #2. Research, research and again research the trends, the new ideas, the new technologies about your industry or topic.
      #3. Do a social research.*
      #4. Research your competition - every day, every week, every month.
      #5. Discuss with your website visitors - new customers or return customers.*
      #6. Combine the traditional research with online research.*

      Confirm your data through qualitative data. Focus groups, quantitative research, interviews, intercepts, mystery shopping or just observing individuals or groups in specific settings or environments are the perfect forms of traditional research with valuable results. Most of them are time-consuming and cost-intensive, but the output has valuable insights for your business. Online research came with the massive growth of Internet usage in general, and with the social networks. Online surveys, online communities, online focus groups or social networks give you meaningful data about trends, users or competition. Use different online media monitoring apps such as Oscilloskope (The Ultimate Online Media Monitoring App | Oscilloskope) and automate the research.
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  • Profile picture of the author EPoltrack77
    Are you researching google and youtube? Use the keyword planner to find demand. If there is a demand then you can be profitable! You can even have all the top authority or big name companies but to me that can be a good sign. I would not be looking for that is I was going to be using the organic results and trying to get indexed but the demand.
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  • Profile picture of the author aiva
    You should also be keeping a close eye on competitors, especially on social media to see what content they post to resonate with their audience and how they engage in conversation with them.
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    • Profile picture of the author George Schwab
      i think the whole secret is to learn how to deep-search any topic by using
      5 different search engines. One time you have to sit down and learn their
      special codes to find anything by using a phrase plus a wildcard component,

      i did that, and became so good at it after a while, i could analyze a top marketer's
      top seller site where he sold a live course for 20k and find all his other sites
      where he applied his "secret" - he was a lazy guy that couldnt really hide
      anything from a good researcher. Well, you got a 20k secret for free.

      was it worth 20k? Heck no.
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  • Profile picture of the author JohnMcCabe
    Keep things simple.

    You need answers to a few basic questions, especially when considering starting something new.

    > Are people interested in the topic/product?
    > Are enough people interested?

    > Are they willing to spend money on the topic/product?
    > How much, and what kind of things do they buy?

    > Where do they hang out?
    > Can you effectively reach them with your message?

    Jim Edwards uses an example of creating a typing tutor product. All of his market research, especially keyword research, told him that such a product should sell. So he and his father developed and launched the product. It flopped big time.

    Seems they missed on thing - while people wanted to type faster and more accurately, they didn't want to spend money to do it. Not only were there an abundance of free resources, most computers sold at the time had a typing course or app bundled with the computer.
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  • Profile picture of the author hunahackback
    Study your competitors will be the easy way
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  • Profile picture of the author vovanfree
    in my opinion, it's not practical to move into a very competitive niche, such as gambling. You have to do it for years to get any meaningful search traffic, and it's still not guaranteed, nobody knows for sure what you can achieve. It's best to look for new, available and profitable niche markets. You can use semrash.com or serpstat.com, they help to review the search queries, understand search results and level of competitiviness and relevance of the information... here is an interesting material on how to choose a domain - http://www.warriorforum.com/search-e...s-traffic.html
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