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WHAT is the point of Market Research?

by Byron_Wells
10 replies
I thought I ask your opionons on why do you personally research a market? Why not just create something first? What are you looking for?
#market #point #research
  • Profile picture of the author Brad Gosse
    Depends on the product. If 6 hours of research saves me 18 hours of creation time it's worth it. All things being equal just create the product.
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  • Profile picture of the author Sean Ski
    You're looking for what people want and are buying... I've made enough products on what I thought people wanted and they almost always ended up duds... Find what people are actively buying, talking about, as well as what your competition is selling and how they monetize their websites and things like that... Research is a big part of success, if you're just 'winging it' you're pretty much going in blind depending on luck.
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  • Profile picture of the author Brad Gile
    You're looking to see if there's any potential for profit. You don't want to jump into a market just to find out after weeks of hard work creating a product the market doesn't want.

    You're basically going in blind if you don't. For example, if you're looking to sell in a certain niche, and you don't find any adword ads running in that niche or for that keyword. It might be a sign that it's not that profitable.

    That's why it's smart to do your research before you lose a lot of money and time.
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  • Profile picture of the author KenJ
    You are kidding here surely!

    You are looking to see if there is a bunch of people ready to pay you if you have the answer to their problem.

    If you are solving a problem that no one cares about they will not click the "Buy Now " button.

    I have simplified this post in case you honestly have no regard for market research. You could waste a year of your time and $1,000's if you do not do market research
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    • Profile picture of the author Byron_Wells
      Originally Posted by kenj View Post

      You are kidding here surely!

      You are looking to see if there is a bunch of people ready to pay you if you have the answer to their problem.

      If you are solving a problem that no one cares about they will not click the "Buy Now " button.

      I have simplified this post in case you honestly have no regard for market research. You could waste a year of your time and $1,000's if you do not do market research
      Kenji

      Alright thanks for your post.. I started this post to get a recation out of all the warriors Especially so that other newbies can see why it is highly important that they need to do their research first
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      • Profile picture of the author JeffMitchell
        Market research will also allow you to improve your product. If you go to place like amazon and read review on products specific to your niche, that information could go a LOOONG way helping your define the content that you need in your product.

        Research will give you a guidelines to the who, what, why, when the people are buying. Market research can make every task that you do, ppc, keyword research.....10x more productive.

        Jeff Mitchell
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  • Profile picture of the author Byron_Wells
    Good answers/suggestions so far.. Keep them coming...
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  • Profile picture of the author Dano77
    Demand - Ensure people want it.
    Supply - Ensure there isn't too many sources to get it.
    Angles - Find an unfilled need or an angle of an existing product unfulfilled...

    5,000+ people per day up till 3am looking for the solution and not finding it... Priceless.

    Dan
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    • Profile picture of the author Byron_Wells
      Originally Posted by Dano77 View Post

      Demand - Ensure people want it.
      Supply - Ensure there isn't too many sources to get it.
      Angles - Find an unfilled need or an angle of an existing product unfulfilled...

      5,000+ people per day up till 3am looking for the solution and not finding it... Priceless.

      Dan
      Dan

      5,000+ people per day up till 3am looking for the solution and not finding it... Priceless.

      5,000+ is a very high number... Especially in todays internet universe... Isnt that number a bit exterme? What I mean is it is very rare to find something that not one person is covering... Im not talking about the product/service that you want to advertise/create.. Im talking about the niche first..
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  • Profile picture of the author dndoseller
    Well I just listened to a great course by Mark Joyner called The Great Formula and the first step is to find a thirsty market.

    I'll answer the questions with a question to bring home the point - why would you create a product for a group of buyers that may not even exist?
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