Top 3 Questions You Must Ask in Doing Market Research
One of the most common reasons people fail to build a successful business over the internet is the lack of market research. Many people thought that in internet marketing, it is all about locating a hot product and promote it. If you do this, your online business will never go long. You should always start from a hot market and not a hot product. It is your market that is going to buy what you promote, so you must find out the needs of your market before you choose the right product for your market.
And if you want to carry out market research, below are the top 3 questions you must ask. Market research is not as difficult as you may think, just stick with these 3 simple questions and you will be able to locate a hot market.
1. Is your market profitable? You have to locate a profitable market, if your market is not profitable; people in your market are not willing to spend. And if your market is not willing to spend, you will be having hard times making sales. Therefore, make sure that your market is a profitable market where the people in your market are ready to buy from you. You can find out your market's profitability by looking at the numbers of advertisers in your market. The more advertisers there are, the more profitable your market will be.
2. Is your market highly competitive? If you are a beginner in internet marketing, I suggest that you start from a less competitive market. This is because it is always easier to dominate a less competitive market than a highly competitive one. Think about it, if you are still new and you have to compete with the big boys in the market, do you think you will have advantage over them? That is why it is always a wise choice to go for a less competitive market. Of course there are some exceptions for this, but do you think you are capable of doing this?
3. Is your market niche enough? In fact, niche marketing is the only marketing that works wonder in internet marketing. You have to focus your market very specifically in order to build much targeted prospects. Just like if you are targeting sport market, which sport are you targeting? Is it tennis? And even if it is tennis, you should still further focus your market, like woman's tennis and so on.
By answering these 3 questions above, you will have a better and clearer picture about your market. Market research is the foundation of your online business If you want to build a long-term and successful business, you will have to build strong foundation, that is to seriously carry out your market research.