3 Steps Marketing Research Process
Posted by admin in Marketing and PRApr 6th, 2010 | one responseOne of the biggest obstacles people face when they decide to build a business on the Internet is choosing a product or service to offer. This, typically, is a result of our natural tendency to make things more complicated than they need to be. We imagine a detailed, complex process that involves hours of research and maybe even some expensive software. But, in reality, identifying a hungry market can be broken down into a straight-forward, 3 step process.
The first step is to quickly get clear on the product or service you want to offer. This is the starting place, whether you are just getting your business started or you are just looking for that next product. In a broad sense, there are 2 ways to go here, depending on your motivation. Are you searching for hot niches…trends… from which you can make money fast? Or, are you looking for that Niche that really speaks to you…about which you can get really passionate. You’d choose this later approach when you were looking to be involved with that particular Market for the long-term.
Next, you’d go about identifying the terms that people use when they search for a product or service in that Niche. This is a critical step. It’s important to get outside of yourself, and instead, think like the person who would be searching for your product or service. What keyword phrases would they use to find you, when they go to the search engines like Google, Yahoo, and Bing?
Finally, you need to locate an appropriate product to sell to this Market. Typically, when you first determine your Niche, you don’t yet have the expertise to develop a product of your own. Therefore, it makes sense to “borrow” one, so to speak, and sell a product of a competitor in your marketplace. This is actually an easy process, whereby you can earn an Affiliate commission, while someone else handles all the ordering and delivery of the product.
As you can see, choosing a niche and getting products to that Market does not have to be a complicated process, especially if you break it down into its components.
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[...] complicated than they need to be. We imagine a detailed, complex process that involves hours of Research and maybe even some expensive software. But, in reality, identifying a hungry market can be broken [...]