Doing proper online market research is more important now than ever. Good market research involves understanding every facet of your niche and the opportunities around you, from your products, to pricing, to target audience and your approach to connecting with them.
And although market research can be time consuming it doesn’t have to be something hard to do. There are numerous tools available to help you better understand and analyze your potential market.
An important part of the market research process is being able to create different “personas” that fit your target audience and their needs. That means checking out forums to find out, what kinds of questions people are asking, seeing what kinds of products are already on the market, what needs are not being fulfilled and what the predominant demographics group is.
One of the best ways to get the big picture of your market is by using some of the market research tools that are available online.
www.amazon.com – Here you can see what books are being sold on your niche, what these books are about and what customers are saying about them.
www.quantcast.com – Here you can determine the demographics of your niche. Just type into Google the main keyword of your niche and then take the #1 site that comes up on the search results and use it in quantcast to determine the demographics of your niche.
www.big-boards.com – In here you can find a forum on your niche and see what’s being said, what people are talking about, what is their biggest problem, their deepest concern, what needs are not being met, etc.
www.youtube.com – This is a great place to do market research, just type in the search box something about your niche and you’ll be amazed at the videos that your target audience is posting.
And last but not least www.google.com – Find the authority sites in your niche and go through them, see what products they are offering / promoting. Find niche blogs and see what is being posted in them and what people are saying in the comments.
Don’t Just Stay Within Your Circle
Doing proper market research may mean having to branch out and sample related demographics to determine the right segment of your niche.
That means going beyond your inner circle of who you “think” might benefit from your products. Going beyond who you know, helps you better determine the right “fit” for your product, and makes your marketing effective.
After doing your primary research on surveying what people are looking for and asking questions about how products could be improved, it’s time to move onto secondary research
Doing Secondary Research
Many people forget this step altogether, feeling satisfied that once they have a good amount of information to go on, they can simply develop a product and announce it to the masses and watch the money start rolling in.
But that isn’t always what happens, and much of it can be attributed to a lack of secondary research. Secondary research is research that’s already been done in your niche. It could be in the form of white papers, handbooks, existing surveys or other market research, and may be available online for free or low cost.
This kind of market research can be combined with your own findings to help you better understand you target audience and see things from other perspective.
Remember, market research doesn’t have to be difficult. There are many tools and websites that can help you with the bulk of the work. And, having done the proper research, you’ll be much better suited to create a product that virtually sells itself.
Please share your opinion about this by leaving a comment below…