With these Three steps for market research for new business you will find the right customer, locate a monetized product or service, and evaluate the competition. Each of these factors is critical for a successful internet marketing campaign.
1. KNOW YOUR CUSTOMER: Without a demand for your product you will have no sales. When conducting market research for new business I ask “why and when would someone need this?” and "Can they afford to purchase it?". I begin my search in google forums. I read the comments to see if there is a need and a solution. If they can find a solution for free, if the solution is something they can’t afford, or if there is a need but it can wait that tells me there may not be a sale. I also like visit www.43things.com and www.google.com/trends . Both these sites give me information what people are interested in and help me determine the likelihood of an IMMEDIATE need for a product or service.
2. IS THERE A PRODUCT?: Next, I determine if there is a solution to the customer’s need that I can make money from. I want to find a product that already exists and has an affiliate program. I also am looking for a product that DIRECTLY solves the targeted customer’s need. Some popular programs to check out include: Clickbank – digital products Amazon.com – tangible products Commission Junction Pepper jam network I suggest you register to more than one affiliate program. Also double check with more than one program because they sometimes have the same product but with different pay-out rates. You want to find the program with the best pay out rate. Popular doesn't always mean profitable. You can make money in any niche if you have the right product. You may discover a less popular product will make you more money when doing your market research for new business because it has an untapped niche and there is a need that is not being met. That leads me to the next subject…your competition.
3. KNOW THY COMPETITION: Don’t invent the wheel if it already exists. When doing your market research for new business check out your competition. Is there a way you can improve upon their method? Is their website optimized? Are they selling the same products you want to sell or are they different in some way? Knowing your competition will help you design a campaign that sets you apart from the masses. It is a big internet pool so you don’t have to copy. In fact, the best campaigns are those that are genuinely yours. If your market is too crowded with competition you will not make money. Use google's free keyword search tool and type your keyword in quotes. This will tell you exactly how many other websites have that specific keyword. If there are more than 1000 then you have some competition. Another place to check out is www.alexa.com. They have tools to help you gather data on traffic for keywords. The greater the competition the less likely you will ever get on the first page of google, yahoo, msn or other search engine sites. That is the prime real estate you are targeting. You want that. If you have too much competition move on. It won’t be worth your time and it definitely won’t be worth any money.
Try out these tips next time you are doing your market research for new business. With a consistent and methodical approach to market research you will have happy customers and better sales
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