Are You Ready To Research Your Market?

Picture this. You develop some product or service, spend countless hours making sure everything is just right, set up a beautiful web site, make sure the ecommerce end is secure, and then release what you know will be of utmost benefit to others.

Do you really know this? How do you know it? Gut feeling? Someone else told you so?

In the world of online ventures, researching the currently defined marketplace can be even more important than in the offline world. Why? Things change so incredibly fast. Web sites and services start and end with the blink of an eye. In part this is because of the nature of the internet, and most are able to survive these types of massive fluctuations. But the ones who succeed and stay near the top, releasing of product after product are the ones who initially conduct market research and do so on a regular basis.

Now, don't let the term intimidate you. Market research is simply about getting to know what others are doing, what others want and who if anyone is supplying it. Yes, in a way this is supply and demand revisited. But, and this is important, market research is also about predictions and expectations.

By studying and learning about what is going on not only in your current market but in related areas, you will begin to develop a keen sense of what is needed. Even better, you will begin to develop a sense of innovation, possible areas that others have not yet thought about. At this stage your brain will flair with excitement and your online business ventures will begin to take on a "cruise and control" nature.

Be aware that market research takes time. It must be planned out with a clear goal in mind. Why? Market research in general involves sampling a multi-variable parameter space. O.k. Dan, so what does this mean?

It simply means that the question you are trying to answer depends on more than one thing.

For instance, suppose you want to research web usage habits. This is an enormously complex topic. It depends in part on what a person is searching for, time of day, day of week, browser type, computer type, dial-up connection, gender, age, etc..Do you see how this can be very hard to understand.

So what you do is narrow the number of variables. How do you do this? You focus your questions to areas that limit the number of dependent parameters - smaller subsets of the entire picture. Supposing that the question to answer is now "What percentage of surfers are looking for cosmetics on Wednesday between the hours of 6 and 10 pm?", we have now removed the gender, day of the week, and hour of the day variables. The problem is now much easier to solve.

Market research is a truly rich area. It involves people, who by nature are complex entities to study. But, there is no way around it. If you truly want to prosper in this field you must research your market, and you must regularly do so. Otherwise, your efforts will be in large part hit and miss. Take the time to add a research aspect to your business. You won't be sorry.

Dan J. Fry, c. 2003-2004, All rights reserved.

About The Author

Dan J. Fry is an independent researcher and owner of the e-Kinetic E-Zine. He has a PhD in Physics, two daughters and two cats. Subscribe to his e-zine at e-kinetic@GetResponse.com or by visiting his Online Home Based Business Infopreneur Resources site.



John Kerry, Amazing Direct-Marketer!

If you want to uncover a little secret about how... Read More

Small Business Marketing Tip - Focus on a Niche or Target Market

I think selling and marketing today often feels a bit... Read More

Commercial Collections By Telephone

The telephone enables a credit manager to make many contacts... Read More

The Sweet Aroma of Highly Effective Marketing

Highly effective marketing is accomplished when your marketing materials and... Read More

The Real Path To Big Bucks On The Internet!

"Instead Of Wasting Time Trying To Hit The Lottery Of... Read More

Build your Trade Show - Virtually

Virtual trade shows are gaining momentum as a way to... Read More

Networking Basics Turn Yourself Into A Profit Making Giant

I would like to introduce you to one of my... Read More

Massage Therapists Can Now Make More Money

As a massage therapist, your income is usually limited by... Read More

Testimonials - FREE Quality Advertising FOR YOU!

Every business person who has any kind of product or... Read More

The Importance of Business Marketing

Business marketing is one of the most important parts that... Read More

Doing it with Class!

Doctors do it, hair dressers do it, and salespeople can... Read More

Fail Your Way To Small Business Marketing Success!

Are you willing to fail your way to great marketing... Read More

Write Articles WITHOUT Writing!

Face it, writing any article can be a tedious and... Read More

Marketers VS Consumers Predators VS Prey

The distance between marketing consultants and the real world can... Read More

Your Plan For Marketing Success

The most important, yet overlooked aspect of marketing is an... Read More

Beyond Repair: The Fixed-price Model

Don't get me wrong. I certainly don't think the majority... Read More

Psychology of Setting Prices

Pricing is one of the four major components of marketing.... Read More

Your Ideal Client

A lot of small businesses make the mistake of thinking... Read More

Postcard Mania

Will postcards be an advantage for you?The latest craze these... Read More

Assumption Based Marketing Vs. Fact Based Marketing

One of the most common mistakes in marketing is making... Read More

10 Important Steps to Mail Order Success

There are a number of difficulties a beginning entrepreneur may... Read More

Low-Cost Marketing With Postcards

Here's a simple way you can generate lots of sales... Read More

People Do Business with People They Like

People do business... Read More

Tradeshow Booth Cures - Knick-Knack Knockouts

Okay, we were kidding about the smoke, but not about... Read More

Systems - Marketing Your Business Successfully

Business Systems that work for anyone, are a fundamental necessity... Read More

If you'd like to keep up-to-date,
please complete the form below and we'll put you on the mailing list
to receive our twice-yearly newsletter for supporters

* Your email address:
* choes your language: