There are a few pre-requisites that you absolutely must tend to if you want to grow an internet marketing business. One of those is market research – learning what potential customers want from your business, why they want that, and where you’ll find those people who will be your customers.
No matter what product your business provides – whether it be a service, digital in nature, or a manufactured item – you need to know that your product will sell and you need to know that there are crowds of people who want to purchase that product.
You classify your product within a specific niche. There are many niches available for your business to specialize in.
When you start your business your best bet is to concentrate on selling a product that lies within one of the big 3 niches. Those are money & wealth, health & happiness, and love & beauty.
The techniques of market research are much the same for each niche. For this article, I’ll discuss the niche of money & wealth and the research methods for products that relate to that niche.
You can break down any niche into sub-niches that each focus on a topic that relates to the over all focus of the main niche.
The money & wealth niche, for instance, contains the sub- niches of internet marketing and make money from home. The self-improvement sub-niche can also fall into the realm of money & wealth.
Market Research Is Rather Easy Today
With the ability to access the web market research is much easier to perform than it was before the internet came along. Everything you need to find out you can get while sitting in front of a computer and visiting a few websites.
To get you started here are 5 of the most useful sites that offer you information that you can use to build your business on.
On this site, you enter a descriptive word (keyword) or phrase for the niche you’re thinking about planning your business around. Ubersuggest then shows you a list of related keywords and phrases that apply to your niche.
For instance, I entered the phrase “make money online” and received a list of 329 different keywords that I can use to build my business with. I can create content and products around each of the topics that each keyword is about. I can also use the keywords to publish websites of my own to market my product to.
At Ubersuggest the returned list is in alphabetical order.
Enter the word “popular” in the search box at the top of the page and then select the category (to the right of the box) that most fits your niche.
I used the category of Business & Industrial.
Click Search and eBay gives you a list of the best selling products in that category.
Use those product types to get an idea for products that are most likely to bring your business a profit.
This website lists magazines that are physically mailed (via the US Post Office) to subscribers. You can be sure that if a company is going to the expense of printing and mailing a magazine there are enough subscribers to make it a profitable activity.
Your market research here again consists of looking for something that relates to your niche or sub-niche. I entered “best sellers in business” and got a return of 13,333 magazines related to the business niche.
Think you can get some ideas with those results?
Flippa has listings for businesses and domains for sale.
You can find an available business in your niche area to buy with everything already set up and done for you. Even a website or group of websites for that business.
If you go that direction I advise caution. Not all of the offerings are legitimate and some buyers have been burned by less than scrupulous sellers.
The way I do market research on Flippa is to find niche related businesses and study the products that the website’s market. I also study statistics for the site such as financial, traffic quantity and health, and the seller’s notes about the business.
When I find a viable business idea and all my other market research supports that business idea I create my own business around that idea.
On Technorati you’ll find curated articles about market trends and learn which markets are on the rise.
Use the search box to look for trending ways to make money or successful internet marketing opportunities and see what kinds of ideas you get.
These research techniques and the websites where you can perform them will help you get some valuable ideas for focusing your online business building efforts.
Market research is a vital activity that you must include in your plan or you won’t have any successful business growth in your future.