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Little Known Ways to do Market Research
Market research is extremely important for any business, both online and offline. As internet marketers, we are given an edge because it is actually pretty easy to learn about a market without having to invest a lot of time and money.
You’ve probably noticed a similar trend, both online and offline; business go where there is a lot of business. Have you ever seen a McDonald’s that doesn’t have another fast food joint within a short distance? I haven’t. They’re all in the same place. You’ve probably noticed that a successful high selling product isn’t the only one in the market.
Proven SellersThis is the purest form of market research. It comes down to the fact that you can’t 100% tell if a market is good or how well you’ll perform in it. But when you can see that someone else is making money at it, you know there is a market. How much money is in this market? How much room is there? These are a little harder to answer. Everyone knows the big markets though (beyond the bare essentials)…
These seem to be the big three and can be illustrated by infomercials. I know there are a lot of little things, but these are the big ones that you know there is money in. They’re competitive as hell, but you know there’s money. You really don’t have to do any market research on these markets because you know they want to buy and they’ll pay. You have to spend your time on competing in the market. But what do you do if it’s a smaller market? Is someone else selling a product? This is really the easiest way of doing it. Are there are people out there selling the product you want to launch? If you’re looking to make an eBook on alternatives to condoms, how would you know? CB Analytics - Check out CB analytics and see if there is an actual product already in that niche. If one was there, you could always check out how much they charge, you could check the gravity changes over a few months to see if it has been improving. There are a lot of things you can do. Unfortunately for us, there is no “alternatives to condoms” eBook.
Does A Market Exist?I can accept the fact that not every single market possibly could be exploited by eBooks at any given time. Yeah, a lot of the bigger ones have been, but there are plenty of other markets out there that have a potential for profits. The problem is that there is no eBooks, yet. I think it’s important to note if there is actually a market out there in the first place. If you’re thinking about an eBook on the “alternatives to condoms”, you need to know if there is a market even out there that has other products in it. Google - Try searching “alternatives to condoms” at Google. Look over at the right side. This is where the ads would be, but you don’t see any. That means no one is spending money to actually market any sort of product, both physical and virtual. Doesn’t look good so far.
KeywordsThis is the last ditch attempt. At this point, I probably wouldn’t touch the “alternatives to condoms” idea. Of course there is no market for it, but I just used it to keep your attention. Keyword research is the last attempt at knowing whether people are looking for this. Google Keyword Tool - This is probably the easiest one for you to search. See what they have for alternatives for condoms. 170 searches a month. So nothing. If there were results, you go through them, see how much searches are occurring and whether you could possible rank for some of these keywords.
It’s All BackwardsWe all have ideas for these great products and this is how you’d verify whether it is good or not, but that is all backwards. You don’t figure out a product, than try to find a market. You do it the other way around. You find a market or a problem people have, than you check to see if the market has been proven to buy a solution. I’ll go into this in a later post. September 11 2008
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Affiliate Marketing Xpert was created for people that want to live the Four Hour Workweek lifestyle.
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