Ways to Conduct Online Market Research
by: saturnino
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By studying information from resources that track trends, or that publish “Top” or “Most Popular” lists. Some examples are: “Top 100 Web Sites,” “Bestseller Lists,” “Most Popular Downloads,” etc. Even when such lists aren’t directly related to your field of business, you can still learn much about what people want, and may be able to adapt such knowledge to your own business. By studying what’s working for other top businesses in
your field.By taking note of examples of failure, in order to avoid making the mistakes that contributed to such downfalls yourself. You usually don’t have to look far to find such examples.By running small, inexpensive popularity comparison tests.For example, suppose you wanted to find out which of several topics for information products have the best sales potential.With a minimal investment of time and money, you could write several small reports, each covering a different subject.
To determine which are most popular, you could give them away for free online, or run comparative sales tests. (Since you can deliver reports electronically, there is no shipping cost involved.)Giving all reports equal exposure, let people choose which reports they’d like purchase (or obtain for free, letting them select one, or just a few from among several). By keeping good records and tallying the number of times each report was purchased or requested, you can easily determine which are the most popular.You would then know which of those several topics would be most likely to succeed if you invested the time and effort to expand them into more substantial products, and you didn’t have to invest much time or money to find out.This idea could be adapted and used in a variety of different ways. The point is, research and test inexpensively before investing much time and money in anything that you are not yet certain how well it will sell.By paying close attention to feedback, questions and comments from your prospects and customers.What problems do they want solved? What concerns or worries do they have? They will tell you such things, if you only listen. If you can come up with a product or service that offers realistic solutions to the problems and concerns of your prospects and existing customers, you just may have a winner.
You can encourage feedback by conducting surveys by email, through feedback forms on your web site, and by simply making your email address available, so people can easily contact you.Be sure to file away prospect and customer feedback, questions and comments, for easy future reference.There are many different possible directions you can take in your business. But if they are not ‘hot’ with your prospects or customers, in that they don’t help them achieve gain (reach a goal) or relieve pain (solve a problem), they probably aren’t worth your time and effort. Market research can reveal such useful information to you.
Successful product or service selection is primarily based on matching proven market wants or needs to products and services that help satisfy them. However, there’s another important two-pronged strategy that can greatly improve your chances of succeeding online: Diversifying your line of products and services around a common theme.
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