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.

---

Getting the Maximum Marketing Mileage Out of Your Nametag

As a small business owner, you must always explore creative... Read More

The Top 10 Marketing Tools to Grow Your Business in 2004

Looking to grow your business? Make sure you have these... Read More

Give It Away Now - The More You Share, the More You Sell!

Give away your knowledge, and you'll make money. How does... Read More

Good Marketing Pays for Itself

Most companies ask themselves this question: "How much will this... Read More

25 Ways To Get More Business

Special Requirements for Reprint: we ask only that... Read More

The Importance of a Marketing Plan

There aren't many things in life that you would get... Read More

Business Cards and Business Etiquette

One of the very basic conditions of being a successful... Read More

How to Magnetize Your Business

Do you ever wonder how some businesses always seem to... Read More

Recipe for Success

Special event and a special recipe- hand it out on... Read More

Embracing The Future - Marketing Yourself, Your Business And Your

IntroductionMany businesses and organisations have a perception that marketing means... Read More

The 10 Cornerstone Principles of Marketing

There are four parts to a marketing system and they... Read More

Creating Great Charts for Persuasive Trade Show Presentations

A well-designed chart can be one of the most persuasive... Read More

What Does Your Business Address Say?

If you are operating a business from your home and... Read More

Step by Step Guide to an SMS Campaign

SMS is good for:? Short lead times and immediacy ?... Read More

Marketing Strategies: What Choices Do You Have?

Most business people want to see improvements in sales and... Read More

Key Marketing Questions - Planning Your Marketing Campaign

So you started a business. How's it going? Did you... Read More

Clever Headlines Usually Flop! Are You Being Too Clever For Your Own Good?

Copywriters that try to be clever, humorous, abstract, or use... Read More

Marketing in Business and Commerce in the New Consciousness

The point is what you give to another you give... Read More

How to Save Time and Achieve More by Creating High-Leverage Marketing Assets

The single biggest, non-renewable asset you have is your time.... Read More

How Effective Customer Surveys Will Help Innovate Your Business

Have you ever wondered why the phones aren't ringing the... Read More

21 Must-Have Web Site Elements

Your Web site should be the cornerstone of your client... Read More

The Value of a Customer

The Driver of All Marketing EffortsYou need to determine what... Read More

Pamphlets and the Money They?ll Put in Your Pocket

People are making a fortune on pamphlets. If you go... Read More

Where to Find Cheap Brochure Printing

Whether it is for is a real estate listing, a... Read More

Your Company Need More Marketing? Or Just Better Marketing?

Many sales problems can be solved by improved marketing. Selling... Read More

T.E.A.M Profit

As you network and meet other business owners, keep this... Read More

Rules of Thumb for Marketing to Your Past Customers

Keeping in touch can dramatically increase business, when done properly.It's... Read More

How Do You Know Your Clients Cant Pay More?

"My clients can't afford higher rates."When more than 330 business... Read More

CD ROM Business Cards - Offline Marketing For Online Promotion

It's a great concept, - and it has a 'cool... Read More

How to Avoid Giving Away Free Consulting

After spending 30 minutes in a coffee shop with a... Read More

Marketing Ideas Without Action Will Get You Nowhere!

Marketing Ideas Without Action Get You NowhereYou want to grow... Read More

Radio Ads That Get Results

Radio advertising can be a small business's best friend. It's... Read More

Two Methods of Marketing Using Joint Ventures

Whether you're a contractor a local merchant with 150 employees,... Read More