Do you know why most people fail to make money online? This is because they do not have enough knowledge about their market and do not know much about their market and that is why they are failing. Market research is a very important process that you must carry out before you dive into your market.
If you neglect this important step, your business will never fail. Going straight to the market without knowing much about the market is the same as diving into a pool without knowing how deep it is. If this happens to you, it’s suicide. Let me give you another example, let’s say you want to sell ice cream to a stranger, they’ll buy ice cream from a vendor and sell it directly to that stranger, or they’ll ask a stranger what the ice cream tastes like. does she prefer first before you buy from a supplier?
You know the answer very well. If you know what your customers want and provide what they are looking for, your business will grow and you will generate big sales. This is common sense. Don’t pretend and don’t do everything your market wants and needs, you’ll never know until you’ve researched the market.
So what are the factors to consider when doing market research? There are basically 5 factors you need to consider. They are:
1. Market Profitability. You need to find out if people in your market are willing to spend the money. Failure to do so is not a profitable market.
2. Niche Market. Determine if the market you are traveling to is a niche market. If it doesn’t, break it down into a smaller market to make it easier to win.
3. Do you have the knowledge and skills? You have to choose the market you are familiar with. If you do not know much about the market, you will need to spend more time learning about it.
4. Market competition. It is best to go to a market that has less competition. I bet you don’t want to go to a market that is highly competitive and you have to compete with the big boys, right?
5. Affinity in the market. Choose a market for which you have at least some passion. Do not go to the market you hate, you will never improve in that way.
These are 5 factors you should consider during your market research. Remember, market research is the foundation of your online business; you have to do it seriously.
by Shawn Lim