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I perceive the process of marketing research as an activity of watching and watching. I want to see who the players are on the supply side and see who the buyers are and what drives them. Demography is a bit of an esoteric term, but it really means who these people are. You want to learn what drives them.

Find a picture of what their life is like. Are they people with jobs or self-employed? Average age? What do they do in their spare time? A hike? Shoot the pool? Barbecue? I think you really need to understand your market on this personal level so you can know what they need and be able to speak to them in your own language. Different sets of people have different styles of communication. Well-educated people are more likely to rationally analyze, less-educated people are often more visual in the way they think about things. These individual differences will affect how I interact with them.

After all, if you want to sell something to these people, you need to know what they want and how to talk to them.

To know the Internet competition, you will need to at least visit several dozen websites related to your market. Take a look at what they are selling and possibly turn into what is now selling well.

I run Google alerts for any market I care about. Then I see all the new blog posts and news as soon as they are posted. Find the need and fill it with truth today as always. Presenting a product in a more personalized way is sometimes all you have to do.

Understand your market better. How often have you seen someone who worked in the industry for many years starting up their own business and being very successful? This is because they understand the market and who the players are. Although it is best to spend some time in the market, you can also study and learn the market.

Is there anything you are always interested in but have never had the time to learn about depth? It might be a good market for you. If you research it well, you will know if it is a good and profitable market and less likely to spin the wheels. In some other articles and in my blog, I talk about more ways to discover what makes a market tick.

Market research is a process of understanding.

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by Warner Carter

 

 

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