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.
Latest News
Arke Systems Sponsors Atlanta Integrated Marketing Summit MarketWatch - The half-day summit drew a crowd of over 500 professionals in the marketing, advertising, publicity, promotion, public relations and allied creative ... |
Bonnie Becker Joins InnoCentive as Vice President of Marketing MarketWatch - She was responsible for overall profit delivery, strategic positioning, long term vision, and marketing execution for these product lines. ... |
The First Book About Marketing Resource Management MarketWatch - Authors Romek Jansen and Frans Riemersma (MRMLOGIQ) explain in clear wording and through many illustrations how marketing departments can operate more ... |
Ifbyphone Names Industry Veteran Todd Curry Vice President of ... MarketWatch - Curry was previously the co-founder and president of e-marketing consultancy Ascenda Partners, LLC. Ifbyphone founder and CEO Irv Shapiro said: "Since Todd ... |
 International Business Times | Convio Names Sara Spivey Chief Marketing Officer MarketWatch - "Sara is a proven leader with a track record of success in brand development, creative product marketing and strategic business development," said Gene ... Convio creates new strategic position and promotes Fred Waugh Fred Waugh Assumes Role as Vice President, Alliances at Convio |
Sagefrog Survey Shows More Companies Are Outsourcing Their ... International Business Times, NY - The regional survey, compiled by Sagefrog Marketing Group, showscompanies in Philadelphia and NewJersey are spending 10% or more of their budget on ... |
Bales Worldwide Boosts Sales by Five Percent using Neolane Cross ... MarketWatch - Enterprise marketing software provider Neolane today revealed that its customer Bales Worldwide, a tour operator, has increased sales by some five percent ... Cross-Channel Marketing Arrives: Aberdeen Group Defines the Next ... |
mDialog Welcomes Paul Vogelzang as Chief Marketing Officer MarketWatch - Paul Vogelzang, a web 2.0 marketer and digital influencer, has joined mDialog as chief marketing officer. -- mDialog is a company committed to delivering ... |
Head of PlayStation Marketing to Share How Sony Changed the Game ... MarketWatch - Dille is a 20-year marketing veteran with over 15 years in the gaming industry, including playing a pivotal role in the launch of the original PlayStation ... |
Veteran Retail Executive Joins Whole Bakers as President, Sales ... MarketWatch - McAuliff is a well known and successful retail, sports and entertainment marketing executive. For the past 20 years, McAuliff has generated millions in ... |
Resources
-
Sorry Currently Unavailable