Tuesday, 25 November 2014

To start New Online Business, Market Research is Important Why ?

Market research is probably the most important step in setting up your home business.

However, The motivation needed to start a business will only happen if we love what we are doing or really want to achieve something!
However there are a few individuals out there who hit the jackpot without this step but that was a long time ago when it was much easier to succeed. But let's not forget that without hard work nobody succeeds online. The competition was very low or probably none so it was just a piece of cake starting a profitable internet marketing business.
Back then when somebody started a blog only a few had in mind from the beginning the goal to make money with that blog. They blogged with passion.
Nowadays everybody who reads somewhere on the internet that you can make money online is struggling to set up a blog fast and make easy money.
They just copy articles from other blogs, PLRs, sign up at some
affiliate programs and just waiting for the money to roll in. But that is not the way to success.
Yes, you can make money online but, and that's a big but, you have to work hard and follow some essential steps. So, let's get back to market research. Without knowledge of the market, to start up a business it's like crossing a highway with your eyes closed. It may be dangerous.
But what to call market research in case of setting up an online business?
The primary goal is to tell if the idea(niche) is viable, can you build a business on it, is there sufficient market, demand for that niche, and very important, are there products that you can sell afterwards or you have to build your own products?
·         Who is your target audience?
·         Increases or decreases the demand in that market?
·         How can we reach our target audience and what are the costs? (If you start with a small budget: can you reach you target audience with free tools and still have some revenues)
·         How big is the competition in that market?
·         What are the habits of the target user? What kind of online tools should you use to communicate with them? (Blog? Community Forums? Online course? Audio lessons? Video tutorials? E-mail newsletter? - Maybe a blog is not always the best option)
·         Statistics, Statements, Forums.
·         Check out forums and look at what topics are most discussed, what problems persists the most.
·         Google tools: Keyword Tool, Google Trends
·         Analysis of customer behaviour ie. what most people buy online

All the acquired data can give support, confirm that we are moving in the right direction, but even then it's just like going for a long trip only with a compass and without a map: we are moving in the right direction, but we're definitely not sure when will we get there.
And since not everyone chooses rationally, a lot of people have crazy business ideas who just fall in love with their ideas and don't care about numbers and statistics.

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