Marketing Research - Easy Steps For Newbies

Marketing research has always been the lifeblood of every business, and online marketing is the wave of the future. The days are disappearing when you market your products using costly newspaper ads, which, by the way, can only advertise to a limited number of prospects. You now have a far reaching audience 24 hours a day using your computer. So what is your first step? Do you just set up shop on your website and expect customers to come running?

It won't work! The field is not bare - there are marketing giants out there, waiting to trample you and leave you for dead.

Basic advertising methods have not changed. As before, you will still need to know what's the best product to sell, who you are marketing to, and how to advertise to them. BUT, before all of these, you need to investigate your market.

Unfortunately not everyone has 20/20 vision when it comes to business foresight, or a foolproof instinct for making good business decisions. Market research will provide you with accurate information that will help you make informed decisions and greatly increase your success.

Why Marketing Research is Important

The benefits from this are numerous. What artist sets out on a concert tour without first knowing it will be worth it, and also ensuring that proper plans have been made? Organizers must plan in advance to ensure that venue bookings, security, sound equipment, lighting, and many other details are in order.

Market research will help determine which part of the population will buy your product or service, depending on variables such as income level, culture, gender, age and location. You can only truly know your audience when you know these facts, and only then will you know how to approach them and sell to them.

Many companies hire an expert research professional, well qualified in conducting and appraising this type of research. The only trouble is, beginners just can't afford these kinds of expenses. The solution is to carry out your own research. So long as you do the job thoroughly, you will come out way ahead.

The local economics of a community is something to keep in mind. Poorer communities - often found living at close proximity to each other, not only aren't interested in the concerns of the affluent, but also cannot afford to buy expensive items. However they would be interested in improving their financial prospects if it were made possible for them.

The market is driven by its occupants and local conditions. That includes buyers and merchants - their wants and needs, plus many other facets including culture, age, gender and fashion. You need to study these to gain insight and understanding behind their workings. You will have to relate to people in a way that's in tune with their thoughts, emotions, background, and economic circumstances.

Your first task is to identify your hot selling products, otherwise what's the point of setting up shop selling products nobody wants to buy? The Internet offers you many free resources that will help you deal with this.

A good place to visit is your local bookstore where you will find hot sellers clearly displayed. In particular, check out the How-to books because they either solve problems or in some way help improve people's lives. The stock boy should be able to tell you which ones are the best sellers because he's the one who knows which books need replacing on the shelves most often. These are your potential hot selling markets. Avoid asking the owner or manager because they will recommend books just to keep the stock moving and to make a sale.

So don't fall headlong into business blindfolded. You absolutely need to know for sure, that your chosen market will indeed take off the way you want it to, and not leave you laying flat on your face. Do your research thoroughly because it's your success that depends on it. Take the trouble to do this and you will be thankful for it for many years.