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How
To Do Market Research Online
Market Research is a process of finding what people are buying and is
the first building block of your online business blueprints. It's the
most important process as it determines the market potential of your
business. Your business survival will depend on how you do your market
research.
And please note that market research is not the same as keyword
research. Market research simply means assessing an idea or ideas you
have in term of its potential needs. You don’t want to create
a product that nobody needs or wants to buy!
In this article, I will walk you through a series of steps I normally
take when I’m doing a market research online. All the online
tools I use will not cost you a dime.
So, let’s get started…
Step 1:
The first place I go to is “Google
Zeitgeist”. This is a great place to find some
ideas, check the hot trends and what people are searching online.
Use Google Zeitgeist only to help you generate some broad ideas and get
your creative juice flowing. Jot down any idea that comes across your
minds for further research later on. This isn’t the place for
detailed examination, I will show you other specialized tools to do
more research later.
Other similar sites that you can use to generate ideas are the LYCOS 50 and Yahoo! Buzz.
Step 2:
Next, I will visit the eBay Pulse [pulse.ebay.com]. This is a great
place to go one level deeper from the topics or ideas you find in the
previous sites and look at the sub-niches. For example, if you select
the “Baby” category in eBay Pulse, you will see
more sub-topics such as baby gear, baby safety, feeding, nursery
bedding, nursery décor, strollers, etc..
Step 3:
Now, visit Amazon.com.
Same as the eBay Pulse, Amazon is a great place to look for sub-niches
and find out if they are people buying the products. If you see there
are many products sold in Amazon for a particular sub-niche, you can be
sure that there are people buying.
To double check if there are potential buyers, you can go to Google and
enter the terms (eg. baby safety) in the search box to see if there are
advertisers online. If there are people paying for advertisements, then
it means there are buyers.
If you go through the above steps, you should be able to find few
profitable niche markets to target. Once you have selected your niche,
the next step is to do some traffic analysis and analyze the
competitions. This is the subject of Keyword Research.
Final note on
Market Research: when you’re doing a market
research, always keep an open mind. Remember that the ultimate purpose
of going through the process of market research is to identify a
profitable market (eg. a market where there are already buyers or
people spending money on it). You should think like a businessman when
doing your research, don’t just select those topics that
you’re familiar with. The key is to select a target market
where people are willing to spend some money on it.
NOTE:
You can download an excellent report “How To Find Hot Markets”
for FREE!
This report will explain in more details about finding hot and
profitable markets online.
Click the image below to download
your FREE report:
P.S. Related Articles:
1. The #1 Online Marketing Skill For Internet Marketers.
2. Great Niche Finding And Brainstorming Tool.
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