The Importance Of Market Research In Internet Marketing

It’s the ultimate chicken and egg story of the internet marketing world, one where so many people got wrong even before they started their business.

Do you find a market first before creating a product or create a product then find a market for it?

The answer is to find your market first then create a product to serve that market. You never, ever create a product then find a market for it. This would be depending on luck. If you’re lucky, you can find a market for the product. Or you could find yourself with a product that you took a long time and a lot of resources to create but can’t find a market that wants it.

That unfortunately, is a pitfall that many newbie marketers will experience. They have this idea for a product that they think is wonderful and they go about creating it, creating the website and all the bells and whistles to promote it, only to find that there is no market for it, not even a very small niche.

The correct way to go about this is to research your market. Take a look at what they want, what questions they are asking and then create a product to fulfill that need.

Hint: Big corporations spend millions of dollars per year on market research. Next to marketing, it is the biggest allocation in their annual budget. This should tell you something about how important market research is.

So how do you find out what the market wants?

Well, first you have to know what market you want to go into. You can’t just decide that you want to sell products related to a particular market just because it is very lucrative. Experts always advice to go for markets that you have a certain affinity towards. You must have a certain level of interest for a market to be able to build a sustainable business.

Of course, there is no stopping you from going into a very lucrative market where you have no knowledge or interest in. You can, but if you’re going to build a long term business around a topic, it might as well be something that you already know something about or have a keen interest to learn about.

The next thing is to get involved with your market. Lurk around forums and discussion boards and read what other people are posting about the topics related to your current market. Facebook is also a great place to find out what the market wants. In all likelihood, you will find a fan page or group devoted to the topic. Go in and read the posts there.

It is also a good idea to participate in the discussion or ask questions. This will basically lay the foundation for you to be seen as an expert in your chosen field. Then when your product is ready, you will more or less have a ready market to sell to.

Once you have discovered a need on the market, you can start building a product to serve that need.

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