Search
Recommended Sites
Related Links






   

Article Content

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.

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..



Written by: Dan J. Fry

Informative Articles

Causes of Bad Breath: New Research Reveals True Cause
What Causes Bad Breath: Three Leading Factors Did you know: 1. Medications (including allergy medications) cause bad breath 2. Alcoholic beverages cause bad breath 3. Mouthwash with alcohol causes bad breath 4. Smoking causes bad breath 5. Dry...

eSteward Grievance Research for NALC APWU NPMHU NRLCA Postal Unions
Description: eSteward is currently a 14 CD set, which installs directly onto your computer's hard-drive and requires 10-GB of hard-disk space. eSteward is the only software that gives NALC APWU NPMHU NRLCA postal union stewards instant...

Genetic Research May Seriously Increase Your Lifespan
It has been known for several years that an extra copy of the SIR2 gene can promote longevity in yeast, worms and fruit flies. Many thought the gene could promote longevity. However, some molecular geneticists now suggest that SIR2 actually...

Help Raise 7 million for Cancer Research
The 25th November 2005 marked the second anniversary of the death of Joanne Sutherland. The much loved spouse and mum-of-two young boys, who were just 3 and 5 then, was taken by cancer at age 36. Her death shocked those closest to her and took...

Research Paper Topic Ideas
The first source of research paper topic ideas should always come from your academic faculty. Usually the head of your course will provide a list of research paper topics and you will be required to pick one which you are interested in. Some...

Recommended Products