How To Research Your Target Market

admin — Tue, 13 Oct 2009 09:00:09 +0000

To conduct market research, I usually start by utilizing Googles Keyword Tool. This resource allows you to enter a broad keyword term into their keyword suggestion search box to generate a list of more specific keyword phrases related to the broad term you searched with.

The reason this resource can help you determine the demand in your chosen market is because the tool also reveals how many people searched for each keyword phrase in the previous month.

You can also use Googles keyword tool to see how much competition there is in your market. In fact, Google makes it very easy for you by showing graphical representations of how many competitors are bidding on the same keywords within Adwords, which is Googles pay per click advertising program.

Another free resource I use to research my market is using Ebays advanced search option to conduct a completed item search using keywords I intend to use to attract my prospective target market.

Even if you wont be selling on Ebay, their user base is so extensive that you can borrow the results of ebays sample population to determine the overall profitability of your target market.

I typically conduct a completed item search to see how much money is being spent in my market. With the following method, you can see how many products were purchased (or not purchased) from ebay listings that contained your target market keywords.

To perform a completed item search, simply select ebays advanced search option, and check the show completed listings only box. This will set it up so the search engine only displays auctions that have ended, which will allow you to see whether or not a listing ended with a buyer.

If you find lots of auctions that ended with bidders or buyers, its safe to say people are spending money in your market. On the other hand, if you see that most auctions ended without a buyer, there may not be a lot of money to be in that particular marketat least not for product sales

If that is the case, it doesnt mean you cant make money in that niche, it just means you will need an alternative means of generating income; and I will tell you what that is in a later chapter of this manual.

If you find that there are a lot of buyers but there are also a lot of auctions that ended without bidders and buyers, it could mean people are spending money in your chosen market, but there is also a lot of competition.

Keep in mind that a lot of competition doesnt necessarily mean that its too much competition. This is especially true when you consider that most of your competitors do not know how to effectively market online.

95% of all websites will fail because the owners do not know the 6 critical marketing functions. Therefore, you will be able to out perform your competitors 95% of the time with the skills you will learn in this manual.

The final research method I want to talk about is Googles search engine. You can perform a regular Google search to see how many existing websites are out there on the Internet.

Performing a Google search will allow you to spy on your competition to get a more specific idea of how much competition there is, what products they are selling, and how they are selling them.

There are more advanced tools available on the market that you will want to become familiar with once you begin to feel comfortable with the overall marketing process, but at this stage of the game it is not necessary.

Make Money Not Excuses! » target market

How To Research Your Target Market