Before you create a product or jump into a market, you need to know your buyers very well, because worst case scenario is you can create a product without knowing your market, jump in, and wonder why it doesn't sell. We want to prevent that situation from happening and help you understand how to do proper market research, competition research so you know exactly who your competitors are, and how to do product research so you create the best quality product that your buyer wants to buy that will solve their problems. Let's get started.
How well do you know your market?
The question is: How well do you know your market? Even though there are plenty of resources that you can go online for information in this respect, it's a fact of life that many products are released with little to no prior research at all. If that sounds like you and you really want to jump in without really knowing your market, you need to stop right now. I'm going to help you right now figure out how to research.
What You'll Learn in This Series
Now, before we jump right in and talk about how to find your right market, I'm going to talk about a quick overview here on the content in this specific blog series. This post is the introduction to market research.
Blog post two is going to be what is your product. You want to get a clear idea about what your product or service is about, and what your customer sees in your product and service, why would they buy, and things like that. If you have a better idea of what you're about to sell in terms of your product, then it will be easier to do market research, because that way when you're doing the market research, you have a better idea of, “Oh, okay. This can be applied to my product.” You can see how to improve your product, but not only that, you can see how to better reach your potential buyers. Because if you into market research blindly, it's a little bit harder to do that.
Part three is going to be different types of markets. Now, it's easy to stick with one particular market, for example, specific location, and things like that, but I want to open your eyes so that you are aware of the many different types of markets that are out there, so that you can expand your reach, thereby, expanding your profits.
Then, we move on to post number four and talk about some general market data mining sites. These are quite general, but they give you a good idea of the trends that are going on in the broader market, so that you're aware of how to improve your product or service.
That brings us to post number five, which is starting your research. At this point and on, I will actually show you the step-by-step process of what you need to do to actually begin your market research. I'll actually give you an example of a specific market, and we'll dive on in. From that point on, all the way to post number 10, I will use that same example. In post number six, we're going to talk about finding market trends to figure out what kind of trends are going on in that specific market, you know, what is going on, what trends are going away, and things like that.
That brings us to article number seven, which is researching keywords and checking the stats. Now, keyword research is little bit more detailed than market research. Market research is more broader, then you have little niches inside that market, but keyword research, I'm including this in this series because I wanted to take you from the broader market to the specific niches, the specific keywords, and that way you can get some hard data and get an idea of what's working and what's not.
Next is post number eight, which is what is selling and what isn't. It's a good idea to take a look at your competitors and competing products to see what is selling and what isn't.
Blog post number nine is what people want and what people don't want. It's a good idea to figure out this because this will help you improve your product further and help your product stand out among the competition. Because if you have a good idea of what people don't want, then you can not include that, but if you can figure out what people want and maybe your competitors don't have that specific thing, then that could potentially improve your product if you have whatever they want.
As you can see here, we're pretty much going from the broader market research to competitor research, down deep into product research, because I want you to be able to not only examine and find markets, but also utilize that information to actually apply it and succeed.
Last is post 10, which is finding the chatter. Once we figure out what people don't want and what they want, we want to figure out what people are talking about, what are people talking about in application of the trends, in application to what they don't want, what they want and everything like that.
Finding the chatter through social media, forums, and other things like that is definitely important to understanding more about your customers. At this point, we're going from market research, product research, all the way down to understanding the consumer.
Let's get started…
By the end of this series, my goal is to get you to really understand not just how to find a market, but really understand your consumer and your potential customer really, really well so that you have a product that will convert into sales. With that said, let's jump right in and go to post two, and get a good idea of what your product and service is all about, because I know it's easy to think about it, but have you really thought about it? Let's move on.