Internet Marketing Tools and Web Development

There are lots of steps to starting a website business or any business for that matter, but there is one which can quickly tell you if you should move forward with all the other steps or not… Market Research.

Let me start by telling you what market research isn’t…

Market research is not your gut feeling, that lots of people will really like your product.   You may have the best widget in the world, but making sure that somebody (wait, not somebody, LOTS of somebodies) have a problem which your widget solves, is the crucial first step in deciding whether to use your very valuable time, effort and money on the venture.

What is market research?…

Market research is a four step process of finding if your customers exist, how many exist, and testing the demand for your product.

1. Find Niche Markets

Sure you want a huge market, the bigger the better right?  Well yes, but once you find your big market narrow it down into smaller markets that you can use more targeted methods for testing.  (Use the library (ask for the SRDS), the Chamber of Commerce, and the Census as starting points)

2. Assess Your Market

If the market is there, do they have money to purchase your product, and do they have a reason to purchase your product?   (Again the demographic information you’re obtaining should give you some clues to this)

3. Decide to Move Forward or Not

You may have just saved yourself thousands of dollars by finding that the market doesn’t exist.  Sure it may be disappointing, but it would have been far more disappointing to find out after investing your time and money into it.

But lets not be pessimistic, I’m sure you found a great market (or will soon) and you’re ready to move forward.

4.  Pick a Niche and Test

Start on the cheap, look for possible home runs, and then go crazy if you find one.  Hitting a home run first time at the plate is very rare, but that doesn’t mean you don’t come out of the dug out again.  Keep looking, keep testing, and you will find the business of your dreams.

Interested in going further?

If you want market research help, or you’re ready to start testing, we can help…

Either contact us : http://www.razorit.com/contact/

OR head on over to the planning phase : http://www.razorit.com/blog/how-to-start-a-website-business/

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