Market Research Methodology

Making easy money online selling products - Lesson 1

Market Research Methodology

Are you asking what connection is there in market research to making easy money online through the internet? Well, making money is the same, be it offline and online. Thus, as with offline money making methods, anyone wishing to do so has to conduct market research of some form at least. Shall I say now, that the great marketers and the good marketers are only separated by but their abilities to conduct market research. ;)

There is no definite way to research the market you are going to enter into but I am going to list some simple ways that you can do market research online.

1. Firstly, select a niche. (Ok doesn’t everyone know that? =.=) Fine, how do you select one? Let me say this. Do not be afraid of entering a niche that you absolutely have no idea on. Its possible but just harder. ;) So anyway, just pick a few random niches and we’ll see which is a good market to enter.

2. After having the list of niches, think like a consumer. Then write down beside those niches, the first thing you’d think of if you were to be interested in buying a product related to that niche.

3. Next, you’d want to find out which niche has a demand or in other words, which niche has people willing or wanting to buy products from. So how do you do that? You can either conduct consumer market research by getting real people data from survey companies on consumers or you can just research the demand for that niche online through keywords.

Remember the fist thing I told you to write down in step 2? Yes, that shall be the keyword. Now, go to these sites and look up the demand for the keyword :

http://www.inventory.overture.com/d/searchinventory/suggestion/

http://freekeywords.wordtracker.com/

http://www.google.com/trends

https://adwords.google.com/select/KeywordTool

Basically, you’re wanting to find a keyword that has people searching for. Why? Because that’ll show that there is actually a market, a demand for that niche. Don’t be afraid of competition. Competition is good. Why? Because they help to create the awareness among your prospects in a niche. Your prospects are going to do a lot of searching (or probably would have done) and your job is pretty much simple. Provide them a solution!

How to provide them that solution would be explained in another day. But I would really like to emphasise before this post ends, that the internet and our ability to conduct market research is what actually defines the good marketers from the greats. So if you have no confidence in your ability to conduct market research , post up a comment and I'll explain further in another post on simple beginner steps to doing it.

But for now, this is the first lesson in selling products to make easy money online. Enjoy!

Disclaimer : If in any way, this lesson series does not signify that making money online is easy or if its not easy to understand how to make money online, do feedback to me. Thank you. :)