Analytics

Posts Tagged ‘market research’

These days, performing market research to locate profitable niches has turned into a crucial activity to avoid jumping into areas with too many competitions. Clearly, tapping into markets that have not been entered by too many people is a necessity in the present day.

To reveal a niche that worths to promote, you need to perform a thorough research. This can be accomplished whether manually or with the help of tools that are specifically designed for this purpose.

To start with, you can open a notepad or a word processor to make a list of products or services that you assume will be profitable. Visit a few popular websites like Amazon to find out what sells. You can get some ideas by observing some information such as the bestsellers and the number of reviews.

If you want to sell downloadable products, you can conduct niche market research by visiting websites like ClickBank or RegNow. ClickBank, for instance, provides a system that will help anyone examine their products easily. To locate what products have been selling well, you can rank the products by popularity.

To reveal what physical products that worth to promote, you can  visit auction sites like eBay. Some information such as the number of bidders, the popular categories and the popular searches can be very valuable to locate a money-making niche.

Becoming a member of affiliate networks like ShareASale will also give you some benefits. In the members area, you can, for instance, sort the product list by  some variables such as the amount of commissions that have been paid so far. By observing the results produced you will be able to predict the future results of promoting certain products. 

The next task that you may want to do is to visit Google or Yahoo! Answers. Type a phrase into the search area. This way, you can find out what questions are being asked and the number of questions related to a particular product.

After conducting market research, then you need to find the proper keywords for the product and to find out the number of competitors. A keyword research service like NicheBot can be utilized for this purpose. By conducting both market research and keyword research properly, in the end you will be able to locate profitable niches to market.

Market research is an essential element of any organization that wants to offer products or services that are focused and well targeted. Business decisions based on good market research can help minimise any risk and should pay dividends in the longer term. By making market research part and parcel of the business process and conducting market research throughout the life cycle of a product or service market research will bring the following benefits:-

• Market research will help you better communicate - Your current customers experiences are a valuable information source, not only will they allow you to gauge how well you currently meet their expectations they can also tell you where you are getting things right and more importantly where you are getting things wrong. By asking you take the guesswork out of customer services and demonstrate to the customer that you care.
• Market research helps you identify opportunities – If you are planning to operate a new service and want to know the preconceived attitudes people have then market research can help, not only in evaluating the potential for a new idea, but also by identify the areas where a marketing message needs to be honed.
• Market research will minimise risk - Market research can help shape a new product or service, identifying what is needed and ensure that the development of a product is highly focused towards demand.
• Market research creates benchmarks and helps you measure your progress - Unless you measure you will not be able to properly gauge how well your business is performing. Early research can identify where improvements need to be made to a new service or where there are flaws in a product, by conducting regular market research it will identify if improvements are being made and, if positive, will in turn help motivate a development team.

Market research brings considerable benefits and it is perhaps surprising how few businesses invest sufficient resources to gather good intelligence that will help them improve business. Many may think that market research takes too much time and effort but that is just not the case anymore as through the power of the Internet online survey software is readily available and vital market research data can now be gathered in a quick, simple and cost effective manner.

If you conduct effective market research what are the things you can learn?

Know your customers – Market research will help you better understand your customers in a number of ways including demographic information such as their age, gender and geographic spread. The better you know your customer the easier it is to target your marketing and fine tune your product or service.

Know your target market - Who exactly are your existing customers and where do they live? Does your service or product appeal to specific age groups? Who are your potential customers and where do they live?

Know your competition – Market Research will help you measure your service compared to others. What are the strengths and weaknesses of your business and are you improving in the areas that customers demand?

Products and services - Do you have the products or services that people want? Are your products and services value for money? How do your services and products compare to that of your competitors? Can you, do you, should you deliver directly to your customer?

Ease of doing business – Do your customers find it easy to deal with you and when they visit your store and/or website do they find what they want? Is there sufficient advice and assistance on hand? Do you make it easy for your customers to buy? Are all your employees properly trained, helpful, knowledgeable and available?

Marketing – Is your marketing reaching the right people and is the marketing message clear and effective. Which are the most effective marketing channels?

Is your marketing message understood? Does all your marketing correctly reflect your brand? Are the right channels being used to advertise? Are you reaching your target audience?

With the power of the Internet it is now very easy to conduct market research using one of the many online survey software sites that make conducting surveys and collating good market research intelligence quick, easy and extremely cost effective.

Designing surveys is easy; isn’t it? The truth is that writing surveys is easy but writing effective surveys is more difficult. The following tips will help you write more effective surveys.

1. What is the survey’s purpose?

There are many reasons for conducting surveys and questionnaires. By correctly phrasing the questions and structuring the answers surveys can be used in a multitude of ways and for a variety of reasons. When designing a survey don’t lose sight of its purpose.

2. Give the survey a good title

The survey title is key and an opportunity to instantly summarise a survey’s objective and grab the attention of invited respondents. Respondents are going to invest time in completing the survey so make them feel that their investment is worthwhile.

3. The length of the survey needs to be as short as possible

Every question that is asked should be asked for a reason. Focus on ‘need to know’ questions and minimise ‘nice to know’ information.

4. Use plain English, avoid terminology and acronyms, be consistent and don’t ask questions that may result in ambiguous answers

Take care when wording a question. Ambiguous questions run the risk that any analysis of the resulting survey data will be worthless or at the very least suspect.

5. Avoid long questions

Where practical use concise sentences. Long questions tend to cause respondents discomfort and can lead to respondents abandoning a survey.

6. Ask one question at a time

Avoid confusing the respondent with a question like ‘Do you like athletics and golf?’

7. Do not influence the answer

Avoid loading the question. ‘Should irresponsible shop keepers who sell alcohol to minors be prosecuted?’ is likely to have no value.

8. Make sure that the selected answer format allows the respondent to answer the question being asked

Allow the respondent to answer how they really feel or they may be inclined to abandon the survey. As a last resort consider the benefit of including a “Don’t know”, “No comment” or similar response option.

9. While you are compiling the survey consider, when the survey is complete, how the compiled data is going be analysed

When asking questions that allow for a free text open ended response appreciate that such information is likely to be difficult to score and/or summarised. Consider grouping answers. For example “Indicate your length of service?” - ‘less than 1 year’, ‘between 1 and 6 years’ and ‘more than 6′.

10. Try and ensure that the questionnaire flows

Group the questions into clear categories as this makes the task of completing the survey easier for the participants.

11. Target your respondents carefully

Sometimes you will want to target a specific group, in others a cross section. If you can’t easily control the respondents consider including questions/answers that will allow you to filter out respondents that don’t match your target profile.

12. Allow the respondent to expand or make comments

Allowing respondents to make additional comments will increase their satisfaction level and the comments will also give valuable feedback on the specific questions and/or the survey as a whole. Remember that for large sample collections that free text open ended responses may be difficult to analyze.

13. If the survey you are conducting is to be confidential ensure that you honour your pledge

If you have made guarantees to the respondents that the survey is confidential you need to ensure that the individual data is not shared with anyone or used for any other purpose. Confidentiality must be maintained at all times and any identifying information destroyed once the survey has finished.

14. Weigh up the advantages of allowing respondents to be anonymous or identifiable

If your respondents are to be anonymous then appreciate that you will be unable to follow up or match “pre” or “post” surveys. Allowing people to remain anonymous will however allow people to respond without possible peer pressure.

15. Carefully consider the best response format

Being consistent with the format used for responses is good practice. When creating your survey keep in mind that when analyzing the data single selection radio buttons are easier to analyze than multiple selection check boxes. If a radio response format can be used do not use a check box format.

16. Give the respondent an estimate as to how much time the survey will take to complete

Respondent drop out can become a problem if the survey appears to be a stream of never ending questions. It is good practice to indicate how long the survey is likely to take so that the participants can choose the best time to complete the survey.

17. Advise the respondents of the survey end date

Encourage respondents to complete the survey as soon as possible but advise respondents as to the survey’s end date so that they have the opportunity to schedule the necessary time.

18. Trial the survey

Before publishing a live survey publish the survey as a trial to check for questions that are ambiguous or confusing and to ensure that the survey is aesthetically pleasing.

19. Before publishing the survey proof read the survey carefully

Check and check again that the survey is grammatically correct and makes sense. If practical get a colleague to check the survey before you publish, if no one else is available then take a break before checking again.

20. Remember to thank the respondent

To complete surveys respondents need to invest their time and should be thanked either in a covering letter, at the end of completing the survey or in a follow up letter. You may even want to consider an incentive such as a reward of some sort.

For more information please visit Survey Galaxy