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Market Research. The Key To Success In Business. | |||
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Today you will learn the most important lesson about businesses in general. Too many people are searching for "Hot Products" and risk their success by doing so. People online and off aren't looking for "products", they are looking for solutions to their problems and products are sold because clients think that those products are the best solution at that given moment. That's why you shouldn't focus on products. Products can be made obsolete if some new solution is developed. You should focus on Markets. But, what is a market? A market is a demand, is what people wants to buy. It has nothing to do with necessities, since people doesn't buy what they need, but pays their hard earned money for what they want. Let me put an example: We all need healthy food such as Broccoli and Vegetables. I don't know about you, but I hate Vegetables, I only eat them because I have to. What I really love to eat is Fried Chicken, in spite that I know that this is not the most healthy food around. ¿How To Do Market Research Correctly?If you where to sell shoes in your community, what will be your first step? See how many shoe stores are around, don't you?. This is exactly the same thing you should do if you want to start a successful business on the Internet today, you have to analyze how many competition their is for the business you are planning, to know how much effort, money and time will take to succeed. For example, suppose you decide to sell shoes over the Internet with your own virtual store (You already know that this is the toughest route to earn money online, but I'm putting this as an example on how to do a Market Research) and you plan to get your visitors through the search engines. In this case you should know what is the market value or the money income opportunities that this market offers. There is a free tool from Overture that shows the number of searches that a word was typed on the search engine (for example: Yahoo) in the month before. Although this number isn't accurate, you will have an idea of how many people are searching for the word or phrase. Now, words and phrases are not markets (since a market is what people really wants and the keywords they type are a representation or interpretation of what they really want, but let's keep it simple) but you can have an idea of the market with this free tool. Market research is done counting on what form of advertising would be used to tell the world about your product. For example: The free tool from Overture is commonly used when you want to promote your product or service through the free search engines, but it's not so helpful if you want to sell your product on eBay (although it could help to figure out how much relative demand exists for your product). Also, demand alone will not help you much to decide whether or not you should be promoting a product. There could exist a lot of demand for a product, but if the competition is huge, then it will be very difficult for you to get noticed unless you are prepared to spend a lot of money on Advertising. So it's very important to know how much competition exists for your product. The granddaddy tool for knowing how much competition exists for a phrase in the free search engines is Wordtracker. Although many years had passed, this continues to be the best tool around to know how much competition you will face. Although this tool has a free trial, it's highly recommended that you subscribe to the paid version (there is an option to subscribe for 1 day if you are on a budget). Keep in mind that we are talking about the search results that appear at the right (which are free) and don't have background colors, not the ones at the left of your screen and have background colors, which are paid listings. In the next lesson we will see how to research the market for the paid options of the search engines. To Your Success 
Andres Berger Garcia Managing Director BeTheFinest.com ¿Do you enjoyed this article? Help your visitors to your Website or Blog linking to this page. Do You Want The Complete Course About Doing Business On The Internet? Subscribe here: http://www.bethefinest.com/ibiz/subscribe.php?d=000 And don't forget to tell your friends, but not your competition. | |||