Are You Ready To Research Your Market? by Dan J. Fry, c. 2003-2004, All rights reserved.Picture this. You develop some product or service, spend countless hours making sure everything is just right, set up a beautiful web site, make sure
ecommerce end is secure, and then release what you know will be of utmost benefit to others.
Do you really know this? How do you know it? Gut feeling? Someone else told you so?
In
world of online ventures, researching
currently defined marketplace can be even more important than in
offline world. Why? Things change so incredibly fast. Web sites and services start and end with
blink of an eye. In part this is because of
nature of
internet, and most are able to survive these types of massive fluctuations. But
ones who succeed and stay near
top, releasing of product after product are
ones who initially conduct market research and do so on a regular basis.
Now, don't let
term intimidate you. Market research is simply about getting to know what others are doing, what others want and who if anyone is supplying it. Yes, in a way this is supply and demand revisited. But, and this is important, market research is also about predictions and expectations.
By studying and learning about what is going on not only in your current market but in related areas, you will begin to develop a keen sense of what is needed. Even better, you will begin to develop a sense of innovation, possible areas that others have not yet thought about. At this stage your brain will flair with excitement and your online business ventures will begin to take on a "cruise and control" nature.