Introduction
This article describes and demonstrates the process of how to research the online market for a product. It will show you not only how to determine indicators of the demand for a product, but also how to assess the competition, and will explain why there are two distinct types of online competition to consider. Further it takes you step by step through a workable example, actually doing the research and showing you the results for a real market.
What is the importance of Online Marketing Research?
The distinction here is that the online market place is different from a retail or wholesale market place. The internet is a specific beast and should be treated as such. Forget what you think you know about market research for traditional bricks and mortar businesses. If you are already in business, forget even what you think you know about your direct competitors and their websites.
The reason for this is that the nature of customer demand is different online, and not realising this is one of the biggest mistake many businesses make. This is because there are different mechanisms in place to attract customers. Yes it is possible to get passing trade or the online equivalent of foot fall, but this is not the primary mechanism that online shoppers use to find the products that they want to purchase.
Search Engines, especially the almighty Google, are the key to online sales, and there is no direct comparison within the bricks and mortar retail industry. Search engines allow a potential customer to type in "buy mens' socks online" and instantly be presented with up to 20 competing shops, with prices only a click away.
Similarly the mechanisms for trade and competition are different online, and online competitors are completely different to bricks and mortar / mail order competitors. Specifically, there are two kinds of online competitor: those in the natural search engine listings; and those in the sponsored ads, that are paying for each click that they receive. Both of these kind of competitors need to be assessed differently. It is possible to compete online in either or both search engine rankings and pay per click.
The Online Market Research Process in short.
There are many ways of going about online or internet market research, however this method takes the guess work out of market research, and replaces it with cold hard facts. If you follow this process step by step, you will probably know more about your chosen market than anyone else in the country, and that will give you a distinct competitive advantage. The process then, broadly follows these steps:
Keywords are Key - Identify the words your customers actually search for when they are looking to buy your products, not what you think they will search for. Assess the size of the market in terms of supply and demand for those keywords. Weigh up the competition in the organic search engine listings. Check out the competition in the paid search results. Decide if the market can be profitable and if you can compete.
If you choose to follow this process the cheap way, that is fine, but understand three important things: firstly, doing something for free does not mean there is no cost, the cost to you may not be monetary, it will be something far more valuable: your time! Secondly, there are lots of potential online competitors out there, but 99% of them are dreamers who are not prepared to put their money where their mouth is. It is your dedication and determination to succeed in launching your online business that will put you a cut above the rest, and part of that is following a professionally prescribed process, not a cobbled together one. Thirdly, as every businessman knows, there is no such thing as a free lunch, there is always an ulterior motive and sometimes that can be hard to see
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