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The Importance of Market Research Before Launching a New Product Or Service Online

Written by: Serge Daudelin

Article Overview: Those interested in the online world as a platform often spend a good part of their preparation to find the ideal product to sell online. They want a product that sells easily and generates comfortable profit margins. Let's not waste more time: such a product does not exist. The problem is that these people are asking the wrong question.

The Importance of Market Research Before Launching a New Product Or Service Online

Those interested in the online world as a platform often spend a good part of their preparation to find the ideal product to sell online. They want a product that sells easily and generates comfortable profit margins. Let's not waste more time: such a product does not exist. The problem is that these people are asking the wrong question.

Internet marketing is not about the "best product" nor "the best type of products". We must take the problems in the other direction and ask 'to who am I selling? " If you first choose the product, you'll have to define a strategy in relation with this product and create a site around that product. It is therefore obvious that if the product is not a success, everything should be restarted from the beginning.

Remember that your goal when selling online is to persuade a prospect to buy a product. Choosing the prospect in question is therefore your first goal when trying to sell online and for several reasons. First, these prospects are people that you know the characteristics - since you've a product that might interest them and with whom you want to work and spend time. These are people you know and understand. You know how to approach them and how to treat them. You know how and when you can continue to argument and when you have to shut up.

Because if you know these people, you can easily determine what they need, and your choice of product is therefore obvious and immediate. What's more, you know that your prospects will be interested in the product.

You should ask the following questions:

-- Who do you want to talk?

-- Who do you want to spend time?

-- What types of people you drive?

Answer these questions as accurately as possible. Now that you know who you are talking, you also know how to show them what you have to sell You know their needs and you can even talk with them to get their views on ideas. Your target audience will be more precise, the more you narrow your niche, the more you are likely to succeed because you will then be in a strength position, knowing perfectly the market, prospects and having the product that responds perfectly to this group.

How to create a new product for a new audience? Well its not very hard. Use tools like Wordtracker or Keywords Discovery to find what people are searching for. Once you find what people are looking for online try to develop a product that might interest these people. That way you assure your product to be successful when you laugh it. Why? because you already know that there is a demand for such a product or service. The key to make money online is to target the right audience with the right product. Plain and simple. So why many internet marketers fail online? Because they are not making market research before launching a new product or service.

To Your Success!

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Article Tags: internet marketing, niche, profit margins, prospects, target audience



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Re: Service Or Product? - I agree with starting a Service-based Business in the economy. Here is what I think is critical: 1. Researching that your Service business has a market. 2. Marketing the Service with as much leverage as possible. 3. Product-izing the Service (aka Package Expert Knowledge). This will only help elevate you as "the" expert in your niche and make you accessible to people in different price points.
Show the Benefits - Offer a free test drive of the Product or Service with a Money Back Guarantee - Take the Risk out. This will help them make the decision but you have to work with them to realize it by explicitly state the benefits they are receiving.
Re: Ideas For Business - Hello Lucy, you may consider this list for Ideas for Business: (Top 23 list) Rank Company 1 Google 2 Genentech 3 Wegmans Food Markets 4 Container Store 5 Whole Foods Market 6 Network Appliance 7 S.C. Johnson & Son 8 Boston Consulting Grp. 9 Methodist Hospital Sys. 10 W.L. Gore & Associates 11 Cisco Systems 12 David Weekley Homes 13 Nugget Market 14 Qualcomm 15 American Century Invest. 16 Starbucks Coffee 17 Quicken Loans 18 Station Casinos 19 Alston & Bird 20 QuikTrip 21 Griffin Hospital 22 Valero Energy 23 Vision Service Plan
Offer Credit instead - I'm not sure if ChrisH was referring to this but i'll state it more expicitly .. Charge upfront and offer a refund of double the value back in "Credit" towards your Product or Service you have for sale at the end of the event.
More Info - Julie, a little more info on what you are dioing presently will pobably put into context your query. JV's or partnerships can be of various kinds depending upon what your forte is and which is your deficiency area. Ideally this is the basis for any JV/partnership idea. Ofcourse I have put it too simply but the crux would remain the same. You could have a JV in the follwing areas : * Finance * Marketing * Production * Product Research etc. Given a little detail one could give specific ideas. Best of Luck


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