Posts Tagged ‘Team sport’

Market Research For Businesses

March 14th, 2022

The internet is still so novel in many ways. We really haven’t tapped into all that it can do. Additionally it is always changing! But I want to remind Arkansas businesses that business is, well, still business. We tend to approach the internet like it’s somehow not quite business. And because of that we are missing the boat in many respects with the online portion of our enterprises.

I plan to get into business models in the near future for those who are either still mapping out their online goals or for those who need to reassess their current business. But for this post I want to focus on the simple concept of market research. There is much to say on this matter and we’ll have to spread this over a few posts to be sure.

But for now recognize that having a website doesn’t make you a profit. Unfortunately, even having a website that people come to frequently doesn’t make you a profit. If your goal is to share your thoughts on life or religion or butterflies, that might be great. But a business is a business. And to be a profitable business there has to be a market. What exactly is one?

Quite simply it is a group of people who have a similar interest and have the means and inclination to buy something. If there aren’t people who want to buy, or people who are able to buy – you’re up a creek so to speak in the “business” end of things – even if they come by the droves.

Children are not a market – their parents are, but they aren’t. Typically band members aren’t a market – as most of them don’t have any money to spend on their band. Their agents might be. You get the idea. There have to be people who have the mans to buy, and the inclination. That’s another piece of the puzzle. Sometimes, even though you have good numbers of people searching they just aren’t inclined to buy. They are not a group of people that spend money. When you run into this, you revamp your business and move on. Either way, market research is fundamental to Arkansas success online.

Next what matters is that they want to buy, and that you have something they want to buy.

After that traffic and other aesthetics play a role. But first there has to be a market.

Now, most people think the market is all they need to know about – but they are dead wrong. Once you’ve honed in on your market, you need to discover your niche market. And if you are starting a home business or an affiliate business, you need to hone in even more to find a micro niche.

Fancy talk – what does it mean? Well, a niche is an even smaller group of people who have a similar interest with a means and inclination to buy something.

So, if your market is shoes, a niche might be women’s shoes, or children with flat feet. A micro niche is even more targeted like shoes for shoes for diabetics with flat feet. You get the idea.