If you are about to launch a new online product or service, or you are ready to expand your existing online product or service, you need to have a complete financial and competitive picture of what the current marketis for your product or service.
Few people put much effort into conducting market research before launching their Internet business. They come up with an idea and leap right into launching a site without performing the most important step of conducting market research.
They spend a great deal of time building their e-commerce site and then invest a lot of money buying products or adding services. On top of that, they spend even more money placing ads and buying traffic. Because they have no idea what it is that their customers really want, or who their competitors are, they soon end up wondering why no one is buying from them.
Here are the primary reasons why these people fail:
- They have no idea of the demand for their offering.
- They have no idea who their competitors are.
- They have no idea if they are asking the right price.
- They do not know the 6 essential question they need to ask.
Successful business people understand how to maximize profits and gain a competitive advantage by using market research to ensure a low cost, low risk entry into a new market.
Online Market Research Works
Successful companies like Amazon, CompUSA, Dell and even Microsoft would never launch a new product or service without conducting a thorough online market analysis and neither should you.
These leading edge companies know that even the slightest miscalculation can mean millions in lost revenue and unnecessary expense. Maybe you’re not as big a company. Maybe you don’t have millions at risk. But the money you are investing in your business better be spent well or you will join the ever-growing list of dot com failures that didn’t have the knowledge or experience to do things right.
The Good News Is:
You don’t have to spend what these giants spend to get the same advantage!
Whether you are just starting out, or planning new growth, you can get accurate,insightful, revealing, money saving market research and business intelligence for a fraction of what the big companies pay, and for significantly less than the hope and pray failures throw away every day.