Posted on : 31-07-2011 | By : stargaterich | In : Internet_Marketing
It bewilders me that some shops bother to sell humidifier in a hot and humid country such as Singapore. Just think about this for a minute; does it makes no sense to sell ice to the Eskimos. What has these got to do with Internet marketing? A lot more than you think though!
Do you know why many Internet marketers fail to make a single dime online? Chances are that many of them are like those who try to sell ice and water to the Eskimos. It is common sense isn’t it? How would you expect to make money if you do not know what people wants and you try to sell something to someone who don’t need it at all!
Can you imagine what it is like to anyhow rent a shop regardless of location and not knowing what to sell? It sounds pretty silly but that is exactly what many Internet marketers do. They try to promote or sell everything and anything that comes along their way, just absolutely plain ridiculous.
Before you set up a business website you have to figure out what product or service you intend to promote, the type of customer that you are targeting, the demography, estimated demand, popularity, short term versus long term business strategy, and etc.
Niche and market research is very important and it should be your foremost focus for each and every online business campaign that you plan to disembark on. As the saying goes, failure to plan is planning to fail;
Do you know what is the difference between Apple Incorporated versus other less well competitors? Well, Apple create products that sells while others try to sell products that they create. How do you know if your product will sell in the market? It is plain simple, you conduct niche market research of course!.
One thing that it worth to take note is the difference between market research versus niche research? Most of the time you will come across the term niche market research. In a nutshell, a niche is a subset of a market.
For instance, consider the market for aquarium. Within the aquarium market, you can categorize it into sub markets such as salt water versus freshwater aquarium. You can drill down further into more refine sub markets or niches such as freshwater aquarium accessories follow through by filtration system and etc.
Thus to succeed in any online business, you have to position your product/service in the right market where the money is, profitable as well as competitive but not oversaturate. What and how do you go about to perform market and niche research?
For a start you can gather some ideas on what’s selling hot in Amazon, eBay, ClickBank or any other business portals. You can get a lot of information on products and services that are high in demand and popular items for the various markets and niches.
It is also important for you to know how popular or what the demand will be for the niche that you have selected by using Google Trend or Google Insight, both which are free market research tools.
Successful Internet marketing or any online business for that matter is all about niche marketing, finding and promoting the most profitable and high in demand product or service within a targeted sub market that is competitive but not over saturated. The key factor to take note particularly if you are a novice Internet marketer is avoid competing with the big players and the Gurus for products in highly popular markets.
Online business newbie will find it much easier to start off by targeting smaller markets and focus their efforts on dominating smaller niche market. The major benefit of niche marketing is that in most circumstances your competition is significantly reduced, meaning it’s a lot easier to start earning an income from that smaller niche market, and it’s certainly easier to rank higher in the search engines.