30 Days Challenge, Day #3 – Market Research

Hey everyone,

What’s going on?

I do want to apologize for not posting an update on August 2nd. You see it was Sunday and I was away from home and when I got back home I was very tired. On top of that, this morning my internet was down and I had to go out and purchase a brand new Internet Modem.

Anyways, That’s no excuse and I am getting back on top of things.

So……

Don’t for a moment think that I am quitting of you. Because I wont!!!!

I will endure for the 30 Days- Success Or Failure. Cool?

Now onto today’s Task:

Doing Proper Market Research

From the last post (Niche Selection- Day #1 Updated), you would have known that I have 3 Niches in mind. Now my goal for today is to get to know my niche a little bit. That means, the common problems that they have, where they hang out, their language and exactly they are.

Before I give you my details, Here are some of the things you can do to get to know your Niche Better:

Step #1- What Is The Life Span Of Your Market?

This means, you need to analyze the market to see how long they will be around for.

Long Term Short Term Markets?

Short Term Short Term Markets?

Long Term Long Term Markets?

I am not going to go into too much details about Market’s Lifespan as I cover this in details in my FREE Ebook The Newbies Fast Cash Guide (pages 11- 13) .

Step #2 – Who Are Your Target Audience?

This step is very crucial to our success! We have to know who exactly we are providing a product or service for. Can you imagine trying to sell a weight loss person to someone who wants to gain weight? You Get The Idea?

So we need to know whether or not we are targeting:

Males or Females or Both?

Their age groups: Young Adults, Middle Aged, Elderly or All?

Are we targeting people from a specific demographic?

Are we targeting people rich people :), Middle Class, Lower Class or All?

We need to be as specific as possible. The more specific we are the better we will be able to provide a product or service that caters to our target audience and the better our conversions will be. So you can go ahead and get your answers to the above questions.

Step #3- Where Do Our Target Audience Hang Out?

We also need to know this. Once we can find where our target audience frequents, we can get our offers right infront of their faces.

What’s Good About This?

You see because we would have already done proper research, our offers will be almost irresistible to our target audience. Also instead of waiting for them to find us, we would find them and make more moola.

One of the best ways to find where they frequent, is to locate some of their popular forums. Just an example, you may or may not have been a memeber of the Warrior Forum. If you are then you would know that is where most of the internet marketers hang out and you can visit and get acquainted with their language.

To find forums of your specific Niche, you can just go to the search engines and type in your niche + forums. Let’s use the golf Niche as an example. (golf + forums).

googlesearch

After doing this, you will know if your market is one worth pursuing. This will be your own opinion because, In my opinion any market can be profitable once they spend money!

Step #4 – Does Your Niche Spend Money?

Wow Wow WoW

Let Me see a raise of hand from all those who would want to enter a niche that doesn’t spend money?

Great No One!

I thought so…..

I guess this step is self explanatory. If no one is spending money in the niche then there is no way we can make money from it (duh).

Here are some of the ways to know if people are spending money in the niche:

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1. Are there adwords advertisers or any other forms of search engines advertisers? These are people who are spending money to advertise in these niche markets. Though not conclusive, but we can almost say that once there are many perons spending money to advertise the products that they are making a good sum of money from these products as well.

2. Are there any Television Commercials with related products? A good example is the acne and skin care industry! If you see similar products being advertised on your television then it is a good indication that the market spends money.

Why?

Because it cost a lot of $$$ to run television commercials so you can bet that they are making a huge profit.

3. You can also check your local newspapers and Magazines! Yes this is also a way to find out if people are spending money. Just like tv commercials, it also cost a few bucks to advertise in a magazine as well!

My Results:

This post has gotten rather long!!

So I implore you to carry out the steps above to get to know your niche better.

I will post my results first thing in the morning tommorrow.

I apologize for the long post but I still hope you had a wonderful read 🙂

Task For Tomorrow:

1. Post My Market Research Results

2. Keyword Research

Thank you for reading and as always I welcome your comments

Have a great Eve

……..

Casey

 


5 Comments

  1. Matt Hanson August 3, 2009
  2. Raphael August 5, 2009
  3. Get Absolute Flat Abs Now August 5, 2009
  4. Emmanuel August 5, 2010

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