Market research is important for a number of reasons. And those business owners who do the research are more profitable than those who don’t. So what is market research? Market research is the act of discovering information about a targeted audience that you wouldn’t have discovered otherwise. I call this a marketing advantage, and you can capitalize on this advantage by offering products to prospects that will cause them to buy.
One way that you can do your market research is on the internet. The internet has made it incredibly easy to hone in on your most ideal prospect. When doing your research online, one place that you can start off in are discussion groups. You can sign up for Yahoo Answers and provide helpful information to the group of people who are looking for information that is similar to the products that you sell.
Or if Yahoo Answers isn’t your cup of tea, you could become a member of a forum and share your ideas and interests there also. You will find that a lot of people on the forums have distinct problems that they need help with. This is your chance to capitalize on their questions and become a guru of some sort in your niche.
The kind of forums that you join should allow you to place your website information in the signature line of your post. This is where you want to pitch your services. If you’ve provided excellent information, people will visit your website and this is the place where you want to capture a lead, or simply go for the sale. Personally I’ve found that both work incredibly well, but it’s up to you on how you want to market your business.
Along with forums, another thing that you can do online is hold polls. Poll your visitors on what the number 1 thing is that is plaguing their life right now, and take advantage of this information. What you think your prospects want can be totally different from what your customers actually really want. So keep this in mind.
If you currently have a group of customers, why not send them a letter every once in while (like once every month). You never know whose situation has changed in the course of a month. Some customer’s situation will remain the same, while some of your customers may be in dire need of your services. The trick is to stay in constant contact with your customers so that you can be first on their mind when they’re ready to make a purchase.
It took me years to learn this. I used to send out direct mail pieces to business owners expecting them to buy now, but I didn’t get any responses. It was until I came across some direct mail advice that stated that I needed to contact my prospects at least 3 times before giving up on them.
I took this advice and went to mail out more letters. It wasn’t until my 3rd attempt that I started to see some money roll in. The lesson that I learned was to be persistent, because you never know when someone will buy from you.
Hopefully you will take these tips to heart and will start implementing them in your business.