There is usually a lot of work involved in niche marketing research, and marketers tend to avoid doing it. I came across this post on Web Media Networks that details 3 pillars that marketers must build on when doing niche marketing research. Here they are, enjoy!
- Look for a Proven Market for the Service or Product ‘ You must be sure before entering a niche that people are buying the product or services available. This can usually be done through research companies.
- Make sure the market is willing to pay the price of the product ‘ You want to make sure that the market that exists for your product is willing to spend money to purchase what you are selling. You can find this information through eBay, Amazon, Google, and Forrester Research.
- Find and use the best keywords for your products ‘ Your customers will be using keywords to find your product, and so it is imperative that you select the right keywords.
I read this article today that I thought was a good reminder to always ask questions. As the author writes, many people are familiar with PEST analysis (Politics, Economics, Society, and Technology), but are unsure how to utilize it. Rather than always turning to the Internet for answers, the author goes on to state that maybe it is better to use the Internet as an intermediary tool. First focus on what you want to find, and narrow down keywords, then try to find the experts online. If possible contact them. The author gives an example of how she knew that electricity costs for her country were going to rise and she knew that would translate into higher operating costs for her business. To find an answer she said: use the Internet to find an expert. I can learn more in five minutes on the phone with the guy who has just spent 10 years thinking about how to cut electricity costs than in an hour on the Internet. While the Internet has proven to be a very useful tool, it is still important to remember that other sources may have a better answer.
I came across this helpful blog post today that gave a list of 25 top market research and analysis tools as evaluated by Tino Triste in Internet Marketing. The author also provides a short description for each tool, and why it is useful. Here are a few of them. I hope you find them helpful! 43 Things
About.com: Sites A to Z
Amazon’s Hot New Releases
AOL Hot Searches
adCenter Labs: Demographic Prediction
SEOmoz Popular Searches
Shopping.com Consumer Demand Index After checking out the complete list at the i-com blog, are there any others that you would add? What have proven to be the most helpful market research tools that you have used?
iPerceptions: Online Marketing Research Tool According to this MarketWatch article, IDG has decided to utilize iPerceptions for many of their ‘online properties’ including Computerworld.com, Macworld.com, and PCworld.com. They feel that this tool will help them ‘solicit and analyze user-generated feedback from millions of site visitors in order to discover the issues that matter most to readers and gauge customer satisfaction with its range of content offerings, including multimedia and community features.’ Jonathan Levitt, VP of Marketing at iPerceptions had this to say in regards to IDG “Media companies need to listen to real consumers, in the context of real experiences, in order to understand and improve the online experience. IDG is a great example of a media titan that is taking the right steps to engage its readers and transform their feedback into tactical and strategic decision support that changes their business.” In what ways are the organizations that you involved with gathering and analyzing customer feedback?
Pertaining to market research, I agree with this article’s quote from Avinash Kaushik stating that ‘The goal is not to collect more data ‘ it’s about extracting insight from this data.’ It is especially important to remember at all times when going through data. To help accomplish this goal the article gave tips on how to better utilize Google’s new Keyword Tool. Specifically as the article states they are providing ‘tips on how you can tailor Google Keyword Tool’s data to you needs (much like you would with Google Analytics), and how you can apply this research beyond your SEO and PPC campaign to other marketing activities.’ The tips cover these topics: Selecting countries, generating keywords, setting match type, adding and removing columns, jumping to data, and sorting data. Do you have any insights on marketing research tools that others may find useful?
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