Sure Fire Marketing Research Approach when Creating Your Product

In today’s saturated markets, the market research surveys is a must before creating products. If you already know what consumers want, then you enjoy much higher sales. Many businesses go wrong by creating products first and trying to sell them.

Have you ever thought why market research surveys are done? It is true that businesses spend thousands of dollars towards marketing. If they don’t do those kinds of stuff that makes them stay ahead of their competitors, then probably they’ll be forced to close down.

For any business, market research surveys should be the first process before product creation. Even the promoters of companies start from this approach. There are three types of people in any market:

1. Those who are buying now.

2. Those who are selling.

3. Those who are shopping (their intentions are to buy later.)

Face the buyers and those people who are shopping. Let them tell you what they want. Thereafter, fill these wants in form of products and services. In short, you have done a marketing research.

Those who have failed in business first create the product. Once they complete, they’ll search for buyers, but I tell you that this is the wrong way to approach product creation. Here are my two examples to clarify the importance of market research surveys:

Example one: I know a lot about a specific subject and I think it's time to write an eBook that focuses on it. I spend three or a couple of weeks molding the eBook. When I'm finished, I start creating a website. Now I need to find all the keywords. I come to find out during my research that there are 500 searches and over 30,000 sites on the subject. What? I just spent all this time trying to create traffic but eventually I end with none.

Example two: Okay, so I know quite a bit about several projects and I could make all kinds of different eBooks. In order to come up with the perfect subject, I need to focus my thoughts and do some research. The goal is to find a topic that tons of people are interested in and they are willing to spend money to obtain the information. I also want to figure out how I can provide this material in a unique way.

I spent the time researching and discovered that there are over 30,000 searches on my topic each month. Granted, there are 500 sites that I would have to compete with. The amount of people searching for this subject is much higher.

Now, I go to a pay per click search engine and figure out the highest bids for each of the keywords I want to use. This allows me to focus my product towards these individuals and create a keyword optimized website. I can then submit it to the search engines and start selling the eBook I created.

Do you see the differences? When products are geared for a specific market, you enjoy a much higher success rate. Trying to create a market for a specific product normally turns out bad, which is why it's important to stay away from this approach.

Article Tags: Marketing Research, Market Research

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