Inexperienced business operators go into new markets without
having the information they need to be successful.
Because they don't know the answers to the 6 Essential Questions
That Every Businessperson Must Ask, they often fail. The
difference between success and failure is rarely one wrong
decision. Instead, it is a series of wrong decisions made by
people who do not have the essential information needed to make
the right ones.
You can greatly increase your chances of making the right
decisions IF you know the answer to these 6 questions:
(1) What is the demand for your product or service?
When you know how many Internet searches are made every
day, week, month and year for your product or service, you can
estimate how much demand there is for what you are selling. More
demand = increased chances of success.
(2) What is
the available supply of your product or service?
When you know how many businesses are already selling you
product or service you can accurately estimate whether or not
there is room in the market for your offering.
(3)
Who are your Competitors?
It's not enough to
simply know what the supply (number of competitors) is, it's
also essential that you know who your competitors are. For
example, can you see the benefit of knowing you're considering
entering a market owned by Fortune 500 companies that spend
millions of dollars per year on advertising alone? What if you
found out that your biggest potential competitor is a non-profit
that gives away your product or service for free?
(4)What is the best pricing model for your product or service?
Determining price elasticity is a critical
component of any new product or service launch. When you know
the highest and lowest available prices for your product or
service, you are in a better position to determine a price that
will spur sales and generate a fair profit.
(5) How
are your competitors promoting?
What competitors
say in their advertising and marketing campaigns can provide you
with critical insight to their product or service offerings.
When you know what words and phrases they are targeting for
Pay-Per-Click ads and where they are spending other advertising
money, you are in a better position to meet them head-on in the
territories they are already defending and to discover new
territories that have escaped their attention.
(6)
What is the market "buzz" for you product or service?
Successful companies like Amazon, CompUSA, Dell and even
Microsoft would never launch a new product or service without
conducting a thorough online market analysis and neither should
you.
A market analysis report helps you to identify
the niche markets that are ripe for your product or service. You
can greatly increase your chances of success if you target the
right people at the right time.
About the author:
Abul Kashem CEO,
webMarketReports.com- the premier provider of customized web
market research data for new and existing Internet business
operators
