Research plays a major role in every online business and you need to accommodate a habit of doing some research on a regular basis. In this article I'm discussing 3 essential items you must research about your marketplace and the benefits of doing the work.
It's crucial to know your competition, so you must spend some time answering the following questions.
Offerings
- What kind of solutions are there on the market addressing similar problems than yours? How many different variations do you find?
- What are the benefits these programs or products are promising?
- What makes each of them stand out? Can you spot the claims of their uniqueness?
- What are the price ranges of all these different options and how are they constructed to give reasons for the price?
If possible, also try to find data about the conversion of these products. Affiliate marketplaces such as Clickbank provides a lot of insights on that.
Based on what's already on the market and how it sells you can then determine if your product idea is viable and how you should develop it further.
Competitors
- Who are the people offering exactly the same solution to the exact same market you are targeting? Who are their clients?
- How do they differentiate themselves?
- What advertising mediums do they use?
Find out if they use paid advertising, have social media profiles, what is their level of activeness, how big is their following, and so on.
Your competitors tell you a lot about how to communicate in your marketplace and the gaps you can fill with your own solutions.
Allies
When looking for potential allies you could connect with to establish strategic partnerships, the questions are very similar to those you answer while researching your competitors. The angle is just very different. When you take the effort of digging deeper, you may also notice these two groups can overlap.
Once you have the data about competition, you may want to think about the following:
- Instead of targeting the exact same market, can you rework your messages and your angle to match a slightly different niche?
That might offer you a chance to propose collaboration and joint ventures.
- What is missing from their portfolio?
Could you create a product or a program to address to that?
- Study the vendors they already collaborate with: what similarities and differentiators do you find there?
The marketplace and competition is just one of the items you absolutely need to research. My additional articles discuss the other equally significant areas you must study in order to run a successful online business.
By the way, if you liked my article, I'm offering similar, only more in-depth lessons to the students of my Biz Puzzle Bootcamp. Click here for more information: http://evekoivula.com/bootcamp
Article Source: http://EzineArticles.com/8141402
It's crucial to know your competition, so you must spend some time answering the following questions.
Offerings
- What kind of solutions are there on the market addressing similar problems than yours? How many different variations do you find?
- What are the benefits these programs or products are promising?
- What makes each of them stand out? Can you spot the claims of their uniqueness?
- What are the price ranges of all these different options and how are they constructed to give reasons for the price?
If possible, also try to find data about the conversion of these products. Affiliate marketplaces such as Clickbank provides a lot of insights on that.
Based on what's already on the market and how it sells you can then determine if your product idea is viable and how you should develop it further.
Competitors
- Who are the people offering exactly the same solution to the exact same market you are targeting? Who are their clients?
- How do they differentiate themselves?
- What advertising mediums do they use?
Find out if they use paid advertising, have social media profiles, what is their level of activeness, how big is their following, and so on.
Your competitors tell you a lot about how to communicate in your marketplace and the gaps you can fill with your own solutions.
Allies
When looking for potential allies you could connect with to establish strategic partnerships, the questions are very similar to those you answer while researching your competitors. The angle is just very different. When you take the effort of digging deeper, you may also notice these two groups can overlap.
Once you have the data about competition, you may want to think about the following:
- Instead of targeting the exact same market, can you rework your messages and your angle to match a slightly different niche?
That might offer you a chance to propose collaboration and joint ventures.
- What is missing from their portfolio?
Could you create a product or a program to address to that?
- Study the vendors they already collaborate with: what similarities and differentiators do you find there?
The marketplace and competition is just one of the items you absolutely need to research. My additional articles discuss the other equally significant areas you must study in order to run a successful online business.
By the way, if you liked my article, I'm offering similar, only more in-depth lessons to the students of my Biz Puzzle Bootcamp. Click here for more information: http://evekoivula.com/bootcamp
Article Source: http://EzineArticles.com/8141402