Last updated on April 4th, 2021. Posted in Market Research For Online Business.
Here's one of my favourite market research methods: Go find existing businesses and existing products that already serve your target audience. In other words, let's see if we can find some competition!
Here are links and resources mentioned in today's video. Enjoy!
The thought of competition might make you feel a bit uneasy. But having competition is actually very important. Competition -- or businesses that are already serving the same audience or market that you want to serve -- tells you something critically important: It tells you that a market exists here! It tells you that people are already spending money in this area...and that's crucial to know.
The internet is a goldmine for this kind of research. As you continue digging and researching, what patterns start to emerge? See? It ain't rocket science, my friend!