Last updated on January 9th, 2021. Posted in Market Research For Online Business.
Direct, in-depth, hands-on market research is a much, much more powerful approach to building your online business than doing what most people do -- dreaming up and then chasing after some "magical big idea" that's totally unproven.
Here are links and resources mentioned in today's video. Enjoy!
This means not creating products and services you THINK your target audience has...but spending the time to develop products and services you KNOW your target audience will break your door down to have!
Really, market research -- that is, really knowing and understanding what your audience really, truly wants -- is the linchpin that holds your entire business together. It's called a "linchpin" because if you remove this one single element from your online business, everything falls apart.
Worse still, get your market research wrong (as in, don't spend enough time digging, chase after the wrong audience, or take advice from the wrong people) and you'll be solving problems no one has and building products no one wants. And that's a bad place to be.
No amount of online advertising will save you. A great looking brand, a clever logo, and a fast, modern website won't help. No SEO strategy or social media platform will make a difference. Nothing can save you from bad (or non-existent) market research.
Bad market research (or non-existent market research) is like a black hole that no business, no matter how much financial backing they have, can escape from. Businesses, even big ones, get sucked in and torn apart. That's why market research is so critically important.