What is The Importance of Market Research — Make Money Tactic

Many new Internet entrepreneurs deny the question about what is the importance of market research. They make the mistake of skipping the whole market research phase when building their first venture.

In fact, the research phase is the most crucial, and skipping it can result in huge losses. Why spend the time and energy doing any of this basic research?

The last thing you want to do is put time and money into an online business that nobody cares about. In fact, the worst thing you can do as an online entrepreneur is building a site or product then looking for a market to promote to.

Many marketers made this mistake before, so the point of this article is to help you avoid the frustration involved with that sort of mistake. All business ventures start with a simple idea. Maybe there’s a specific problem you want to solve or a topic you have a real passion for. You may have found a way to earn money.

The real question: What is the importance of market research

Here’s a good rule of thumb I got from a Stephen Pierce book: Cash flows to those who are able to solve people’s pressing problems . You should be aware that one of the best ways to make money is to offer solutions. People are always willing to shell out cash to have their problems solved.

At the same time, I never put effort into a project unless I have a strong interest in the topic. Personally, I don’t care how hungry a market is if I don’t feel excited about the subject matter

Interest Vs Demand

When choosing a niche for your business, you’ll have to decide what matters more for you:

1- The consumers’ demands: this means what the people need in their life.

2- Your personal interest: this means what you like to do in life.

I recommend an honest balance. If you are passionate about an idea that nobody else cares about I don’t recommend moving forward because it won’t give you any profits.

If there is an enormous demand for a particular solution, but you have no interest at all in the niche, I also don’t recommend moving forward.

Ideally, you’ll find something you care about and then determine with a little basic research that a good number of other people also care about this topic, and have the money to purchase quality products within this arena.

And be aware that people spend a lot of money not only on solutions for their problems, but also on entertainment and hobbies.

Some marketers will tell you this technically falls under the umbrella of problem-solving; this is probably true but I wanted to draw a distinction for the purposes of this article.

Entertainment niche

If you can find a strong consumer interest in a product or service that is strictly entertainment-based you should move forward! The civilized world dumps billions of dollars every year into having fun and enjoying ourselves and wouldn’t it be great to cash in on something you really enjoy? An entertainment blog can be exciting.

There are a number of keyword research tools and trend watch programs online that will help you find out if a product idea has potential. And of course, if you can find plenty of existing action via Google or the search bar at Amazon.com, this indicates a steady existing market.

If your idea has an existing interest, but the Web is not totally saturated with millions of other sites selling products like the one you want to create, you probably have a real winner on your hands.

Before starting your online business get inspired with this research about How to Make Money Online as a Beginner?

Originally published at https://makemoneytactic.com on March 18, 2021.