Niche market research

[bs28723]

[Apollo12]

The strategies for niche/market research have really changed. Demographics, economic data, etc are still key for some traditional businesses but for an online business you really have to pay attention to online trends e.g as where people go (online), what they search on, what/who they talk about, etc.

So while some of the principles for niche research are the same, you really need a different set of tools/strategies to navigate the online world.

[bs28723]

I agree that there are some differences. And some of the economic data can be old. I think you need some of both.

For example. It just seems useful to know that Home Furnishings is a $50 Billion business. And floor coverings is $5 Billion. Also, that the number of stores has decreased from 1997 to 2002, but the market has grown by $10 Billion in those 5 years.

Now merge this with some online market data like how many keywords searches are there for rugs, how many stores sell rugs and other things online, etc.

Am I wrong?

[Apollo12]

Well the more data you have, the better you can create a picture of the "competitive landscape". But that can also cost you both time and momentum. That's why its important to know what the most effective research strategies are for your industry or niche.

If you're selling ebooks for example, you'll definitely get started faster with the online tools and strategies used by other marketers. The objective of course is to make the best use of your time and gain momentum as quickly as possible.

[otto101]

I agree you gotta search for info thru the search engines.Finding out what trends are hot thru search engines can help you decide who you want to target and start a marketing campaign.Saves you time and money.Test your ads and study your audience online is quicker than the traditional ways.
Peace.

[Lynn Terry]