The Niche Marketing Blog

Tools for understanding and reaching your market

Market Research Techniques – How to Gather Data for Your Business

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[Editor’s note: Today’s guest article takes a look at some tied and true, simple, and effective ways of collecting marketing data for you business. Have you tried any of these methods? How did they work out for you? Did you discover any new information about your market or customers? Feel free to leave a comment below.  ~Scott]

 

Market research is indeed a good step if you are deciding to put up a small business or if you want to improve the performance of your business. One of the mistakes of some businesspeople is to assume that they pretty know their market well and disregards market research as a very good step in knowing what your clients need and want.

Conducting a good research on your market will also help you outwit competitors as this will be a good way to learn firsthand from your target market on what they want, what they prefer so you can conceptualize on the improvements that you want to do with your products. If you are thinking of conducting a research for your business, and you want to explore the market research techniques and methods that you can use, here are some ideas that may be of help.

1. Surveys. Surveys are among the most common and one of the best ways to gather data for your research. Of course, aside from getting answers from direct from the individual, you can also solicit a good and specific answer especially if you can ask follow up questions.

You can however do the surveys in many other ways as well. You can do surveys through questionnaire form and interview the person directly, or you can mail them, although mailing them generates lesser response than doing the interview personally. You can also do it as an online survey or through telephone. Of course, your choice of these market research techniques can be based on the cost, the turnout, as well as the reliability of the data gathered.

2. Focus group discussions. This is also another way of gathering data for your business research. This actually involves discussing a certain topic in a group and collecting their ideas about it. The discussion is then documented, either by either videotaping or by observing. This is also a fast technique to get data as well.

3. Interviewing the respondents personally. Indeed, if you want to know what your market is like and what are their thoughts, you can go and interview them personally. With personal interview, you can also ask open-ended questions that allow you to gather more data. Unlike those with questionnaires, these are usually unstructured interviews. These however may be less reliable than surveys and focus group discussions.

Aside from these data gathering methods, you can also use other market research techniques such as gathering data from free secondary sources and then do the primary data gathering if you think you need more specific data. However, going for the primary data is a good choice in your research especially if you want to outsmart your competitors, as this will often give you good and accurate data on the behavior of your market.

With accurate data, you will also be guided correctly on what to do or improve. Indeed, if you want to move ahead of the competition, do your market research. Techniques, methods and strategies in doing so are readily available and you can even do so with lesser costs as well.

Carolyn Anderson did a market research to improve her business. If you want an easier way to market research, check out faster, easier market research. Also check out Niche Annihilation Method, where you can find tips on how to make money online by having your niche website.

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Pick Your Niche

English: This is the showroom of Reflex Sales ...

Niche Marketing

[Editor’s note: Today’s guest article focuses on the role of the marketing plan as a means to identifying your niche. ~Scott]

By 

It’s common wisdom that all any service professional or consultants needs to be successful is “passion”. Let it be known here that passion alone can be overrated. When you’re building a practice, you need more than passion. You need more than a high level of dedication and energy to succeed. You need a plan. A marketing plan with a marketing budget to be exact.

We’ve all seen this scenario played out in some form in your hometown. Typically, it begins as some starry-eyed owner rents retail space. The newly minted entrepreneur then spends his capital on cash registers, inventory and store signage.

When it’s time to open the doors to the shop, the owner is tapped out. The new business, struggling along on the thread bare path of “word of mouth” waits impatiently as bills mount and customers trickle in at a painfully slow pace. Within a matter of months, the newly opened store is finally spending some money on marketing, only it’s being spent advertising a “Going Out Of Business” sale.

To avoid the same fate, you need a marketing plan (a part of your overall business plan). Your marketing plan should begin with a thorough investigation into your target market.

* Who are your customers?
* Who is the competition?
* What problems do they have?
* What problems can you solve?
* Is someone willing and able to write a check to hire you to solve the above mentioned problems?

Once you’ve answered the questions above, you can successfully pick your “niche” market. The wonderful thing about niche markets is they are tightly targeted. That means your marketing dollars go further.

Marketing is merely a matter of bringing the solutions your target market is looking for to the attention of those who will benefit the most.

By defining those who will benefit most from your goods or services, you narrow your focus. Instead of “spraying and praying” with your marketing message, you’re speaking directly to your target audience. That cuts down considerably on your overall marketing expenses.

Finally, remember that marketing is not sales. Marketing is focused on the sales you’ll make next quarter and beyond. In sales, the focus is upon the sales to be made THIS quarter. Focusing on next quarter’s marketing will make next quarter’s sales goal a whole lot easier to make!

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Social Media Benefits Niche Marketing

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Social media sites are quickly becoming powerful tools for the niche marketer. Facebook has recently announced reaching 500 million users. YouTube is now streaming two billion videos a day. Twitter is expanding at a faster and faster clip.

These, and dozens of other social media sites, have turned the social media experience into a boon for the savvy niche marketer. How? Each of these social media sites have “search function” capability. This allows marketers to focus and follow conversations within their niches.

Keeping current on the latest trends, releases, and topics is powerful in itself. But, the real power lies n the niche marketer’s ability to interact, to comment, and to respond to the stream of information in which they are competing. This gives the astute niche marketer the edge by creating opportunities to be seen and heard by prospects.

If managed correctly, the niche marketer can be viewed as an authority, or expert, in their chose field, and this positioning can drive traffic back to a home page.

What does all of this mean for you? Quite simply, if you are not engaging in social media to help sell your products and services, you are leaving lots of money on the table.

Today’s tip: figure out who your target market is and use social media to connect with them.


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Niche Marketing: Finding Hot Markets

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Target Market Research — Identify your target audience!

 

 

 

 

Before you or your business can become successful you must identify who your target audience is! Start by conductings some market research and discover which niche market you are targeting! This short video offers a few tips on how to begin thinking about who your target market is, and what problems they might have that you can solve. The sound quality is poor, so you’ll need to turn your speakers up.

This video is brought to you from the folks at EasyNetrworkMarketingLeads.com

Duration : 0:1:26

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Are You Sure Who Your Target Market Is?

 

 

 

 

Here’s a short video from Tracey Walker. On this video Tracey discusses target marketing and how you must target market to see success fast. Your ability to target market will determine the growth of your business. Her focus in on developing a downline, but the principles she discusses are applicable to any type of business.

You can learn more about Tracey at: http://www.mlmiseasyonline.com

Duration : 0:8:45

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Q & A: Why is it important to have a target market when marketing products?

Note: The following was reprinted from Yahoo! Answers.

Question: why cant you just market to everyone?

Answer: A company cannot be everything to everyone, so the successful companies use their strengths to market to their niche customers. By creating a super-niche and selling more of what is the most profitable to their company, the company can out perform their competition and keep their costs lower.

www.jhowardco.com

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Health, Wealth and Love: Where Is Your Product Mix?

If I were to ask you to name the most-searched category on the Internet, what would you say? If you said “sex”, you would be right. Now, if I asked you to name the second, third, and fourth most searched categories on the Internet, what would you say? I’ll give you three hints: 1) they are “ever green”, meaning that they are searched for, year-in and year-out; 2) we are all looking for them, and; 3) they are contained in the title of this post!

The answer, of course, is: health, wealth, and love. Travis Sago, the inspired creator of “bum marketing”, has written extensively on this subject, and I would suggest you Google him to gain more insight into this subject. For the purposes of this blog, however, let me just point out that, the more you are offering products that people are actively searching for, the more sales you are likely to close; and you aren’t likely to find product categories that are more consistently searched for than the three mentioned above.

So, just what are these “health, wealth, and love” product categories?

Health-related products include those products which promote or maintain health, fitness, exercise, and proper diet and nutrition. They include exercise equipment, fitness programs, diet plans, medical treatments, sports related equipment, and much more.

Wealth-related products include those products which promise wealth accumulation, savings, protection, risk-aversion, and more. Examples include investment strategies, savings information, risk aversion advice, investment clubs, portfolio management, and more.

Love-related products include those products which show you how to attract love, rekindle love, find love, and, sometimes even how to get rid of love. Examples include such broad areas as relationships, marriage, dating, and getting your ex-partner back.

So, when you are considering your target market, take a look at your current product mix, or the products you are thinking of promoting. How many of them fall into the “health, wealth, and love” categories? How many of them cross over from one category to another?

How might you better position your current product mix to fall into these categories? Where can you go to find products that are more closely aligned with these categories?

By focusing on “health, wealth, and love” related products, you will be sure to attract more traffic and close more sales in your niche market.

Scott

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