May 18, 2020
Why is it important to do at least 30 mins of market research before entering the market? This question itself could sound absurd. It’s illogical to enter the market without knowing this. Yet... most newbies and sometimes even really advanced entrepreneurs - just forget or don’t do digital market research before entering digital markets.
How can you enter the market without knowing if there is anyone in the house?
I mean, are there any possible customers in that market at all? Who are the main players? Are there any? If not, maybe is that a red flag for that market?
Entering the market that exists is much easier and cheaper than creating your own market and teaching the market what they need to buy.
There is nothing harder online (it's hard in the physical world, too) than making people do new things that they are not used to doing. Because we are talking about changes in behavior – changes in their current lives, traditions and beliefs.
You will need to get through the shields of their current beliefs, make them want to, first of all, try your product and service – and if you are lucky enough – get used to it and like it.
That's why it's important to do your "homework" before going into any market or niche. In the online world, it's quite easy.
I will give an example: what do you do on your computer or mobile phone when you need some information or help but you don't know anything about it or where you can get it? I bet you thought about Google Search. The best part of it: Google lets you see all the trends and approximate Search volumes for different search phrases.Also, look at Facebook Ad Library. Just enter one of your competitor`s names and check what ads they are running. Are they running ads at all? If they do not run ads, maybe it’s good, as you can outcompete them in this channel – or maybe it’s a red flag of the market. No one has buying power in this market today. Both can be true. In this case, you need to dig deeper and find out these patterns.
Have anything to add or leave a feedback?
Let's discuss below