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4 Ultimate Tips for Conducting Market Research for an Online Business

  • By admin
  • 26-04-2017
  • Marketing

In this era of thriving technology, it’s safe to say that starting an online business crosses the mind of pretty much every individual. So if you are contemplating running a business online, then I am sure you must have done your research and you are by now aware of the fact that doing market research is quite crucial.

The main idea behind doing market research is to understand whether your product or service will be needed by the people in your target market or not. Without market research you wouldn’t know whether your business will be sustainable or not. So before you go ahead and dive head first in the online business world, make sure you have done your research.

Don’t know how to do market research? Fear not! Enlisted below are 3 ways to do just that.

Online surveys

Experts will tell you that hiring companies to do market research for your business is not cheap and within everyone’s budget, therefore it is probably in your best interest to do it yourself and on the web. There are multiple platforms like SurveyMonkey and Netigate which have made the process of taking surveys significantly easier. 

Surveys are a great way to gather information about customer insights. However they shouldn’t be too lengthy as customers don’t like filling forms which are too long. Ask questions which will gather enough information about the potential customers’ preferences.

Keyword search

Keyword search is a great way to know what your potential customers are looking for. With the help of Google’s Keyword Planner you can find popular searches relevant to your business. So for example if you were thinking about running an online store for dresses but you see that people search more for bags online, then you can go for bags because that would be beneficial for your business as there is more demand.

Competitor links

Before starting a business it is very important to know about your competitors and their strengths and weaknesses. Since you are thinking about starting a business online, what you should focus on is knowing about the sites that link to your competitors’ site. One of the ways to do that is to type ‘link:www.[competitor's name].com' into Google and it will show you the links that your competitor has gotten from other sites.

In addition to these things, you can also use the SWOT table and the Business Model Canvas to your advantage.