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Internet Marketing Research is comprised on 3 basic tenets.
- Is there a demand?
- What is the profitability factor of this demand?
- Can this demand be satisfied properly by the company?
The first tenet of internet marketing research should answer the question: Is there a demand?
When researching a niche or research the internet media for clues on the potential demand for something, the most basic method used first is keyword research.
Keyword research will reveal the numbers (volume) of people who are searching for something, and what they are searching for.
Another way to determine the demand for a certain niche product or service you want to offer is by looking at the offline presence and demand for certain items.
For example, if stores are keeping in stock certain items, and/or prominently displaying them at the end of the store aisles, then there’s a demand for those items.
However, offline demand doesn’t always translate in online demand, therefore this method doesn’t exactly qualify as an internet marketing research method, but it does have value and it does usually reflect in some way an online demand.
The second tenet of internet marketing research should answer the question: What is the profitability factor of this demand?
Once a demand has been established, the next question should be whether or not there’s money to be made in this niche…
How does one find out the profitability of a niche before getting started with it?
2 ways to do this are:
- Use your head…
1- Are we trying to see if people are spending money in a niche about Luxury Fashion Items? If so, then there’s really no question here, because it’s obvious that people buying luxury items online would prove to be a profitable niche to be involved in.
2- Google. Google is a search engine that sells advertising space in its results displayed pages, and people are paying to advertise in these sidebar areas. Since the advertisers are paying for this traffic,it’s commonly referred to as PPC, or Pay Per Click marketing.
Point being? If your keyword research shows that there’s a lot of searches for your potential solution, and common sense isn’t giving you obvious answers about the profitability of the niche, then all you have to do is look to see if there are any advertisers spending money on those keywords that are related to your site, or potential site.
If there are advertisers spending money on those words (keywords) then there’s money in that niche, and the higher the CPC (Cost Per Click) the more profit can be gleaned from getting traffic for those keywords.
So use Google and common sense as internet marketing research methods to determine the profitability of a niche before entering into it.
The third tenet of internet marketing research should answer the question: Can this demand be satisfied properly by the company?
This is where the rubber meets the road, as the expression goes… It’s all well and good to know there’s a demand, and that the demand is showing great potential financially, but can you deliver the goods?
Do you have the ability to sell to this niche, do you have a good way of offering a solution?
If you find a good profitable niche, then only thing left for you do now is to address and meet the niche’s needs.
