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How to do the simple market research?

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  • How to do the simple market research?

    Market research is the most important part of sales because it gives a best idea about the products sales and demands in advance. So here are some of the best tips to do the market research.
    1.Ask your customers for suggestions. Provide cards for them to fill out (with name and address) and leave in a fish bowl.

    2.Analyze the rich information you already have—such as invoices, customer credit applications, and salespeople’s reports. See what these items tell you about sales and customers.

    3.Use your trade associations. Read their studies and journals or call them when you need information.

    4.Ask the government. Agencies ranging from the U.S. Bureau of the Census to local economic development offices can provide a wealth of market information.

    5.Create an advisory board and seek members’ observations and opinions regularly.
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  • #2
    Re: How to do the simple market research?

    The investigation on whether a product or service can be sold profitably. A new product or service is designed so that there should be research to see if there is a market out there for that product or service. This often takes the form of producing a limited number or operator of a limited number of service points to see if the idea of floats. The underlying concept of market research seems simple, but there are several factors to consider.
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    • #3
      Re: How to do the simple market research?

      Hello Friends,
      Professional online sellers have learned that starting up a new online store or online auctions will be a huge waste of money if you pick the wrong products to sell. As result they began doing some very simple but very revealing product market research to uncover new niche markets to sell in.

      Thanks.
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      • #4
        Re: How to do the simple market research?

        I believe that to do this market research simply go to the Google Keyword Tool and type in a generic term of a product or service you are interested in checking out. Take a look at the information that tool presents in terms of related phrases, search volume, and competition level.
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        • #5
          Re: How to do the simple market research?

          First of all, when you start the business to keep all costs to complete at least until the money begins to flow my advice is that if you think theres something you need a consultant to write specifically to meet questions like, go online bookstore and buy a couple of books about these issues.
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          • #6
            Re: How to do the simple market research?

            A new product or service design, so there should be research to see whether there is the exit from the market products or services. This is often manifested in limited production or limited number of service stations, take a look at the concept of operators, in the form of floats.
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            • #7
              Re: How to do the simple market research?

              Market goes through keywords research indeed and later on via customer survey but before all you need to check if there is a market for your project (except if you are sure about it). Even if there is a market, you need to check why potential clients would buy from you instead of someone else. So market research is a lot about surveying your target market.
              Starting a business? Launching a new product or service? Test the market first!
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              • #8
                Re: How to do the simple market research?

                Six Steps in Conducting Quantitative Marketing Research.

                Identifying and defining your problem
                Developing your approach
                Establishing research design and strategy
                Collecting the data
                Performing data analysis
                Reporting and presentation
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                • #9
                  Re: How to do the simple market research?

                  its a ver good topic, I think the most important thing in market research in this day and age is to make sure you carefully screen your respondents, to make sure that they're in the demographic group that your business will be dealing with.I think Pre-testing and market research are particularly important to making sure everything is right before launching a product. Companies that try to short-cut the system usually fail ... and never really know why.
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                  • #10
                    Re: How to do the simple market research?

                    Do you really believe that they are so incompetent as to be unable to perform simple market research as part of building the program?
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                    • #11
                      Re: How to do the simple market research?

                      I agree with Henry_Jakson and i can add overture-seo-tool from Yahoo. Also great tool like Google Keyword tool.
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                      • #12
                        Re: How to do the simple market research?

                        A new product or service design, so there should be research to see whether there is the exit from the market products or services. This is often manifested in limited production or limited number of service stations, take a look at the concept of operators, in the form of floats.
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                        • #13
                          Re: How to do the simple market research?

                          I believe that to do this market research simply go to the Google Keyword Tool and type in a generic term of a product or service you are interested in checking out. Take a look at the information that tool presents in terms of related phrases, search volume, and competition level.
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                          • #14
                            Re: How to do the simple market research?

                            The most important thing to keep in mind is the end-user/consumer need that you're satisfying. If you understand your consumers/customers very well, you'll know what's important to them, what language they use, how they view the category, what they like/dislike about other products, etc.
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                            • #15
                              Re: How to do the simple market research?

                              Try making use of some online survey companies they come of great help in market researching.
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