On average, approximately 90 percent of Internet start-up
businesses will fail within the first six months of operation. A large portion
of these failures isn't due to a lack of business knowledge by the owner, but
more of a lack of effort into proper research. Just like opening a store in a
local, real-life environment, owners need to do some market research in order
to gauge whether or not an idea will succeed. Given the sheer number of
competition online, this research is more important than what many people tend
to believe.
What They Buy Today
May Change
What sells well today may not be worth much tomorrow. This
is especially true when you're selling electronics. Technology changes so
rapidly that you constantly need to keep an eye on trends. I've seen online
business owners dump a great deal of money into things like phone cases only
for those products to be obsolete one year later. In one case, the owner
over-purchased some brands of cases thinking they would sell – which he is
still sitting two years later. You have to adjust your holdings if you want to
remain competitive.
Understanding Your
Target Consumers
Market research is used to identify your target consumer and
placate to their needs. It's all about giving the customer what he or she wants
that will boost sales. In order to know what the most affluent product is, you
need to do some research regarding your niche. It doesn't stop there. You need
constant updates to your data. This means that market research is something
that is done continuously if you want to get ongoing results.
It Takes Time to
Build Success
Whether you're operating a brick-and-mortar location or
setting up an eCommerce site, success isn't going to be instantaneous. It often
takes a great deal of time before consumers are flocking to your website to
make purchases. One of my clients in particular was duped into believing the
hype of working only a few hours a week to make it rich. Unfortunately, he
neglected to follow my advice of putting effort into his online business. He
didn't spend time marketing the business nor researching competitors. In
reality, it's all based around your level of effort. The more work you put into
the online business, the greater are its chances of survival.
Before you put money into any online business plan, you need
to make sure you understand every aspect. Products, advertising, social
engagement and more will play profound roles in the success of your venture. A
good idea is only the beginning of the Internet start-up. It's the legwork of
proper marketing research that will be one of the most influential aspects of
your success.
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