Even if you think you have a real barnstormer of an idea for an online business it still makes sound financial sense to check the potential for your idea with some solid market research.
It’s probably fair to say that the online marketplace is very competitive, which means it appears to be quite a challenge to find a marketing edge. However, that’s where good product research pays off.
Once you have validated your idea and know there’s demand out there, you can set about opening your nutraceutical merchant account, for instance, and start generating revenue.
Here’s some pointers on how to get to that point in your online business adventure.
Table of Contents
Work out if your product solves a problem
In general, the vast majority of products that go on to achieve online selling success tend to be the ones that solve a customer problem, or address a so-called pain point.
You don’t need to reinvent the wheel. Even if you take an existing product idea and expand on it, that can be a viable approach. In essence, if you can identify inefficiencies or issues with a competitor’s existing product, and apply a fix, that could give your product an advantage.
This is where good market research comes in. Check that your improved offering of an existing solution could be well received before you dive in and launch.
An invaluable market research tool at your disposal is social media. These platforms make it far easier to spot emerging trends and get an accurate fix on what people are really talking about and are interested in.
You will see that most of the major social media platforms have a trending section. This can provide a rich source of insightful data. All you have to do is scan trending hashtags and even follow what influencers are talking about.
Staging in tune with these trends can give you valuable market research feedback and data.
Harness the power of AI for more clues
Another excellent market research tool is artificial intelligence. AI offers product research tools that analyze large datasets to give you a comprehensive overview of how your product will be received.
Using AI in this way could give a more in-depth look at the potential of your product than you can get when using a single platform to gather your data.
Don’t ignore the power of keywords
If you want a surefire way to grow your business as quickly as possible, you should take a look at generating organic traffic from search engines.
It often pays to get someone with SEO know-how on this score, but it’s an investment that usually delivers solid returns. Google’s algorithm, for instance, is constantly evolving, which is why keyword research can unearth some excellent and valuable marketing opportunities.
Once you find a range of relevant keywords where the search volume is significant, this can guide you on shaping your product and marketing to match this search criteria.
The marketing tactics outlined can all prove highly instructive in guiding you toward online selling success with your product idea.
