Doing market research before starting a business is like having an accurate flight plan before you go on a trip. If you don't have anything planned out there are a whole slew of hazards that can endanger your flight, make it failure and take you somewhere you don't want to go. Imagine an eager young pilot who wants to get out and be free like the birds but who has no plan. He gets up in the air and immediately has a rush of adrenaline. He's away from civilization doing his own thing.
However that rush soon fades and He finds himself a little lost. He frantically searches for landmarks or cues that will show him where he is. Instead He decides to just keep going in the same direction because he figures he find some city or airport. Unfortunately His freedom is taken right back and he is a slave to his aircraft. He soon begins to run out of fuel and has to make a crash landing. If only he had made a flight plan he could have traveled somewhere exciting. Instead he was just thrilled to be up in the air.
So it is with business. Eager young entrepreneurs romanticize about owning their own business so they rush in and find out quickly enough that they're lost and too far invested to just stop. With a business if you're just winging it even if by some slim chance you turn a profit you will most certainly end up in a place you dont want to be. You may even need to make a crash landing by filing bankruptcy. If only you had made a flight plan. If only you had done thorough market research.
In this Course we're going to review the elements of market research as it pertains to creating and profiting from websites based on Amazons Associate program. With proper, in depth research you'll discover niches that will make you consistent money by selling Amazons products.
1. Keyword research
2. Product research
3. Competition research
4. Domain name research
Before we go in depth into the "how" and "what" of each element we will discuss the "WHY". Understanding why will give you the motivation and big picture perspective necessary to really make this course successful for you and will help you realize your personal financial goals. This is going to be specific stuff that will really help you in the long run and many of this can be applied to a lot of different business models as well.
1. Why Keyword Research?
Simple. People use search engines to find what they're looking for on the internet. Search engines use keywords to organize the results they deliver to their user. Some keywords are used more than others and therefore it would be very profitable to convince the search engine that you're worthy to be served up as a website for the higher volume keywords. Why keyword research? If you choose the wrong keywords you wont get any traffic to your website. And in this game traffic=money.
2. Why Product Research?
After some keyword research lets say you come across the keyword "chocolate candy bar". The next step would be to check out what products would be relevant. Obviously chocolate candy bars would be a good thing to sell if that was your chosen keyword, however people don't buy candy bars on the internet. Not only that but candy bars are very inexpensive so even if you were able to sell any each sale would amount to pennies. This is why you do product research. You need to find products that will pay well and that people will buy online.
3. Why Competition Research?
If you were to pit a mouse and a rottweiler against each other who would you bet on? The obvious choice is the dog. He far out matches the mouse. In one swing the dog could break the mouses neck. When you're just starting out you want to choose small niches where you'll be able to reasonably compete. Don't go after the electronics industry. You'll go up against behemoths like best buy, circuit city and Walmart. The more narrow your niche market the less competition there will be and because you're just starting out you'll want to go small.
4. Why Domain Name Research?
This is what your website will be known by. You want to make sure you can get a reputable domain extension and a reasonable keyword rich name. Doing proper research on potential domain names can dramatically effect how soon you start to see sales.
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