What is Marketing Research And Why Should You Care?

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What is market research and why should you care?  Great way to start out right?  A lot of people skip this part and that’s sad.  Much as I hate to admit, I used to be guilty of that.  It’s good to know what’s going on in the niche you are working in.  Afterall, if you want to be a person of influence someday, this does matter.  Let’s reveal what you should know.

The definition of marketing research.

As defined in Wordnik – the definition of marketing research is –

·  research that gathers and analyzes information about the moving of good or services from producer to consumer

Why should you care about Marketing Research?

By taking the time to know what is going on in the market (niche) you are working in, you get to be able to spot items of concern and here are some examples:

  1.  Business opportunities
  2.  To see if there is a down turn in the niche you are in
  3.  Lowering your business risk

Case and point – If all you see is what is outside your front door, you are missing out on a lot.

You had to do some marketing research to effectively pick the niche you are in.

What is the first step in the marketing research process?

The first step is to Define The Problem – This is one of the most important and difficult steps of the marketing research process.   The rest of your research depends on this step and is focused on it.  This is the key foundation of the process, so you need to recognize the point or focus of your research. 

One example with affiliate marketing is researching on finding the right niche for your business.  That would be your focus, and the problem would be finding one that fits what you are looking for when it comes to demand, competition, commissions etc.

Here are the steps to follow with marketing research and keep in mind that your focus is the niche you are working in:

1)- Define The Problem – See above for this one.  Why are you researching?

a.   Are there any products out there that are similar to yours,

b.  Look for the top-selling products in your niche,

c.  Find out who is promoting the products that are similar to yours.

d.  Have there been any issues reported by people for these products?

e.  What are they selling for?

What's your strategy?

2)- Create a research plan – This can include taking a poll of your readership to see their view on the subject.  Essentially you are deciding what type of research needs to be done and from what sources do you plan to use.  You’ll want to consider any time frames or deadlines to get the research done.

Create an outline of what you are looking for based upon the plan and any input you get.

3)- Examine your data – Review all the research you did based upon the plan you created and compile your results to see what needs to be done next.

Follow Through

4)- The outcome – After your review is complete and you are ready to make a decision.  If the research you did shows that the results are negative or if the product you were researching may not be profitable, you may have to scrap it and start over with the research.  If that happens, look at it as an opportunity that you did not lose out on, but you gained by not taking advantage of a product that wouldn’t benefit you much. 

If on the other hand, you decide that your product may be profitable and the market favors it, then you need to create a marketing plan for your product.  Then of course, promote it.

Market Research Help.

Now, if you are not that experienced in market research and feel you find the above steps challenging, there is help.  The above steps is an outline to show you the flow on what to do.  It’s not a set-in stone method as you can modify it to fit what you are doing.  It’s a basic flow to follow.

There is a good resource available especially made for affiliate marketers and it’s made available through Affilorama.com as am an affiliate of them.  I highly recommend this resource and you can access it here for FREE at:   https://www.affilorama.com/market-research?aff=bisky1

Affiliate Marketing Niche and Product Research.

Both the Niche and the Products should be researched.  The Niche is where you would find the company that has the product you would be promoting.  Obviously, the importance of researching the niche, would be to find out how profitable it would be along with it’s competition.  The same kind of goes with the product.  How well is the product selling?  Doing proper research, you can avoid any issues.  If you are a company with many affiliates, then you’d want to avoid any issues for you and your affiliates.

Your research can also lead you to other opportunities for the future, so it’s always a good idea to keep researching.

There are cases when doing your own affiliate marketing research isn’t necessary.  This would be if a product or service is similar to one that you have already promoted before. 

It should be noted that you may yield better results by promoting a new product than something you already did.

For more on affiliate marketing research, check out:  https://www.affilorama.com/market-research?aff=bisky1.

About The Author

Tim

I'm a Blogger, into Wordpress, social media, Internet Marketing, Entrepreneur.

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