I am looking in to building an online business and allot of references tell you to conduct market research but I don’t know how to. My business would revolve around making youtube videos and making money through affiliate marketing.
Identify your research goal. Ask yourself if do you need to improve customer service or increase sales? Or are you looking for the right market for a new product?
To determine the demographics of your market use trade journals, marketing magazines, government reports and chamber of commerce market profiles.
These publications are helpful in providing data on purchasing trends that serve you a clue on the buying habits of your target market.
Be able to conduct mail and telephone surveys using randomly selected addresses and telephone numbers in your local area.
You should collect information from your existing customers. Using questionnaires, personal interviews and focus groups to get feedback on your products and services are of great help. If you do have a Web site for your business, start a chat room or message board and encourage customers to participate.
Try to observe customers at various points of contact in your business, including reception, sales, and customer service. Be watchful for glitches in your business operation and at the same time how your employees interact with the customers.
You should take time to analyze your sales records. If you know your best customers and most profitable products this can help you to better focus your marketing efforts.
Organizing the research data you have collected and be able to determine – or reevaluate – your marketing strategy based on the results of your research.