What Is Market Research?
Now this gets scary because it is a field in its self. There are libraries of books on the subject. We simply want to know if there is a market and if there is a niche market within the market that we can attack.
Is there a market for shoes? Everybody I know except my wife usually wears them. Well, I always have mine kicked off too. They are very confining. But I know that there is a market for shoes because my son has 15 kids and shoes are always busting his budget.
If I walk down the mall, I see everybody wearing shoes and I see shoes in store windows. I know I can get a pair in one of the anchor stores. I can buy shoes in a sporting goods store. And there are plenty of shoe stores. I can buy shoes on the internet from dozens of sources.
After looking at the shoe market, can I find a niche market in there? Maybe so. How about ski boots? How about specialty hiking boots? How about ballerina slippers? I keep digging and find out what people are doing. Maybe I’ll find a niche I want to work.
Where are the people in this niche? What are their needs and desires? That is what we want to find out. This market is too large for me so I’m going to try a bee keeping.
Now I can read a magazine on bee keeping. There is nothing in the mall which is usually good. Bees make honey you know. Hey, there is a bee company just up the street. Honey is different from different areas. It taste different and has different pollens in it. I know I can buy it in five gallon drums. Maybe he is able to put it a special bottle with my label for me. I’ve got to talk to this guy! So that is how Grandpa Jones Idaho Honey develops which I could sell locally and on the Internet.
So, you don’t have to have an MS in Marketing to do it. Just use your bean and keep your eyes open to what is going on with this planet speeding around the sun umpteen miles per second.
Next: Back to Kyle and His Wonders
Now this gets scary because it is a field in its self. There are libraries of books on the subject. We simply want to know if there is a market and if there is a niche market within the market that we can attack.
Is there a market for shoes? Everybody I know except my wife usually wears them. Well, I always have mine kicked off too. They are very confining. But I know that there is a market for shoes because my son has 15 kids and shoes are always busting his budget.
If I walk down the mall, I see everybody wearing shoes and I see shoes in store windows. I know I can get a pair in one of the anchor stores. I can buy shoes in a sporting goods store. And there are plenty of shoe stores. I can buy shoes on the internet from dozens of sources.
After looking at the shoe market, can I find a niche market in there? Maybe so. How about ski boots? How about specialty hiking boots? How about ballerina slippers? I keep digging and find out what people are doing. Maybe I’ll find a niche I want to work.
Where are the people in this niche? What are their needs and desires? That is what we want to find out. This market is too large for me so I’m going to try a bee keeping.
Now I can read a magazine on bee keeping. There is nothing in the mall which is usually good. Bees make honey you know. Hey, there is a bee company just up the street. Honey is different from different areas. It taste different and has different pollens in it. I know I can buy it in five gallon drums. Maybe he is able to put it a special bottle with my label for me. I’ve got to talk to this guy! So that is how Grandpa Jones Idaho Honey develops which I could sell locally and on the Internet.
So, you don’t have to have an MS in Marketing to do it. Just use your bean and keep your eyes open to what is going on with this planet speeding around the sun umpteen miles per second.
Next: Back to Kyle and His Wonders
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Vindican
Premium
TJ great post showing that indeed, the best niches may be right under our noses every day. I uncovered a great one today based on a look at my spam e-mail box -- i was actually looking for a real e-mail and of course got sidetracked when I saw a particular subject line of a spammers e-mail. After 15 minutes in Jalaaxy, it's a perfect niche product they were pitching (spammers are annoying but not stupid), I cannot wait to get started on it.
