Online Market Research - What and How to Research Your Target Market and Competitors

Any small business owner or affiliate marketer who is going into one niche should at least perform an analysis of the target market and competitions.

It doesn't has to be a full-blown, hundred of pages of well-researched information about the market. A simple research could be done in a few hours to a full day. It can be nothing more than 2-page summary. Of course, you can write as long as you want to, but you can avoid formal talk.

The summary is very important when you start producing content, creating products, and carrying out marketing and promotions.

For example, if you can get information about the demographics, psychographics and geographics (if relevant) data and potential growth in the future, you can at least estimate how your business will grow in a few years.

One source of data for market research that I like to use is Standard Rate and Data Service (SRDS). For example, you can draw rich amount of real-life data such as sex, number of children, home ownership, household income and age by income, credit card usage, and so on. Those data are grouped by city too.

Researching your competitors can be easier online. You can visit their site and get any kind of data they make available on it. It is much faster and more convenient than visiting the brick and mortar store.

You can find out what products or services they offer, including complete promotion strategy, pricing, and other information. By subscribing to their list, you can learn about their marketing calendar, what projects they're working on and with which partners. You can also get updates and news about the competitors.

Finally, nothing happens without actions. Don't get stuck in the middle of analysis. By all means collect the data, but you should proceed to take action and bring your ideas and plan into life.