A good start in building your online business is market research. Through market research, you will know whether your online business will be profitable or otherwise. The simplest parameters which must be known are number of searching (for a thing being researched) and its competitors. More searching number and less competitor for the good being researched, it will be greater opportunity to be successful for your online business and otherwise.Market research consists of (1) niche and (2) keyword research. Niche research is meant to dig the existence of market share at business which you will build. While keyword research is aimed for optimizing your website.
Niche and Keyword research must be done in parallel and integrated ways. Here are the steps guiding you how to start a free market research:
1. Browse online or offline magazine or online market, etc. You can visit this website: www.magazine.com, www.ebay.com, www.amazon.com.
2. Choose a topic you like most. If you like the topic hence you will like to do it. For example you choose topic "Wedding". Tips: chooses best seller category.
3. Come into more specific topic, for example "Wedding Planning", “Wedding Invitation", "Wedding Organizer", etc.
4. Enter to Http://keywords.wordtracker.com and enter your sub topic keyword. Note the number of searching generated by the tools. Usually, Wordtracker presents keyword searching of previous month. This is the demand of your market.
5. Enter keyword which you apply at point 4 to search Google. Note how many website having competition with you keyword. This is recognized as Supply or your competitor.
6. Calculate Demand and Supply ratio. Use this formula: the greater Demand/Supply Ratio the more profitable niche you’ve got.
7. When you do point 6, you will see how many adwords or advertisement presented by Google. The less adwords or advertisements, the more profitable niche for your business because the demand is higher than the supply, then there are greater chance to be successful.
8. Always look for profitable sub topic.
Through market research, you will not waste your time and money for a useless in building your online business. Try it and Good luck!.
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