Last week, we expounded on the fact that starting an online business is quickly becoming a trend among those that seek to harness the power of the virtual world. You learned why a business should transition to the World Wide Web. We also provided information on two of the most important aspects of your online business – a website and social networking.
We will return to these two topics as we continue this series; however, this week, we are going to focus on one of the most critical aspects of achieving success with your online business; that is, identifying a need. In many instances, online businesses will identify a product and/or service that they want to offer before identifying a market. Unfortunately, has the potential to be an exceptionally costly mistake.
You must first identify your market and the needs of your target market. Once this is done, everything will start to fall in place.
In Search of a Solution
When internet users conduct a search, in most instances, they are in search of a solution. They have a need, a problem, and a desire for certain types of information, products, and services that will aid in filling their need, solving their problem, and/or providing them with what they want. By identifying a target market, with a target need, you have the ability to create a website that will not only attract, but, will convert. You must be able to deliver results. Your website is the area on the World Wide Web where you will be able to succeed in this endeavor.
Conducting Market Research
Due to recent innovations and the massive amounts of information that are currently listed online, conducting market research to discover ways to identify and fulfill a need are easy. Simply conduct the following:
- First, visit forums, groups, and other types of community pages and learn what people are talking about. Find individuals and/or groups asking questions and take this information to determine what types of problems and complications in their life that they are attempting to solve or overcome.
- Next, do a little keyword research. You will want to find keywords and keyword phrases that are in high in demand among internet users but low in supply in terms of website availability. By taking this step, you will not find yourself competing with other websites. You may find that you quickly rank in search engines and that the traffic to your website is optimized.
- Chances are, you will find – at least – a little bit of competition. That is okay. Simply use it to your advantage. Go to your competitor’s websites and observe their techniques and strategies. Then, come up with a plan to better identify and fulfill the needs of your target audience.
By taking all of the measures outlined here, you are sure to find your target audience and identify the needs of that audience. Unfortunately, it is a time-consuming process.