A lot of people online try to make money share a common feature; they jump into their niche too quickly without conducting an in-depth market research. This is one of the most common and fatal mistake online marketers make. So please, if you are going to start your online business or trying to generate targeted traffic to your website, dig deep into your market and really understand who they are and what they want.

Tip: There are a few important questions you need to answer when doing market research:

Who are your customers? 

Answering this question will help you identify your target customer so that all your money and effort you spend in order to market whatever you are selling will be worthwhile. Things such as their age group, income level, gender are the basic characteristics of your target customers. But you want to also dig deeper to find more specific information about them. Information such as what countries do they live in, at what time do they go online; these information can be very helpful when you advertise your site online as you want to reduce your CPC (Cost Per Click) and not missing our your target customers.

In addition, you want to find out what do your target customers want so that you can develop/find a suitable product/service for them. Find out what problems they are facing, what solutions they are looking for. Is it informational products like ebooks, physical products of any kind or some kind of service? Once you figure these out, you will see what kind of product you can provide to them; if you already have a product, you can see if your product is suitable for them. It is also useful to know what products/services they are currently buying beside your product. You also want to find out what can you exclude about them. Finding out that your target customers don’t like can really give you benefit. 

Where are they on the internet?

It is a lot easier to find out where your target customers are online and divert them to your site than it is to just generate the traffic from nowhere. Get to know what they like to do on the internet and you can provide exactly what they like. 

If there are some online communities or forums that your target customers go to, find them and participate in the discussion. Try your best to solve people problem and they will later come to your site and perhaps become your customers. 

What blogs are your target customers reading? Read these blogs and investigate what why these blogs are so popular. Things such as what kind of content these blogs are publishing, are they articles or videos? Do they use a lot of pictures, etc.  Learn from them so that you can make sure your target customers will like your site and come on a regular basis.

What are your competitions?

This is the basic of the basics of running any business. Get to know your competitions. Find out who are the top players in your market and what they are selling; are they selling physical products or information products. Investigate and you might do better or provide products that they are not offering. Also, find out how they become successful online and how do they do that; are they using single sales letters and advertise a lot online? Are they doing email marketing or video marketing? If you know how do your competitions succeed online, you can learn from them and improve so that you can take over their share of the market.

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