The Limits of Online Market Research

The Limits of Online Market Research

The Limits of Online Market Research

Niche research is essential for building a successful online business, but this kind of research has some real limitations. Keyword research, the most important part of niche research, can only tell you what has happened in the recent past. There's no way to be 100% sure it will be reliably true going into the future.

The collapse of the economy in the fall of 2008, is a great example of how the past does not always predict the future. Everything was shaken up during that time. Some businesses that had been doing very well tanked, while others improved dramatically.

Remember you are researching past behavior that may or may not be true in the future. The information you uncover simply provides a moment in time. This is even more important for the competition because there are always people trying to change their impact on their market, not just searching within it.

So what can you do to make your research more reliable?

1. Test your data

When you have your keywords, test them. Put up a simple website (I generally recommend Wordpress) to see what happens. Can you get the traffic you thought you would?

Once you're sure you have the traffic, you have to try to sell something. The best way to do this is with someone else's product rather than trying to create your own. Use a product that has an affiliate program and get it out there. Can you sell it?

2. Use Google Trends

Though still a backward look, Google trends can show whether the market is changing. It will also let you know about seasonal fluctuations that are to be expected for a particular keyword.

3. Watch your statistics

I highly recommend using Google Analytics which provides a multitude of data and it's all free.

4. Recheck your research every once in awhile.

Check your research periodically. I recommend redoing it every few months keeping a particular eye out for what's changing with the competition.

5. Stay current with your market

Understanding what your market wants is more than the numbers, it's about the people so it's important to stay in communication with them.

6. Work to develop several income streams

Variety is what it's all about. Working in more than one market, working in a variety of related niches within a a particular market or offering several products within a particular niche, can all provide the variety you want.

Your best insurance against the changes in Google's algorithm, financial declines and market changes is to have multiple streams of income. If one fails to produce, you have others.

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