Perform your market research first! Use numerous tools such as Google Trends. Keep in mind that Google Trends is not enough. It is essential to study the market that you think you want to get into before you do anything else.

As you study your market you will start to discover various marketing tools particular to that market.

Not sure where to start? Start with putting yourself in their shoes. Where do these people live, eat, buy, do for enjoyment? What are their attitudes toward family, politics, and the environment? Do they spend more time with family or friends? Are they single, married, parents?
As you look for the answers to these questions, you will learn about the profile/s or your customers.

A great tool to use is Twitter. Twitter is not just for posting notes. It is an EXCELLENT way to see what people are saying about a particular topic. Many people miss this tool. Start to take this perspective with the thousands of tools that are available. If you look at every tool as a marketing tool for both research and promotion, you are on your way to reaching your target audience.

Don’t make assumptions! I know two people that were going after similar markets. I was careful to try to try to find the second one a different niche. I hadn’t done any research on this “hot” topic. As it turns out it was only a “hot” topic to the suppliers, but the market had tanked a year ago. Everyone was just jumping in thinking that other sites are popping up trying to capture this market, so there must be a market there. WRONG!! The market has died and will probably not be revived. It’s time has passed.

Interestingly, I found a niche that is just kicking up. Because of politics and numerous other social economic factors, this niche is going to have a long and strong life.

Don’t be afraid of letting an initial idea go. It is better to have a grasp on what the market conditions are now and predicted market conditions, so the mistakes are not costly.

No one wants to start a new business venture and know that they have to push the project up hill the entire way. This is not fun for anyone and a waste of time, money and effort. Not to mention the missed opportunity of working on the niche that could have been more successful.
This is A LOT of work if done correctly. Thorough market research can’t be done in a night or a week. You can get a lot of information, but it will not give you the extensive information you need to make informed decisions about your marketing.

Call Carolyn Thompson if you would like additional information: 301-674-3056