Thursday, November 13, 2008

Market Research

Internet marketing is all about targeting your customers for the greatest return on your advertising investment. To target your market, you have to understand how consumers choose the products they buy.

Market research gives you the information you need to effectively appeal to your customers. It gauges consumer interest in your product and helps you identify where and how to advertise your product. Effective market research relies on collecting and analyzing reliable data about consumer habits and opinions.

You can perform your own market research by surveying your existing customers or inviting potential customers to participate in evaluating your products. By communicating with your customers, you can improve your products and service while building customer loyalty.

You can also install software that will track how users view and use your web site. Understanding the behavior of your web site visitors helps you advertise more effectively.

There are several types of market research that focus on the product itself. Demand estimation tells you if your product is sellable and how much competition you face.

Commercial eye tracking research determines how your product appeals to consumers. Test marketing lets customers try out your product and make recommendations for improvement.


Other market research methods focus on the consumer's perception of your company. Brand name testing, usually through surveys, evaluates your name recognition and your appeal with potential customers. Ad tracking, the most quantitative research method, evaluates whether viewers respond to your marketing techniques by following through or abandoning the sale.

Before investing in your internet marketing campaign, take time to really learn your market. Know what your customers are looking for and what they like. Targeting your customers through market research will prevent the waste of precious advertising resources.

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