No matter what business you are in, you need to learn certain basics about your market. Online business is no different. There are also certain questions, that you need to ask yourself as an entrepreneur before you offer your products and services to your market.
The first thing you need to learn is, what are your costumers choices? You have to be aware of your competition and what are they offering. When you study your market you need to answer 9 important questions.
So what are your costumers choices? Here are the questions:
What problems are they being told they have?
What solutions are already being offered?
What format are the solutions delivered in?
How are they being sold – what is the sales flow?
What benefits are they told they’ll get?
What experts are being referenced?
What bonuses are they being offered?
What price points are they being sold at?
What payment terms are offered?
When you are selling your own products you need to be in a big market. These questions does not apply for affiliate marketers, because they can make money form tiny markets. When you are selling your own products, the bigger market the better.
I know, you are probably thinking big markets have a lot of competition. How can I compete with big names? Let me explain. Big markets are proven. You know there are buyers, the market is profitable. On the internet there is more than enough space for everybody. Think abundantly. Every online business is unique, that is why you need to answer these 9 questions before you launch your product.
Competition is good. Use your competition as models. You don’t have to figure out what you market likes to buy. Your competition did this for you. You can even model your products, services or promotions after theirs. But be different in little things and throw in the unexpected. That will make you interesting and unique.
Here is another important reason you look for a competitive market. in the beginning you don’t want to reinvent the wheel. Innovation is for later. The demand for information is always there. That is not enough. People have to be willing to spend money to get information. If not, you are dead in the water. That is why you have go into a big market and study your competitors, because you know there is money to be made.
Big competitive markets have already been researched. So you don’t have to do that when you launch your products. Research your competitors with these 9 questions and model your business after those who are successful in your market.
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