How To Do Market Research For Your Internet Business - Miles Beckler

How To Do Market Research For Your Internet Business

One of the real 'make or break' pieces of the internet business puzzle is doing research...

And most people are either ignoring the research side all together, or they are doing it all wrong.

This post will help you understand the right approach to get the most out of your research!

Plus, you’ll learn a super easy process to researching that will help you sift through the noise and find the most important information fast… And then be able to ‘work with’ that data to create and implement new products or strategies based on what you found!

And this will work whether you are going full on introspective trying to figure out and harness your strengths... Like I shared in a recent video: https://www.youtube.com/watch?v=hza-SENFNJU

Or if you are doing market research trying to identify your niche, or digging up interests to target on Facebook through the Audience Insights tool!

The first and most important distinction is that what you are actually looking for are clues...

The first and most important distinction is that what you are actually looking for are clues...

Not answers!

Research is very nuanced and requires you to put on your Sherlock Holmes hat and to dig for the 'meaning' behind the clues.

Like a crime scene investigator, you look at all the clues you can find about your market and then you have to make connections and piece together the 'story' from all the data-points.

Then, you have to take the time to test your assumptions whether that is with new ad copy, a new product offer, a new headline on your landing page, etc.

One approach to the research game is to get some 3" x 5" index cards and a sharpie...

Then dig in to the Amazon Kindle best sellers list, like I show how, here: https://www.youtube.com/watch?v=ygWYz3K27aA&list=PL0sOKzn__yK3bPvVRts4CXOtPciYcu7iZ&index=2

 

And begin looking for clues in the 1 star and 5 star reviews left on the top 20 - 50 books in your niche....

The 1 star and 5 star reviews hold a key ingredient that 2 star to 4 star reviews don't...

PASSION!

They either loved it or hated it and you want to know WHY they loved or hated it... Because you want to do more of what they loved and you want to avoid or fix or add on what they hated...

So you start to pull out the little 'clues' from these reviews... Each clue goes on an index card.

Now, this gets messy and that is a GOOD THING!  🙂

But you want to pull out all the 1 star and 5 star clues on individual cards... Then group them.

You will see patterns emerge as your cards get grouped by topics...

You may throw away some...

You may not write down all the comments...

How To Do Market Research For Your Internet BusinessBut what you are left with is a bunch of clues that can lead you to a massive understanding about your niche, your competitors and the gaps in the market.

Then, you build a product that not only delivers on what people loved... But you also create the components that the 1 star folks complained were missing...

And when you are done, you have the structure, the components and the framework to be able to create the most comprehensive and helpful resource for your niche...

All scribbled across a bunch of index cards...

From the index cards, you can lay them out into an outline... Or group them into a framework I've used many times to create an online course, book or presentation...

Click here to learn about the framework you can use to create awesome online courses: https://www.milesbeckler.com/create-awesome-online-courses/

When you follow this process of searching for clues, writing them down on cards, grouping them together...  Rearranging them and shuffling as needed.

You will notice that patterns appear...

One stack of '5 star' ideas becomes HUGE and that is a 'must cover' topic for you...

You may notice that one stack of 1 star reviews is the biggest... and that could clue you in to the one thing your audience has a BURNING DESIRE for that no one in your space has covered yet...

Bingo!

This could be your lead magnet that converts 50% of cold Facebook traffic to leads.

This could lead you to the framework for a coaching program...

This could spark the 'ah ha' moment that leads you to your unique sub-niche that you DOMINATE, moving forward.

But, the real key, is to take the time to do the research 'work' and let the clues guide you towards the answers you are ultimately searching for!​​

Miles

 

About the Author Miles

Miles is a full time internet marketer who sells information products and a niche membership program with his wife, Melanie. Together they have created a lifestyle business that allows them true location independence and this blog where you get to see behind the scenes and see how they have built their online business from scratch.

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