You can save a tremendous amount of time and disappointment just by conducting market research. Easy ways to make money on the internet. This might seem like a tedious and frustrating task, but good news to Affiliate marketeers, market research is easier for you than others.
Is there no need to conduct market research?
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Actually, there isn’t. However, this doesn’t mean that you don’t have to do some research! 🙂 You won’t
get out of that one! Those hoping to make money with content marketing only, and don’t run a traditional, offline business need to identify a niche market.
You do these using secondary research. It is your decision whether you want to do this task or not, but it shouldn’t be a question that in order to be successful you need to put the work in. There are 4 million blog posts published daily, and you’ll be one of them.
You need to stand out and find the niche that will lead you to generate profit. How? I’ll cover that in a later post. Now, I address those who have an existing offline business and would like to conduct a simple market research. Unfortunately, half of people – possibly more- skip this step. If they didn’t there would be much more millionaires out there on the internet! 🙂
Niche research with Semrush
To your luck, not everyone wants to learn and do something to avoid disappointments and frustrations.
Not everyone conducts market research. And the large corporations? They outsource the work from specialist, external organisations.
⦁ How do your complete this simple task, in order to find those products and services that will allow you to generate profit from home either on a self-employed basis or with your existing products?
⦁ How do we find your customer base, who are hungry for YOUR products and services?
We’ll look at market research from different angles; like I have mentioned in my previous post, my blog don’t just help those individuals who run existing businesses with existing products – this can be a contractual agreement between parties (producer to distributor to shop to consumer), but those who will earn money through selling other company’s products via Affiliate marketing or partner marketing too.
Both ways have pros and cons. For now, let’s just say in traditional trading you will make more money but will have more outgoings too. Not to mention dealing with products and operational tasks or having to hire employees. In an Affiliate program you will not have to worry about the operational tasks or investing time and a lot of money into the logistics, only about selling the goods. For each sale, you’ll earn a commission which will obviously be less than what traditional traders would make using their sales channels.
But let’s not get too far too quick! Don’t let this discourage you, because working with a commission system can still make you a lot of money and you can earn up to 85% of the product’s price on certain programs, even though you don’t stock or deliver the products. You won’t have an issue with this, but you too, will have questions like,
Okay, but what products and services should I sell to my market?
This is why you need market research :), that one thing so many people forget to do during a marketing project. Market research has two main categories. Primary and secondary research – the first is conducted by corporations for their own products and services, but both play an important part in getting the most accurate data and information. I know that this topic is dry and boring, and you probably can’t wait to just count the money you made, but trust me, you won’t have anything to count if you don’t listen to me! Meaning you won’t find out about the easy ways to make money on the internet.
Primary research is conducted first hand within markets and customer bases. You can gain insight into customer needs and identify gaps in the market by conducting focus groups, phone interviews or online questionnaires.
Primary research comes handy at segmenting your market and creating “customer personalities”.
This kind of research can be divided into two categories:
⦁ Exploratory Research – This kind of primary research focuses less on measurable consumer trends and puts more focus on potential problems that are extremely important to work on. Normally this is the first step before doing any specific research.
⦁ Special Research – This type of primary research is used to dig deeper into questions or opportunities that seem important based on your previous research. During this stage of research, you can observe a smaller, more focused consumer group of your business. Her you can ask questions and find ways to solve the consumer’s problem.
We use information that is already available on the internet for secondary research. This includes trend reports, market statistics, business reports or sales reports, etc.
This information will be highly useful for Affiliate marketers when it comes to identifying gaps in the market. I will go into more detail about this in another post. Without this step, Affiliate marketing wouldn’t work. I’d like to mention: secondary research is very handy when it comes to competitor analysis, even in traditional marketing techniques.
Let’s create a primary, exploratory research, aka a simple survey.
Open Google Forms.
There are numerous tools available to conduct a survey, but my preference is Google Forms because it’s easy to use and it provides amazing analytics for free. This basically gives you answers without having to spend a penny on it. Click on “jump to Google Forms” button and click on the + icon. Let’s name out a survey. I’ll use “Digital marketing survey” as a name but you should use the name of the topic or product/service I have asked you to think about earlier.
The first step is to ask our magic question – what are the problems? Example:
What is the biggest issue xxxx as a service?
What is the biggest drawback of (insert product here)?
In my case, what is the biggest problem in digital marketing? is the question. Now you can think about the type of question you’d like to ask?!
These questions are very strategic, the first question helps you identify your potential customer’s problems and weak spots. Once we know this critical information, we can identify customer problems and come up with solutions. Let’s set the first element to be a text box. “Long-answer text”
We’ll insert the second question by clicking the + button again. “How would it change your life if there was an answer to this problem? ” or ” Are you aware of any unique solutions for this problem? (If so, please give details.)
This second question is also very strategic as it can give us the customer’s solution to their problem. Do not be scared of putting “if so, please give details”. This is a very simple question, which will give us a simple answer from people. We can find people’s soft spot and their ideal product/service using this question.
Our third strategic question will be a multiple options one. (multiple choice) Example: How difficult was answering the questions above? Let’s not make the answers too complicated.
1 Not difficult at all.
2 Somewhat difficult.
3 Very difficult.
This question is extremely important as we are trying to identify issues and problems that we haven’t addressed before. We’ll continue this if it’s required; we can create more forms like this. This will enable us to identify problems and their solutions. The last question will be the most conclusive, especially if the answer given was “very difficult”. As a bonus, we can ask for the person’s contact details as the last question. E.g.: “Type your e-mail address in the field below to get in touch and receive help finding a solution to your problem. ” With this, we’re not only aiming to solve an issue but also are able to build a mailing list. I will write about the importance of E-Mail marketing in more detail. My next post will discuss this further.
Those three magical questions we’ve talked about above are an important part of digital marketing in order to identify products and services that are on high customer demand. It will also give us the keywords and phrases that we’ll use during the trading process, which supports the easy ways to make money on the internet.