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Topics & Tips
Business Planning
Using Internet Market Research to Understand Your Target Market
As an entrepreneur, you
need to understand your market before starting your
business or before proposing a new product or service.
Internet Market Research is an appropriate tool for such
a task. Using this tool can help you carry out your
market research at a very reasonable cost.
The definition of a business’ marketing policy is
essential for its development and success. The quality
of such a definition depends on the quality of the
target market research. In addition to providing a
better understanding of the market, such research will
also facilitate the development of a quality business
plan and help you reach your business goals.
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Until recently, most small businesses were unable to
carry out market research, often because of the high
cost. However, the emergence of new research techniques
has made market research much more accessible and
affordable.
Internet Market Research is such a technique. It has
become much more reliable, in contrast to previous
years. In fact, thanks to the large growth of the number
of Internet surfers and advanced data collection
techniques, market research companies now have more
opportunities than ever to obtain representative samples
for their target market. |
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Research quality depends considerably on such samples.
As of 2005, according to the "European Association of
Marketing Study and Research" (ESOMAR), two-thirds of
the quantitative research was carried out on the
Internet.
The use of the Internet as a means of data collection
simplifies the market researchers’ work. It allows for a
considerable reduction in delays and costs, and makes
such research financially affordable to small business
and home business.
Example - Someone interesting in writing about business
travel would need to study the market before starting to
work. The writer would need to evaluate the market and
discover exactly what audience and topics each magazine,
e-zine, newspaper, etc. targets. The writer could then
order a poll on the Internet - at a very reasonable
price - that researches the needs and interests of
business travelers, such as the destinations they visit
and services they require. Having such market knowledge
can greatly increase the writer’s chance of getting
published.
Some of the key advantages of Internet Market
Research are as follows:
- attract rare, high-demand markets with precision and
accuracy
- transfer all types of documents (photos, pictures,
sounds, etc.)
- tap into remote target markets (essential for an
export business)
- tap into a wealth of private and business research
panel information
The final evaluation of the information collected by
your Internet Market Research should provide the
following benefits:
- identify the needs and expectations of your current
and potential customers
- understand the evolution of the customer’s purchasing
habits
- discover your competition’s strong and weak points
The improved understanding of your market will enable
you to refine your range of products and services, and
improve the distribution and communication policies of
your business. You will soon be attracting new
customers, maintaining current customers, and reaching
your business goals.
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AND we’ll teach you how to successfully search
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on the internet.
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