- 1 Why You Should Do Product and Target Market Research Before Starting Your Online Sales
- 2 Benefits of Doing Product and Target Market Research
- 3 4 Easy Ways to Do Product Research and Target Markets
In order o start an online shop business there are things that you need to consider first. This time we will explain how to research products and target the right market before starting an online clothing business.
Why You Should Do Product and Target Market Research Before Starting Your Online Sales
Before discussing further about easy ways to do product research and target market, it’s a good idea to know why you have to do this before starting an online clothing shop business.
Conducting product and target market research before starting a business serves to get to know the business battleground and potential customers so that the product can sell well in the market.
By finding as much information as possible regarding the product you are going to sell, both in terms of product, price, quality and competition, it will make it easier to be able to get the right market share in running your business.
This product and target market research also aims to make it easier for you to get to know the products that will be sold and to help find the best way to market products as a business development step.
Then, how do you do product research? Here are the steps.
Benefits of Doing Product and Target Market Research
There are various benefits that you can get after doing market research before knowing easy ways to do product research and target market. The following are the objectives of conducting market research:
1. Understand Customers Better
One of the goals of market research is to help you understand potential customers better. The reason is, market research conducted can be an effective way of building communication with potential customers.
You can also find out what kind of product is expected by the target market, how much the selling price can be issued, how to buy it, and so on.
From communication like this, you will better understand the target market. Then, try to live up to the prospect’s expectations. When the product or service you present meets expectations, many people will buy it.
2. Getting More Information for Business Decisions
Next, the purpose of market research is to help you get the various information needed to make business decisions. The results of market research that you do can be implemented in running a business. The more suitable the product or service you offer with customer expectations, the greater the opportunity for your business to achieve big profits.
So, don’t forget to do market research before launching a new product or service because this is very beneficial for your business.
3. Identify Potential Threats and Opportunities
Apart from the things mentioned above, the purpose of market research is to help you identify potential threats and business opportunities. This is because market research gives you accurate data about what customers want and expect from a product or service.
From this data, you also know that there are opportunities that might be profitable for your business. In addition, the market research conducted does not only focus on product development and target market expectations, but can also be used to analyze what your competitors or business competitors are like.
This is an opportunity for you to find out if there are potential threats that could harm your business. By identifying potential threats, you can be wiser in making business decisions. You will also be motivated to make improvements so that the product or service offered can be even better.
4. Minimizing Business Risk
The purpose of market research can help you minimize business risk. Why is that? Because before a product or service is launched on the market, you can find out what are the advantages or disadvantages of the opinions of potential customers.
Prospective customers who have seen and tried it can immediately give you their reaction.
That way, market research can help you create products or provide services that are really needed and expected from the target market. The risk of business loss can be minimized.
5. Helps See Market Trends
Quoted from the Happy Creative page, the purpose of market research is to be able to help you see the latest trends in the market. You can find out what products or services are in great demand by customers. Then, you can create products or provide services that are expected by most customers.
Apart from helping you identify market trends, you can also create new trends through market research. With the data and information you get from market research, you can create certain trends according to customer expectations.
4 Easy Ways to Do Product Research and Target Markets
1. Utilize the Google Trend Application
The first easy way to do product research and target market is to use the Google Trend application. This application helps you determine the types of clothing products that you can sell. You can also find out how often the topic of the shirt is searched by the public.
This application is quite accurate for product research because it is equipped with full features that can be used as data. From here you can get information on where most people are looking for clothing products, the time range for product searches, clothing categories, age, and the type of search.
This can then be used as a benchmark for determining the target market and the right strategy for promotion. In fact, you can find out the popularity of these products every time. The research method is very easy, you only need to open the Google Trend application. Then, type the keyword that you want to know in the search field. Here’s a look from Google Trend.
2. Conduct a Survey on Competitor Stalls
The next easy way to do product research and target market is to conduct a survey via social media or direct stalls owned by competitors. It aims to see products that are currently popular and many purchases occur. That way we can find out how popular these keywords appear and the best-selling products and the direction of future market trends.
You can also find other categories for the product you are looking for. Like the price column, to determine the price range of competitors for similar products.
You can even do further research as needed so you can fully understand the product. Through this brief product research, you can estimate that the product will sell well in the market and can already estimate the target market.
3. Using the Google Keyword Planner Application
Doing product research and target markets to start an online shop business can also use the Google Keyword Planner application.
This application can provide complete information regarding keyword ideas that Google users are looking for, the volume of certain keywords, and estimated keyword performance. For example, you typed in the keyword “soap”. Google Planner search results show some relevant keyword data.
From the research results on Google Planner, you can determine what keywords you will use.So that the keyword search results are more specific. You can filter keywords with the Refine Keyword feature. You can also bring up a search for brands, gender and other data there.
4. View Similar Product Reviews From Competitors
What you can also do when researching products and target markets is to look at testimonials of similar products from competitors. Usually, consumers review products that have high sales and are currently trending.
You can take advantage of competitor consumer reviews to see the quality of the materials used, product packaging to free gifts for buyers. With this testimonial, you can imitate or modify a competitor’s promotion strategy to apply to your business.
This information is related with:
- Ebay product research
- Amazon product research
- Research and product development
- Easy ways to do product research and target market