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FIND THE MARKET FIRST: Establish the Market, Then Create the Product
|FIND THE MARKET FIRST:
Establish the Market, Then Create the Product
Copyright © Tanner Larsson
Although for some people there may seem to be an element of “Which comes first? The chicken or the egg?” to this discussion, when you are considering entering into the world of online business, you need to take the time to seriously consider Internet marketing strategies. Many experts in the field of Internet advertising and online retailing and service providing agree that if you want to find success in cyberspace, you need to follow a helpful rule. That is, in order to achieve success with an online business, you need to find the market first and then create the product.
While many a student has fretted with frustration over the concepts of supple and demand, a wise Internet operator interested in establishing an online business will understand the market and its demands -- what people want and how many want it -- before he or she dives headlong into business.
Of course, at times, a speculative business venture can succeed. And, by this we mean a business with a new product that prior to the start of the company there has been no noticeable consumer demand. But, in such instances, a business owner -- online or in the brick and mortar world -- will typically have to invest a significant amount of money explaining to the consumer why he or she wants or needs this new product.
You are better served when starting a new online venture to do your homework. Find out what the needs of the market are and how and if they currently are being met.
One of the largest benefits of researching the target market before creating the product, is you can find out if people are even interested in what you plan to offer. This can save you from spending large amounts of money and time developing a product that nobody wants.
As alluded to previously, before venturing off towards establishing an online business or launching a new product, take the time to find out the demands of the market. In this regard, you will really need to undertake two courses of action.
First, find out what types of products or services are in demand in this day and age through the Internet.
Second, find out how these demands presently are being met by current online businesses.
When you establish this information, you will be able to see what niche you might productively fit into on the World Wide Web and whether or not you should go ahead with the development of your product.
Remember this: more products will be scrapped that will ever be successfully produced and sold.
About the author:
Tanner Larsson is a veteran entrepreneur and the publisher of the award winning Work At Home Success Newsletter. Subscribe to his newsletter and recieve 4 EXCLUSIVE Bonuses valued at $276.
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