How to Start a Niche Business on the Internet: Profit Check Method #3 – Conduct a Market Research Survey
How to Start a Niche Business on the Internet: Profit Check Method #3 – Conduct a Market Research Survey – Surveys are fun. They’re also very helpful when it comes time to create your product. Your market will tell you what they want, and how much they’re willing to pay for it.
Most importantly, surveys allow you to determine once and for all whether your niche holds any profit potential.
What types of questions should you ask?
Basically, ask any and every question you can think of to help you gauge the market’s interest in your product idea.
Let’s take a look at a sample survey. We’ll approach this one as if we were writing an e-book on ‘natural allergy cures’.
Sample Survey
1. What is your age?
2. Do you suffer from chronic allergies?
3. Are your allergies so severe that they interfere with daily functioning or quality of life?
4. Have you tried to alleviate or cure your allergies in the past without success?
5. Are you willing to try an all-natural, homeopathic treatment to cure your allergies?
6. How much would you be willing to pay for such a cure if you had a 100% money-back guarantee that the cure would work?
7. In the box below, please write in your number one question or concern about chronic allergies.
Look at how much useful data you can acquire from a survey like this! Just by taking the time to ask you can determine:
• The intensity of the market’s desire for a solution
• The willingness of the market to try out yet another solution
• The market’s willingness to pay for that solution
• The market’s hidden, core concerns about the problem
You just never know what you might find out. You might have dozens of prospects write in the comment box to tell you they don’t believe in “cures”, they’ve tried them all and would rather learn how to minimize symptoms.
You could choose to switch your focus and create a product about allergy symptom management, or you could factor in this skepticism as an obstacle you need to demolish your sales copy.
Finally, you’ll learn exactly how much people are willing to pay for your product.
And guess what?
If you can’t get anyone to respond to your survey, even if you’re dangling something free in front of them in exchange, that’s a really sure sign that your niche, or perhaps just the product you’ve developed for that niche, will not profit you. Back to the drawing board!
Regards, Coyalita
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