Read Your Market's Mind - 3 Great Market Research Resources
by superinnovate
Published on this site: May 30th , 2005 - See
more articles from this month...
Starting a new online business, developing a new product, launching
a new marketing campaign, buying advertising can all depend on how
well you are able to research your market.
All business is based on demand.
The formula and 40 techniques for finding demand we list
in "The Ultimate Information Entrepreneur's Success Package"
at ttp://www.infoproductcreator.com show that there are many
ways to discover and test demand.
One of the leading ways is to look at magazines, journals, and
media sources within a given market or on a specific target.
Specifically, what you want to see is evidence that:
- There are multiple magazine titles focused on your market and/or
proposed business idea. If there are no magazines targeting your
market, that is a surefire warning sign that you may not have
your market segmentation or problem statement correct.
- You want to see evidence that the magazines targeting your
area of interest are healthy. How often do they publish, what
do they sell for, how many pages are in the latest issues, how
are they supported (what is the subscription price and how much
is it to advertise), what is their circulation, how long have
they been publishing, has their format and topic been consistent
over time?
- You would like to see an active advertising section that shows
evidence of other business owners within your market spending
money on advertising, consistently. The presence of recurring
advertising is one sign of a healthy market. Look at what they
are selling for signs of what products are in demand.
Personally, I make it a habit to visit a large bookstore at least
once a week to take note of new magazines, new issues, article patterns
and advertising patterns in magazines within my markets.
Another approach is to research these magazines online. Here are
a few resources that can help you perform this research online:
- Publist - free media guide search, they require your contact
info first. Good for researching titles, publishers frequency,
etc...
http://www.publist.com
- Magazines.com is a great (and massive) source for finding out
rankings of magazines within given subject areas.
http://www.magazines.com
- MediaFinder is a super online resource, but requires a fairly
steep fee - $49/month, which may definitely be worth it for 30
days when you are researching new markets.
http://www.mediafinder.com
Finally, don't discount making it a habit to wander through your
favorite large bookstore once a week to take note of magazine titles,
health of the magazine (pages, price of advertising and subscription,
how long published, subscribers, etc...)
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