Experts Know : No Research=No Sale (Market Research Greatly Reduces Your Risk of Failure)

If you are about to launch a new online product or service, or you are ready to expand your existing online product or service , you need to have a complete financial and competitive picture of what the current market is for your product or service . Few people put much effort into conducting market research before launching their Internet business. They come up with an idea and leap right into launching a site without performing the most important step of conducting market research.

They spend a great deal of time building their e-commerce site and then invest a lot of money buying products or adding services. On top of that, they spend even more money placing ads and buying traffic. Because they have no idea what it is that their customers really want, or who their competitors are, they soon end up wondering why no one is buying from them

Here are the primary reasons why these people fail :

>>They have no idea of the demand for their offering.
>>They have no idea who their competitors are.
>>They have no idea if they are asking the right price.
>>They do not know the 6 essential question they need to ask.

Successful business people understand how to maximize profits and gain a competitive advantage by using market research to ensure a low cost, low risk entry into a new market.

Online Market Research Works

Successful companies like Amazon, CompUSA, Dell and even Microsoft would never launch a new product or service without conducting a thorough online market analysis and neither should you.These leading edge companies know that even the slightest miscalculation can mean millions in lost revenue and unnecessary expense. Maybe you are not as big a company. Maybe you donot have millions at risk. But the money you are investing in your business better be spent well or you will join the ever-growing list of dot com failures that didn't have the knowledge or experience to do things right

The Good News Is:

You don't have to spend what these giants spend to get the same advantage! Whether you are just starting out, or planning new growth, you can get accurate, insightful, revealing, money saving market research and business intelligence for a fraction of what the big companies pay, and for significantly less than the hope and pray failures throw away every day.

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About Abul Kashem

Abul Kashem - CEO, webMarketReports.com - the premier provider of customized web market research data for new and existing Internet business operators.


And here is another random article you might be interested in...

Eight Steps To Buying Your Own Business

How to avoid costly mistakes - take it one step at a time

(NC)-Being one's own boss is an enduring Canadian dream and buying an existing company might offer the best way to realize this dream. Making a business acquisition can be an exciting opportunity - if it goes well. Avoid costly mistakes by following these eight essential steps.

1. Develop and implement an acquisition strategy

It is of paramount importance to establish clear criteria to focus your search and to measure potential targets against. This up-front thinking will save a lot of time and frustration later in the process.

2. Identify suitable targets based on your strategy

Searching for a suitable target is a time consuming project. It is also a sensitive part of the process - showing too much interest too early may "up" the cost you have to pay for an acquisition.

3. Begin discussions with potential targets

Potential targets must be carefully assessed based on your acquisition criteria. Emotional decisions based on a "gut feel" have no place in serious business acquisitions.

4. Arrange for a business valuation of the target

Using the skills of a chartered business valuator, conduct a valuation of the target business.

5. Secure financing

Without proper financing, no business acquisition can move forward successfully.

6. Conduct due diligence

Due diligence will help you ensure that you are buying what you think you are buying.

7. Negotiate, structure and close the deal

Make sure the tax consequences of any deal structure are carefully explored.

8. Plan and implement a post-acquisition strategy

Without proper planning of the post-acquisition strategy, what seemed like a good deal can quickly go sour.

Visit www.GrantThornton.ca/resources for more information on how to buy or sell a business. Grant Thornton is a leading Canadian firm of chartered accountants and management consultants with offices across Canada.

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News Canada provides a wide selection of current, ready-to-use copyright free news stories and ideas for Television, Print, Radio, and the Web.

News Canada is a niche service in public relations, offering access to print, radio, television, and now the Internet media, with ready-to-use, editorial "fill" items. Monitoring and analysis are two more of our primary services. The service supplies access to the national media for marketers in the private, the public, and the not-for-profit sectors. Your corporate and product news, consumer tips and information are packaged in a variety of ready-to-use formats and are made available to every Canadian media organization including weekly and daily newspapers, cable and commercial television stations, radio stations, as well as the Web sites Canadians visit most often. Visit News Canada and learn more about the NC services.