Conducting Market Research From The Back Of A Boat

like Inflatable Water Walking Ball fishing,A t the end of the dai business. is all about find a pond full of hungri fish and come up with the best bait that you can us to catch them. He who reel the most custom into the boat win the game


I have often talk about the skew parent skill of my father. without ever realiz it, wa quit the entrepreneuri genius. Though he never dabbl in busi and it certainli didn t occur to me at the time, mani of the lesson I learn from him about life can be put to practic us in your busi today.

Get the competit edge. For exampl he would take me fish and hang the dead worm on my hook and the live wiggler on his. In busi we call that.

Know your market. He would direct me to cast my line in water that he knew were barren while he cast hi line in water teem with fish. In busi we call that.

Look,He would turn to me everi so often and say. son, I ve hook anoth one! That make eight for me in the last ten minutes. How mani have you caught? None? Gee, that s too bad.

Creat a monopoly. In busi we call that.

that I imagin myself pick up an oar and give it a swing to see how far I could knock him out of the boatThere were time I recal sit in that tini boat with he and hi big string of fish on on end and me and my empti string on the other..

Custom satisfaction. In busi we call that.

you mai recal in the last column that I mention that the old man had survei everi squar inch of that lake and knew exactli where the fish were hiding. So let s look at a few of the lesson I learn from those fish trip that pertain to how you should be do business. First off.

Conduct market research,In busi we call that. and if your busi is new or contempl a move into new markets, fail to conduct market research could leav you sit in the boat with no custom nibbl at your hook.

easi to reach,Whi do market research? The most obviou answer is to verifi that there realli is a market for your product or servic and to determin if the market will support your efforts. A market should be large. and have lot of dispos cash. A market should be hungri for and passion about the product you ar try to sell. Otherwis you will find yourself try to build a busi that cater to a market of disinterested, broke people; like sell hous plant to homeless people, not a good idea.

without worri about who will bui the product when it s done. Thei come up with a great idea that thei ar sure the world will love without bother to ask the world it opinion. Thei pour thousand of hour and ten of thousand of dollar into their great idea onli to end up asking,Mani entrepreneur make the mistak of give consider to their product first. Now who will bui my wonder new widget? Hello? Anybodi out there?

then come up with the bait to catch them. Remember,The old man taught me that you should find a pond full of hungri fish first. you succe by give custom what THEY want or need, not by try to sell them what YOU think thei want or need.

develop the product second. Never put a dime into product creation until you ar sure there is a market that will give you a dollar or more for everi dime you spend. Never go on instinct and never trust your gut. More often than not you ll find that the great idea you have churn in the pit of your stomach is just gas,Identifi a market first. and not the kind that will make you money.

Fortun it ha never been easier to conduct market research. Thank to the Internet you can thoroughli research a market with a few keystrokes. Most industri have associ that publish statist about their market. The govern publish enough industri data to choke a horse. You can us onlin directori and busi research tool to gather data. You can also us search engin like Googl and Overtur Yahoo to search the web for market data and gather competit intelligence. Visit forum and newsgroup to see what peopl in the industri ar talk about. What problem ar thei complain about? What need do thei have that ar not be met? What itch do thei have that you can scratch?

You should also research the competit in the market you ar considering.

such as: what ar the top product line in the market,You can learn a great deal from your competitors. what is the demand for goods, what ar the price points, what is the rang in quality, what ar thei do that you can do better, etc.

so keep that in mind as you do your researchA nd if you find there ar no competitor in the market take that as a red flag. A lack of competit usual mean a lack of market. Rare doe a product come along that is so revolutionari that it creat an entir new marketplace..