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Web Ads: Branding Trumps Clicks
This is a new article I wrote which is running in WebProNews. In running a major eBusiness Network (iEntry.com), we still see a resistance to recognize the value of branding from companies advertising banners and other types of display ads. I would be very interested in your thoughts on all of this.
PR versus advertising
I've been researching how to increase traffic and get exposure that's affordable. What I've found so far is a good press release distributed properly is a very effective way to get exposure and traffic relatively cheap. ...
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10.12.04
Market Research Means Money
 By Jason Carr
Looking for the right product to sell online? Learn a few simple ways to find what will work, what won't, and who you are up against.
I recently made a critical mistake in my progression towards business success: I forgot about market research. I had decided that I was going to make some money with an online store. I thought to myself, where should I start? What can I sell? After a bit of brainstorming, I picked a few things that I thought might be good to sell online. I then proceeded to start looking for suppliers. This may seem like a reasonable course of action, but it is not. It is missing a key component of any business plan.
A basic assumption for the purpose of this article is that there is competition involved with any business. Even if you make your own, unique product, similar products will compete against yours. However, the existence of competition is not necessarily bad. The fact that online retailers are selling items similar or identical to your own means that there is demand for your product. Competition is only bad for you, as a retailer, when the market is becoming saturated (or is already at that point).
Check the electronics market for a good example of this principle. Electronics go for rock-bottom prices online because there are so many different stores that sell them. The difference in prices between stores usually comes down to the cost of shipping. The competition in this area is extreme. If retailers cut their prices any lower they won't make enough to survive.
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The first person who had the idea to sell VCRs online probably made a killing. Nowadays, nobody makes anything more than a buck or two per unit. For a home-based business, that's not good enough. Today's electronics dealers depend on volume, and very good supply sources, in order to make their money. Generally speaking, small retailers cannot sell at those prices and turn a profit.
In order to be successful it is essential that you know what you're up against, and that means market research.
If you are selecting your products, then you need to know which stores already sell those products. You also need to know how many stores there are, how much they are charging and, if you can find out, how well they are doing. Could you sell for less (if only a little)? What are other ways you could differentiate your store from the rest?
If you already have your product, then you need to know where and how your competitors are advertising. Are they concentrated in one location? Are there good places that they have overlooked? How much is it going to cost to compete with them for prime ad space?
 So, you may ask, where do I begin? The answer is Overture. Owned by Yahoo, Overture is one of the largest and most reliable pay-per-click advertising services. Their program can be an extremely effective, but that is something for another day.
What you need for research requires no sign-up and belongs to no program. There are two web tools in the Overture Advertiser Center that can be amazingly useful. The first is the Search Term Suggestion Tool. This tool allows you to look up a keyword, like "digital camera", and find out how many people searched for that term last month. Not only that, but the tool will suggest a list of related terms, like "digital camera review", for your consideration.
The number of searches per term comes from Overture's partners like Yahoo, MSN, AltaVista, CNN, etc. This is critical information because it tells you whether or not people are looking for your product online and, at the same time, shows you how they are searching for it. This indicates a certain demand for your product.
You may be able to judge the size of the demand, to a certain degree, by the number of searches for your terms. For example (numbers taken at time of writing and may not reflect current rates):
Read the Rest of the Article.
About the Author:
Jason Carr is a small business owner, dedicated student of e-commerce strategy, and producer of BeginBiz, an online resource for those looking to start an internet business. |
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