By David Wicks
Online businesses are successful when the right information about the market and the products is done. Businesses that flourish do so because they have a vast knowledge base about their businesses. Understanding internal and external forces that influence your sales helps in boosting business.
Amazon and eBay are successful because of the right decisions made after thorough analysis if data from market research. You can also conduct market research before selling. You will obtain the following information from your market research:
Presence of a market
Before you start out, you must know if there is any market for what you have in mind. Besides some school of thought that advice on plunging in head first, and fast, you cannot always depend on such risks. Risk takers are eventually successful buy they only take bold moves after actually ascertaining that there is a market they can sell to.
The best part is that, you do not have to knock on doors with questionnaires to get this information. There are many market research tools that will give you all the information you need. Insights into how a particular product was sold, selling price and time taken to sell will guide you into to making the right decision.
How to list
Presentation matter, first impressions matter even more. A research tool, such as the Amazon research tool will give you insights into the listing for a sold item. This information will help you choose between auctioning and selling at set price, and also the preferable presentation format. Use of highlight, bold, gallery icons or gift icons could be your best listing strategy to push sales.
Best timing
People who strategize have been seen to be very successful. This is because such individuals know the best time to strike. Social media activity on the use of an item or listing items in the right season will help you generate more sales within that short time.
Pricing
You cannot run a business and not have good returns from the investment made. You should understand the true value of the products you wish to sell then set up the best process. However, marking up prices is not all; you have to keep in mind other market considerations like your competitors. Such information will give you an eagle eye’s view on the true value of the investment and what you will get out of the product.
Buyers
The first question that will be answered by the market research is ‘who will buy the product (s)?’ You should gather the right demographics on the persons to sell to. The geographical regions, gender and age of the buyers should be considered at length. The needs of individuals and groups will vary from time to time and place/ season.
In conclusion, you have to be strategic in business. Just one wrong move in online or digital marketing and sales will set your business ablaze and your fortress will stumble. You must therefore undertake extensive research into the best time, product and process of selling.
Author Bio
David Wicks is a market analyst and an online marketer. He is well versed with the Amazon research tool and recommends use of research tools for the best marketing and general business decisions.
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Author: Maralyn
Maralyn Dennis Hill, The Epicurean Explorer, is president emeritus of International Food Wine & Travel Writers Association, member of Society of American Travel Writers, and Society of Professional Journalists. She is Executive Editor of Luxe Beat Magazine and contributes to other publications. She also speaks and is a guest on many shows. The majority of Maralyn’s articles are now geared to the luxury market, spas, corporate retreats, business events, and culinary tourism, from simple to gourmet. Maralyn’s description of herself: I was born to travel and tell the tale. I’m energized by different cultures in every aspect of their lives, from food, wine, and destination, to how they conduct business. Travel represents a continual geography lesson.
