Whether you are just starting to consider an online business, or already have one, market research is a task worth doing early and often. Seasoned veterans know market research never ends. The information compiled as research will arm you with the industry research you need to succeed.

Who Is Your Customer

The first fundamental question is "Who is your customer?" What you need to know includes:

• What age are they?
• Are they male, female, or both?
• What are their habits?
• What do they like to do?
• What else is common about your customers?

Where Are They on the Internet

Instead of reinventing the wheel, determine where they go online.

• What blogs do they read?
• What forums do they participate in?
• What sites do they visit?
• Where do they shop?
• What videos do they watch?

Who are Your Competitors and How are They Succeeding

You need to have a thorough understanding of who your competition is, what kinds of businesses they run, and what are they doing to succeed.

• What is their website like?
• What keywords are they targeting?
• How is their site monetized?
• Who is linking to them?
• How many pages do they have indexed?
• How often does their site change, and how often do they add content?
• Do they have a forum, a blog, or gather comments?

Lakeside Analytics Market Research

At Lakeside Analytics, we gather this kind of info and much more. It should be expected that market research will take longer than the entire website process, if you are just starting out. Having such information makes the website develop much faster.

In our own market research, we often research business success and failure. It astounds us that a full 95% of businesses fail within the first 5 years of operation. As we look at a lot of websites and the approach they take to business, we can understand that number much better. We clearly see where they have not done their research nor developed a strategy for success. We have called those who make it into the successful 5%, the 5% Club.

Learn more about how Lakeside Analytics can help you join the 5% Club. Contact us today.