The Importance of Market Research for New Business Ideas

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I know from the title you might be thinking this is a common-sense topic that you already know a ton about, but time and time again people throw all their chips in on their business without checking if there’s even a market for their product. They get a good idea, their friends agree it’s a good idea, and before you know it they’ve quit their job and gone in debt up to their eyeballs trying to get their little idea off the ground only to discover it wasn’t that original to begin with.

 

There’s nothing new under the sun! If there’s one thing you take away from this post, please let it be that! I don’t care how innovative you think your idea is, there is a 99.9% likelihood that someone has thought of it before and tried to do something about it. The iPhone wasn’t the first smartphone and Facebook wasn’t the first social media site to ever exist.

 

The aforementioned examples weren’t successful because they were the first. They were successful because they popularized their respective concepts. They made it shiny and attractive to the masses, and that’s what your goal behind market research should be.

 

Market research should be conducted before you start your business! I don’t care what anyone else says, you need to have some sort of a business plan before you actually start your own business. Don’t be ashamed of working at McDonald’s while you pursue your business idea. It may slow you down, but it’s always smarter to have another job lined up before you quit the one you have.

 

How to Conduct Market Research for new business ideas

 

Researching your idea’s marketability isn’t just using Google to see if your specific idea exists already or posting your idea to a forum and seeing how many people flock to it. You can’t just spend half a day researching the topic and expect to truly understand how well your idea will sell.

 

You have to research anything that’s even remotely similar to your idea and use your findings to realistically extrapolate the demand your product can expect to receive once it’s on the open market. While doing this, you need to delve deep into the reasons similar ideas succeeded or failed and critically look at your product in the same light.

 

Don’t be afraid or too cheap to hire some outside help. There are a ton of market research companies out there that are professionals at what they do. They’ll be able to look at your idea in a more objective and critical light than anyone else will.

 

All in all, if you really have faith in your idea then you shouldn’t be afraid to put the time and money into making sure you do things right. This can be achieved by doing the right kind of business research for new ideas.

How to Use Facebook Marketing for Business Profits

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Through the years, Facebook marketing has been one of the most important and key players in the world of Internet marketing. Since its birth in the year 2005, Facebook has taken the world by storm and is now considered the world’s largest social networking site with millions and millions of members all over the world.

Nowadays, Facebook is not just only a mere social media networking site. It has been used by the majority of business owners worldwide to market their products and services online. More and more entrepreneurs have learned to understand how Facebook marketing can bring in sales and success to their business by providing massive flow of traffic towards their business.

 

With Facebook now playing a major role in the world of Internet marketing, the “old school” ways of marketing a business are long gone. Indeed, Facebook marketing and Facebook advertising have overhauled the face of internet marketing and is still growing popular among entrepreneurs who want to leverage the power of the internet and social media to boost their business’ success rate.

 

How to Make Your Business Stand Out Using Facebook Marketing

Generally, there are millions of pages on Facebook and standing out among them would be the main question for the majority of people who venture in social media marketing. Standing out on Facebook is fairly simple. There are lots of simple strategies that can make your business stand out in the sea of Facebook pages. First, you have to establish an image online. You can start by having a large profile photo for your Facebook page. You can make use of your business logo or create an eye-catching and persuasive banner as your profile photo. You will attract and get Facebook fans in a short amount of time.

 

Next, you can integrate Facebook within your website or network of websites. With Facebook integrated to your website, people can share, like, and recommend your website or articles to their circle of online friends. This is a good way to make your business go viral and catch the attention of prospect clients and customers. Facebook marketing is indeed a great way for website owners and Internet marketers to promote their products.

 

Stay Updated With Facebook Marketing.

As much as possible, update your Facebook page on a daily basis so that your content is fresh and up to date. You can further develop and expand your network by visiting other pages and leaving sensible and high quality comments. By just simply commenting and liking posts, you will increase the chance of gaining new followers or fans on your page. Larger network of followers means a huge chance that your business will be successful.

 

Facebook Marketing: How to Maintain Healthy Relationships??

When you are running a Facebook marketing campaign, it is advisable that you must constantly communicate with your fans. Constantly providing them with