3 Great Ways to Research a Market

Most human beings fail in their business due to the fact they do not do enough market research on their markets. If you try to sell floppy disks but cannot understand why no one is buying, then you have not done your market research.

market research

The good news is, with the vast resource on the Internet this days, there are plenty of tools and resource that can help you with this task. This article looks at 3 great ways to do this.

Research a Market

1) What people are buying and selling

Firstly, you can check out what people are buying and selling. You can check out the largest online auction site in the world today, eBay. On any given day, there are many items that are traded on this market, from electronics, collectibles, sporting goods, golf clubs to even cars.

There is a good chance that whatever is popularly traded here will have a substantial demand in the marketplace. Thankfully, eBay has as wonderful tool called eBay Pulse which gives you a daily snapshot of the top 10 popular searches, stores or products. You can find out what is hot, cool and current in the eBay marketplace today.

You can even drill down to the different categories to see what is hot there. For example, if you are interested in selling clothes, Simply browse to the Clothes, Shoes & Accessories category and see what is hot trend today.

2) Which markets have lots of enquiries

Secondly, check out popular questions that people are asking in the business areas that you are interested in. What do you think people do when there is a demand for a product. They ask a lot of questions! Over the years, there have been a lot of questions-answers site sprouting up.

But one of the best is Yahoo! Answers. Like eBay Pulse, the questions and answers are categorized into popular categories like Beauty & Style, Pets and Consumer Electronics. Simple spend some time in the Most Popular category of the Yahoo! Answers site and you can get a feel of what are the hot questions that are being asked.

3) Which market have books and magazines written about them

Lastly, look to books and magazines for the answer. Why are books written? When there are enough people who wants to read them. Publishers do not publish a new book unless there is a ready market for that topic. So this is your third and last way to research a market.

If there are lots of books written on a topic, you know there is a market for that. Go to the local of book store and see what are the bestsellers or new arrivals to get a sense of what areas are hot. You can also browse the magazine section to see what market has a magazine devoted to it.

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