More people are shopping online than ever before. The pandemic accelerated the number of people shopping online across the world. An astounding 49 % of the current 2 billion active shoppers are choosing to go online more actively now than before the pandemic, making this the ideal time to establish an online store or add e-commerce to your existing website. Americans alone are expected to spend a record $1 trillion online in 2022.
Not only is it the ideal time to get started with e-commerce, but it has also never been easier to get an online store up and running. At Hotwire Networks, we want to help make it even easier with some guides to get you started. It can be a lot to digest for a newbie so let’s look at some initial steps for researching products, customers, and target markets.
Get feedback
You have a great product, and it may be unique, but one of the first things to ask yourself is if anyone out there actually needs your product or wants to buy it. Here are a few things to consider when testing out your products:
- Is there anything about the product concept that they did not like or would like to change?
- Do they love your product concept? What appeals to them most? What appeals to them least?
- Explore customer service. Have them tell you about excellent customer service experiences and terrible customer experiences.
- Ask them what they think your product is worth, and would they pay full price for this item?
- Have they seen something similar elsewhere? Did they buy it? Why or why not?
This level of research and customer interaction is a fantastic way to refine your product concepts well before you begin to sell online.
Another way to test out product and product concepts and gather invaluable insight is by creating a short online survey. Two popular sites that allow you to set up surveys are SurveyMonkey and Google Forms. Surveys are a quick and easy way to understand who your current buyer is and who your future buyer will be. Surveys are great for family, friends, and other people who visit your website.
Research the competition
You’ve talked with family and friends and set up surveys for insight on your products. Before launching your online store, it is important to put the time and effort into researching your competition. This will ensure you have a viable business strategy as you move forward.
The next step is to visit popular product review sites. Product review sites let you see top product lists organized by categories and assembled by experts.
Visit the product websites. How are they featured? How are they sold? What do the experts say about these products? What do they like or dislike? And what about the customer reviews? What do the customers have to say about these products? What did the customers like or dislike?
Don’t forget about social media. See what people are saying about these products or brands. Are they complaining on social media or recommending the product to everyone? Do the companies respond to the customer’s complaints or questions? Keep a list of any recurring issues or problems for each product. Reviewing social media for product information will also provide insight into what level of brand loyalty a product may have.
Sign up for your competitors’ email lists. This is an effortless way to gain insight and analyze how competitors reach out to their target customers. Don’t just read the emails you receive; review, analyze, and note their pricing and marketing strategies.
Establish your niche
What is your passion? What are your hobbies? Do you see an underserved niche opportunity? These serve as the inspiration for many product ideas. Research phrases and keywords customers would typically use to find your product or service. Does it seem like the market is saturated? If it looks like the market is saturated, it may require additional time, attention, and money to shine in a saturated market.
Identify your target audience
Sales and promotional strategies will be unsuccessful if you have not identified your target market adequately. As you identify your target market, there are a few other things to consider.
Learn more about your customers
The more you know about your intended audience, the more effectively you can target and market your products. Learn about your target customers’ lifestyles, interests, hobbies, goals, and lifestyles.
Compile statistical information about our target audiences such as gender, marital status, age, education level, geographic location, and household income. Check your local online census bureau; they may have some or all of this information available for free. Are you considering selling a business-related product? First, profile your target customers’ professional details, such as what markets they serve and what types of jobs they perform.
This is another opportunity for effectively using an online survey will help you gather critical data about your target customer. Market research is also available for free from other organizations, including Pew Research, eMarketer, Think with Google Research Tools, Nielsen IQ, and eMarketer. And finally, research your customer’s key influences and buying behaviors. For example, are they in the market for mobile devices or desktops? Are they swayed by social media recommendations or product review sites? How do your target customers connect across various sales channels, email, and messaging platforms?
Knowing what makes your target audience unique allows you to target your content and marketing to your audience more effectively.
Arm yourself with sufficient research to launch your online store or e-commerce website successfully. First, learn about your target customer, shopping habits, and lifestyles to tailor your products and marketing effectiveness. Then, explore and research your competition.
