Creating and managing your online business requires you to follow the same basic principals of any business - relying on sound Business Strategies. There are however, a few practices that differ or that just are unique to an online business. Here we share our views and experience with you to help you develop a more effective and profitable online business.

TIP: How you can research your market

TIP: How you can research your market

Staying on top in business is not easy and obviously there is only room for one at a time.  You not only have to have good product and service, you need to ensure that you have the best you can deliver.

One way to help you is to do market research.  You need to know what your market wants.  You also should know what your competitors are doing.  At the end of the day you must be able to answer your customers’ needs and you must do it better than your competitors and without the mistakes they are making.

There are of course a myriad of tools and techniques that you can utilize to assist you.  I would like to share one small tool that is free and if used correctly can deliver of wealth of market and competitive information.

Google has a service called “Google Alerts”. Essentially, Google will monitor the internet for new content that contains your selected search terms.  It will then send you email notices telling you what that content is with a link to that content.

How brilliant is that!

Be warned however.  If you are not narrow enough in your search parameters you will be overwhelmed with lists of new information and all you might end up with is dis-information.

You could for instance set an alert on all references to any content relating to one of your key competitors.  This will not only show up what they are doing but it might also reveal details of complaints being aired by their customers.

It might be valuable to receive alerts on some new piece of technology.  You could use this information to help you make a decision about acquiring it yourself.

Information is power but only if it is the right information and it is used in the right way.

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