Wise Words Wednesday: What To Do When You Forgot The Market Research

I just found a post, almost a plea, by Kim Darrell of Stitch-N-Stuff blog fame.

Her dilemma illustrates how important it is to do market research before you start selling your products.

I have discovered that what I should have done was do a lot of market research before I started this venture. Had I done this, I could have had all the essential information I needed to possibly generate sales faster.

And she is absolutely right.

Over the past couple of weeks, I’ve spoken with dozens of successful home business owners, as part of my expert home business owners interview series on Product Sellers Talk Radio. One of the key factors they contribute to their success is thoroughly researching their markets before starting business.

One of the recent interviews in my Summer Chat Series had some excellent advice. The owners of Gigi Hill Bags suggested an excellent method of doing market research — and it can even be duplicated online.

But what happens if you’re already in business and regretting the lack of research?

I’ll say that it’s never to late to start researching. There are many reasons why your products aren’t selling like you thought they would:

• No one wants the product
• No one else knows about the product
• The product costs too much
• The product doesn’t cost enough
• You promoted the product to the wrong people
• You promoted to the right people, but not in a way that engaged them.
• I could go on…

Find out why your product isn’t selling the way you want it to. Then do something about it.
And if you’d like to know more about Gabrielle and Monica’s strategy for market research, clear your calendar for Product Sellers Seminar from September 17-19, 2008. You can find more information about the online seminar at ProductSellersSeminar.com.