Read Your Markets Mind - 3 Great Market Research Resources
Starting a new online business, developing a new product,launching a new marketing campaign, buying advertisingcan all depend on how well you are able to research yourmarket.
All business is based on demand.
The formula and 40 techniques for finding demand we listin "The Ultimate Information Entrepreneur's Success Package"at
http://www.infoproductcreator.com show that there are many ways to discover and test demand.
One of the leading ways is to look at magazines, journals,and media sources within a given market or on a specific target.
Specifically, what you want to see is evidence that:
1. There are multiple magazine titles focused on your market and/or proposed business idea. If there are no magazines targeting your market, that is a surefire warningsign that you may not have your market segmentation or problem statement correct.
2. You want to see evidence that the magazines targetingyour area of interest are healthy. How often do they publish,what do they sell for, how many pages are in the latest issues, how are they supported (what is the subscriptionprice and how much is it to advertise), what is their circulation, how long have they been publishing, has their format and topic been consistent over time?
3. You would like to see an active advertising section thatshows evidence of other business owners within your marketspending money on advertising, consistently. The presenceof recurring advertising is one sign of a healthy market. Lookat what they are selling for signs of what products are in demand.
Personally, I make it a habit to visit a large bookstore at least once a week to take note of new magazines, new issues,article patterns and advertising patterns in magazines withinmy markets.
Another approach is to research these magazines online. Hereare a few resources that can help you perform this research online:
1. Publist - free media guide search, they require your contact info first. Good for researching titles, publishersfrequency, etc...
http://www.publist.com2. Magazines.com is a great (and massive) source for findingout rankings of magazines within given subject areas.
http://www.magazines.com3. MediaFinder is a super online resource, but requires a fairly steep fee - $49/month, which may definitely beworth it for 30 days when you are researching new markets.
http://www.mediafinder.comFinally, don't discount making it a habit to wander throughyour favorite large bookstore once a week to take note ofmagazine titles, health of the magazine (#pages, price of advertising and subscription, how long published, #subscribers, etc...)
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