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Market Knowledge

dx1

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How well do you know the market for the service or product you are marketing?

Who is the buyer? What are their needs? Why are they buying over the internet rather than from a store? Why are they seeking out an unknown site as opposed to going to a big internet retailer, like Amazon?

These may seem like obvious questions, but the reality is that not everything sells well over the internet.

Any product or service that requires a high level of trust, or high levels of “touch” – a car, for example – will be difficult to sell online. Look through direct marketing trade journals and catalogs for clues. What types of products are services are selling well via mail order? What services and products are telemarketers selling? Chances are these products and services will sell well on the internet, too.

Put yourself in the position of the buyer. What would make you buy from a previously unknown web site? Typically it’s due to reasons such as convenience and scarcity. If your chosen merchant doesn’t meet the criteria, then pass and move onto another who does. If a merchant offers something a buyer can easily get elsewhere, then you’ll be exposed to a great deal of competition.
 
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