Performing a Market Research on Amazon

Before building a brand or selling a product on Amazon, a proper market analysis or research should be done.

Market research is the process of collecting and gathering information about consumers’ needs and desires.

It’s an important process because it helps you determine the potential for growth and success within a specific business or industry.

With the help of market research you can figure out your target audience and your target audience is the group of people most likely to purchase your product.

MARKET RESEARCH QUESTIONS

Before you start conducting research, it’s helpful to figure out what type of information you need. This will depend on the investor goals for market research, such as launching a new brand, entering a new market, rebranding an old product, or a different goal.

The goals for market research could be to learn more about the size of the market, your target audience, or the competition—or perhaps all three.

Here are some questions that can help guide your market research:

• Is there a large enough demand for the product or service you’re trying to sell?

• Is there room for growth in the market?

• Does your target audience want to buy this type of product or service?

• Is the product or service within their price range or budget?

• How much competition exists?

• Who are your most important competitors?

• How can you differentiate your business from the competition?

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