Online retailers depend on market research tools to maximize their profits and avoid wasting money in long-term storage fees. In order to know what types of products to invest in, retailers need to find out what customers are looking for and what prices they’re willing to pay. They also need to know how to establish a niche for themselves so that they can minimize the competition. Technology tools designed to facilitate market research can help entrepreneurs save time and get useful data. The following are some tips for getting the most out of a research tool.
Tip #1: Search for popular keywords. Keyword searches tell you what products customers are currently looking for, which can help you capitalize on a trend. Then build on this data by creating a list of related keywords for the product you’re interested in marketing. A keyword search can also reveal what keywords competitors are using to rank their products.
Tip #2: Find out what the current top-selling products are and see how where product fits in. Determine whether there is already too much competition or whether there is sufficient interest in your product to put it on the market at a given time.
Tip #3: Estimate your monthly revenue. Market research tools can give you a reasonable idea of what to expect in terms of revenue on a particular product.
Tip #4: Check out customer reviews for your product or similar items sold by competitors. A good market research tool can give you instant access to customer ratings and reviews, and this information can reveal problems with a product that could cause its popularity to drop. It can also validate a product when ratings are consistently high.
Tip #5: Use your mobile phone to scan any product for instant market research on the go. This is a great way to take advantage of opportunities you come across in the offline world!
Research is the key to successful online sales, and many online retailers find it worthwhile to invest in a high-quality market research tool. ASINspector Pro, a Chrome extension for Amazon sellers, is one tool that helps retailers do effective market research.