Market studies

The virtual space of the internet generally obeys existing tendencies within the space of real business. There are promotions, campaigns, winners and losers. The differentiating element from the business world is the mentality of clients and visitors. The rules remain the same but the elements in the system are constantly changing. In order to better understand the differences, one must analyze it a personalized level: think of how you “act” on the internet, the customs you have, what sites you visit etc.. Analysis will often show the way we travel within the virtual space can help define ourselves. We find a freedom of expression and freedom of movement. This is freedom that we seldom encounter in our daily lives. The changes of attitude trigger changes in our tastes and behaviors. In order to understand virtual space one needs to seek the help of specialists who have analyzed and understand the system through years of study.
One also needs to consider the assistance and opinions of true internet enthusiasts.

Market studies are the brick and mortar foundation of any business, regardless of environment in which it is conducting its activity. Marketing studies give you the ability to position yourself, finding targets that suit you, understanding your competition and to finding the answer to the question: “how does my business need to look and act in order to be successful?

There are three phases for conducting efficient market studies within virtual space:

1. Gathering of information on the industry which you are targeting (analysis that comprises data such as the number of existing pages, number of visitors, the amount of time a customer spends on the competitions site, most visually effective web-pages on the competitions sites, the range of products and/or offered services;
2. Customized gathering of information based on your needs within the virtual space.;
3. The comparison and the analysis of data gathered during the two first phases, the creation of “clients/visitors’ psychoanalysis, and analysis of the industry and competitors’ strategies.

Stage one runs approximately 10 to 30 days varying on the complexity of the required study and on the how strongly developed the particular industry is. On average, we analyze 100 web sites per study; providing over 400 activity reports. Our client’s psychological profile is developed in conjuction with a team of psychologists.

There are companies, psychologists and webdesigners who all play an important role in developing market research domains. Depending on the complexity of the studies prices vary between 300 – 5000 dollars. As each potential client is screened we do reserve the right to turn away those we believe that lack the ability to succeed or fail to have vision essential for the development of online business.

Do not ignore!
Many times entrepreneurs belonging to the electronic commerce area neglect the market studies. Sometimes they believe that the chosen niche/target is small enough to ensure their success. This is what many persons do not take into consideration:
a)    Is the respective target/niche saturated by other virtual magazines? If it is, then we try to find the thing which the respective niche/target is lacking and which is required by the visitors. Because of the fact that you can miss the big picture, you need specialists capable of objectively analyzing this industry and the niche/target market.
b)    Is the respective niche/target too competitive? Is there a powerful competition between the existing players? If this is the case then the methods that the competition uses in order to survive must be identified. In the great majority of the cases (in Romania) we talk about prices fight. Maybe you should focus on adjacent services. Fortunately, in the virtual space not only the price is decisive. We talk about a mix of: trust, presentation, price and client satisfaction. Let‘s not forget that this client has the possibility of also shopping in the real space.
What might determine him to purchase online?
c)    Are the prices in the respective niche big enough to allow a profit?
d)    Is there a competition in the real commerce with national distribution? The electronic commerce and the online services are in a powerful competition with the real space. Eventually, the clients’ money goes to one side or another.
e)    Are there telemarketing advertised products that might cover the market request? Fortunately, the telemarketing is relatively poorly developed in Romania therefore we do not have reasons to worry too much. But the one, who does not take into consideration all the threats from the very beginning, exposes oneself to some dangers without any backup plan.
f)     Have the distributors or the importers their own online sale services? The competition can spring from the area of your suppliers. This does not mean that you will fight unequally and with lower chances of succeeding. In the large majority of the cases, these companies only try to exploit the name and the prestige acquired offline and online. And they have small chances when confronted with a well structured presence.
 These questions seem commonsensical. But commonsense is not wide spread despite the appearances.
 Another problem that must be solved before creating your store: can the entrepreneur survive on the respective niche and can he accept the morality or its lack in the respective niche? Sometimes you will be attacked by the competition; you will be depreciated on forums by anonymous persons, perhaps internet attacks will be launched against your stores. You have to deal with them. Can you?
Any new client of E-Invest Marketing will receive a form of self-evaluation. If requested, preparatory interviews with specialists in psychology can be scheduled