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How to get rid of analysis paralysis


igsey
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  • Joined: 07 Nov 06
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20 Oct 11 01:04:00 pm
HELP!!!! Can anyone give me any pointers on how to get my backside into action pleeease.
I think I’m suffering with analysis paralyses. I’ve looked at so many niches found some that look very promising. So I’ve done all my market research, checked out suppliers etc. Think great let’s go for it! But I’ll make sure first let’s double check my research again. A few weeks have past since the first series of research to find in Salehoo market research tool indicates that the demand has started to dip, which holds me up short with doubt. Is this product seasonal or is it statistical plip or even worse is this product on the way out! Is this the right market to get into? Oh deep despair!
I know I think to myself I’ll look for another niche market something a bit more stable or a little more main stream, which is missing the point of niche marketing and so I go around again and again. I’m desperate to get something going out there but held back by the” I’ll just check” mentality. Has anyone else been hung up on this issue? And how did they resolve it I love to hear your thoughts.
Ian U.K


fudjj
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20 Oct 11 09:07:16 pm
Hi Ian,

I'm sure many do get caught up taking that step of actually entering the market. My advice would be, most certainly use the research tool as a guide, but don't let it govern your decision making completely. Sales of products can dip and spike for a lot of reasons, especially if you are looking at the results of short term data only.

At some point you need to put theory into practice to really test the market, and that's where basic marketing research actually turns into test market research. Test market research is taking all your prior research and testing that by putting the product online.

Test marketing is the only true way to get the correct data because it's sales based data direct from your own business model, no one elses. Meaning that if the product works, it's working at a price you can make money on, it's working from a supplier you are buying from and it's working in the market you have chosen.

These factors give you hardcore data that you can then streamline if required and build on if all is good.

I would suggest trying a few different avenues, something like listing one at BIN, then the other at auction with a starting price to cover your cost. Even starting one at 0.99 to see how that works (unless the cost of loosing money is too great for you)

This is what test marketing is all about, using the research you have and then finding out how best to sell the product or if in fact your initial research was accurate.

Once again, product test marketing can take a while to get accurate data because of short term market forces causing dips and spikes. I would suggest many list a product they thought they had identified accurately as one with potential, however after listing for a week and getting a bad result, they walk away from it.

You do have to use your head, no good throwing good money away on a bad product choice, but it's no good throwing a good product choice away on bad short term data either.


Mark (fudjj)

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SaleHoo.com

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igsey
Full Member
  • Posts: 5
  • Joined: 07 Nov 06
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21 Oct 11 11:42:57 am
Gee, thanks for the great post and the time you took to reply fudjj some great advice there, you have eased my doubts tremendously.I'll get cracking on test marketing.Cheers mate


fudjj
Site Admin
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  • Joined: 27 Jul 07
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24 Oct 11 05:25:47 am
Cheers Igsey, good luck with it all and don't forget to let us know how it's going and if we can be of any help at any time : )


Mark (fudjj)

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SaleHoo.com

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