Friday, May 22, 2009

Business Tip 1: Finding a Good Market

One of the many things that business owners struggle with is finding out how their market works. Knowing the demographics of your potential customers, knowing their buying habits, knowing when the buying season is, etc.

If you're interested in know that kind of information, you can pay alot of money for it from a place like hitwise or comscore. But one of the easiest ways to find out that information is through the use of social media.

Facebook ads are well known for very low conversion rates if you're selling something. However, using Facebook just to find information is very useful and cheap, relatively speaking. You can target very specific demographics and regions of the country (just US at the point) and just ask some questions to your visitors when they click through to your ad.

Set up a landing page with some good questions, and if someone fills out your form, boom, instant data. You don't know if the people who fill in these surveys are serious since there's no money in it for them, but it's a pretty good start.