Business Research

[Jimmy Tootime]

Hey everyone, hope your well.

I was thinking of creating a new type of adult dating site, i have an idea of the cost of the custom built script and the design costs. For the business research stage, what do i need to consider before i launch the business and how can i test if this will work? If i launch the business what factors will i need to continually research to see if the business will continue to do well?

Thank you for any advice you can give and hope your all making lots of money. Thanks again.

 

[AstEver]

Before you lunch it you need to know how you are going to attract and keep enough early users, particularly women, to get the momentum to attract even more users. You need to think about how you are going to compete with current dating sites and services, how you are going to get profit, market and promote your site, etc.

Read about platform businesses. Start with the short article at HBR: 'How to launch your digital platform'.

 

[Glen Wheeler]

Hi-

You have a great idea! Now you need to understand how you can get it to a stage of stability with constant traffic to keep the business doing well.

1.Establish your target audience - knowing this will help you identify what your brand image should look like, colours, themes, social media content, website information, app design etc. Do some market research but also keep your audience wide - you still want to reach a variety.

2. You would have to always market on platforms such as Instagram, LinkedIn, Facebook etc. This is what will help generate traffic, p popularity and also maintaining consistency with your audience via posts regularly. I have a lot of tips for creating a good social media (let me know if you want to know more)

3. Research your competitors - how are they doing? How many downloads do they get or how many have they had? What features could you have on your app that they lack? Ask yourself these type of questions to define a uNIQUE selling Point (what makes your app different from the rest)

4. Think about any offers you could have down the line to attract buyers.

5. Research continuously about the dating life now, maybe compare it to back in the day and see what people are looking for ( everyone is different so you will always need to research different things around the love topic)

6. How are you making profit

Hope this helps! Good luck

 

[Glen Wheeler]

Unique *

 

[Mark T Jones]

It’s a good question. I’d suggest that you approach a couple of companies specialising in market research and ask them

@ethical PR might be able to point you in the direction of some

 

[ethical PR]

The British Library is a great free resource for businesses looking to access information about their markets @Jimmy Tootime However much of the research you will need to do yourself or pay a market research company to do this for you if you don't have the knowledge/skills to do it yourself.

Before you decide you have a feasible business model look at:-

a) the size of your target market
b) who your competitors are what they offer and how they market their business
c) what benefits would drive datings to your site and make them sign up
d) you need to understand the consumer habits and communications habits of your target market so you understand what marketing to invest in.
e) you need to research marketing tactics and costs
f) your start up and ongoing costs
g) if you are including ads you need to understand your target market

You can test your product by paying those from your target market to test your site and provide feedback.

If you decide to launch your business you need to measure the effectiveness of all your marketing tactics in terms of conversions, you also need to look at retention rates for customers, key word search for your online for your market, also identify ways to gather customer feedback to help identify and address any issues.

As you will know specialist dating sites and dating sites in general are a very overcrowded market. How would you sum up in a sentence why daters should use your site rather than one of your competitors.

I would suggest you approach market research companies that specialise in your sector.