Lesson 5: Building Your Research Schedule
Hey Almost Graduate,
I know exactly how you feel to be on your final lesson, and then—graduation!! But—do you remember when you graduated? When I graduated from college, one thought continually crossed my mind: "Am I ever going to use what I learned again?"
Now that you´ve finished this course, you may be thinking the same thing: "Once I know all the research for my product, I will never have to do it again." Wrong! As the executive of your business, you must always keep your facts fresh and your eye on the market.
In order to keep your facts fresh, you will need to build an effective research schedule.
Building a Research Schedule
A research schedule is a schedule of daily, weekly, and monthly goals to keep you in touch with the market. Because the market constantly fluctuates, it is important to stay connected, both to adapt to changes and to anticipate them. The more in touch you are with the market, the more you can use it to your own advantage!
For example, when I first looked into selling a product on eBay, I found that Sunday evening was the best time to close my auction. A few weeks later, I went back and did the research again and found that Friday was now the best day to close. Had I not gone back and taken another look at the market, I would have missed out on the best time to sell my product.
When you begin research on products to sell, make yourself a schedule and update your research on a regular basis. At least once a month (or even once a week!), re-research your product to make sure you´re taking advantage of the market and creating the optimal listing. Remember to think of yourself as the executive of your internet business&nmdash;an executive makes decisions based upon facts for the upcoming quarter, as well as the past quarter. You need to rely on current and up-to-date information to run a successful business.
The research we did in these lessons does take some time. That is true, but once you´ve done it, you can use the skills you´ve learned to more quickly run research and analyze your findings. Soon market research will be a breeze!
Assignment #5: Set up a research schedule for yourself
Now it´s time for you to set up a research schedule for your products and your category. Start with at least a once-a-month snapshot research schedule. If you notice drastic changes in the market from month to month, you may want to start researching weekly or bi-weekly.
CONGRATULATIONS! You have successfully completed the Auction Research Tutorial!
Congratulations on your graduation!