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The Importance Of Market Research

Posted on : 11-05-2010 | By : stargaterich | In : Internet_Marketing

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Have you ever wonder why over 95% of all Internet Marketers failed and abandoned their online business within the 1st 2 years of start up? For the remaining 2% of those who persevered and succeed, it seems that making money has never being more easier. Many people commit the big mistake of overlooking the importance of market research.

Suffice to say, many of those who tried and failed started on the wrong footing when it comes to starting online business. Most people spend weeks or perhaps even months setting up online business, the big problem though is they failed to target the right market market segment, product offerings and keywords. As a result of first mistake made, their subsequent efforts and time were simply wasted.

Internet marketing starts with MARKET RESEARCH. As a matter of fact, anyone who skip this step is already setting themselves up for failure. Finding a market is not hard. Finding the right market is where the challenge lies in. So how do you do that….

Firstly you need to ask yourself what market niche you wish to target. It is not enough for you to know just what market you wish to focus on. It is like trying to set up a store to sell everything pertaining to cars. Could you imagine just how difficult and capital intensive it is to set up a shop that sells everything which a car driver probably needs.

On the other hand let’s say you wish to set up a shop to sell car accessories pertaining to mirrors. You would then be able to sell many different variety of  mirrors such as rear, front,  side and blind spot mirrors.  You leverage your strength on car mirror knowledge and expertees to supply the broadest range of car mirrors.

Before you think about how to set up a website, find a market niche you want to target. The critical point over here is niche. What is a niche? A niche is a smaller segment of a larger market. A niche allows you to focus on a specific market where there is not as much competition as the larger broader market. This give you a better fighting chance to gain a foothold.

Here is an example of segmenting a market:
Broad market description   – Hair shampoo
Type of shampoo category – Hair loss
Type of hair loss – Oily scalp
Type of oily scalp brand – Bawang Shampoo

By narrowing down the type of product or service which you wish to target , you essentially reduce the size of the competition and increase your chances of  winning from the big guys in the Internet.  Big companies usually do not spend all their advertisement and marketing budgets equally on all products and services they sell in the Internet.

The Internet has make the online business landscape level playing field for individual small time marketers and giant corporations. You stand a great chance to compete successfully and craft a huge pie of profits provided you start your online business on the right footing and that is my friend, proper market research.

Once you have done the necessary market research and  have identified the niche to target, the next step is to focus on website buidling and site  promotion.  Site promotion involve niche marketing. We will cover some of these topics on subsequent postings.

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