Market Research & Purpose

Hi There! Welcome to this blog of great information.

Today I want to take you on "Market Research" and the purpose of it.

Market research can be define in several ways by various individual according to their own understanding;
Market research is simply the activities undertaken by a person or an organization to determine the nature of its customers and competitors, as well as the demands for its products or services. Its to determine the human demand or want of products whether low or high and take decission base on the result.

Another good definition:
Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent.




The Purpose of Market Research...

Market research is the most important first step in any online venture. You should never sell a product or service or build a website without first determining what the market really wants.

There's not that much competition online. If only you know how to determin the market.
If you don't research a market before diving into it you're crazy. You will waste an incredible amount of time, money and metal resources if you jump into a market blindly without following a process to:

Determine the profitability of the market
Determine what customers want and need in the market
Determine if there are already products available that are popular in the market
Determine how the top rated websites in the market are selling the hot products that you find.
Back engineer the selling strategies of the most profitable websites in the market
Determine which websites dominate your market and why
Determine how the most popular websites in the market make money
Determine profit potential in the market


The above points are just a few of the things you need to know before jumping full force into a market that is new to you. Your new (or existing) market is not going to go anywhere so you have time to sit back and calculate a market dominating strategy.


If you are new to Internet marketing then market research is exactly where you need to start. If you don't know how to design and publish a website then I suggest that you Google the word HTML Tutorial or buy a good book on the subject. While you are learning HTML and website design you can begin researching the market that you will go after in the future.
If you already have an online business then market research is exactly where you need to start. You need to learn how to tap unfound corners of your market, increase your search engine rankings and involve yourself in WEB 2.0... All of this stuff is covered in SEO20/20.
It doesn't matter if you are a complete new comer or a seasoned Internet marketing professional. It doesn't matter if you are a black hat or grey hat SEO or the CEO of a fortune 500 company... You will gain insight here.

I started in ternet market making this mistake and roaming about the internet without making much profit but spending all the way, untill i sat down and started reading came across some internet marketers like the founder of SEO 20/20. Since then not a day goes by where I don't learn something new.

The Internet marketing industry is full of deceit and lies pushed forward by profiteers. Do yourself a huge wallet saving favor and unsubscribe from all the "product of the week" mailing lists you are on. And first start by researching the market and then you can choose which way you want to go start.


Why do you need market research?

You need market research because it will reveal to you a systematic, step-by-step blueprint (process map) that you will be able to follow based on your schedule.


If you follow an "exact map" that leads you or your company to the top then you have effectively learned how to mine gold online. You will have the power to own a major market share of traffic, customers and sales in ANY market you choose to focus on.


Where you lay your focus is the biggest question. If you already have an online business then you already know where to begin. If you are looking to start over or are completely new then you have to go through a process of discovering markets that are profitable enough for you & are appealing to you. Do you want a fortune 500 CEO's salary or are you content making $3000 a month? Only you can answer this question and only you can find the market that meets YOUR demand.
If you are new or starting anew then you need market research to tell you which market to get into based on:

*Profitability
*Product availability
*Your desire to succeed in that market
*Time
*Profitability - One corner of a market may be wildly more profitable than another. Which one is the best?
*Product availability - Now that you've determined your most profitable market are there any products that you can sell in order to monetize it?


Your desire to succeed in that market - Are you passionate about the market or are you just mildly interested? The less interested you are in the market you choose, the less likely you are to succeed in it.

If you want fairy tales and lies you won't find them here. I am not writing about short-term success strategies. I am writing to inform you on long-term, asset-building market domination strategies. If you want a quick or push button solution then you are in the wrong place.
Most quick button solutions quit working in 2005. All those quickie deals fell off the face of the earth. If you are a black/grey hat webmaster then you are constantly having the "reinvent the wheel" in order to hold on to your income streams.

I don't believe in reinventing the wheel. I believe in online asset building. I believe in building web presences that withstand the test of time, the shifting of search engine algorithms and the shifting of the Internet marketing landscape.

Get the ZIG when everyone else is ZAGGING.
Market research is the key, the answer & the "fortune teller". By following SEO20/20 I assure you that you will build online assets that will continue to produce income, grow your business and help you achieve levels of success that you never thought possible.
Again, I don't care if you're a CEO of a fortune 500 company or a complete beginner... I am talking to you.
Always remember that what I bring to you on this blog is written for myself more so than anyone else.

To your success,
Udoh Christopher.