Marketing research is the foundation of any successful online or offline business. Properly researching the market you plan to work in will put you leaps and bounds ahead of your competition. In order to get a good grasp of market research and how it will help you make a profit, let’s get clear on what it is. Then we can explore marketing research and learn how it is vital to your success as an Internet based entrepreneur.

Wikipedia defines marketing research as: the systematic and objective identification, collection, analysis, and dissemination of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing.

In other words, it is the process of identifying a market and then drilling down to determine the needs and problems of that market and how those. needs can best be addressed. It would also involve determining the potential profitability of that potential market or niche and give the marketer a road map of what to offer that market and how to structure the marketing campaign.

Without good research you as a marketer would be throwing all of your marketing efforts to the wind. This is a common problem many new Internet entrepreneurs face when they are just getting started. Understanding what marketing research is and how to go about it is half the battle and when done properly, it puts the marketer in a much better position to profit faster from any given niche.

For the Internet marketer there are several aspects of market research that have to be addressed. If you don’t get all the steps right you will probably not be able to create a profitable campaign. The first step is to determine the market that you want to penetrate. This is where you will need to do some brain storming to get some basic ideas. Once you have some general market ideas you can dig in to find out if there are any potentially profitable niches that you can work in. There are many ways to do this but starting with some basic related keyword searches will get you headed in the right direction.

Once you have nailed down some potential niches that you can market to, you have to determine if that niche is profitable. Are they spending money and if they are, what are they spending money on. There are many methods of doing this but one of the easiest is to do some basic searches for your chosen keywords and see if there are any sponsored ads for that niche. Sponsored ads or pay per click ads on a search results page will tell you right away if that niche is spending money.

These advertisers are paying for each click they receive on their ad and would not run that ad if they were not profitable. These ads will also give you a good idea of what that market is buying. Again, these advertisers are selling products consistently to this market or they can’t advertise there for very long. If you watch an advertiser and see that they keep their ad running for any length of time, it’s a good indication that they are having some success.

By exploring marketing research we gain a better understanding of what it is and how it is essential to the success of any business. There can be no profits made until something is sold. Since it’s always easier to sell what your potential customer wants to buy, doing the research before you ever start will not only tell you who your customer is, but also what it is that they are looking for. Once you have these questions answered, you have set yourself and your business up for faster and easier profits.