Failing to do proper market research is one of the biggest causes of disappointing business results.

However, it's too easy to cut corners with research and then end up with disappointing results.

Taking time for research now will prove highly valuable in future.

It will not only stop you wasting time and money going into the wrong market, it will make it easier for you to develop and sell profitable products and services.

So make sure you take the research seriously. Spending a few hours surfing the web doesn't count as research. Follow the process, take notes and keep records.

Your research isn't just about choosing your market; it also provides a great deal of valuable insight and knowledge that will help you later.

Here are some important keys to bear in mind to get the best out of research.

1. Trust the results

Many people make the mistake of doing the research but then not actually acting on the results.

They may put more emphasis on their own experience or instincts rather than rely on the hard facts. They think they know the market well enough and often they end up making expensive mistakes.

2. Be specific

To find the best markets, you often have to drill down to more focused groups or niches.

So be prepared to start with a broader category and then narrow it down to find the right specific group or even sub-group.

However don't make the mistake of narrowing down the niche too much. You need to choose a market that is large enough to provide the profit you are looking for.

3. Use a range of research sources

There are many different tools you can use for your market research. It may not be practical to use them all but it's important to use several of them so that you are not dependent on the data from just one or two.

You need to build a broad picture of your market so that you have as much knowledge about it as possible.

While you may learn a lot from a simple Google search, you need more information before you put time and money into creating a business.

4. Research the competition as well as the customers

When you research your market, you need to look at the potential competition as well as the customers.

Looking at the competition will tell you a great deal about the market. By tracking competitors, you'll get a good idea of what is working well in marketing terms.

You should always be happy to see competition. It is usually a sign of an active and potentially profitable market for someone following the right system.

By looking at your competitors, you'll also be able to identify where they are missing something out so that you know where there may be opportunities.

5. Use research to guide your decisions not to justify them

Many people make the mistake of deciding what they are going to do then half-heartedly using research to justify it.

It's important to start on the research process before you make any big decisions.

Research will help you find the right market and show you what you need to do to dominate it.

Author Robert Greenshields is a copywriter and marketing coach who helps consultants, coaches and other independent professionals attract more clients and make more profit. Download his free Productize Your Expertise report at http://www.mindpowermarketing.com