Conundrums Of Internet Marketing- How To Choose The Right Market One of the most important aspects of Internet Marketing is to build your business in a „buying market.‟ I cannot tell you how much I struggled to grasp this rather simple concept. On the surface, it makes sense, right? But as someone said, common sense is not that common. In my early days of Internet Marketing, I would spend hours and hours of my time trying to find markets where there would be very low competition so that I could rank in the first page of Google, have my ads above the fold or sell my products without any competition. Hmmm, talk about a utopian world. Rather unsurprisingly, it didn‟t work. Either I would rarely make a sale or I would have no traffic. So all my hard work went down the drain. But that‟s what happens when you try to reinvent the wheel instead of trying to follow a simple successful model. What is that simple successful model? Find a market full of hungry buyers, find out what they want and just give it to them. Below is a great video on how to do niche research. Sounds so simple, doesn‟t it. It was this simplicity that fooled me into thinking that I should carve my own path. The problem with this thought process is that you have to work double hard to be only faced with grim prospects of success. Not that failures in Internet Marketing can be totally avoided, but why waste so much of money, engery, time and resources on a venture that is more likely to be a damp squib.
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In other words, do a comprehensive research on your market before you start building your fort. 1. Monitor the competition online for the market. The more the competition the better. Though competition can be intimidating, it is great when you know how to use it to your advantage. Be wary of markets where there is little or no competition. 2. Avoid a market of freebie seekers. Do a thorough test to make sure that the core prospects are not „freebie seekers‟. Again if you check to see if there is healthy competition online along with high advertising spent for the market, this should not be an issue. 3. Search for forums and gauge the passion/interest level of the forum members. If the market has a number of forums with a large number of members and a high level of activity, it is a positive sign of a passionate market. Take a look at the forum below. This forum has a number of threads related to different topics posted by members and is a very active forum. This is a sign of a market that has a high level of interest. Take A Look At This Forum 4. Research the money spent online by the advertisers online for the market.A quick way to do a check is to use the Google Keyword tool and type in the keyword or phrase related to your market. You can straight away find the level of advertiser competition by taking a look at the bars. Then choose the “Estimated Avg CPC” from the drop down box and take a look at the bids. Ideally you want to see moderate to heavy advertiser competition and bids that are about a dollar and more on Adwords. 5. Make sure that even in a buying market that there are opportunities to sell your products and services online. If the market is hot offline, the chances are you should be able to make money online as well. But in rare cases, this may not be the case. In other instances, you could still make a decent income online by selling affiliate products and services. But ideally you should enter into a market which lends itself to future opportunities for you to create and sell your own products and services. A last word of advice before you dive into a market. Should you be passionate about your niche or market to be successful online? The answer is „No‟ but it helps and it helps a great deal. Click Here To Get Free Instant Access For 4 Traffic Generation Videos
Why? Because if you are passionate about your niche or market, it is more likely that you already know the frustrations and problems faced by the people in the market. So you already have an edge when it comes to market research, you may also know what works and what doesn‟t work in the market as you have been a consumer in that market and you can come across as the „Average Joe‟ helping your people in the market than a snakeoil salesperson doing a hard sell. Additionally, you may have a natural drive and enthusiasm to work, because more than money, your passion makes the job so much more fun and easy. And even when you face failures, you are not as disappointed and depressed as you may be when you are otherwise working on something that you are not interested. So it does make a difference, a huge difference. However there have been many marketers who have been immensely successful without being passionate or having any knowledge about the market. You can be successful too, but ideally finding a buying market that you are passionate about is a dream combination. Here is a great video by Gary Vaynerchuk where he talks about how much difference it makes to your life and business when you do something you love. It makes things so much more easier and so much more fun. And if you happen to be that person who is not passionate about any market or anything, you may well do yourself a favor by picking a hot market and building your business for that market. Remember, you can afford to be not passionate about the market, but you cannot afford to be not caring and concerned about your prospects and customers. Treating your prospects and customers as a mere cash cow is the perfect path to disaster. Afterall they are the folks who will be paying your bills and help you live the lifestyle you always dreamed of.
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