Keep in mind that just because a market
apprises high doesn't necessarily mean that you have the
ability to tap into that wealth. You need a product or
service to offer a market in order to claim your share
of income from it.
This may sound like a
no-brainer to readers that have been in business a while
but it is always good to refresh on the basics so you
understand the foundation of the information I am about
to provide.
In the last report "Estimating
Market Profitability" we did just that... We
estimated the power of one market over another using
free and readily available tools.
In this
report I am going to get much more detailed in the
analysis of potential online markets that I want to
create profit from.
The previous report
focused solely on finding potential markets so that I
can explore them at a deeper level here... Got it?
Okay ... Now it is time to dig in, here are the steps:
-
You need
to use a keyword tool of some sort that will give
you a good number of keywords (between 500 - 10,000
the more the better) and the estimated monthly
traffic volume for each keyword.
-
Multiply
the total traffic volume by the estimated CPC (Cost
Per Click) for each keyword.
-
Add up
all the totals per keyword to get one final market
value assessment.
The three steps above sound easy enough
on paper but in practice this is an extremely tedious
operation unless you have tools. Unfortunately (at the
time of this writing 11/29/2007) there is only one tool
that is affordable enough for the average webmaster to
do market appraisals.
Appraising the value of a market is
vital and you can get by fine by using the techniques in
the
last report but your accuracy is going to be off and
you may miss important niches or opportunities that
could be easily tackled.
Watch the following video as I
demonstrate how to appraise the value of any online
market.
As you can see, you have tremendous
power to explore markets to find nuggets of gold by
doing a deep market value analysis. I use
ThemeZoom because it saves me time. I can reduce
weeks and months of market research and analysis down to
a day or two.
Time is money in this business more so
than any other so time spent doing market research is
money lost.
It is also vital that you use the
freshest data possible to run a value assessment on a
market. The older the data you use the less accurate the
assessment. Unfortunately most keyword tools on the
market use data that is between 3 & 6 months old. I like
ThemeZoom because it gathers the keyword data from the
LIVE market, not from a database.
If you can't afford tools then use the
methods from the last report but understand that you are
leaving tons of untapped opportunity on the table. It
may be well worth your time to manually gather as much
data as possible by hand using the Adwords Keyword tool
and Google Trends (as discussed in the last report).
Conclusion...
The bottom line is... Take your time...
Your market is not going anywhere and there will always
be room for you to jump in at any time, now or a year
from now.
If you are seeking a new online market
then this step is critical to your future success. The
time you spend now will mean the difference between a
weak campaign and an Internet marketing home-run.
I hope that you now understand the
importance of evaluating the value of a market before
digging in further.
Another problem that you will face is
the passion problem. It is very easy to find wealthy
markets to jump into... They are abundant.
In order to succeed in a wealthy market
you MUST be passionate about it. You need to enjoy the
subject matter of the market you are in. You need to
enjoy speaking with like minded people in your market.
If you go into a market with no interest other than
"money" then you will fail. With Social Networking
growing faster than the Internet itself, if you are not
passionate about your business & what you sell then
nobody will buy from you.
If you are out to build quick, crappy
websites with AdSense ads and banner ads plastered like
the Las Vegas strip then you are in the wrong place. You
will never make much and you will always chase your
tail.
SEO20/20 is about building a real
business, an online asset that will continue to reward
you for the rest of your life.
In the next report I will focus on
helping you discover your passions by asking you a few
very simple questions.
- Charles Heflin
