How To Find A Profitable Market For Your Online Business
The common mistake committed by most novice online businessmen is coming up with a product without determining a hungry market. Why is this dangerous? Because the product might not cater to a certain demand. Without demand, no one would buy the said product, and such would surely be disastrous for any business.
So the first lesson in any internet marketing course should be about finding profitable markets.
Now, despite how intimidating this subject may sound, it’s actually quite easy to pull off. All you need is an idea. Yes, like one of those eureka moments. This idea can come to you at any time… while watching a movie, for example. Or while reading the morning papers. Or while viewing the billboards by the road your way to drop off the kids at school. This idea may also be inspired by your current or previous profession, or a passion you nurtured when you were still enrolled as a student.
It is always advisable to carry a small notebook with you, so that whenever these ideas pop up, you could write them down so that they won’t have to fade from memory. If you have a personal digital assistant (PDA), the better it would be for you.
So how would you know if the idea that enters your mind is the right one to build a business for?
This wouldn’t be difficult to figure out. Surely, an idea would entail thoughts of various possibilities you do with the same. An idea about dog grooming can make you think of a dog grooming service, for example. Or an idea about pest control can make you think of a do-it-yourself pest control eBook.
Once you have an idea, it’s time to determine its profitability. For this, you would have to use the tools found at:
www.inventory.overture.com
Or…
Simply type in the idea you have in mind, and press the submit button. You will then be presented with a list of keywords and key phrases that are related to the subject you have entered. Each keyword or key phrase would have an indication of the number of searches that they have gathered from internet users. The number of searches made for a particular keyword or key phrase is a good barometer of the demand for the same.
Naturally, you would want a keyword or key phrase that has gathered many searches, right?
This shouldn’t be the case. Demand is just half the battle. You would also need to determine the number of competition you would have for that particular market. To do this, you just have to run a search using the particular keyword or key phrase you have selected. Look at the number of web pages catering to the said subject. If this number is less than the number of searches made for the same, then you have a profitable idea indeed!
Let’s illustrate.
Your idea is about dog grooming. So you use the tools mentioned above, and type in the phrase “dog grooming.”
You’d immediately get some keywords or key phrases like “shih tzu dog grooming” or “dog grooming cases.” The searches for these terms are greater in number than the web pages catering to them. As such, you could consider them as highly profitable markets. These markets are what many people call as niches. Finding a niche is the first integral step in making money online.
Once a niche is determined, focus on it. If you’re not familiar with the subject, do some research. Build a website that would provide accurate and educational information about the topic. Employ marketing strategies to give it the exposure it deserves.
It all starts with finding a niche. The sooner you discover one, the sooner you will realize the many promises that the online world can offer.
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