Success Is Never Accidental - Market Research Part 1
Good nigh or good morning. While it is still dark in Guyana it is 3 in the morning and I have not gone to bed as yet.
I am just too hyped up by all I am learning so I decided to get this blog series going.
Today I will begin a series on Market Research. This is purely for those who wish to make money from their websites.
I am prime example of someone who started a business purely on my hobby hoping to make money, only to realize I was not likely to make more than a few dollars from it.
I chose to flip the script and got an education about other things I am interested in.
Before You Choose Your Niche
It is wonderful to be able to go into a niche which is your hobby and about which you know a great deal. This mean that you will be able to write like the expert.
However, choosing a profitable niche is not nearly as easy as that.
This does not mean you should choose a niche you have no interest in. You need to at least have some interest in the market you choose to go into.
Most of us if we search our hearts would find that there are 3 to 5 things we could potentially start a blog about.
So what do you do if you have interest in a niche but don't consider yourself an expert as yet?
Buy books and other information products. Get an education. You don't need to postpone your site for months either. You can learn as you build.
The fact that you already had an interest mean you are not a blank slate either.
Now write down those five topics and Let's get started with our market research.
Do The Market Research
Here are a few things you will want to address in this first stage of your market research.
- Profitable Market
The main purpose of a business is to make money so you always start there. Ensure the market you plan to go into has a lot of products you can promote.
You do this by researching the products that are available.
Here, you don't want to just go into amazon and look around. If you are going to use Amazon you will typically want to ensure you are making profit on the higher end of the commission scale.
However, the small percentage given here will not be enough to replace your day job.
As such you will also want to look into information products that give you about 50% commission, recurring commission products and high end ones.
Where you find these products depend on the niche you are going into. A google search for similar websites, Clickbank and other affiliate networks will help.
You are looking for products that are selling well.
You need to become familiar with what is available in your market.
- Quality Products
In picking products also ensure they are of great quality. (To be addressed further in a later blog)
- An Abundance of Customers
You will also want to find a great deal of people who are interested in what you are selling. You do this by going into a market that:
- people are passionate about,
- addresses a problem (- not just any problem but one that requires and abundance of information/products)
- or lifestyle.
You will find your customers in forums and groups such as Quora or Facebook Groups.
You should use the Google Keyword tool to find out the amount of people researching keywords in this area.
Ideally you want to know that there are loads of people interested in your market.
(Note Well: We have not arrived at the low hanging keywords yet. This comes later)
All you are trying to establish at this time is the fact that you have an abundance of products to sell and there is a great deal of people interested in the market you are going into.
Join the groups. Get familiar with the members. Learn what they are talking about.
Now that you have decided the market you wish to go into is profitable we move on to niche selection (Coming Soon).
OK, that is my two cents for today.
Like and comment. Let me know if this is at all helpful.