Finding Keywords Before an Industry/Product
By using keyword tools like inventory.overture.com and the Google Keyword Tool, you will often find the keywords for an industry before you find out whether or not the industry is profitable. This means that you may come across several keyword niches while researching another product. Make sure you take note of these keywords right away. Write them down or you will forget about them. For instance, if you were researching "Wealthy Affiliate", you may come across a keyword like "Beating Adwords". Write these kinds of keywords down so that you can come back to them later. Many times, when doing keyword research, you will find many keywords that you would have never thought of.
Once you have a group of keywords for an industry, you need to determine whether the industry is profitable or not. Here are the logical steps that you should take in determining if the industry is profitable or not:
- Search for Affiliate Programs. If there are not affiliate programs, there is probably no way to make the industry profitable. Type "industry name affiliate" or "industry name affiliate program" into Google and you will get the results of related affiliate programs. For instance, you could type in "beating adwords affiliate program". The top listing will be a link to the Beating Adwords affiliate program information page.
- Determine your break-even point and maximum Cost-Per-Click that you can spend on traffic. If you can obtain a hundred clicks for the price of a sale, you can obtain 100% ROI by converting at 1:50 (2% Conversion Ratio). This sort of campaign will typically be profitable. For Instance, if a product pays $45 per sale, and you need to convert at 1:50 to obtain 100% ROI, you cannot spend over $0.45 per click on average to achieve 100% ROI. If the product converts at a higher rate, you can raise your Cost-Per-Click accordingly. Finding the break-even point and maximum CPC will help you determine if you can afford to promote the industry using the keywords you have chosen.
- Can you cross-sell products. This may open up doors to a whole new opportunity. If you can collect data (email & name) in the form of an opt-in list, can you promote related products to this person in the future? There are certain industries in which this is not an option, but for the most part there will be opportunity to generate an profitable mailing list.
If you do a lot of research, you will oftentimes find keywords before the industry. You then have an epiphany, "I wonder if I can make money within this industry, because I can sure get some good keywords cheap". If you do a full analysis using the steps above you will be able to forecast whether a campaign will be profitable, however you will never be 100% sure until you actually implement it.