June 1, 2011
You’ll no doubt have read over and over, that more than 90 percent of all new businesses fail in the first year. But, it doesn’t have to be like that. Some forethought and planning will make a big difference to your success rate.
Just make sure your plan includes these simple steps to avoiding business failure.
Now, if you’ve had any previous involvement in internet marketing, you’ll know that proper research is the key to success, so, before you take the plunge and launch into the unknown, it’s a good idea to just check how much real research you’ve done on your product market.
You’ll find that many people invest significantly in an internet marketing business, setting up their site and sales process etc, only to discover that, their great idea’s not really making a profit, let alone providing the spectacular income that they were expecting.
When they discover this, people often get despondent and decide to pull the plug on their internet marketing career. And that’s where successful internet entrepreneurs stand out as different to the other 90 percent. The successes know what to expect and when to expect it, And that’s because they plan their internet marketing strategy and carry out detailed research before they start.
So, if you’re just about to start an internet marketing business, or launch you’re own product, here’s a guide to the simple steps that the successful internet marketers take, before they start anything new.
1. Use Wordtracker
Use the free keyword tool at wordtracker.com to give an initial indication of how popular the main keywords are for your intended product or service niche. Look for the total number of daily searches to be over 2000.
2. Know Your Market Has Money To Spend
Asking. “Who will buy this product? Do they have the disposable income? Do they have credit cards?”, is fundamental to knowing that your product will sell.
3. Look For Direct Competitors
Low competition levels are good, but no competition and an untested market is only for experienced marketers. When you’re starting out, look for at least two direct competitors.
4. Is There A Need For Your Product
When there’s a question, problem or pain in the market that your product can answer or alleviate, you know that there’s likely to be a market for you to service. Research the need in forums and groups in your market by looking for “how do I …” or ” how do I stop …” type questions, that your product answers.
5. Use Google Trends
Google Trends gives an indication of the search volume online throughout the year and by country. Use it to see if you can expect steady sales or seasonal variations and also to pitch your sales to suit the dominant country.
6. Amazon Sales Rank
Relate your product to a title on Amazon and see how the titles are selling online. A product with an Amazon sales rank in the top 10,000 is a popular topic. 10k to 50k is good and 50k to 100k is still ok.
7. Are There Clickbank Books On The Subject
Books selling on Clickbank on the topic will help with research by showing information about popularity and possible affiliate partners.
8. Look For YouTube Videos
Look on YouTube for videos on the subject and how well viewed are they. Well viewed “how to” videos show an established marketing route you can follow later.
9. Check For Related Google And Yahoo Online Groups
Conversations within online groups in your market provide another way of confirming the popularity of your product idea. You’ll also know that here’s another potential marketing route for you to follow in the future.
10. Check Hub Pages
Like Google and Yahoo groups, finding Hubs on your topic shows an interest in the subject.
11. FaceBook PPC
Facebook allows you to demographically target its users based on what they put in their profile. So, by putting up a PPC ad, you can test the market in front of people who’ve expressed an interest in your product subject.
By using these simple steps to establish the viability of your new internet marketing business, you can avoid the premature business failure that overcomes many new internet start ups. These steps are easy to undertake and, apart from the last, they’re all zero cost.
So, if you’ve got the idea for your next product in mind, pick the one that appeals most and start your research right now.
Shirley Crichton is a UK information marketer, passionate about sharing what she has learnt with people new to this often confusing world . Do you want to learn more about getting your internet marketing business started and profitable? Claim your free and comprehensive 95-page report ‘Online Marketing Made Easy’ at www.ShirleysOnlineMarketing.com to give yourself a head start.