Finding Your Profitable Market
Jul 10 by Marcus Hochstadt | Posted in Business, Marketing, Product Creation, Strategies
When in search for a product or service to sell online (or off, for that matter), you must take some steps to get the perfect market (or some call it niche) that will have a high desirability in today’s marketplace. The public must want it! :-)
Normally, you’d research the supply and demand of a market first, then locate the product that market is demanding specifically. But let’s take a look at starting with the product first.
So how do you find that perfect thing to sell in your Internet business endeavors? There are many workshops that offer advice and recommendations, but it’s really you that has to come up with an answer. It’s crucial to find something that will give you a good chance at success.
First, get a list of products or services that are potential items you would like to market. Each thing on your list should be something you have some knowledge about… Don’t try and sell ski boots when you have never been skiing or have even looked at a ski boot. Of course, if you absolutely LOVE ski boots, you can always learn all about them! :-)
That brings up the other point… and one brought up by almost every seminar ever given on the subject—find something you love! When you are going to be spending hours and hours of your days (and sometimes nights) setting up your Internet business, working on building traffic and getting things moving, and this for the next 3-5 years, you better enjoy what you are doing.
So… the items you put on your list should be products or services that reflect specific skills or aptitude you have, hobbies you are interested in, or things you know a lot about. You can add items that you have a high interest in learning, too. Just don’t make the runway for takeoff too long by needing to devote a lot of study to the subject first.
The idea is to leverage and improve your strengths, not your weaknesses.
Break down your list into three sections. First, list all the things you enjoy doing, such as baking, drawing, traveling, etc. Then list all the things you are good at doing… which could also overlap the first list. Now list your unique skills, perhaps playing the piano, computer programming or the like. And finally, list all the things that you have a lot of knowledge about.
Work out for each thing on your list what could be a product or service entailing the action involved with each one. This will at least give you some ideas—maybe really interesting and unique ideas at that!
Let’s say you came up with a product to sell such as fishing equipment. Some folks feel more comfortable to narrow the product/market down to something less competitive and more specific than “fishing equipment.” Perhaps you could just sell reels, lines or rods. Now you will need to find out if there is a market for this product. You instinctively know that there is, but research it anyway.
Find out how many out there will be your competition (or possible future partners). How much demand is there for the product? And is that demand high enough to sustain a business? Is it just too low, go back up a step or two until the demand number gets exciting. And ask yourself how you could create something unique—something that could be a Unique Selling Proposition that would make you stand out from the competitive crowd?
Turning your product or content rich Web site into a profitable Internet business venture is really doable if you are doing something you love, you are selling a product that is in high demand, and you stand out from the crowd in what you offer. You’ll have fun running your business every day, and will know how to handle customers’ questions effectively.
What an adventure!
—Marcus Hochstadt
4 CommentsPermalink Tags: internet business, market research, Product Creation
72 Hour Special
Jun 27 by Marcus Hochstadt | Posted in Specials
International Market & Keyword Research
Discover Hot Markets And Spot Killer Keywords Of Any Country And In Any Language… 100% Guaranteed!
(<- Click on the image on the left to see the large version and to rotate the cover; opens in a new browser window.)
Starting an Internet business without proper research is like opening an offline store without investigating the market potential and its “monetizability” first. While we would not do this in the offline world, why do so many people start an Internet business without doing proper research first?
I know, it’s easy to register domain names. “One minute and the click of a couple buttons!” That’s what Webhosting companies state in their advertisements. But what about the necessary research before the registration of a domain name? They don’t care…
Do you know the market potential of your product ideas? Do you know which keywords visitors enter into the Search Engines and how many? Do you know what to write about so that Search Engines deliver visitors over and over again?
In case you ever researched markets and keywords, you certainly used one of the countless keyword tools available. Did you know that some of them do not deliver reliable results, or that most focus on the US market only? Why leave money on the table?
With the Home Study Course I’m releasing today—International Market & Keyword Research—you can finally discover hot markets and spot killer keywords of any country and in any language… 100% guaranteed!
Before I get ahead of myself though, here is what others say about this Home Study Course…
Marcus,
Thank you for giving me the opportunity to view these videos. The videos were extremely helpful to me.
Over the last year I’ve had “gurus” tell me about these tools, but apparently had no idea exactly how they worked and the extent of the information that I could get from them.
Simply put, these videos have taken all the guess work out of market research and have provided a very realistic and easy to understand approach to market research with keywords.
Instantly after watching them I started applying what I had learned and have in turn learned more about my niche in one day than I have learned in the past year.
Thank you for taking the time to thoroughly explain these tools in these easy to comprehend videos!
And I meant it all! :)
—Pat King, FitnessLifeClub.com
Marcus,
I went through your videos and really like them. You provided a lot of good information that even someone with very limited knowledge would be able to follow along. The sound and video quality was great and I enjoyed going through them all at once.
I am sure with some playing around it would be neat to target and geotarget certain keywords to be shown up on a blog or website.
—Josh Whitford, JoshWhitford.com
Hi Marcus,
I enjoyed your course very much.
I liked your in-depth look at free tools that people can leverage and assess online market potential as well as select relevant keywords.
Your introduction made a case for research, and I was lead to believe that the course would be for beginners. Once I got into the body of the course, I realized that it is also valuable for professionals.
I have experience, so I found your course very valuable, because it took me to places where I hadn’t gone before.
—Larry Brauner, Online-Social-Networking.com
Until noontime on Monday, June 30 (PDT/GMT -7), you can get the DVD International Market & Keyword Research for $35. After this special, the price will go up to $100.
Here is the link to order the Home Study Course DVD…
http://kunaki.com/sales.asp?PID=PX00RIHGCZ
—Marcus Hochstadt
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