| Finding a Profitable Niche |
| Invention Development Advice - Market Research | |||
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The most influential step in determining the success of your business is Market Research. There are literally thousands of ways to go about doing market research on the internet so i'll just show you my own quick and simple way. What I'm about to show you will help you know whether or not your market is buying the stuff you want to sell and if there's enough room (competition wise) for you to make some money in the next few months.
The most influential step in determining the success of your business is Market Research. There are literally thousands of ways to go about doing market research on the internet so i'll just show you my own quick and simple way. What I'm about to show you will help you know whether or not your market is buying the stuff you want to sell and if there's enough room (competition wise) for you to make some money in the next few months. Dont underestimate the importance of market research. If you do and skip on by then you can say goodbye to having any amount of control over your sales and future profits. I've outlined 3 steps you will take to find the niche for your business. 1. Find and choose a supplier in a niche of your choice 2. Research Key words and phrases using a keyword tool. 3. Research the Competition (using a search engine) Find a supplier in your niche A niche is a subcategory of a broader category. For an example lets look at Health. Health is an enormous category with tons of competition and very authoritative websites. Now we're not trying to become a superstore because it would be very hard to be profitable competing with the big names. So we'll dive deeper instead. What are some sub categories of Health? To find a supplier I use Wholesalecentral.com. On the front page they give you a lot of different categories to choose from so It's very easy to navigate and find what you're looking for. Go ahead and choose one you're interested in and start narrowing down to a small, focuses niche. Once you've decided on a niche we'll start using the the Keyword selector tool. www.keyworddiscovery.com/search.html I found a company that supplies scrapbooking supplies. my next step is to do some keyword research in that niche to see if its going to be profitable or not and if theres little enough competition for me to jump in the game. We're looking for 1000-100,000 searches per month for our initial keyword. The number of searches for the term, scrapbooking, is about 16,000 per month which is great, however it has nearly 36 million competing pages which is just way too high to try and rank on the first page quickly. The keyword tool gave a few more suggestions one of which was scrapbooking ideas. It has 1040 searches per month so that just sneaks by the lower limit. Now go ahead and type that term into the Google search engine and see how many competing pages there are. With this search were looking for less than 5 million pages to compete with. It shows 455,000 competing pages which is well below the 5 million page upper limit. Perfect! Now I have a niche that I can flesh out that has good potential for ranking well in the search engines and getting some sales soon. Remember the parameters: 1000-100,000 searches per month and less than 5 million competing pages. Great! Now go find as many niches as you like. Contact the supplies you find and discuss drop shipping options with them so you can start making some money soon! Good Luck! More information: For more training and techniques on online market research and internet business go to Thrive's blog. Thrive is the leading provider of internet marketing training in the world.
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