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I assume, because you are reading Step 2, that you have completed the research from Step 1 and decided on a niche that you would like to target.
Now that you have firmly established the basic research for your chosen niche, it’s time to take your market research onto the next level and find out just how much demand there is for it, and precisely which keywords people are using when they search into your niche.
Keyword research is the first part of this step, and you can do this by using Keyword Selector Tools. These Keyword Selector Tools are extremely useful vehicles for researching markets and finding the most lucrative and promising products. Don’t make the mistake of assuming that keywords are only used in Pay Per Click (PPC) Marketing or building a website. Keywords are a fundamental part of any online sales endeavor. Every single promotion, ad, article, forum post, blog, etc should revolve around the keyword lists that we are about to establish. You will be required to make up several keyword lists in this step and each list will have its own purpose.
Keyword research is a fickle business, as you are about to find out, so good tools are going to make your life much easier. Google has its own free keyword tool which can be found at:- Google Keyword Tool. They also have a Search Based Keyword Tool which goes one step further by tailoring the keywords and other data (such as the amount of competition for the keyword, the suggested bid, and more) based on your language or country/territory settings. This is mainly used for PPC but you can also get some nifty data from it to boost your keyword research efforts.
However, I’d recommend that you have a good look at either WordTracker [Note: This is my affiliate link but I will only receive a commission if you sign up for the full product, which I am just about to tell you not to do].
Should you decide to go with Wordtracker, this is how to go about it. Go to their site by clicking on the link above and you will be offered a 30 day free trial. Take them up on their generous offer, write down the date you signed up, and do all your research over the next 25 days or so. Then simply return to the site and unsubscribe before your trial runs out. Quite legal, if maybe not quite ethical, and you are not out of pocket one single cent. You should be able to complete your keyword research in a few days and not need the tool again.
The Keyword Selector Tools work almost like a search engine. They’ve got a search box into which you type whatever keyword or phrase you wish. But the difference between this tool and a search engine is this…While a search engine’s results give you websites that are related to your search terms, the keyword suggestion tools will tell you how many times the keyword or phrase you typed into it was searched for during the previous month. Sort the keywords by number of monthly searches and save the top results to a list. ( Most keyword tools will allow you to export the list as a text or .csv file ).
This information can also be used to help you compare the popularity of different keywords to see which ones get the highest number of searches by internet users. Generally speaking, the higher the total number of searches for a word or phrase, the more popular that keyword (subject) is on the internet as a whole. The number of people searching for information on a particular keyword tells you one very important thing: whether or not there are likely to be enough potential buyers in that subject area for any product you might want to sell on the Internet.
But there’s one important point you need to remember: Searchers are NOT necessarily buyers.
If you find a large number of searches in an area you’re interested in, it’s by no means absolutely certain that you’ll sell truck loads of whatever product you decide to promote. You see, it isn’t a totally idiot-proof formula. Rather, this information is a very big CLUE that a market exists, that’s all. But add the information you obtain from your searches to your own ideas and experience and it could put you onto something very big indeed.
This is the exact process that I use to determine which markets to enter and what products to start selling. It’s also important to check back and search regularly, since statistics are presented for the previous full month. Hot markets can change regularly, so be aware of this, especially if you search towards the end of the month.
Next, it’s time to get down to actually analyzing your chosen market.What I suggest you do here ( to get a handle on these techniques ) is to think of a market you think has potential and analyze that. To show you exactly how this works I’m going to need to use an example… in this case, the market for sports products. I’m going to use this example to illustrate the step-by-step process of analyzing a market to enter, and thus find a product within that market that you can sell online. Once you understand this process, you can then apply it to any other markets, products and Internet marketing projects that you wish.
As you go through researching your chosen niche, save your search results into lists of
- Broad search terms
- Focused search terms
- Ultra targeted search terms
- Long-tailed keywords ( strings of 3 to 5 words that really narrow down the search criteria )
Most keyword research tools will let you save your search results as a csv file so you will have very little manual sorting to do.
Remember, the markets out there are limitless… and hundreds of new markets are being created by the day. So once you have developed this skill it is going to be very, very valuable to you. When looking at markets to get into it’s very important to break them down into their smallest components. This means that when you look at a market that’s as general as ‘sports’, you need to focus on one particular aspect of the market that’s as specific as possible. Within the sports market (whether for goods or information products) you have many different areas; football, baseball, basketball, tennis, golf and so on. Even within each category, there are more specific sub-categories. For example, if you look at racquet sports you will find that there are sports enthusiasts who are crazy about tennis, but no other racquet sport interests them. They will buy any e-book you offer them on tennis – but wouldn’t be interested in anything on squash or badminton, even if it was offered to them free! Breaking down the market works in other ways too. Take the golf market, for example. There may be different products that serve different purposes. These may range from clubs and clothing to books or DVDs on golf instruction or coaching. To be practical, I recommend you think in terms of digital products that can be downloaded – like e-books and information products that solve problems.
Remember, people will ALWAYS pay to have their problems solved for them. This means it is far more practical to promote digital products, like ebooks or instructional videos, than to try selling golf clubs, bags, buggies,etc. The next step is to research and analyse our chosen market in more detail. So, go back to the research tools I told you about a little earlier… and search for ‘golf’. When you search for a particular keyword or phrase, your results will also give you other related keywords and phrases that are similar to the search word or phrase you typed in. ‘Golf’ is too broad as far as search terms go because people typing ‘golf’ into a search engine could be searching for anything from the address of the local course to golf tees and balls. So, looking at the results from our search, you will also notice that there are several terms or phrases relating to golf , but unlike general ‘golf’ they are more precise in description. This really gives us very good clues as to what people are looking for (and may therefore be willing to buy) within this market. For example we’ve got phrases like ‘golf courses’ and – very interestingly – ‘golf lessons’. Now, while ‘golf lessons’ searches are not, strictly speaking, searches for golf coaching e-books, it tells us that there are an awful lot of customers out there looking for golf lessons. This suggests to us that these potential customers may be willing to buy a book on the subject if they feel the information will be of value to them, and if the price is right.
So that’s an encouraging sign as far as selling information on the subject in e-books. All we’re doing is identifying a ‘hungry market’ and giving them exactly what they’re looking for! Don’t be surprised if, when you carry out such analysis, you get a result such as ‘instruction golf’ or something similar. This is more or less the same as ‘golf instruction’, the order the words appear in is irrelevant as the meaning is the same. Ultimately, what we have here is basically people searching for golf coaching of some kind. Also don’t forget that within these results there could be a number of ‘freebie’ searchers – people who are interested in this information but won’t necessarily pay for it. So, even this more detailed analysis must still allow for a margin of error.
So, when we start searching for a suitable product to sell, we want to know the precise sort of marketing angles we can use. This information will help us to focus in on the needs of our customers more accurately. Stay with me here, because without focus or clearly identifying a market, you WILL fail! I see this far too often and I don’t want this to happen to you.
Now are you beginning to see the potential power of analyzing a market in detail? It even gives us a good indication of the type of information that golf enthusiasts may want to know in very specific detail. These could even serve as niches-within-niches for successful markets to exploit if we find that there are such products available for which we can become affiliates. Both ‘golf courses’ and ‘golf club’ as well as many others could give us ideas for e-book products we could promote that would be in great demand. Of course, when you do a search for something as widespread as ‘golf’ you will get many, many more suggestions and ideas for physical products you could sell as well, each of them having huge numbers of searchers. In fact, another interesting point is that people who are actually searching for golf clubs and equipment can probably be persuaded to buy the e-book. If they find that the information can solve their coaching problems without them having to buy the physical products, they may be swayed into taking your ebook offer instead of laying out for coaching.
So, in summary, look for markets with lots of searches and prospective buyers. Use The Keyword Selector Tools to get great ideas for hot markets, but remember that it’s only a guide. Also, use lateral thinking techniques to think outside the box. For example, break down the ideas that you’re given and look for sub-markets that may be lucrative to exploit, niches within niches, if you like. Just because a hot market exists, it doesn’t mean that it will necessarily be a profitable one, so you need to also think about demographics.
Ensure that you have adequately completed this step before moving on to the next step. Once you have decided on a niche, and have prepared your keyword lists, we will be moving on to buying a website. Your choice of domain name is dependent on your research to date so be sure not to shortcut this section. Boring as you may find it, research is probably the single most controlling factor on whether you will make money or not. There is no rush, work at your own pace. The ground work you do now will set you up for the future, if you do mediocre research now then mediocre success is a reasonable expectation.
Stay focused.