Online Market Research: Why, Where and How?

Hi again ;)

I hope by now you had the chance to write your list as per our previous post. Today we will talk about the market research. Getting a good understanding of market trends is essential for you to make the most of your business opportunities.

Market research is the most valuable tool for all businesses. It’s the process of gathering information to help you make informed decisions about the marketing of your business. Statistics and other market research data help you understand your potential customers and their needs, as well as what your competitors are doing.

Market research is generally either primary or secondary. In secondary research, the company uses information compiled from other sources that appears applicable to a new or existing product. Disadvantages of secondary research are that it is often not specific to your area of research and the data used can be biased and is difficult to validate. Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.

There are many tools available for you free of charge to carry out your online market research at the press of a button. The one that I use and recommend is by
Nichebot. It is easy to use and less confusing than many others.

First, we need to know if people actually searching for our product or service? and if so, how many searches per day/month/year? We then need to find out how many sites are competing for that niche online? and What sort of free information available online? Where does our product or service fit in this market? Are online customers willing to pay for what we offer?

So lets start:

Create a folder in your favorites and call it “Market Research” or whatever you like. We will save here links of the related sites
Always and I mean always, have a pen and a notepad next to your computer to write comments, questions and ideas.
Type in your browser or click on this link http://www.nichebot.com/tour.html Please read that tour page so you know what’s nichebot is all about For $1.00 you can try nichebot for 14 days. So it’s worth signing up for, at this stage you will only need the silver membership if you decide to go ahead with it.
Once you join, log into your account and spend sometime to check what’s there
Now bring you list of keywords and lets do some serious work:
Click on “WordTracker Keywords tool”. Type your first keyword in the keyword box , click search and look for the results
Here’s the definitions of these terms as per nichebot site:

Keyword: Exact keyword phrase people are using to search the search engines.

100-Day Count: Number of times search phrase appears in the database of WordTracker over the last 100 days.

Predicted Daily Count: The data that WordTracker numbers are based upon come from MetaCrawler.com and DogPiles.com which only account for 1 percent of the global search population.
So this predicted daily count is a specific WordTracker formula that predicts out the possibility of how many searches occur for a specific keyword across ALL the search engines.

Competition: Number of competitors that have specifically optimized their web pages for this keyword in their title tags, etc., all from the data requested by your Google API Key. This competition data gives you a more specific understanding about your TRUE competition for a keyword

KEI : KEI means, in essence, Keyword Effectiveness Index. It is a calculation thought up by Sumantra Roy as a measure of the effectiveness of a keyword in terms of search frequency and competition for the keyword. The higher the number, the more likely you can place for a top 10 position. The lower the number, the harder it will be to rank high at first

Ratio: The RATIO is another way of looking at a grading scale of seeking out low competition keywords you can most likely rank for. This number is calculated by the ratio of comparing every one search to all competing websites (competition results). Exactly opposite to KEI, the closer this figure is to 0, the less competition and easier it is to secure a top 10 position. The higher, the harder it is to compete.
have a good look at the results, the list you see there helps identify your core keywords in Step 2
From this screen, you can do the following...

(1) Save this entry to your keyword basket for later analysis...

(2) Conduct an instant lateral search by clicking one of the keywords in the list below...

(3) Click anyone of the other Quick-Digging Tools to the left and instantly perform another search on the same keyword, or...

(4) Click the QuickGrab link up above to grab just the keywords on this page.

Once you have identified your core keywords, it is time to move onto the Deep-Digging Tools and begin mining for the long-tail, low competition keywords you need to find in order to dominate your niche market or industry.

Save your work in folders and export information to your favorite folder “Market Research”.

This is a very important step for your online business success. The biggest mistake internet marketing beginners make is creating their site/product/service without doing their market research.

What does it all mean? This is where you spot your niches. The figure you want to take note of is KEI. Generally, a poor keyword to target will have a KEI of between 0-10. It's not wise to target keywords with this KEI as there is too much competition.

Good Keywords to target have a KEI of between 10-100. Your best bet are keywords with KEI between 100-400. Anything above 400+ is a gift.

That's it for today. I hope you found this information useful. I am sure you will have so much fun at nichebot.

WARNING!! Please don't feel so disappointed if your search results revealed that your proposed niche has very low KEI and very high Ratio. Just move on to the next keyword on your list :)
Next time, we will continue our market research. The above was the first step only :)

Thank you for reading
Warmest Regards,
Lama Kalla http://www.poemvidz.com/

How To Find A Profitable Niche online? Steps For Absolute Beginners :)

Ok, I'm back again and within a few days ;)
Well I am getting really excited about the launch of my new website. Building a business is like raising a child, there are good days and bad days.
What makes the bad days better days is knowing what to expect and how to deal with each situation.
So... back to our headline "How To Find A Profitable Niche online? Easy Steps For Absolute Beginners"
These steps are suitable if you didn't find a hot niche online as yet or if you want to know if you really have a market for your existing niche and/or whether your existing niche worth developing or whether you can make more money with your existing site:

1. Lets Find Your Niche (This step is suitable for those who didnt find a hot niche as yet)

I am going to ask you to do a simple task :) We need a pen and a paper here

List What you are passionate about?

Write a list of 5 words that come to your mind , maybe ask your family or friends or relatives or colleagues to give you 5 words each.
Build a list of 30-40 words, these words have to make sense ofcourse :)

Once your list is completed then you can start your market research.

The market research at this stage allows you to identify whether your idea worth pursuing or worth dumping in the bin before you waste your time. (Horror)

I will tell you a little secret here, One of first online mentors a guy called Stelios Eleftheriou told me once "If you want to make money online then find a hot niche and keep away from Internet marketing products"
Do you know what this truly means? To tell you the truth, first I didn't know what he was talking about. :(
Think about it for a while and ask yourself if you know exactly what it means and write it in your notepad.

That's it for today for those who dont have a niche as yet :)

Now if you already have a niche then list your keywords for that niche, which means what do u think your target market will type in their browser bar to find your site or related product or service?
Write your list and you are ready to find out your market position online :)

I need to go now so I will catch up with you next time, so please have your list ready.

Warmest regards,
lama Kalla

Internet Marketing Beginner Blog UPDATE

First, my face is turning red because I didnt post for a very long time.
Well, it has been such busy year for me. I can't work out how the time passes by.
This year was a turning point in my life and with that I had to tidy some loose ends so I don't carry them with me next year.

Back to internet marketing :) to tell you the truth, I have been working on a new online business. What can I tell you about it??
I can tell you that I have implemented in there every single business knowledge that I have acquired online and offline over the past seven years.
I have actually prepared and applied a business plan for it :)

It is to do with Niche Marketing as in, I did the research for a niche in high demand which solves a problem for people and they will be happy to pay for the solution. The great thing is what competitors are offering is basic info and products.
and they don't seem to know much about how to market their business online.

Once I found that niche I did more research and had a few thinking moments.
How can I be different, I dont want to be just another business online that fills a gap. I want my business to be different and unique ;)
So not only I will be offering what my competitors offer but I will give it a twist. And I found that twist :)

What I wrote is simple and you may already know it, but do u think applying it, is that easy? The answer is NO!
The advantage is, once youve done it right, then the chances of success are close to perfect, because you did it right. Got me?

I then worked out my strength and weaknesses and listed the areas that I need to outsource.
I outsourced my weaknesses and ended up with a wonderful team :)

OK, I have to go now but I will tell you more very soon :) This online business will be launched by early December at this stage unless my research shows otherwise.

thank you for reading my post and please visit again ;)

Lama Kalla

The Beginning

Hi there, It has been my dream to start a blog about internet marketing. The term internet marketing is only one of the several ways to making money online.

I will be telling you about these several ways in a very simple style and easy to understand language.
After spending more than four years online, and networking with people from all around the world from fresh starters to gurus. One of the biggest hurdles to making money online is lack of knowledge.
Look at it this way, if you are.. lets say a musician and decide to start a business to make money online with no background whatsoever about this business, then one the very first things you need to do is get the right knowledge about this new business in order to succeed. I have found that this information is available. But it is very hard for a newbie or a new person to know what to buy first and where to start. In other words, what to do with this information.
What you need to know is the internet is the only available medium today to make money legally the smart way. And the best part is: It is you who determine how much you want to earn.
Nothing will stop you if you believe in yourself..

I don't want to sell my knowledge, I just want to share it with you. Why?? Because I like teaching so much :) because I like to help others stand in front of the wind when it comes... and because It makes me feel good as I am paying forward some of what I have learnt over the years.

Now, if you like what you have read then you are welcome to stay and if you are a snob then thank you for dropping by. I will not accept any sort of spamming.

That's it for now :)