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/
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