10 Market Analysis Tips And Strategies For Your Online Business!

Why Should You Do A Market Analysis And What Are The Components Of A Thorough Market Analysis ?

Market Analysis

First, What is the definition of a market analysis ?

According to Wikipedia: A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis.

The market analysis is also known as a documented investigation of a market that is used to inform a firm’s planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company. Read more…

So why is it so important to do a market analysis ?

Well, The fact is that those who don’t, 95% of them fail and out of those 5% only 1% make it past 5 years in business. On the other hand, those who have done a thorough market analysis enjoy greater success with less surprises or obstacles to stop progress.

A smart marketer always analyzes their entire business plan and market to strategically target the right market with precision and surgical marketing strategies to a market in demand.

Idea Plan Action

Here are some areas you need to consider when doing a market analysis:

  1. Market Size – The market size is defined through the market volume and the market potential. The market volume exhibits the totality of all realized sales volume of a special market. By placing your search in quotes in the Google search box it will give you specific amount of volume of market size. How do you find your market size ? You can use a popular free tool Google Keyword Planner. It will provide you with enough data to make an intelligent decision.
  2. Market Trends – Market trends are the upward or downward movement of a market, during a period of time. The market size is more difficult to estimate if one is starting with something completely new. In this case, you will have to derive the figures from the number of potential customers, or customer segments.

Here is a screenshot of a Google Trends market trends and related data to understand your market and how active it might be.

Google Trends Related Searches updated everyday with new data, it’s an excellent tool to include into your market research. You can do a personal search using their data base of specific market you are after.

As an entrepreneur it is your duty to stay up to date with markets and how it affects your business.

4. Market Growth Rate – A simple means of forecasting the market growth rate is to extrapolate historical data into the future. While this method may provide a first-order estimate, it does not predict important turning points. A better method is to study market trends and sales growth in complementary products. Such drivers serve as leading indicators that are more accurate than simply extrapolating historical data. Read more about Market Growth Rate…

Market Analysis5. Market Opportunity – A market opportunity product or a service, based on either one technology or several, fulfills the need(s) of a (preferably increasing)market better than the competition and better than substitution-technologies within the given environmental frame (e.g. society, politics, legislation, etc.).

You find your market opportunity by doing a Google search to see how big your market is and is anyone paying for advertising for your niche or product. This indicates that more than likely it is a profitable niche or product.

Study this search for a week or so and see if you see the same product or website advertising daily to confirm this analysis.

Use Google Keyword Planner to see exactly how big your market opportunity is and exactly how many people are searching for your product and learn how competitive your niche or product is. See a search screenshot of Google Keyword Planner on sba.gov/market-analysis and notice all of the data within this quick search.

6. Market Profitability – Is this market profitable and how to find if it is ? Find your competitors websites and go to Ahrefs.com, Alexa.com and SimilarWeb.com and enter your competitors site to analyze your competition. The screenshot above also tells you that there are others paying for advertising which means these search terms are likely to be profitable.

Quick Tip: Part of doing a market analysis is to factor, That if a particular search term or phrase when doing a Google search on your browser it will give you the top ten sites for that specific term or phrase but more importantly if there are several ads on the margin, above or below the search results means that that term or phrase is 99.99% sure it is a profitable market.

7. Industry Cost Structure – How you structure your cost according to your market can determine how competitive your market will be while maintaining a profitable margin. If you are selling a physical product it is important to do a market analysis on what cost structure you should use based on feedback and production costs.

Cost Structure Tip: Industry business standards suggest that it is usually recommended that you have a 40% + margin between cost of production and sales pricing to ensure future growth.

8. Distribution Channels – What channels will you be using in your marketing efforts ? What markets are your competitors using and are they profitable ? By checking sites like Alexa.com you can check your competitors marketing channels and it will immediately tell you marketing data if they are in the top 100K sites.

Today’s Distribution of Digital Marketing:

  1. SEO – Search Engine Optimization, it is the art of optimizing every aspect of your website or blog and I mean everything. Including every single blog post and its entirety, optimizing your images and its size, its alt tags and size, are you structuring your content properly for your audience to digest and more importantly search engines easier to crawl your website plus many other areas I will discuss more in depth SEO specific content. If you enjoy doing SEO and don’t mind doing a lot of market research then SEO will be good for you otherwise you could outsource to a reputable SEO specialist.
  2. Social Media – There are many social media platforms available and here are some of the more popular ones like Facebook, LinkedIn, Twitter and Pinterest. Each social media outlet is different and advise you to read and understand their terms and conditions, their marketing data to make it more targetable and direct to your specific market. Facebook has different paid marketing options depending on what is your goal. Besides complying to Facebook’s marketing terms you must also use a business page in order to use the paid ad platform.
  3. Search Engines Paid Marketing – Search engines like Google, Bing, Yahoo, others and the same applies, each search engine has its own way. Make sure to get familiar with their terms.

9. Marketing in BusinessBusiness marketing is a marketing practice of individuals or organizations (including commercial businesses, governments and institutions). It allows them to sell products or services to other companies or organizations that resell them, use them in their products or services or use them to support their works. Marketing your business using social media recruiter is a very effective and powerful way to recruit people into your business and get immediate results. Get your free guide…

10. Success Factors – The key success factors are those areas that are necessary in order for your business to achieve its marketing objectives. Re-evaluating your business and its goals should be done to ensure your business profitability.



Related Marketing Articles:

  1. Content Marketing Google And Search Engine Optimization
  2. How To Create A Successful Business By Marketing Online
  3. Marketing Through Videos And Types Of Video Marketing

15 Marketing Tactics For Getting Your Business More Exposure

There are many marketing tactics you could use to get the word out about your business and/or products leaving you with no lack of ways to reach your audience and prospects.

Marketing Tactics

Even with the diversity and huge amounts of platforms to use in marketing there are still many who struggle with this in their business. Some of these methods are mostly free and some are inexpensively enough to try out and achieve some success with your marketing.

I personally recommend that you try one marketing strategy and platform at one time so you can focus better on getting the best results possible in your testing phase. Once you have a winning combination then it is time to scale up your marketing.

Here are some marketing tactics and resources to meet your marketing objectives:

  • Blogging – Blogging is one of the more popular ways of marketing tactics used today. It allows you to post content you would like your readers to find online. The beauty of blogging is that it is an evergreen form of marketing because it stays on search engines data base and can be found easily by readers specially if the content is highly sought after.
  • Email Marketing – It is one of the most powerful marketing tactics kept very quiet because it is one of the most profitable and sustainable business models for the long term and as long as you have developed a good relationship with your email subscribers. Place an opt-in form on your website or blog to allow people to subscribe to your newsletter and this way every time you post something on your website/blog, they will get your post automatically once published. This form of marketing can also be used to sell your products too.
  • Social Media – This is a broad and expanding area of marketing since new social media platforms are coming up almost everyday. When we talk about social media the first ones that come to mind are the 800 pound gorillas in the room, Facebook, Google Plus, Twitter, LinkedIn, Pinterest and Tumblr just to name the most popular ones. These platforms are primarily used for social engagement but are also monetized through advertising and use of business pages.
  • Video Marketing – Video Marketing is another huge marketing platform for videos. Youtube is the number two as far as traffic is concerned and where you want to be. This is a free form of marketing but can also be a paid marketing strategy as well.
  • Slideshare – Slideshare is a great way of re-purposing your content on your blog or website and converting them into a slideshow and then uploading to Slideshare.com. You can design it yourself or outsource to Fiverr for $5.
  • Infographic Marketing – Infographics Marketing is more about illustrations, diagrams and detailed descriptions of your infographics but at the same time marketing your business and/or products.
  • Content Marketing – Content marketing is a hot trend today and many are using it very effectively. Obviously the content must be high quality, valuable, unique and relevant to your niche. Your content can be distributed by posting in on your website or blog, article submission sites, social media and many others…
  • Off-Page Marketing – Drop business cards by local businesses and restaurants. Post ads in your local newspaper. Pass out fliers or put them in people’s houses or cars.
  • Banner Marketing – Banner marketing can be done inexpensively. All you need to do is find a list of websites or blogs in your niche or market whom are accepting banner ads on their sites and come to terms with what to pay for a specific amount of time.
  • Mobile Marketing – Mobile marketing tactics has surpassed your typical online marketing and it is still an affordable way to get gobs of traffic to your website or blog. 4.7 Billion reasons to use this marketing tactic.
  • Word of Mouth – This marketing tactic is still a very viable way of getting traffic to your site specially if you have something to offer people are in need of. People love to share great finds, content and tips they can use.
  • Press Release Marketing – Press Releases are very powerful way of marketing but it would be of interest to you to invest in someone writing it professionally for you unless you consider yourself a good writer. PRWeb.com is one of the more popular and bigger Press Release submission sites with a large audience.
  • Direct Mail – Many believe that this marketing strategy is dead but take a look at what you get in the mail. It still works believe it or not. With Direct Mail you need to obviously get a list of addresses to mail to and you can do this by  going to your local post office or talking to someone on the phone to explain how their direct mailing program works.
  • Search Engine Marketing – Search engine marketing is one of the most effective and fastest ways of marketing but one of the most expensive. Facebook Ads is popular but its effectiveness is  dwindling as happened with Google Adwords in the 1990’s. This form of marketing can be used with Facebook, Google Adwords, Yahoo Ads, Microsoft Ads and many other search engines…
  • PPV Marketing – Pay Per View Marketing is another way of getting people to find your business or products. With this method your basically paying for some one to view your ad pop up over a related niche or market website. It usually requires that you start with a $200 deposit before you can start marketing.

There are many more marketing tactics available other than these mentioned here but these are some of the more popular and effective ways to market to your audience. Try them all and see if you find one which works best for you and slowly scale your business accordingly.

If your still baffled about your marketing and how to go about it you could try attraction marketing method to recruit people into your business.

Marketing Tactics Supercharged –

Register for free webinar to learn the ” 10 minute traffic machine proven strategy “

What Types Of Marketing Strategies Should You Use?

There Are Many Types Of Marketing Strategies Available But It Can Be Overwhelming!

types of marketing strategiesYesterday I talked about video marketing and three simple videos you could use to get more traffic and leads to your business. If you missed it you can read it here -> Video Script Formula.

It can be overwhelming specially if your not getting the results you want from your marketing efforts. When marketers start talking about what types of marketing strategies they should use they overlook the obvious places and it is normal to do so if you don’t have a clear understanding of how to do marketing online.

Some of the best effective types of marketing strategies are:

  • Article Marketing – Free Method or Paid – Submitting to article directories and having your website link included in the article author box usually at the end of the article to get traffic back to your website or blog.
  • Video Marketing – Free Method  or Paid – Create short two minute video providing value content, a specific message with a solution and a call-to-action to increase leads, traffic and sales.
  • PPC Marketing – Paid Method – Paid Per Click is exactly that ( every time someone clicks on your ad you get charged and this method will get you traffic instantly but word of caution, you need to do your homework before you start to invest money in this marketing strategy. You could loose money very quickly if you don’t know what your doing.
  • PPV Marketing – Paid Method – Paid Per View marketing is a strategy where they display your ad to your relevant industry selected when setting up your ad.
  • PPA Marketing – Paid Method – Paid Per Action is a marketing method where each time a visitor takes a specific action like when someone LIKES your Facebook page for example or you might want them to visit your blog post and each of these actions are charged accordingly.
  • Facebook Paid Ads – When marketing on Facebook the first thing you need is to have a business page set up which you will use for your advertising. You can post an article or event on your business page timeline and choose the boost feature to promote your blog post. Or you could use the Ads Manager to create your ads. Just remember that there are certain guidelines Facebook has and recommend you get familiar before you start spending money on ads.
  • Facebook – Free Methods – Using free methods for marketing on Facebook is possible but will take a little work. You could use the FB Groups to attract people into your business. You can also post lots of valuable and applicable content on your business page timeline.
  • Blogging – Almost Free – This method requires you to write high quality content or get high quality content written for you. Also requires you to invest in your own website/blog, you will need hosting, a Domain Name and an email autoresponder.

Blogging is very rewarding if done correctly and the most important thing to remember is that Content Is King when in comes to blogging. It is important to do a market research before you start your blog posting so you understand your market better.

Search for primary and secondary keywords you will use in your blog posts but do not over stuff your blog posts with keywords because then you could get penalized by Google.

Use the 1 to 2% rule, in other words if you write a blog post with 500 words then the keywords should be 1 to 2% of the words written or less.

If you use WordPress than you already get a word count as you write your content but if you don’t here is a great free tool you can use called, Word Counter.

We generally use less than 2.5% to stay on the good side of Google. When doing this correctly and then submitting your content to Social Media platforms like Facebook, Google+, StumbleUpon your content can actually go viral and get a steady flow of traffic when it offers high value as perceived by your Readers/Prospects, Google, Yahoo, Bing etc…

These are types of marketing strategies we use in our business specifically blogging which are getting results on a daily basis to generate two to eight leads a day just from blogging. Why?

  • You have to offer real value that anyone can use in their business to get results and more importantly solve people’s problems.
  • Don’t use rehashed content or copied material from other sites. I personally sit down and write all the content on my blog myself and I try to offer the highest quality related content I can.
  • You can also do some keyword research and find what people are typing into their search engine browsers and what they are searching for. It’s kind of cheating but not really, this is available to everyone and for free using Google’s Free Keyword Planner
  • When you do your research you would like to find the low competition keywords that have anywhere from 500 searches a month to unlimited searches as long as it is low competition. Why? You will get that traffic directed to your website or blog by top search engines like Google, Yahoo, Bing etc… For keywords that are more competitive then you will have to do a lot more work to get that traffic.

When you do a search for, “How to bake a pie” for example you will get up to 800 related keyword results at one time.

Google Keyword Planner

If you noticed in the middle left of the image above I selected US, UK, and Canada for Language usually select English speaking countries but you can choose what ever country fits your search.

Once you click on the “Get Ideas” button you will get suggested keywords that you can use in your content as well and you will see the Search Volume and the Level of Competition too. Ok, Now you can just sift through the Low Competition keywords and use them in your content sparingly.

If you would like to learn more types of marketing strategies to attract more leads and prospects here is a Free 10 day Attraction Marketing Bootcamp that shows how below.

Marketing Business Solutions For Your Business

Are you implementing the right marketing business solutions to your business and/or website to get the results you expect ?

Marketing Business SolutionsHaving a great website is only the first step in the process of finishing the race. Having business solutions for your company or website are what all entrepreneurs strive for, it increases sales and the bottom line.

You must also have a real solution to whom ever needs your services or product and the right message to persuade your prospect to click, enter their email or make a purchase, Right?

Step two is the epiphany of enjoying business success and that is; You should already know who your prospects are and where they can be reached before you started your business and/or website, Right? I hope so.

The second step is, you must have the right audience who is already looking for what you offer and to do this you need to ensure you are targeting your audience correctly by Age ( Ex. 18 and over ), Gender, Geographical Locations, Income Level, Keywords and Keyword Phrases.

Make sure that you test your Ads and Ad Copy first by spending small amounts on paid marketing before jumping in with both feet.

Targeting your message to where your prospects are hanging out and using paid marketing effectively to get the results you need to make more sales and take your business to the next level.

When used properly can be a very powerful secret weapon and should be your priority to learn it if you want to compete online and more importantly, Survive!

It’s more than just getting an email from your prospects. To communicate and cultivate your prospects, readers, customers, partners and friends they should always be treated with a certain level of respect and intellectual understanding to enjoy great communication while at the same time offering them solutions to what they are looking for and suggesting even free give always or knowledge that can be shared.

We are in a people business not my business! People are more educated, internet savvy and search savvy. It is amazing to me when I see what transpires in the marketing world.

If you get one takeaway from this it is that you need to understand your market in order to find marketing business solutions for your business and your website marketing efforts.

These are five rules I follow and am concerned with in finding marketing business solutions for my business:

  1. Who – Who is your Prospect, Reader, Customer, or Buyer ???
  2. Why – Why are you offering your product ??? ( Does it provide a real solution and does your product have a market )
  3. Where – Where are your prospects, customers and/or buyers ??? Where do you find them ???, where do they hangout ???
  4. How – How are you getting your prospects, leads, buyers or readers ??? How are you implementing your target marketing strategies ??? The Answer, ” Paid Marketing “.
  5. What – What is your message ??? What are you communicating with them ???

Answer these questions with clarity and you can change the outcome in your marketing efforts.