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.
  4. Video Marketing – Creating videos and posting them on video marketing channels like YouTube, Vimeo, MetaCafe, Hulu, Vevo, YahooScreens, Daily Motion, Veoh, Flickr, Break and many others available online.

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

Lead Generation Strategies Using Blogging And Attraction Marketing!

A Solid Blogging Foundation With Attraction Marketing is an Effective Lead Generation Strategy! Why?

Through six plus years of trial and error we have been through an incredible learning curve that done otherwise we might have not ever used attraction marketing in our blogging strategy.

Blogging

When we set out to build this blog, our idea and market still is core of why we built this blog, ” to educate, help, and share business ideas, strategies & tools to help average people trying to start a business online, and entrepreneurs with their existing business “.

One thing that has kept us to continue with our blog has been the support of many people like you who have benefited from what we are always learning from in our lessons published here and continuing to pass on our experience so you could skip some of the same learning curves we endured through the years.

Education is key to longevity in any business and learning from your mistakes as you grow. Learning from mentors, coaches, courses, business venture (failures) rather lessons learned and start-ups are important.

Don’t dismiss or let yourself get dragged down by your (failures) lessons or obstacles in your way. If anything, you should celebrate these because you have learned a valuable lesson and the way you should always look at obstacles, failures or set backs. Figure out what you did wrong, what transpired and don’t do it again!

 

Enough with the ranting, lets get down to business. In the last six plus years I have tested many different strategies with my personal blog and the one thing that continues to be a proven method is attraction marketing and blogging.

When these two strategies are combined the results are almost instantaneous providing you don’t deviate from the validated attraction marketing formula.

Algorithms

According to Matt Cutts at Google said years ago to, ” Provide Value, Be Informative & have Educational Content, High Quality Content, Unique Content and Google will reward you by sending traffic to Your Website “.

We took this to heart and have ever since Google came out with new updates like the Penguin, Panda and others. Then shortly Matt Cutts came out and announced what their intention was, at that point we new that shady SEO techniques, Blackhat Seo strategies were not going to cut it and we needed to get serious about blogging and our business.

When these updates happened thousands of websites and blogs disappeared from the front pages of Google and consequently from other search engines as well.

Our blog had little content at the time so the changes were minimal but the large blogs and even big brand name websites had to do major overhaul of their websites to try to get back in to the front pages in search engines again but by then they had lost tens of thousands of revenue and some simply threw in the towel and folded their businesses.

For these reasons and other personal ones we have always striven to provide high quality value that readers like you enjoy and can apply to your own personal businesses as we grow together.

Now, writing great quality content has become almost second nature but implementing attraction marketing to our content has added so much more value as the blog continues to grow with little or no maintenance.

Every business regardless of what field your in you could use attraction marketing in your business content, your marketing efforts, your social media and anything that you do in your business.

After all, if you are planning to be blogging for a while we suggest you consider list building at the same time ( work smart not hard ) because it is one of the best ways of lead generation and monetizing your blog.

But even if you plan on blogging for fun it is essential to learn the attraction marketing formula to learn how to attract more readers and visitors to your blog while increasing your lead generation.

Blogging has been proven over and over again as an effective way to keeping your readers up to date in what they are interested in and/or solving a specific problem they might have or provide new information or news in their market.

Notice I said, ” they or their ” because it’s about their problems, their needs and their wants. Not Your Needs or Wants!

These are usually the reasons most bloggers start a blog because of a passion they might have and want to share with the world so they learn through your experiences.

One of the best ways to share with your readers after writing a great blog post is by offering your readers to join your newsletter or offer them a free training course, or a free ebook for their contribution of visiting your blog with an email opt-in to receive their gift.

This way you can keep them up to date through your emails so they don’t miss out on something they could really benefit from or some breakthrough you want to share or just a great blog post.

And you could even send them information on congruent affiliate products they might be interested in and converting some of your subscribers to buyers.

power wordsAnother factor that is very important as well is the use of the right power words that makes your content connect like a punch to the face and potentially go viral. Smartblogger has built a list of 317 Power Words That’ll Instantly Make You a Better Writer.

With most peoples attention span is approximately 8 seconds or less you must attract them firstly with your headline. Your headline is the hook to get them to read on. Then your elevator pitch should be to leave them salivating over wanting to learn more and visit your blog post.Punch In The Nose

The first two paragraphs should punch them dead square in the nose to get their attention by getting them to nod their head saying, “Yes” as they read in agreement or relate to with the exact problem they are currently having ( What a coincidence ) and immediately gets them to be interested in reading further of what you have to say.

This is why I always emphasize doing a good market research before you start writing your content because then you will be targeting exact people you are writing for and will make them feel at home when they find a solution to their problem or answer to their question or you could simply be informing them of changes that could affect them in some way.

When you do a good market research you improve your lead conversions as a side effect.

Apply attraction marketing formula to the mix and see what a difference it makes in your lead generation. Don’t know what Attraction Marketing Formula is, then here is a Free 10 Day Attraction Marketing Bootcamp to learn these amazing strategies.

Along with all these strategies you should also have an exit pop-up form that collects emails from people interested in your Newsletter or Free eBook. When I first discovered this method I was very leery but it has yielded some great results for us and many others as well.

I believe it will do the same for you and your business as well.

Here are two great related articles titled:

Results after applying these blogging and lead generation principles…

Lead Generation

In the last year or so I have not used paid for marketing for my blog but do use social media, bookmarking sites, and use Elite Marketing Pro Marketing System to grow and run my businesses.

In closing, Blogging offers many benefits for you and your readers while a great way of lead generation. One thing we have learned over the years is to provide great stuff with the upmost value in mind and you will see your readers and visitor feedback.

Quick Tip: Always pay attention to your stats, your analytics and blog/website analysis data through Google Analytics, Serpstats or any other method you choose for analyzing your blog data to increase your lead generation.

List Building Using SEO Strategies!

I Would Like To Clarify That Using Paid Marketing Is A Faster Way Of List Building!

List Building

But, how about long term when you want to sit back and write about your experience in what ever field or niche you use because you enjoy blogging as much as I do ?

It is critical that you have a presence online for an effective list building strategy and the best way to do it is by blogging. Most successful companies have implemented some sort of blog on their websites. People love to read valuable information that is unique and can be replicated in their business or be able to apply in their own blog.

This is a part of what has fueled my websites/blogs online and bringing in organic traffic daily. Here are other list building tactics using SEO as your strategy.

Visitor Boost

Using SEO to build your list of subscribers to your newsletter, potential customers, or giving away a free report or free ebook to get their email information is a long term solution to having success with your blog.

Email Marketing
geralt / Pixabay

This means your going to need an email marketing management system like Aweber.com in place where you can also keep in touch with them to build a relationship and keep them updated on new tools, strategies, latest changes or latest valuable news information to continue and build a loyal following that craves about your content on your blog.

When your using an email marketing management system you will be able to create opt-in forms that are static on your blog or you could use as an exit popup when they are trying to exit your blog to ask for their email in exchange for something valuable and preferably over-delivering in value.

Twitter
geralt / Pixabay

Doing your research well will provide you with good related topic keywords to write about on your blog. Once you have your keywords use them in your blog post and share these blog posts with Bookmarking sites SocialAdr.com, Social Media ie, Facebook, Google Plus, Twitter, Instagram, Pinterest etc…

SEO starts by using keyword tools like Google Keyword Planner Free Tool. Using keywords in your url, your blog content, the title, meta tags, h2 & h3 tags.

Use a feed burner connected to your blogs xml file to populate itself automatically and help you grow visitors to your blog. Google FeedBurner is free and works pretty well. See figure # 3 below…

Feedburner SEO

This image below shows feeds automatically bringing in over eight thousand visitors a month. You can get free organic traffic just by publishing content on your blog once you have everything set up inside Feedburner’s settings.

Feedburner SEOList building should always be taken into consideration when setting up your website/blog, optimizing every post, optimizing your bookmarking efforts, your social media and all your marketing efforts for that matter.

One more area you can look at when using SEO to build your list is, paid marketing. Why ? If you can afford a few bucks to get the momentum going on your blog posts. Facebook affords you the opportunity to start with as little as $5.00 and allow you to test out ads inexpensively and scale up the winners. The traffic is instantly and real life too.

But, A Word of Wisdom! Get in while it is still possible because just like Google did after they knew they had majority of the market sewed up and they will increase the  target marketing such as keyword pricing and their services.

If using WordPress platform for your website/blog then I recommend using Yoast Plugin or All In One SEO Pack, either of them is a good option and will help you do better SEO on your website blog posts and pages too.

Just click on Plugins in your back office as you see in the image below…

Building An At Home Business On A BudgetTip: I personally have used both of these on my different websites and/or blogs I run and I like both of them. So, either one you choose will help you tremendously with not having to figure out how to do seo like to pros. Each Plugin shows you step by step how to optimize every part of your website/blog. It’s a neat and powerful plugin that simplifies SEO for you.

Why Do You Need To Use Landing Pages ? Here Is Why!

Landing Pages is an effective tool if used properly with the right content and the right “Call to Actions”.

Why ? Making more sales or growing your email list is a great place to start. Don’t you think?

Landing Pages
geralt / Pixabay

You are ready to sell your first product. You’ve signed up with the Google Adsense program and some other affiliate marketing programs or networks and you have your ad ready to post. All you could think of is how you will be the next most successful online millionaire.

But, before you go posting your an ad isn’t there something else you might have forgotten to getting ready? Maybe not. OK, so how about your product landing pages ? Are they ready to funnel your prospects through and is your payment processing working properly ? Don’t overlook the obvious, I’ve made this mistake before and costly I might add.

Landing pages are a simple page on your website where people are sent to whenever they click on your ad and where you would want your potential customer to be directed to.

Landing pages are, at most times, nothing really different from other web pages in a particular website except the functions behind the scenes that make landing pages a great marketing strategy and look professional.

Some online entrepreneurs would even use the homepage of their websites as their landing pages for their ads. Are these entrepreneurs making a big mistake? Or should you follow their method in creating landing pages for your ads?

Website
britaseifert / Pixabay

Here are a few reasons why you need to use landing pages for your website:

  • Reason no. 1: It’s the best way to increase sales conversions in an affiliate marketing program or selling your own product. A landing page will allow you to do several things, it will allow you to up-sell your customer to a more expensive product and if they don’t buy you could send them to a down sell giving you several opportunities to increase your back end profits. If they choose neither of your up-sells then send them directly to their product they purchased. You will have more opportunities to sell them on the up-sell in your email updates.
  • Reason no. 2: A landing page can be used to give free stuff away and cultivate your potential buyers list by asking for an email in exchange for a free report, an ebook or a video training. By giving away free stuff you’ll be able to build a relationship with them and build trust. Don’t forget to email them often and don’t be afraid to ask for a sale to one or more products you think might be a good fit for their business. Why else would you have them on your list ??? To sell them something! If you want to make friends then use a different list and email unless you make friends with people on your buyers list.
  • Reason no. 3: A landing page system usually have their funnels built into it an what makes them very powerful too. Having your email autoresponder integrated with your site is crucial to automating by placing an opt-in box to collect emails ( Only if your just making a free offer, not when using for a sales page ) and streamlining your business.
  • Reason no.4Most landing page systems have video opt-ins built into it allowing you to post a video with and opt-in box and increasing your conversions in the process.

When building a landing page it is extremely important that the copy of your landing pages are congruent with your advertising ad. If not there will be a disconnect before you even get started potentially losing your buyers and the biggest reason even, wasting your money on advertising done incorrectly.

If your goal is to make a sell then don’t have twenty different products on your landing pages, it will create confusion and second guessing what product to purchase potentially making him/her an undecided buyer and result in leaving without a purchase.

Here is an example image below of a landing page for a free offer…
opt in landing page

In the Opt-In From above is a two step process successfully used by entrepreneurs today. It is a none confrontational way of getting their email information and offering them a free gift at the same time.

affiliate marketing landing page examples below…

Below is an example of a Video Sales Page Landing Page 

Landing Page Sales PageLearn more about Tim’s true strange story…

If you notice in the video sales page landing page image above there is absolutely no other distractions on the page, the landing page has only one purpose…make a sale!

Here is a great tool to check your website landing page to make sure that is optimized for sales. Visit Rehab-Score to test now!

If your goal is to give them a free offer in exchange for their email you could use an exit popup email subscription or free gift sign up and make a compelling ” Call To Action “ that makes them say. ” Wow, I can’t believe he is giving all that away for free and all I have to do is give them an email “. At this point you have done well and should see the subscriptions pouring in.

I use Mailmunch.com and it works great on my wordpress blog. The one thing that I recommend is that you test different versions of text copy on your opt-in form to increase your opt-in conversions. Maimunch has a free sign-up with limited functions but works really good if your on a tight budget. They also have three premium options when you need to scale up your business.

Here below is Mailmunch Exit Popups Opt-In Landing Pages

Landing Pages

Great looking landing pages with excellent copy and purpose will make a huge difference with any business.

Starting A Home Business; How Much Does It Cost To Start ?

Have you thought of starting a home business but were unsure of where to start or you believe that the cost is to great to even contemplate a home business start up.

Don’t have a product or know where to find a product people are looking for ? Don’t know how to build a website ? Don’t worry your not alone…

First it’s not expensive to get started and secondly it is not as difficult as you might think to get started.

Keep reading, I go over a few steps you could follow to get started.

Starting A Home Business

Unsplash / Pixabay

To get started with any type of business you need to have a few things in place to have a solid foundation for your business.

First you need to do an in depth market research before you take another step. Doing an in-depth market analysis will give you keywords people are searching for in Google and how much competition you will have as well.

If you do your research properly you could have a chance at placing your site in the top of search engines like Google, Yahoo or Bing etc.. Which means that you can get a good amount of organic traffic to your website without having to compete for paid ads and blow your budget before making any significant return on investment.

Here is how to do your market research:

  • Go to Google Keyword Planner. Login with your Google Account credentials or create a new account
  • Once logged in go through the boxes on the left as you scroll down and click on each tab and select the one that applies to you. Just type in a keyword or keyword phrase people would type on their web browser when searching to buy something or to get information about something.
  • Research the market by; Doing a search for those keywords or keyword phrases and see what keywords the top websites on page one are using
  • Click on the first box that says: ” Find new keywords and get search volume data ” and write in the keyword r keyword phrase that directly applies to your business model if your wanting to maximize the power of Google. Here are are few examples  : BlueDogCollars.com, BrakeStopSwitch.com, BeuatifulArtWork.com and should have good traffic, decent market reach ( Big Market that has at least 3,000 visitors a month or higher and low competition.

Take your time and be patient when doing your research. It is a very important step to getting a jump start on getting traffic.

The good news is that starting a home business can be relatively inexpensive depending on what type of business you are starting and/or what product you will be offering.

Here are expenses you will need to consider before starting a home business website:

HostingNumber One: Hosting – $10.00 a month- Hosting is where your website will be found online. Companies will host your website or blog for a fee. Most hosting companies offer unlimited bandwidth on their servers. Up-time is probably the most important rating you should be concerned with besides customer support. Ease of use is probably third on the list of priorities before selecting a hosting company. Here are a few well known hosting companies available you could host your website or blog online like 1and1.com. Bluehost.com, or Hostpapa.com.

.comNumber Two: Domain Name $15.00 a year or less- This will be the url or link associated with your website (www.mywebsite.com). Before you start thinking of what name sounds great for your business or a name that you like and prefer step back and think about this for a minute.

Contact USNumber Three: Email Autoresponder – Cost is $20.00 a month. An email management system like: Aweber.com, Getresponse.com, or MailChimp.com etc… To manage hundreds or potentially thousands of emails so one of these email management system will help you with stay in touch with your potential buyers and buyers more importantly. Don’t be afraid to email your lists often and offer new information and product advice to buy from you. Give them a free offer for them to sign up for your email newsletter or blog posts.

WordPress Website

Number Four: The largest part of your expenses will be in ” Marketing Your Business “. Starting a home business is just like any other business method and requires a small investment in getting immediate sales or brand awareness by using marketing methods like Google Adwords, Microsoft Ads Center, Yahoo Native Ads, 7Search.com, Youtube video marketing, Facebook Ads, Twitter Ads, Pinterest Business Ads and many others available.

A small budget should be as little as a hundred dollars to start and hopefully make a return on your investment to scale your marketing and continue to re-invest earnings into your business. Now if you are looking to really jump start your business then you should start at $5K initial investment and scale from there.

If you don’t have a lot of marketing skills and haven’t done to much marketing online then you should use Yahoo native ads, Bing Ads or Facebook ads to get started. Find out what keywords your competitors are bidding on then find other keywords that have a good amount of traffic and low competition which translates to low bidding to test out your ads, ad wording, and your call to action.

Learn the Attraction Marketing Formula to understand how to grow a list of followers and buyers that keep coming back for more.

Test often and frequently to continue to find those golden nuggets. They are still available but it’s like looking for a needle in a hay stack but when you strike gold it’s a game changer.

Number Five: Worpress Website / Blog – Free! -Yes, it’s 100% Free and necessary when starting a home business you needs to have a blog at minimum.

When you purchase your hosting most have WordPress installation available for you to direct your Domain Name you (example: myweb.com) . Now you must get the DNS ( Domain Name Server ) from your hosting company and input it in your Domain Name Registrar back office where you will direct your domain name to your hosting company. Once you have this in place and you install your WordPress under that Domain Name it will be live online.

Yes, it’s 100% Free and necessary when starting a home business you needs to have a blog at minimum. Those who blog about their products and have fresh informative content are getting the Google Love…Google loves fresh, authentic, quality content that bloggers write and talk about on their site and/or give ” how to ” information too.

If you are looking to get your website ranking in the top search engines without investing a lot of money then you will be depending on organic traffic that’s why when selecting a Domain Name it should be related to your product or what your website is about and more importantly targeted to your market. For example: If your website is about selling pet products you might then you might want to use, (www.BestPetStuff.com).

Don’t Have A Product ? It’s OK…

There are 100’s of affiliate networks and companies offering affiliate privileges like Amazon.com, Linkshare.com, Shareasale.com, Clickbank.com, CommissionJunction.com,  and many more available in just about any topic or product you want to sell and profitable too.

Affiliate Marketing Affiliate Marketing

Affiliate Marketing
ajoheyho / Pixabay

Do a search on Amazon and see what are the best deals going on right now and which one has the best ratings from previous customers who purchased the same product. In other words they have practically told you that there is a hot product that people love and are willing to spend their money on therefore you have a buyer. Amazon has done the market research for you and they also have testimonials from real people who love the product. Served on a silver platter for you.

Sign up for all these affiliate networks and find just about every product you can imagine from physical products like books, mattress, household item etc… to digital media like reports, ebooks or videos or even membership websites to house all of your products or membership access and downloads you will give all your buyers.

There is no reason why you should not be starting a home business today. If you have questions let me know in the comments section and will be in touch.

P.S. Get your free 10 day affiliate marketing formula now!

Disclaimer: This is intended for training purpose only and is not in anyway that you will have the same results. You must test and experiment with marketing methods and tactics and requires work on your part. There is no such thing as a push button money making quick rich scheme it takes work and must treat the business as a serious business.