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December 2, 2008

Amazing Online Profits-Your Target Market(Part Three)

Filed under: Offline Issues,Online Issues,Strategies — manuelcrc @ 10:59 pm

In the last session, we talked about deciding what type of products and services you could consider selling and brought up the idea of choosing your target market first instead of focusing on the product.

You’ll remember that people only buy what they want so we want to find a hot target market and sell them the same kind of stuff they’re already buying. That’s the easiest path to success.

But, how do you figure out what’s a hot target market?

You’re looking for a group of people with something in common that also meet these criteria:

  • Passionate
  • Irrational
  • Have Money
  • Proven Repeat Buyers
  • Insatiable
  • Addictive Behavior
  • Already Interested
  • Already Motivated
  • Pre-disposed To Buy

There’s about a zillion potential target markets you could choose as yours to make money on.

But, how are you going to choose which one you should focus on?

If you have absolutely no idea (if you do have ideas, keep reading because we’ll catch up to you in a moment), then just start making a list of everything you know something about, everything you’re interested in, everything about which you’d like to know more and anything you could possibly think of that might be exciting are for your business.

Now, eliminate anything from that list that does not meet the criteria above. You should be left with some decent possibilities.

I’ll show you how to do some further research in a moment, but I want to give you a warning first: many people at this point decide they want to focus on selling information or products related to starting or growing an Internet business. That’s a big mistake unless you (a) have credentials to be recognized as a success story online; (b) have substantial marketing expertise to match up with the world class competition you’ll face; and (c) have a large war chest so you can invest a lot of money in starting your business.

These criteria will also apply if you decide to go after any broad marketplace that’s highly competitive like drug rehab. You need deep pockets to compete in that marketplace because you invest lots of money to get a customer. Then, you hope to make money in the long run.

Instead, I want you to look for niches that are not jammed too full of high-priced expert competition. Facing some competition is okay. Especially, if you’re not impressed with their websites.

Just imagine – if your competition is bad, all you have to be is mediocre to do well.

It’s not that your goal should be just to be mediocre. But if you’re just starting out, you’ve got to get to the mediocre level before you can reach the expert level. And it’s a lot easier to get to mediocre than to jump straight to expert status.

For each possible market, you’ll want the approximate total searches for your main keywords. You can double this number for an educated guess on the total number of web searches in the overall market. If that number (when doubled) is less than 50,000, you’re looking at a pretty small market. In general, you’d want a total of 100,000 or so, but it also depends on the value of the searches and the customers in that market.

You’ll also want to check out your competition for any market that looks promising. The 2 key things to look at: (1) cost per click to be in the top 3 ads; and (2) your rating of the competition when you click through to the top ranked websites.

One More Criteria To Consider…

If you ask the average person what business they’re in, they respond, “I sell X.” That’s what they focus on.

But the savvy marketer knows the true answer is “I’m in the business of acquiring customers.” The first sale to a customer should be the beginning of a long and mutually beneficial relationship.

Before you settle on a target market and develop or acquire a product to sell to that market, you should ask yourself this important question:

“If I acquire these customers, what other products and services would these customers already want to buy as well?”

You’ll invest a lot time, money and effort into making that first sale to a customer. After you’ve found the customer, you have invested to develop a relationship. You can now easily contact this customer by email or direct mail and make additional offers of high quality products and services.

In marketing, we call this the “back end.”

The back end is where you’ll get the easiest profits for your business… because you have no marketing cost. You just send an email and that’s it!

You can find companies that will supply almost any product or service that you can think of. You can just join their affiliate programs and make referrals. They’ll handle all the sales and customer service parts. Then, just send you a check!

So, make sure that you’ll be able to have lots of different products and services available for your new customers before you choose your target market. You don’t need them all before you get started. You just want to make sure that you can think of lot.

What to focus on right now:

In the next 2 days, follow the above steps to choose your target market. Without that choice, you can’t go any further in getting your business off the ground.

Then, determine what product you want to create (or acquire the rights to) that you’ll sell to your target market.

I’ll be back in 2 days to help you work on getting your website set up and working to your maximum advantage.

See you soon!

I believe in your success,

Emmanuel Olonade

Wealthnlifestyle.wordpress.com

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