[Free Training Series] Internet Marketing/Make Money Online – Choosing A Suitable Market – Part 1 of 2

In the last training post, I mentioned you only really need 4 core elements to have in place in order to be successful. You can refresh your memory on the 4 core elements you need to be successful Making Money Online with Internet Marketing here if you like.

Today, I am going to take you through the process of Choosing a suitable Market, as this was defined as such, in the 4 core elements training post. This training part will be split into 2 training posts as there is a lot to cover and to keep things at a manageable level.

Here’s a summary of what is going to be covered in this 2-part Market Selection Training:

  • The 4 steps to selecting a Market/Niche
  • The Key questions to keep asking when you are in or about to select your Market
  • How To Identify Your Prospects’/Customers’ Biggest Desire(s) and How Could You Help Them Today
  • Quality Vs Quantity Prospects
  • Why People Buy
  • Market/Niche Competitive Analysis
  • Profitable Niche/Market Validation

4 Steps into selecting a Suitable/Profitable Market/Niche

When we try to identify a suitable Market, we really want, initally, to be able to position ourselves into that market. We do this by going after either:

  • Smaller Niches (usually sub-niches of a bigger one) like instead of going after the whole musical instruments market, we select the Piano sub niche  or how-to markets or DIY etc.
  • Highly Competitive markets like Health & fitness/Diet as this is a proven market to be on demand (people will always want to lose weight 🙂 or be healthy for example) and try to  offer someting that is 10x times better than the competition. (note that 10x is cumulative in the sense that you can have 2x better price and 4x better product and 4x better customer service etc)

There are 4 generic steps you usually need to go about in selecting your market so you can position youself into it (as a marketer).

  1. Brainstorming a list of potential niches based on your knowledge and on what the general trends are (Tip: use google trends)
  2. Discover the demand for that market by researching to see the volume of people searching about or the number of related websites
  3. Determine the competition (see also Market Validation in next training part)
  4. See if others are promoting products within that market (ie affiliates etc). usually if many people promoting within a market it denotes a profitable one

The Key Questions To Keep Asking When Selecting your Profitable Market

If you think you are in the right one, or considering a new, market, you need to keep asking these questions to validate it at first:

  • Is the market irrationally Passionate? (ie do people tend to buy again and again) – extra Tip: Google Trends and Google Insights are good indicators to gauge market interest on the above
  • Is it Great in Numbers? in other words if you do a search on the main keyword(s) like piano do you get hundreds of thousand results? – extra tip: You can use Google Keyword tool (free) to search the volume for a market based on main keyword(s).
  • Is It Easily Reached? Do you see others advertising/promoting on that market? or is it jsut wikepedia that mentions this market? – Extra tip: Again use Google Keyword tool to see the PPC competition for ads and also google itself to see the sponsored ads in your search results)

Identify Your Ideal Prospects’ Biggest Desire(s)

Once you have identified the market, as your chosen one to position youself, you need to start getting to know your ideal prospects and future customers, so you can strategically design your Offers and provide Results-in-Advance for them as discussed in previous posts. So they can eventually turn from propsects into customers and buy your product(s).

One fairly easy place to get to know our prospects, for a chosen market, is to visit related (Internet) Forums. In the IM/MMO market for example, the Warrior Forum comes to mind straight away. We then focusing in identifying the following:

What are people buying?

What Products they offer reviews?

Who is using these products?

Who is Selling these products?

What “Language” are they using?

We do the above to help us answering the next set of questions as accurately as possbile. Please note that it is ok to start and learn more about your prospects later on but the more accurately you can asnwer the following questions the more successful your marketing will be (on that market and hence your sales :)). So Here are the key questions we really want to be able to answer, for our market and prospects, ideally before we start marketing our offers to them:

  1. What is their Surface/End Means desire? What is their end goal?
  2. What do they want now?
  3. What are they afraid of?
  4. What are they Used to?

Here’s how I’d answer the above questions for the MMO/IM market:

1- The surface desire would most likely be to make money. However, the core desire/end goal could be for them to able to spend more time with family, do what they like and love, quit the 9-5 job or just taking care of family :). To help me further, I’d Use a question like “if I could just make/have/do….” and fill in the rest of the sentence thinking as my prospect or myself, if I were to buy something in that market. So for example this could be asked liek the following:  If I could just make $20k / month, I could quit my job and spend more time with my two kids and family. I’d spend more time with friends and would do only things that I love and which my current work commitments don’t allow me.

2- They may want to learn today, about building a website or how to use an Auto-responder or even How they can start in the MMO/IM market.

3- They may be afraid of that they may waste (yet again) more money on another magic one-push makes you rich software  that promises the world and delivers none. Or they may be afraid of what their friends and family may say if they don’t succeed at first and/or make a bad investment decission etc.

4- They may be used to buy/see offers of $7 to $17 information products. So if a product that I wish to promote costs $2000 that may not go down well 🙂

Overall I’d try to Identify the emotional benefit. That is, Identify the key offerings of that market in consideration and keep asking “What is the benefit of that offering? and What is the benefit of that benefit etc until I reach to an answer that is similar to “it just feels good” or no more benefits can be found. The one answer before that last one is the emotional benefit and I could use that when I promote to that market 🙂 (see an example below)

Identify Prospects’/Market’s Biggest Problem

I’d try to identify the core problem by keep asking why/what else could be the problem apart the obvious one. I’d do that until 5 or deeper problems have been uncovered.

Tip: You can do the same by visiting your market’s biggest forum. Spend some time reading what the members say,complain, state or wish about.

Here’s an example on the process for the MMO/IM market.

What is the Prospects’ biggest problem in the MMO/IM Market? Don’t know where to start/ Don’t have the time required or technical know-how.

What else could be the problem? Information overload. Too May emails promising riches overnight

What else could be the problem? Paralysis by Inaction (caused from feeling overwhelmed) – Not Taking Massive Action towards goals

and What else? Disbelief Spent money on X product, tried for a few days or not at all. Didn’t work, too difficult to make it work. Gave up

and what else? Fear of failure and what others (like family or friends) may think of them

So If I were to target this market I’d use all the above in my engagement with my prospects; in emails, sales pages, etc etc.

What Can/Could You Do To Help Your Prospects Now?

The idea here is that we want to provide our prospects with Results-in-Advance. Ideally 4 things that help them solve the problems identified above, for FREE.

So 1st, You need to ask, what is the greatest thing I can give my subscribers/prospects NOW, which will provide results in advance for them and I can provide it for free?

Identifying that will help you heaps and can be the first free thing out of four you offer to your prospects, in order for them to engage with you.

For example in MMO/IM these 4 things could be a free training series on: How to use an Autoresponder, how to build a website or  a squeeze page, how to drive traffic to it etc.

Develop Instant Empathy with your Prospects/Market

We need to really visualise and get to know our ideal prospects for our chosen market(s). We want to Learn how they talk, what they like/don’t like. Here are a few things to help you with that:

  • Name Your Prospect
  • Gender, Female/Male?
  • Age?
  • (describe) appearance; what are they wearing (T-shirts, shirt & Tie etc)
  • Occupation (Professional, Scientific, yearly income?)
  • Other identifiable traits they may have (married with children, divorced with children, sharing common experiences etc)

Quality Vs Quantity Prospects

What you will realise at some point in the MMO/IM market, if not already, is that not all traffic is of equal quality. Therefore not all your prospects will be either. Please note: When I say quality, that is meant purely from the point of view on how likely a prospect is to be marketed and purchase something from you. I am not referring to their quality as persons, of-course.

So with that in mind:

Prospect Quality, in the IM/MMO is defined as the likeness to Read, Engage, Respond to your messages repeatedly

Quality is also defined,

  • by the source of traffic; that is Traffic from syndication, Joint Ventures/Endorsed, Search Engine, Pay per click, social media traffic and so on.
  • by the reason/Why did they join your list in the first place  (ie to get a free ebook, software, video etc)

It is the function of the Free /Side door offer to your list that affects quality. In other words, Source of traffic + Free thing = Quality

So your free “thing” offered to your prospects to join your list needs to:

  • educate (tell a story)
  • Inspire (Concrete examples of the goal that can be reached)
  • Motivate (ie to take the next step required)

In next posts, we’ll go through how to do a Market competitive analysis and how to validate that the market you chose is actually a suitable one.

 

I really enjoyed preparing this training post for you and I hope you enjoyed reading it.

As always please leave a comment sharing your thoughts on the above, if you care to share 🙂

All The Best

Kostas

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  1. Jose
    6 years ago

    Kostas, I thing that I am going to learn with you my freind, thank you very much for your help.
    ,


    • kostas
      6 years ago

      Glad you like the materials Jose.

      All The Best,
      Kostas

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About Kostas Papadakis

Originally from Athens, Greece, I now spend most of my time and run my 2 businesses in London & South England, UK. I've worked with major Fortune 500 Type companies, online and offlne, around the world and, have over 10 years of experience in International Business Development, Marketing & Consulting in the IT, Security, Defence and, E&E Industries and Markets.
My Educational background is in Engineering and Business; I have a B.Eng(Hons) and a Masters Degree in Communication Systems Engineering and also Have a Masters Degree in Business Administration (MBA). I am also certified in a number of specialised areas from Network Security, to Project & Bid Management and I am Chartered Engineer (CEng) from the Engineers Council in the UK (MIET)
In "Internet Marketing/Make Money Online", I've been "lucky" to have been "virtually" trained with and mentored by some of the biggest names in the industry; Frank Kern, Rich Schefren, Jeff Johnson, to name a few. Lately I've Joined Mike Filsaime's VIP Mastermind Group.
For My personal & Professional development, I've been mentored by Jim Ron, Brian Tracy, Tonny Robbins and others mostly indirectly.
My Goal for this blog is to engage with you and to hopefully provide you some useful training in IM/MMO whether you are just starting or you are an experienced Internet Marketer.

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