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issue #9 - May 2004 - Multiple Streams of Income, Conducting Market Research
Dear Colleague, Article 1 "How to find out what people want to buy." © 2004 Guido W. Stiehle Before you consider creating a new website, whether it is for selling a new product or offering a new service, you must know your target market and find out if these people really want to buy your product or use your service. How can you do that ? Sometimes it´s easy: certain search terms like "diamond wedding rings", "movie posters", "web site hosting" or "life insurance quote" already tell you exactly what people are looking for. On the other hand: just because tens of thousands of people are searching for the term "health" every month, how can you know what exactly they are looking for ? So the first two strategies would be: 1) Find highly targeted keyphrases (not just general keywords), that people use to find the kind of product / service you want to sell. The most accurate tool for finding keyphrases and their numbers of monthly searches is Wordtracker. You can take a free trial and search up to 30 terms. (note: you can take the trial many times). Wordtracker will give you a list of related keyphrases, the number of times the term has been searched in the past month and also the number of competing web pages. 2) For general terms it requires a bit more work: When someone searches for "search engine optimization", you don´t know if s/he is looking for free information, an ebook or maybe wants to hire an seo company. The same with the term "health". What do people have in mind when they type in the word "health" in the search engines ? They might be looking for general health information, health tips, health news or maybe just use the word as an entrance to a deeper search for specific health topics within the "health" results. In order to find this out, you could set up a short page like this with an online survey and simply ask them. Use Google Adwords to drive a few hundred visitors to the page and collect the answers. Then you´ll pretty soon find out what people are really looking for, without having to spend a lot of money and you won´t risk to put much effort into the creation of a product which nobody wants. Now - not all of your potential customers are using the search engines to find your products, so there are other ways to find out what people want to buy. 1) Visit online forums and find out if there are certain questions which lack of a solution. Is there any common problem these people have which could be solved with a new software tool ? Are they begging for specific information in a topic of your expertise ? 2) Pay attention to offline advertisements in TV and print media. Do you notice that there are certain things that are heavily advertised over and over again ? You bet - it´s because there must be people that actually buy this stuff or those companies wouldn´t be able to run the expensive ads so many times. 3) If you already have a list of contacts (subscribers or customers) then simply ask those people what they want, what kind of problems they have, what kind of information they need. BTW - remember that YOU are always welcome to email me your questions and tell me which topics you want to to read more about in this newsletter. I´m not writing all this stuff for me, but for YOU. So your participation is highly appreciated. Article 2 Creating multiple streams of income - Part Two "How to create multiple streams of income by selling a product of your own and adding more income streams through back-end promotions." © 2004 Guido W. Stiehle First, I´m going to tell you how it works in theory and then give you a few examples in different market niches. A product can be in a downloadable form (digital products like e-books, software tools, membership sites, audio files, web services) or in a tangible form (like CD ROMs, print books, jewelry boxes, collectibles, ..). You can for example create your products by yourself, purchase resell rights to other people´s products or get tangible products for wholesale prices and sell them for a profit from your website. First of all you should carefully choose your market niche, i.e. find out if there are people looking for the kind of service / products you want to sell. (Also see article 1 on that topic) and also see how much competition you have. Then when you have your product created and your sales system (website, order processing and fulfillment) running, you are going to create a list of customers that you can contact over and over again, giving them more valuable information and recommending other related products to them, which you may either own yourself or earn affiliate commissions from. Let me give you a few examples: 1) Website Design Service: If you are a website design genius and want create web sites for small businesses, clubs or individuals, then your main product would be: web site design. Now think about what people with a web site could need also:
2) Fitness Tips e-Book: If you have experience in personal training, why not create a home fitness course (e-book with additional videos) ? So everyone who gets your course to get in better shape might be also interested in some of the following things (that all pay you back-end commissions):
3) Fishing Guide: So you are a passionate fisherman and know how to catch the big fish ? Write an e-course about it and teach other people how they can achieve the same success. Possible back-end products would be:
4) Weight Loss: This is a huge market. Millions of people are desparately trying to get rid of their additional pounds. Do you have any experience in this field ? You could also target a sub-niche in this market like people following the atkins low-carb diet. There are thousands of them each month looking for recipies. How about a low-carb recipies book ? As back-end products you could include:
5) Dog Training: Have dogs and know how to make them obey ? That´s a market niche you can exploit. Make your knowledge sell. Write a course about how to raise dogs and make them obedient. As backend products (which pay affiliate commissions) you could include recommendations for
If you are still looking for a topic for creating a new business, tell me about your ideas and expertise and I´ll see if we can find something for you. If you want to create your business based on the following - in demand - topics like ..
.. then I´ve got great news for you ! There´s a bundle of raw information on the above topics (written by ghostwriters) to which you can get the copyrights and create your very own information product in less than a day (or week if you´re relaxed like me). For more info, visit: http://www.thejunglemarketer.com/pitr2 I´ll be back in two weeks with tips for creating a good looking (and working) web site, part 3 of the how to create multiple streams of income series and another topic that I still need to choose (will it be your suggestions ?). Upcoming marketing tests: Which Pay Per Click Search Engine delivers the best traffic ? Resources to spead and ease up building your web site´s link popularity. Have a great weekend ! Sincerely Yours,  Guido W. Stiehle TheJungleMarketer P.S.: If you liked this newsletter, please tell your friends about it. A honest testimonial would also be very appreciated. Disclaimer I accept no responsibility whatsoever for the content, profitability or legality of any published articles or advertisements contained within articles published on my web pages. And, although all of the guest articles have been selected for
their content, the publishing of such articles on this website
does NOT constitute a recommendation of the products or services
mentioned or advertised within those articles. If you found some information to be out-of-date, please contact
me and let me know it. Sincerely Yours, |
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