What is the biggest mistake most people make when starting an internet business?
Don’t get caught putting the cart before the horse. Finding a product before a market discovery and validation usually leads to either enormous (and needless) advertising expenses or simply trying to sell something to an online audience that isn’t looking for it.
With internet business, we have the ability to use tools to effectively discover:
- What information people are looking for
- How many people are looking for that information
- and how many sites are competing for that audience
This essential phase is the absolute foundation to any online business and is vital in every step of creating your product, site copy and marketing efforts.
I have spent more than 9 years with some of the best minds in the business to brain-storm, test and experiment the best way to research a niche market, compile the results then go after the numbers. This approach is in practice today by hundreds of students I have taught, many of which are now making 6 figure incomes from their niche sites.
The niche market discovery and validation phase is broken down into 3 main parts:
- In-depth exploration of your experience, passion, interests, professional background, academic credentials, your surroundings, your hobbies, your social networks and everything else about you that we can discover about you that you would never have otherwise know could open up an opportunity for you online. Don’t let this get you down though if you don’t have a lot of things to share, there are so many opportunities online waiting to explode, I can suggest a few based on your results that might blow you away. Also be sure to ask about reverse niche research on how to find a market that’s hot without exploring your own background in a session sometime.
- Keyword research and clustering. what tools to use, how to interpret the results and how to cluster them into a master list of phrases that will blaze the path for everything else you do.
- Competitive Analysis. Who are the true competitors, discover how to create a demand/supply ratio to ensure you can compete in that space.
To understand what an internet niche is read: what is a niche market
Written by Mark Stoffels