Niche Research: How Much Is Enough?
When you are looking at starting an internet based business, first of all you need to think about what you want to offer your potential customers
It needs to be something that the want – or might be persuaded that they want.
It needs to be something that they are looking for – or is related to something that they are looking for.
You can advertise on related sites even if you cant get in front of the perfect crowd.
So you need to find your Niche which is something that people want – and that there are enough people wanting it.
How much is ‘enough’?
(Ask the unhappy millionaire)
But seriously, how do you know if there are enough people looking for what you are thinking of offering?
This is what Niche research is al about. Finding the statistics for how many people searched in Google for a certain series of words – keywords.
The exact number of searches for which is ‘enough’ – is highly debatable – and also changes according to what product you are offering.
If your product has a $500 profit margin on it then you don’t need that many sales to make that business profitable for you (assuming you keep overheads low)
If your product is $7 with a $3 profit margin then you are going to need more sales – more customers – to make that business profitable (again, I am putting overhead costs to one side for the sake of this example)
Within this, a related concept is the buying cycle. This is the process (and amount of time) it takes for a person to first hear of a product and to later end up buying it.
With a low priced item, say a $7 item, that time-cycle might be very short – a matter of minutes.
But for $500-plus items, it is unlikely that the buying decision will be made so quickly.
This is another important element when you are deciding how many visitors is enough, when you do your Niche Research
The next ‘how much’ question to ask is ‘How much Niche Research is enough?
You can go round and round in circles doing more and more niche research.
Beware. When you find a good niche and have done the numbers – get started. Don’t get lost in the land of Niche Research
Related Posts:
Tags: Amount Of Time, Ask Research, Crowd, Element, Exact Number, Google, How Many People, Internet Based Business, keyword analysis, Keyword Research, Matter Of Minutes, Millionaire, Niche, niche analysis, niche research, Overhead Costs, Profit Margin, Sake, Starting An Internet Based Business, Statistics, Time Cycle
Leave A Reply (No comments So Far)
No comments yet