e-Commerce Internet Success | 5 Minute Marketing Research

This Internet market research method takes only about five minutes to do.  Follow this 5-step plan:

1.  Boil your idea down to a single word.

This gets pretty easy with practice.  Almost any product or service can be boiled down to a single word.  Yes, it will be too broad for what you actually want to sell, but give it a go anyway.  Come on!  Are you stuck at TWO words?  Probably one is just an adjective and the other is a noun.  Cut the adjective.  The noun is your single word to work with.  This probably has used up your first minute.  On to the next step.

2.  Determine a "demand number" for your word.

You want to come up with a number that expresses the supply and demand characteristics of the general market you are considering.  The "demand number" is going to express the amount of demand there is for the idea expressed by the word you picked.  You can do this by finding out how many times a keyword has been searched for on a major search engine in the prior month.  Just go to a major pay-per-click (PPC) search engine that has a keyword suggestion tool.  The tool tells you how many times a particular word has been searched for in the prior month.  Go to your favorite PPC search engine and enter your word into the keyword suggestion tool.  Write down the number of searches for your word.  This is your "demand number".  Now there's only three minutes to go.  Hurry on to the next step.

3.  Assign a number reflecting the supply/profitability of your word.

Say that in step 2, you picked "joke" as your word.  ("Joke" has been the fifth most popular keyword search on the Internet at times.)  You can assume that people looking for jokes aren't really interested in buying anything at the moment.  "Joke" may or may not be a good word for supply/profitability.  Probably not.  But you need to see if it -- rather, your word -- is or not.  You need another number to express keyword supply/profitability.  Go back to your favorite PPC engine for this step.  From their main page do a search on your word.  Most of these PPC search engines show a "bid" price for each site next to each paid listing.  Scroll down to about the #10 listing and write that number down.  That will be the supply/profitability number for your word.  The rationale for that is that at least ten of your potential competitors think this word is worth more than that amount.  (If there is no #10 bid, you should probably pick another idea -- another word.)  Don't pay much attention to the bids above the #10 bid, because every market deserves to have 5 or 10 idiots who are wasting money because they see 5 or 10 other idiots doing the same thing.  'Nuff said.  Time's a wastin'; we have only two minutes left.

4.  Determine the "magic number" for your word.

No; this isn't a trick IRS form.  By multiplying those two numbers together, you have come up with a new number that is completely meaningless all by itself, but it somehow encompasses all the important marketing information for your word.  It has the supply, demand and profitability indexes all rolled together in one number.  Be sure to do this for the word you came up with for your successful site too.  Did that take a full minute?  Don't worry... I won't tell.

5.  Compare the "magic numbers" and find meaning.

The magic numbers you come up with have no meaning by themselves, but you can compare them with other magic numbers derived in the same way.  Now you can tell whether "muffins" or "muffs" is the better market to get into.  Let's say your successful site makes you $120 profit a day.  Let's say its magic number is 50.  Let's say you just found another word that has a magic number of 100.  With that new word with twice the magic number score you can expect to average $240 a day with a new site based on that new word, assuming that you use the same marketing techniques and put in the same amount of time as you did with the old site.

The number does a lot more that it may appear to do on the surface.  You will find that it predicts the ease you can find free content for your site, engage in link exchanges, find topical ezines and discussion lists, etc...  All while balancing that with the ability to find profitable affiliate relationships, sell advertising, find complementary products, etc.  Have a little faith and give it a shot.  After a couple of sites, you'll be a believer once you start seeing things fall into place just about where the magic number predicted.

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