Research Guide to Online Niche-Finding: Methodology and Software
by Dr. Ralph F. Wilson
How do you come up with a sure-fire, red hot, online business success? You don't -- no matter how much hype you've heard to the contrary. Internet business success is based on careful, patient, data-driven research. Even with careful research, online projects fail -- though their chance of success goes up dramatically.
Doing the proper research is the best insurance there is to finding and forming a successful niche business online. Without research it's like "pin the tail on the donkey" blindfolded. Too many entrepreneurs make up their mind early and begin without research -- a fatal flaw that causes a staggering death rate of new online businesses.
Just how do you conduct research for a proposed online business? The answer sometimes seems shrouded in mystery. This 49-page book published November 15, 2005 peels back the layers so you can understand the process, spot the potential problems, and select research software appropriate to your needs. This book is not the most detailed research guide available, but it points the way with clarity so you can see the next step. Here are the chapters:
1. How to Discover a Promising Internet Business Niche
This chapter discusses the five key principles of niche research in some detail, with the goal of making the research task clear:
. Make Your Knowledge and Passion Work for YouPrinciple 1
Principle 2. Identify a Niche that Is in Sufficient Demand
Principle 3. Discard Niches with Too Much Competition
Principle 4. Make Sure Your Niche Has Adequate Profit Potential. This section discusses the research goals involved in assessing potential revenue from (1) online sales of tangible products, (2) affiliate commission revenue, and (3) advertising revenue.
Principle 5. Create Your Site's Own Uniqueness and Voice
The chapter also includes two sidebars: The Myth of Online Franchises and Sidebar: Opportunities in Fads, Trends, and Opportunities.
2. Formulas and Ratios to Judge Profitability and Potential
What do ratios and indexes really tell you about. What are the weakness and fallacies? This brief chapter discusses the R/S ration, the KEI (Keyword Effectiveness Index), the PPCEI, and various profitability ratios available with different research software programs. It also discusses the value of bid prices and number of advertisers in assessing competition and potential.
3. Problems with Niche Research Software
A discussion, with the help of niche research pioneer Ken Evoy on the problems to watch out for in keyword and niche research software. This
chapter focuses on terms of service violations leading to possible data feed blocking, supply calculation inaccuracies and some work-arounds, a caveat about being "number bound," and a discussion of how an emphasis on site content figures into the goal of niche research.
4. Keyword Research and Niche-Finding Software
In this chapter you'll find names, brief descriptions, pricing, and contact information for 24 different keyword research and niche-finding software programs, both desktop (client-side) and hosted ASP (Application Service Provider model, server-side) applications.
Several of these which stand out. Four have been awarded the Web Marketing Today Award of Merit 2006 for Excellence in
Niche Research Software.
Reviews
Most of the keyword research software ignores profit margins that are vital to online merchants. The final three chapters are reviews of product-centered approaches designed to help online merchants determine which products to sell in their online stores.
5. Review: Market Research Wizard from WorldWide Brands
Market Research Wizard has several features that make it ideal for research potential products to sell, compared to the keyword focus of many research programs. This program produces an analysis percent, a rough estimate of how well a product or category of products is likely to sell online.
6. Review: P.I.P.E. Product Idea Profitability Evaluator
P.I.P.E. has still another twist to research products to sell and assessing their potential profitability. It uses supply, demand, keyword PPC price, conversion rate, and average sales total to determine an Overall Profit Potential (OPP) score to compare the potential of this type of product with others.
7. Review: Online Research Guide to Picking Products that Sell
This review of Matthew Hedges' Online Research Guide to Picking Products that Sell outlines his research method and the tools he uses to discover which products are likely to be profitable on the Internet.
This report won't do you research for you, but will provide an important guide to the methodology, the software, and the pitfalls involved with research to find profitable online niche business opportunities. It is the author's prayer that it helps guide you in particular to a profitable online business.
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Here's what Ken Evoy of Site Build It!, and one of
the world experts on coaching people in finding online
niches, says about the book:"What a great read! 'Informative and easy' is a great combination. It is the right report at the right time. There's so much hype and baloney in this field. Someone needed to make the point of adding value to the Internet rather than leaving litter all over the Superhighway. It all starts with passion and knowledge, and overdelivering what surfers seek -- great content. Superb intro! From the history of this now-hot subject to current-day practices, you've developed a complete, well-rounded paper. You've covered the basics so that the newbie can hit the ground running, but you take it as far as the expert would need to go, too." |
(Note: If you're a paid subscriber to Web Marketing Today Premium, login now at the top left of this screen, select "Download E-books," and download your bonus book right now at no extra charge.)
You can purchase this book either as an e-book -- or receive the e-book as a free bonus as part of a special offer. Let me explain....
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You get 13 e-books worth $240.44 for only $49.95! (If you're already a paid subscriber, login now at the top left corner of the main webpage to download your e-books). Sign up now! Here are the books you get:
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How to Develop a Landing Page -- completely revised and written for mid-2008 -- explains
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How
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Guide to Search Engine Optimization (2007 Edition) is a 97-page e-book that explains in simple terms what search engine optimization (SEO) is all about,
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How to Promote Your Site through Article Marketing. This 25-page report gives an overview of article marketing, that is, offering your articles to be used on other sites and e-zines in exchange for a link to your site,
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My 28-page Social Bookmarking and Marketing helps you get to the bottom of the social bookmarking phenomenon. Explains what social bookmarking is all about, outlines two main marketing strategies -- one that can get you in lots of trouble unless you know how to avoid the potholes -- reviews tools.
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Report on Pay Per Click (PPC) Bid Management Software. This 52-page report is a "must read" if you're doing PPC advertising using only Google's or Yahoo's native bid management interface. Bid management software can often save you 30% to 50% of your current level of ad purchases by maintaining your desired position, optimizing prices by reducing bid gaps on a frequent basis, and showing your ads only at times when you know your products sell best -- all working on autopilot. Which program should you select? This report outlines the features you should look for, compares 16 different bid management programs, provides user feedback, and makes recommendations.
Published July 2006. $14.95.
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Research Guide to Online Niche-Finding. This 49-page book leads you through the steps necessary to discover a potentially profitable online business niche, consider the competition, and develop a unique approach that will bring traffic and revenue. We examine the 5 principles of research, examine the various formulas used to spot potential winners, consider the strengths and weaknesses of the existing research software, briefly survey 24 keyword, PPC, and niche-finding research software programs, and provide more in-depth reviews of WorldWide Brands Research Wizard, P.I.P.E. and the Online Research Guide to Picking Products that Sell.
Published November 2005. Price: $14.95.
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How to Promote Your Local Business on the Internet. This 44-page book is designed for local business owners and marketing directors, as well as professionals who serve them -- web designers and marketing consultants. While not repeating all the Internet marketing basics, it focuses on the elements that can make local business marketing a success, localized search engine optimization, Yellow Page ads, awareness of local portals, use of local PPC options and geotargeting at Google AdWords and Yahoo Local, e-mail newsletters, etc.
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The E-Mail Marketing Handbook (Second Edition). This 875-page e-book provides a broad look at all aspects of e-mail marketing -- publishing your own company e-mail newsletter, e-mail promotions, e-mail marketing programs, formatting the e-mail, ad tracking systems, autoresponders, getting through spam filters, RSS feeds, and obeying anti-spam laws. The book also includes four appendices with user comments and ratings of various programs, a directory of 250 e-mail marketing programs, and detailed vendor answers to 99 questions about their software. This is by far the most comprehensive book on the market, especially as a buying guide to software that could be used by small to medium businesses.
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The 766-page Shopping Cart Report, revised in January 2004, is the most comprehensive purchasing guide to e-commerce software ever published. It provides a basic overview of carts and my recommendations of 36 particular carts. There's a shopping guide for 12 different cart applications. I provide a directory to 225 shopping cart programs, with detailed information on 50 of the top vendors.
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My 135-page "Report on Affiliate Management Software 2005, looks at the basic and advance features of affiliate software, looks in detail at 48 stand-alone programs and 55 affiliate modules integrated into shopping carts. Then offers candid feedback from about 200 users and makes recommendations.
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My 80-page "10 Steps to E-Business on a Shoestring" helps you see how to envision an e-business, find an unfilled niche, and then develop it a low cost. I tell you where you'll need to spend some money, and where to find low-cost services that can get you started without a high investment.
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