Find out everything you need to know about running a home based internet business from an internet insider. Sounds like the start of a hype filled marketing sales letter, but the information I give you here will not cost you a penny.
There is no point in creating a site based on a niche that will not make you money. If you choose a topic that already has lots of competition or nobody searches for it then it will be a waste of your time. A great learning experience maybe, but still a waste of time.
The techniques used to determine niche profitability vary as every internet marketer has a different method. There is no right or wrong way but I have found following these steps gives me a good idea of which keywords will work best.
So you must first have an idea of some niche keywords, if you have not done so already you need to brainstorm and do some research on how to choose a niche and find a profitable niche. Once you have done that you can take the next step and run the numbers.
There are several statistics I look at to determine if I should develop a site around a keyword or not. Whilst this is not a foolproof method it sure does improve your chances of striking keyword gold.
We need to know how many sites out there are already seriously targeting our keyword. A figure of zero would be great but is very unlikely. For this go to Google and type in your keyword phrase and add quotes around the phrase, that's shift and 2 on your keyboard.
Depending on which country you are based in you will see the results of your search. If you are targeting a specific country you will need to search using the country specific Google site. A great free tool I use is a Firefox extension called Google Global, it allow you to switch between different country specific versions of Google.
For searches I use the Google keyword tool, this provides information on the number of searches by people using the Google search engine. Whilst not exact they are generally good enough for our purposes.
First we need to select the country we wish to target and then type in our keyword and click get keyword ideas. Once the results appear change the match type to exact and then peruse the results. Our key phrase should be the first on the list followed by a list of related terms. We are interested in local search volume as the global figure applies to all searches in all countries.
This is a ratio to give us a comparable number to compare competition and searches. To do this I divide the keyword competition figure by the keyword searches figure, the lower the resulting number the better as this means that there is less competition for our key phrase.
We also want to know how strong our competitors are, we are going to stand more chance against small obscure sites than we are against corporate titans. To do this you can simply look at the first page of results in Google we used earlier for keyword competition.
For this method I now look to see if the sites are using our keywords in their titles, descriptions and URL. You can also check to see if the site is a big name site that has lots of pages dominating Google, the number of back links to their site and the Pagerank of the site.
You will eventually develop your own method for judging the competition as you develop your researching skills. There is no one specific way of doing this but I find looking at these stats do help.
Microsoft has a tool that gives the probability of the commercial intent of any given keyword. This means we can tell if someone searching using a specific keyword or phrase has the intention to buy. The higher the probability the more likely they are a buyer.
This is useful to us as it gives us an idea as to whether or not a visitor is going to buy something or click on an ad and therefore make us money. It is better to target keywords that are commercially viable as we want buyers not just visitors to our sites.
Another factor to consider is whether or not there is any money in the words and phrases we want to target. A search on Google will show if there are advertisers for you keywords but to find out how much they are worth we need to go back to Google's keyword tool.
If you select show all columns you will reveal the estimated average cost per click column. This gives us an idea of how valuable the traffic is for your niche, the higher the value the more coveted the traffic is for this niche. We only intend to use this to compare our chosen keywords against each other to give us an idea of how valuable they are. Please keep in mind high value keywords will naturally have more competition and less traffic and so make it harder to make money from these niches.
I keep all this data in a spreadsheet, this makes it easier to compare and analyse the results on a single screen. It is a time consuming job to bring all this data together but it has to be done otherwise you will likely be chasing the wrong niche keywords.
There is software available that helps to automate much of the donkey work. I have been using a niche finder tool that greatly speeds up the process. It is a pay for piece of software but well worth the investment. However it is best you do not buy it until you are sure that internet marketing is something you want to do.
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