Online Business Makeover

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Online Business Makeover. Growing Your Business Online: The Challenges and Tools. Rachel’s Online Business Makeover. Module #1 Marketing Basics Part 1 – Validating your market Part 2 – Drilling down on the problem. Last week we covered : Market = WHO Topic = WHAT. - PowerPoint PPT Presentation

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Your Business Makeover

Online Business MakeoverGrowing Your Business Online: The Challenges and Tools 1Rachels Online Business MakeoverModule #1 Marketing Basics

Part 1 Validating your market

Part 2 Drilling down on the problem

2Last week we covered :

Market = WHO

Topic = WHAT Part 1: Market AnalysisWho is your market? ____________________________What problem are you solving ? ________________________________________________________________What is the size of your market? _______________________________________________________________Total daily searches for top 5 Key-Phrases1. ___________________________________________2. ___________________________________________3. ___________________________________________4. ___________________________________________5.____________________________________________

Target MarketQualifiedAvailablePotentialGeneral Population20 Second Litmus Test20 Second Litmus TestDoes Your Market Self-Identify?20 Second Litmus Test:Does Your Market Self-Identify?(Ex: Magazines, Clubs, Associations, Trade Shows, Membership Sites, Support Groups, Forums, etc.) Part 1: Market AnalysisWho is your market? ____________________________What problem are you solving ? ________________________________________________________________What is the size of your market? _______________________________________________________________Total daily searches for top 5 Key-Phrases1. ___________________________________________2. ___________________________________________3. ___________________________________________4. ___________________________________________5.____________________________________________

Problem Drill DownsProblem Drill DownsForumsTwitter Searchso bad Search[ your market] forum

[ your market] forum

http://search.Twitter.com

so bad Google Search

Rachels Online Business MakeoverModule #1 Marketing Basics

Part 1 Validating your market

Part 2 Drilling down on the problem

Part 3 What size is my market?

16 Part 1: Market AnalysisWho is your market? ____________________________What problem are you solving ? ________________________________________________________________What is the size of your market? _______________________________________________________________Total daily searches for top 5 Key-Phrases1. ___________________________________________2. ___________________________________________3. ___________________________________________4. ___________________________________________5.____________________________________________

Determining Market SizeGoogle Search

Wikipedia Search

Yahoo Answers/Wiki Answers

Uclue.com (Paid)

number of [market]

number of [market]

Wikipedia Search

Answers.com

http://answers.yahoo.com

http://answers.yahoo.com

Uclue.com

Uclue Tips Ask for market size in two ways: 1) total revenue generated and 2) total number of potential customers

Avoid multi-part questions

Check category for pricing ideas prior to bidding (Typical bid: $50-$100)Example Uclue QuestionWhat is the total number of cat owners in the US, and how much money do cat owners spend toRemove cat urine odor/stains each year?Price: $75Rule of Thumb:Does single digit market-share(i.e. 3% - 5% still get youExcited about this business?Rule of Thumb:Total Market of $5 Million1% =50,0002%= 100,0005%= 250,000Rule of Thumb:5% is a HUGE piece of any market Have to dominate the niche to get 5% 3-5% is not likely Check the competition in your niche

Next week we start Module 2Your Social Media Style