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Online Business Makeover

Growing Your Business Online: The Challenges and Tools

Rachel’s Online Business MakeoverModule #1 Marketing Basics

Part 1 – Validating your market

Part 2 – Drilling down on the problem

Last 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 Market

Qualified

Available

Potential

General Population

20 Second Litmus Test

20 Second Litmus Test

Does 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.)

Problem Drill Downs

Problem Drill Downs1. Forums2. Twitter Search3. “so bad” Search

“[ your market] forum”

http://search.Twitter.com

“so bad” Google Search

Rachel’s 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?

Determining Market Size

1. Google Search

2. Wikipedia Search

3. Yahoo Answers/Wiki Answers

4. Uclue.com (Paid)

“number of [market]”

Wikipedia Search

Answers.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 Question

“What 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: $75

Rule of Thumb:

Does single digit market-share(i.e. 3% - 5% still get you

Excited about this business?

Rule of Thumb:

Total Market of $5 Million1% =50,000

2%= 100,0005%= 250,000

Rule 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 2

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