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 PresentationTRANSCRIPT
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.)
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 Downs
Problem Drill Downs1. Forums2. Twitter Search3. “so bad” Search
“[ your market] forum”
“[ 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?
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 Size
1. Google Search
2. Wikipedia Search
3. Yahoo Answers/Wiki Answers
4. 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 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
Your Social Media Style