Most of the would be internet marketers I meet and correspond with make one fundamental mistake. If I don't catch them in time (and even when I do), they come to me and say "Hey, Paul. Look at this amazing product I've created. Now all I need do is figure out how to sell it.".
Wrong!
You should always research a market first and then - and only then - should you decide on a product you can offer this market. And how do you look for a thriving market?
This way:
First find a market that appeals to you. This is vital, yet often overlooked. People who are interested in - passionate, even - in a particular hobby or interest will find they are half way to success. Here's three examples . . .
Donald Trump loves tearing down buildings and putting up new ones, which are far bigger and much better than what went before. You've probably heard of the ballooning exploits of Richard Branson, CEO of Virgin Atlantic as well as his association with Steve Fossett's record attempt to fly non stop round the world. Nor can you doubt the fascination software and computers hold for Bill Gates.
After you have chosen a market, check it out to be sure it is a thriving one, with plenty of money being made. Log onto Google and see how many sites are offering products to this market. Don't be disheartened if the number of pages listed runs into millions. Make a note of the top AdWords advertisers and look again, in a few weeks, to check if they're still there. If they are, their product is probably selling, otherwise they wouldn't still be paying top dollar to advertise in such a prominent position. Check them out, sign up for their newsletter, observe how they capture visitor's names and check out the products they offer - even buy a few.
Above all, don't be afraid of competition. The only market where you will have no competition is a market where you won't have any customers.
Model your approach on the best in the market - and then be better! It's a cliche to say "Don't re-invent the wheel", but no less powerful for all that. Google followed this business model with great flare. They didn't invent the concept of search engines. In fact, they were a Johnny come lately. But from being new kid on the block seven years ago, they are now the rainmakers of search engines, carefully watched by the previous big boys, with over half of all the search engine queries as well as a raft of innovative products, such as AdWords and AdSense to maximize revenue.
Copyright © 2008 InternetMarketingMagician.com and Paul Hooper-Kelly
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