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Online Business Makeover

Online Business Makeover

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Online Business Makeover

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  1. Online Business Makeover Growing Your Business Online: The Challenges and Tools

  2. Rachel’s Online Business Makeover Module #1 Marketing Basics Part 1 – Validating your market Part 2 – Drilling down on the problem

  3. Last week we covered : Market = WHO Topic = WHAT

  4. Part 1: Market Analysis Who 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.____________________________________________

  5. General Population Potential Available Qualified Target Market

  6. 20 Second Litmus Test

  7. 20 Second Litmus Test Does Your Market Self-Identify?

  8. 20 Second Litmus Test: Does Your Market Self-Identify? (Ex: Magazines, Clubs, Associations, Trade Shows, Membership Sites, Support Groups, Forums, etc.)

  9. Part 1: Market Analysis Who 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.____________________________________________

  10. Problem Drill Downs

  11. Problem Drill Downs Forums Twitter Search “so bad” Search

  12. “[ your market] forum”

  13. “[ your market] forum”

  14. http://search.Twitter.com

  15. “so bad” Google Search

  16. Rachel’s Online Business Makeover Module #1 Marketing Basics Part 1 – Validating your market Part 2 – Drilling down on the problem Part 3 – What size is my market?

  17. Part 1: Market Analysis Who 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.____________________________________________

  18. Determining Market Size Google Search Wikipedia Search Yahoo Answers/Wiki Answers Uclue.com (Paid)

  19. “number of [market]”

  20. “number of [market]”

  21. Wikipedia Search

  22. Answers.com

  23. http://answers.yahoo.com

  24. http://answers.yahoo.com

  25. Uclue.com

  26. 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)

  27. Example Uclue Question “What is the total number of cat owners in the US, and how much money do cat owners spend to Remove cat urine odor/stains each year? Price: $75

  28. Rule of Thumb: Does single digit market-share (i.e. 3% - 5% still get you Excited about this business?

  29. Rule of Thumb: Total Market of $5 Million 1% =50,000 2%= 100,000 5%= 250,000

  30. 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

  31. Next week we start Module 2 Your Social Media Style