Welcome to your very first day in the "Insiders Club".
We're going to kick start it off with Market Research.
You'll receive your first "to do" tomorrow.
For now we're just going to be looking at why market research is important to the success of your online marketing campaigns.
Over the next few days we're going to be looking at conducting your market research, places to go to find information and what you're going to do with it.
MOST IMPORTANTLY – Why you MUST to do this step!
For any campaign, market research is an essential part of it.
Most marketers get this wrong. They look for a "HOT" product and then try to promote the crap out of it.
That's old school. Maybe it worked a few years ago, but it doesn't work anymore.
The way we do it is similar to reverse market selection, but a little more detailed…
It's a huge step. You'd be surprised to find so many marketers skip this or cut corners.
Market Research is the #1 Step to any campaign. Do it right, and you'll be smiling. Get it wrong, like so many do, and you're wasting your valuable time.
Without knowing your market or your audience then you're never going to be able to connect with them.
Zero connection will mean ZERO sales. Market research crosses paths with demographic and audience profiling (avatar)… to be covered later. They're all part of the same objective – CONNECTING with your target audience.
This is all part of getting to the "Ah-Ha" moment for your audience.
Neither is it something you only do once. You always need to keep an eye on your market and tweak your campaigns wherever or whenever you need to (tracking).[divider_line]Insert Your Text Here[/divider_line]
[headline_tahoma_small_left color="#000000"]Step 1: Choosing a market[/headline_tahoma_small_left]
A few tips about choosing a market.
- Choose a market that you're interested in.
- Does the market satisfy a NEED, WANT, or DESIRE (NWD)?
- How much 'free' information is out there?
- What is the Average Buyer Comfort Zone (ABCZ)?
Let's take a look at the illustration below for Step 1:
Let's examine points 1 to 4…
[headline_tahoma_small_left color="#000000"] Choose a market you're interested in.[/headline_tahoma_small_left]
As a rule of thumb try to pick a market that you're remotely interested in and have some knowledge about.
This will not only give you an advantage when making a connection, but will stand you on solid ground if want to develop your website into a sustainable business.
What I mean is; you don't want to keep working in a market you're not interested in – right?
There's nothing more tedious than researching and creating content for a market you're not interested in.
Been there and done it. Eventually you WILL lose interest. You will always focus back to the things you are interested in.
There's a lot of marketers that say it doesn't matter.
They tell you: "Choose a lucrative market. Outsource the articles and the content."
Look, it doesn't work. Unless you have a really great outsourcer and big bucks to spend on paying for him/her in order for you to step back; you WILL lose interest.
Even if you have the dough to blow, the problem is; you must trust they have your best interests at heart.
[content_box_grey width="75%"]Golden Rule #1: 99% of hired help don't have your best interest at heart. They're usually out to save their own bacon. As long as they're getting paid, that's great.[/content_box_grey]
So if you intend on using an outsourcer make sure you keep close watch. I know. This means you still have to be involved, fixing errors, mistakes (grammar, formatting, linking etc.), checking for duplicate content (Copyscape is good for this).
It's rarely a walk in the park.
As Mark T explains in the video above, he's interested in Golf.
OK, that's a topic on it's own, but there's tons of sub-niches for golf. Think about a sub-niche, a smaller niche within a niche.
There could be elements of that niche you're interested in, as Mark T points out a NEED – Cure for back pain he experiences whilst playing golf. Get the idea?[divider_line]Insert Your Text Here[/divider_line]
[headline_tahoma_small_left color="#000000"] Does the market satisfy a NEED, WANT, or DESIRE (NWD)?[/headline_tahoma_small_left]
Bear with me, this may take some to time to get your head around…
NEED = Relief of pain
- Back Ache, Arthritis, Tinnitus, Infection, Injury, Disease…[/red_arrow_list]
This doesn't only apply to "physical" pain. It could be strong emotional pain.[red_arrow_list width="95%"]
- Breakup/Separation (get ex back)
- Divorce (coping, recovering)
- Depression (overcoming)
- Debt (relief of debt, bankruptcy)
- Loss (dealing/coping with loss of almost anything emotionally painful)[/red_arrow_list]
Don't confuse NEEDS with WANTS or DESIRES. Remember, a need is relief of pain whether physical or emotional.
In Mark T's video above, he talks about a need represented as a physical pain associated when he plays golf. The need here is to solve his excruciating back pain.
A need can also be emotional such as intense worry of bankruptcy, the heartache of divorce or overcoming depression.[divider_line]Insert Your Text Here[/divider_line]
WANT = Solution to a problem
They want a solution to a problem/s. Usually this is self improvement.
They may want to learn to play the piano. Want to improve their social skills (make friends/be more popular). Be able to talk to girls/men without crumbling (attract a partner). Look younger/prettier/handsome (vanity).
Or it could be as simple as learning to drive, improving their golf swing or even learning how to play golf.[divider_line]Insert Your Text Here[/divider_line]
DESIRE = Enhance lifestyle, feel good, make things easier.
A desire can be anything from taking a two week cruise across the ocean or getting the latest golf club (as Mark T explained above).
It could be fitting into something they did 10 years ago. The latest iPhone or app that will make make them feel good when showing it off to friends.
Come on! Everyone likes to show off a 'little' – right?[divider_line]Insert Your Text Here[/divider_line][headline_tahoma_small_left color="#000000"]Example time:[/headline_tahoma_small_left]
Sometimes these can be confusing. Let me explain further…
RE: Weight Loss Market – Non Specific
An obese person desperate from feeling unattractive, ridiculed, unwanted, unaccepted, depressed (you get the picture) feel they NEED (emotional pain) to lose weight to obtain their WANTS and DESIRES.
This a great example, because sometimes the NEED may appear to be required before they can achieve their WANTS or DESIRES.
If the NEED is NOT met, they surmise they may never achieve their WANTS (attract a partner, be more confident, be more socially accepted), or their DESIRES (fit into that dress or skinny jeans, do rafting, taking part in their kids sports day).
In this case, by solving the NEED you could also position yourself to help with their WANTS and DESIRES.
Not all markets are linked together like this. The example above is only true for the "general" weight loss market.
Let's look at a sub-niche of weight loss. Six Pack abs…
What about the guy over 40 that wants six pack abs. Yes, he's a few pounds overweight but other than that he isn't experiencing the same emotional pain as the guy that's 150lbs overweight.
In this case, he WANTS six pack abs, he doesn't need them. He wants to look good, be attractive to women, be "the man". The $599 automated 3000 rep-per-hour stomach crunching machine that "promises" him six pack abs is the DESIRE (cool machine that makes doing it easy).
For most part, NWD's are separate entities. If you can link them then great (as above). The NEED (relief of pain) is usually the most powerful emotional trigger. But that doesn't mean WANTS or DESIRES are less effective.
You have to look at each of your chosen markets and analyze them accordingly. The golfing guy isn't in the same situation as the guy that needs to lose 150lbs. Neither is the 40+ year guy reliving his youth.
Apply the NWD principal and see where you would be most effective marketing.
Remember: If any one of the three criteria are met (need, want or desire), the market could be feasible.
More in a moment…[divider_line]Insert Your Text Here[/divider_line]
[headline_tahoma_small_left color="#000000"] How much 'free' information is out there?[/headline_tahoma_small_left]
There's no two ways to put it, too much free information will have a negative impact.
Unless you have a really great pitch and offer (positioning), you will find it very tough competing against an abundance of free information.
Back to Mark T's video above – I did a quick search in Google for "improve your slice", see the results below…
The first result is a website with a product, but honestly it's a mess.
However, having the top position they're probably doing fairly well via AdSense backed by the very occasional sale. But it's the next three results I'm really interested in.
All three results are videos. Right there for you to click on and watch. Visiting YouTube I noticed tons of videos on how to improve your golfing slice.
Is this something you want to compete against? I think not.
Why pay for something when there's an abundance of free information? Unless you have a very unique angle (USP), and go beyond the call of duty to give them an unbelievable offer.
But, how would your crazy out-of-this-world offer stack up against "free"?
You have to take into consideration the ABCZ!
[divider_line]Insert Your Text Here[/divider_line]
[headline_tahoma_small_left color="#000000"] What is the Average Buyer Comfort Zone (ABCZ)?[/headline_tahoma_small_left]
Previously we found lots of free information available for improving your golf slice. Personally, I would stay away from anything that has too much free information.
But let's evaluate it as if you were going forward with promoting it.
First, you'd need to do your demographic reasearch and customer profiling (later in this training). This will give you a better understanding of exactly who your potential customers are.
- Who exactly are your audience?
- What other interests do they have?
- Do they have money to spend?
- Are they willing to spend?
- What's the target age group?
- What's their educational background?
- How desperate are they for the end result?
- How do you make the 'connection'?
So hypothetically speaking, let's say you've done the market research, demographic and audience profiling. They tick all the right boxes.
What's their ABCZ?
[content_box_grey width="75%"]Golden Rule #2: If there's tons of free information out there, it doesn't matter how great your offer is; your ABCZ will be lower.[/content_box_grey]
You can create the best offer known to man, but if you try flog it for $97 then there's a good chance they'll go back to the free info.
"Positioning" is important. Some will argue if you positioned your product uniquely then you have a good chance of a sale.
In this situation – Yes and No.
Reason: There's tons of free information.
Now if you got your positioning right, and offered the same product/package for $17. They may whip out their credit card.
There wasn't any free information out there, or very little. Not enough to fulfill a need, want or desire?
Then with the right positioning you have a much better chance of getting the sale at $97!
There's always an ABCZ sweet-spot. Here's an illustration…
[features_box_paper_white width="75%" + border="2px"]
Sales Per 100 Website Visitors
1 sale @ $97 = $97 OR 3 sales @ $47 = $141
At the $47 price point you could expect a 45% higher profit margin for the same traffic.
Makes sense to offer your product at $47 right?
There are methods to help you find your ABCZ easier than "guess work".
So what about if you're an affiliate and have no control over pricing?
Contact the vendor, ask for different pricing. Digital product vendors are almost always happy to help if you're bringing in sales.
We go deeper into different strategies later…
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— Members Only —
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Ok I lied earlier I have a task for you to do right now!
- Make a list of at least 5 possible areas that are interested in.
- Make a list of at least 5 areas you know something about.
These don't have to be set in stone. As you conduct your market research you may come across a market you're interest in that's a better fit.
Next we're going to dig right in so let's get moving.
CLICK HERE FOR THE NEXT LESSON…
Mark Acutt & Mark Thompson
PS: Remember – the customer always wants to know "what's in it for them?" Always keep this in mind – it'll come in handy later…