Niche Marketing Step by Step Plan of Evaluation

This step by step process is the same one I follow when I do a consultation. It is always better to see just what the market has in store for your ideas before you jump right in with building a web business.

Of course, I use a few more tools and resources that I have invested in to allow me to provide a full marketing plan of action for your Business Idea.

Find out more about my free consultation today for YOUR Business Idea you can make a profit on!

Follow these steps to evaluate your niche idea.

Step One:
**Take your Niche Idea and Develop the most common keyword phrases searched on here:
http://inventory.overture.com/d/searchinventory/suggestion/

Suggestion - type in (tutorial, guide, or how to ) This will let you know what the top subjects are for knowledge based ideas.
- type in (buy or purchase)to find out what items are hot sellers

Another excellent resource for evaluating the current demand of specific keyword phrases is WordTracker
Note Overture is a PPC service and only gives results from what advertisers are bidding on and search querries from only Overture.

WordTracker gives you a trial that consist of querries from Alta Vista, but for the paid version you receive the results from all the major engines.

http://wordtracker.com

(After you have compiled a list of related keyword phrases you are interested in targeting, save them to an excel or word processor spread sheet)

Step Two:
**Evaluate the demand of your Idea!
What is needed now is to find out the size of the target market for your idea, and the competitiveness!

Go to Overture Search Tool again and type in your main keyword.
This will give you a total of keyword phrases that are searched on pertaining to that specific keyword.
Total this amount up.

Suggestion - Try to pick a niche that has at least 4000 searches / month.

- Use the synonym tool here for more ideas
http://wizard.imsa.edu/nym

and the google sandbox here:
http://adwords.google.com/select/KeywordSandbox

Go through the list and copy all the words that are closely related to your ideas with the count information into the spreadsheet you have previously created.

Step Three:
**Evaluate the competition!
Go to Google and type in one of your keyword phrases

http://Google.com
(make sure to type in these phrases within quotations - this gives you the exactly keyword phrase results)

Now type this information into your spreadsheet:
The number of search listings for each specific keyword phrase.

Step Four:
**Evaluate what keywords are being bid on by advertisers.
Go to Overture and type in your keyword and click "View Advertisers' Max Bids" and make note of the bid information within your spread sheet (Normally use the top 3 bids in your profit calulation)

http://Overture.com

Go through every keyword phrase on your list!

Step Five:

**Calculating your Profit Potential for a month.
First thing you do is take the TOTAL demand count for the top keyword phrases. (this is from Step 1) You can use this Total Number or Multiply this number by 2.5 to get an estimate of the overall paid search impressions within all PPC Engines not just Overture and Google.

**Forcast of click through rate
Suggestion - Use a 1% click through rate, note some fields yield better click through rates.
Tally the click through rate by the search inqueries from step 1

**Finding the Average Cost per Click Amount
Assuming your spread sheet information yields click through bids of .09 .10 .11 cost per ad, take the average of .10 for this calculation.

**Calculate Your Monthly Profit Potential
Profit = ((Total Count x 2.5) x 1% x Average Cost Per Click)

Note that your click through rate should an will be better with market testing.

This Strategy is designed to help you evaluate the existing market for your niche idea with solid results that are currently being used.

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web consultant, Beth Siess  ©SIES Services 2004
Teaching YOU how to Build Your Web Business
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