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Online Business Makeover Growing Your Business Online: The Challenges and Tools Slide 2 Rachels Online Business Makeover Module #1 Marketing Basics Part 1 Validating your market Part 2 Drilling down on the problem Slide 3 Last week we covered : Market = WHO Topic = WHAT Slide 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-Phrases 1. ___________________________________________ 2. ___________________________________________ 3. ___________________________________________ 4. ___________________________________________ 5.____________________________________________ Slide 5 Target Market Qualified Available Potential General Population Slide 6 20 Second Litmus Test Slide 7 Does Your Market Self-Identify? Slide 8 20 Second Litmus Test: Does Your Market Self-Identify? (Ex: Magazines, Clubs, Associations, Trade Shows, Membership Sites, Support Groups, Forums, etc.) Slide 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-Phrases 1. ___________________________________________ 2. ___________________________________________ 3. ___________________________________________ 4. ___________________________________________ 5.____________________________________________ Slide 10 Problem Drill Downs Slide 11 1.Forums 2.Twitter Search 3.so bad Search Slide 12 [ your market] forum Slide 13 Slide 14 http://search.Twitter.com Slide 15 so bad Google Search Slide 16 Rachels 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? Slide 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-Phrases 1. ___________________________________________ 2. ___________________________________________ 3. ___________________________________________ 4. ___________________________________________ 5.____________________________________________ Slide 18 Determining Market Size 1.Google Search 2.Wikipedia Search 3.Yahoo Answers/Wiki Answers 4.Uclue.com (Paid) Slide 19 number of [market] Slide 20 Slide 21 Wikipedia Search Slide 22 Answers.com Slide 23 http://answers.yahoo.com Slide 24 Slide 25 Uclue.com Slide 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) Slide 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 Slide 28 Rule of Thumb: Does single digit market-share (i.e. 3% - 5% still get you Excited about this business? Slide 29 Rule of Thumb: Total Market of $5 Million 1% =50,000 2%= 100,000 5%= 250,000 Slide 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 Slide 31 Next week we start Module 2 Your Social Media Style