Does it Always have to be a Formula?

[traces2757]

I was researching some niches just now, and I thought of one niche that I am interested in. This is something I could blog about and write articles about and promote related products around because it's something I'm into! As soon as I started thinking about it, though, the thought ran through my head "I wonder if this would be a good niche to promote." I'd read so many things about formulas for finding just the right niche and how there are ways to find out what will pay off and what won't, etc., that I was second-guessing myself.

Okay, here's my real question for those of you who are making a decent living with IM. How much of it has been intuition and hunches, and how much has been following formulas or guidelines developed by gurus and mentors?

[nicholasb]

for traffic strategies I use the fundamentals

but I have set up a business model in a way I havent heard of anyone doing before.

[Simon_Sezs]

For me personally it is part hunch, part data (data doesn't lie). Gurus have really served no purpose for me other than cluttering up my computer with crap (I call them toilet reads).

To be honest, IMO there are only a couple things that you need to know:

• Market share (is there a market and how big is the market itself?)
• Traffic (is there enough traffic to warrant purchasing real estate for the niche)
• Competition (are there holes in the market where I can fit?....how entrenched is my competition?)

After that it is all about testing and retesting and testing some more.

That is just how I see it anyways.

[Ken Preuss]

Originally Posted by traces2757

Okay, here's my real question for those of you who are making a decent living with IM. How much of it has been intuition and hunches, and how much has been following formulas or guidelines developed by gurus and mentors?

Your question shows excellent intuition.

In all seriousness, I have never closely followed any guru's model. While I've learned plenty from a lot of folks I have always applied only what I needed at the time based on my own path and, yes, my own intuition.

Intuition is perhaps the most overlooked and under-utilized skill in business. Part of it is conditioning because since a young age we've all been taught to "follow the leader" quite literally.

The problem with that though is whatever the "leader" tells you may not line up with your path, your instinct, your patterns of action, your circumstances, your financial situation....on and on.

People need to learn to TRUST themselves and rely on their own skills, gifts and geniuses. All else should be adapted to that, not vice versa.

Ken

[traces2757]

Originally Posted by Ken Preuss

People need to learn to TRUST themselves and rely on their own skills, gifts and geniuses. All else should be adapted to that, not vice versa.

Oh I like the way you worded that. I'm a believer in intuition and hunches. I think we've all been conditioned for too long to go against instinct.

I'm liking all the responses so far.

[Victor Internet_income]

you know,, there is no fixed formula,, some of marketers are based on researching other more on intuition and hunches. but anyway the researching is most important. i think every famous guru starts with something more specific niche, especially if his interest's and knowledge come across with one niche,, it's like go ahead don't lose the time!!!.

[warriorprocessing]

I think some gurus provide very useful information to act on.

[Lance Johnson]

Intuition can be a very dangerous thing if it's not backed by hard data.

Circuit City is an example of a company that tried to run itself purely on "intuition." It worked great in the 90s when there was no competition, but than Best Buy rolled in. They use this crazy thing called "data." Couple that with constant optimization based on what the data is telling them, and you've got a company that absolutely destroys their competition.

That being said, there's no magic formula that you've got to have paid $1997 for in order to be able to select a niche. Some good metrics that fit with what you're trying to accomplish is great.

-Lance

[BIG Mike]

I've always done my own thing, which involves a very simple cycle of planning, implementing, testing and tracking -> repeating.

There are no specific, black and white formulas you can blindly follow from step 1 to step 10 to generate a certain amount of revenue. It varies too much across markets to be rigidly black and white about it.

For those whom I mentor, I encourage them to keep a journal of what they do and continually pull out the things that worked for them to list as part of a generalized strategy. That's something that comes in time with experience.

I think, and with all due respect to the gurus out there, that one of the biggest newbie mistakes made is to blindly follow anyone as they develop their own business model. I'm not suggesting they shouldn't read, listen and learn, but they also need to look at each nugget of information and determine whether or not it's a good fit with what they're doing.

No matter what the industry, the leaders in it will always be those who stepped out of the box and went in unique directions.

[Tim Dixon]

I think intuition is a very big part of the mix, but it certainly is a lot better if some of the basic figures (such as those posted by Simon_sezs) back it up to some degree.

However, in my ever so humble opinion, it's probably more important to make sure you are measuring results (clickthroughs, conversion rates etc.) as that is the real test of what is working and what isn't.

Without that, you're just p*****g in the wind.

Tim

[traces2757]

Originally Posted by Tim Dixon

I think intuition is a very big part of the mix, but it certainly is a lot better if some of the basic figures (such as those posted by Simon_sezs) back it up to some degree.

However, in my ever so humble opinion, it's probably more important to make sure you are measuring results (clickthroughs, conversion rates etc.) as that is the real test of what is working and what isn't.

Without that, you're just p*****g in the wind.

Tim

That's a good point. I'm sure that intuition always works if you believe enough in what you're doing, but that doesn't mean we shouldn't pay attention to the business statistics. I can tweak my business methods without compromising the basic idea.

[doop]

I would say "don't reinvent the wheel" trust a guru - in this case John Reese and test, test, test some more!

Why waste time/effort and energy when you can test first and see if it is promising?!

Here's a link to Timothy Ferris' - 4 Hour Work Week and how he tests a market....

http://www.fourhourworkweek.com/bonus/pdf/musemath.pdf

Since you want to setup a blog not a product you may need to adjust your method a little but the theory is the same.

[Clark]

Learn what is proven to work in Marketing (not just online)... I mean the stuff that has lasted the test of time yet still produces the desired action today when the message is delivered to the target audience.

Properly executing Marketing fundamentals is where the money is and will always be as long as we're human.

Once you understand the fundamentals then "your formula" will come to you... just stick to one and tweak it for performance enhancement instead of jumping all over the place trying to implement other people's systems.

Accept small failures as a blessing and a sign to test and tweek 'cause you can only go up from there with the proper focus and determination.

Do what works for you then scale up as you see the results.