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Niche market research

by The Stardust Traveler
8 replies
It has come to my attention that even with my superior intellect, I do not know what specific demographics actually want (imagine that).

So, I've come up with the plan to drive traffic to a "covert market research site" using adwords banners that target specific niches. I want to know what my potential clients want and are willing I pay for in regards to information products, specifically ebooks.

I have a few ideas but the one I'm most interested in is:

1. Advertise a small free ebook
2. On the landing page, have buttons to a bunch of potential topics that I think the market would be interested in.
3. At the top of the page, tell everyone that I strive to create the best products and to choose the topic they'd be interested in to learn more about. Once they do that, ill ask two simple questions:
A. How important the topic they selected is to them.
B. how much they're willing to pay for it.

Then they can put in their email and get sent the free pdf I promised (the requirements to download this will be presented simply at the start).

I can track each click so see what topics are the most interested in, to what degree and what the market is willing to pay, plus I start building an email list.

Id love to get everyone's thoughts, concerns, critism, etc.

Thanks,
Stardust
#market #niche #research
  • Profile picture of the author drewfioravanti
    Amazon already did all of that work for you.

    Find the niche. Then, search for it in Google.

    Are there ads?

    If no, start over.

    If yes, there is money in the niche.

    Are any of the ads for information products?

    If no, start over.

    If yes, there is money in the niche and they buy information products.

    What kind of information products are they offering and what is the price point?

    Are there similar products on Clickbank?

    Etc...

    If yes, read Amazon reviews (5 star and 1 star) to see why people bought the product, and what their goal was. They ususally tell you exactly what they wanted, and whether or not the product delivered.

    Then, search for forums on the topic to get the lingo,etc.

    Then, marketing and copywriting...
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    • Profile picture of the author stlmrk
      Originally Posted by drewfioravanti View Post

      Amazon already did all of that work for you.

      Find the niche. Then, search for it in Google.

      Are there ads?

      If no, start over.

      If yes, there is money in the niche.

      Are any of the ads for information products?

      If no, start over.

      If yes, there is money in the niche and they buy information products.
      I just typed in several things in Google that I believe used to have adds, but nothing is coming up.

      Ex: shredded abs, make money facebook, low bodyfat diet etc.

      These are not niches I would necessarily go into, however I would think that there is money in each one.

      My browser isn't showing ads for any of these searches (using Chrome). Any ideas?
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      • Profile picture of the author Myles Sinclair
        Originally Posted by stlmrk View Post

        I just typed in several things in Google that I believe used to have adds, but nothing is coming up.

        Ex: shredded abs, make money facebook, low bodyfat diet etc.

        These are not niches I would necessarily go into, however I would think that there is money in each one.

        My browser isn't showing ads for any of these searches (using Chrome). Any ideas?
        I'm using Firefox and google ads are not showing for anything at the moment. Google are probably having some sort of issue. I'm sure normal service will resume before too long.
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    • Profile picture of the author The Stardust Traveler
      Originally Posted by drewfioravanti View Post

      Amazon already did all of that work for you.

      Find the niche. Then, search for it in Google.

      Are there ads?

      If no, start over.

      If yes, there is money in the niche.

      Are any of the ads for information products?

      If no, start over.

      If yes, there is money in the niche and they buy information products.

      What kind of information products are they offering and what is the price point?

      Are there similar products on Clickbank?

      Etc...

      If yes, read Amazon reviews (5 star and 1 star) to see why people bought the product, and what their goal was. They ususally tell you exactly what they wanted, and whether or not the product delivered.

      Then, search for forums on the topic to get the lingo,etc.

      Then, marketing and copywriting...
      I really like this idea but have a question. Lets say I was hyper targeting the small business photographer with a DIY guide to creating backdrops, props, flash reflectors etc. I would not be surprised if their wasn't a product already. It's a small small nitch but there potentially could be an interest in it.

      My point is, couldn't there be tons of untapped micro niches out there that wouldn't be captured by this method?
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      • Profile picture of the author JohnMcCabe
        Originally Posted by The Stardust Traveler View Post

        I really like this idea but have a question. Lets say I was hyper targeting the small business photographer with a DIY guide to creating backdrops, props, flash reflectors etc. I would not be surprised if their wasn't a product already. It's a small small nitch but there potentially could be an interest in it.

        My point is, couldn't there be tons of untapped micro niches out there that wouldn't be captured by this method?
        You're right.

        The next step would be to take a step up the macro ladder and see how many ads, products, etc. are aimed at small business photographers in general. If there are, try a title survey.

        Instead of asking 'what do you want to learn', come up with a dozen potential titles. Then ask people to choose which three they would keep if given a chance. I've found that when it comes to pricing, people don't have enough information to give you a real answer.
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  • Profile picture of the author Rod Cortez
    Originally Posted by The Stardust Traveler View Post

    It has come to my attention that even with my superior intellect, I do not know what specific demographics actually want (imagine that).

    So, I've come up with the plan to drive traffic to a "covert market research site" using adwords banners that target specific niches. I want to know what my potential clients want and are willing I pay for in regards to information products, specifically ebooks.

    I have a few ideas but the one I'm most interested in is:

    1. Advertise a small free ebook
    2. On the landing page, have buttons to a bunch of potential topics that I think the market would be interested in.
    3. At the top of the page, tell everyone that I strive to create the best products and to choose the topic they'd be interested in to learn more about. Once they do that, ill ask two simple questions:
    A. How important the topic they selected is to them.
    B. how much they're willing to pay for it.

    Then they can put in their email and get sent the free pdf I promised (the requirements to download this will be presented simply at the start).

    I can track each click so see what topics are the most interested in, to what degree and what the market is willing to pay, plus I start building an email list.

    Id love to get everyone's thoughts, concerns, critism, etc.

    Thanks,
    Stardust
    One way (out of many) to accomplish this is to use a service like Survey Monkey (SurveyMonkey: Free online survey software & questionnaire tool) after you've done some initial market research.

    Buy PPC / PPV / Whatever/ traffic to get your first sample. Statistically, you want to get at least 1,000 results, but most marketers that I know shoot for 50 to about 100 or so. To each his own. Sometimes a sample of 100 is enough to determine what people really want.

    You also have to make sure you're asking your target market the right questions. You also want to write downs which keywords you're using for this survey (it's a good idea to test several keywords). You obtain these keywords by doing market research (the competition, the niche's jargon, buyer's keywords, etc.).

    A good general question to ask is "What is your biggest issue with ____?" or "What are some of your challenges or issues with _______ ? "

    I've done tons of surveys over the past few years and what people say they are willing to pay is sometimes radically different then what they will actually pay. The only way to really get an answer is to create a simple, entry-point product (such as a $7 - $27 ebook or 99 cent app) and then test different price points.

    Eben Pagan was a master at this (and still is). The guy not only tested different price points with different ads, but he also tested price points on his extensive back-end product line.

    Originally Posted by The Stardust Traveler View Post

    I really like this idea but have a question. Lets say I was hyper targeting the small business photographer with a DIY guide to creating backdrops, props, flash reflectors etc. I would not be surprised if their wasn't a product already. It's a small small nitch but there potentially could be an interest in it.

    My point is, couldn't there be tons of untapped micro niches out there that wouldn't be captured by this method?
    Probably, but it will depend on how that target market aquires the information they require. IF they use search engines or mobile devices, then you can reach them that way using a variety of distribution channels.

    The danger with micro-niches is supply versus demand, as well as the target market size. You want the market to be big enough (or high ticket enough) to be able to sustain a business and continuous growth (or at least stay stable).

    RoD
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    "Your personal philosophy is the greatest determining factor in how your life works out."
    - Jim Rohn
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    • Profile picture of the author The Stardust Traveler
      Rod,

      So many valuable takeaways from your post. I really appreciate your input.
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  • Profile picture of the author butters
    I suggest you read this current thread, plenty of helpful advice in there about research.

    http://www.warriorforum.com/main-int...difficult.html
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