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Thinking of starting an
Internet business? Maybe you have one and are looking for
additional products to sell? Choosing the right business
and products are crucial to achieving online success. This
is the question facing every Internet entrepreneur.
However, you should not be asking yourself what products
do I need to sell to achieve this online success. Indeed,
the better questions would be: "What market
niche(Specific group of potential customers) should I
target and what are their current problems and needs? What
goods/service could I offer to fill those needs and is my
market willing to pay for them? What is the current
competition and how can I be unique in the
marketplace?" Few marketers actually do the research
to answer these questions properly, therefore, never
obtaining the profits they so desire.
Common Mistakes of an
Internet Marketer:
They sell products in which
they have no interest or desire. You must have a passion
for what you are selling. If not, your customers will
perceive this and not buy from you.
No defined marketing
strategy: They don't know to whom they are selling, what
their needs are and how to reach them.
The online marketer's
strategy consists of selling to everyone. They have no
clear definition of "who their target market
is." Does this sound familiar? Many internet
entrepreneurs have made this unfortunate mistake,
including myself. They find a product to sell, put
together a website, submit it to the search engines, and
wait for the orders to come rolling in. However, in
reality how often is this successful? Practically never!
They spend countless hours
and thousands of dollars on a product and website without
answering the questions that were posed in the opening
paragraph.
Solutions to the Internet
Marketer's Mistakes:
Find an easy-to-target
niche market, one that is easy identifiable. Also, it must
be an industry that generates interest, desire and passion
for you. Because this is going to be your business, a part
of your life. You will need to spend a great deal of time
researching and developing it. Being associated with
something of interest will greatly increase your odds of
success. If you have a passion about a certain subject,
customers will sense it and be more motivated to buy from
you.
The easiest method of
determining a new business idea is to brainstorm. By
asking yourself the following questions will elicit a
series of hot and profitable business ventures.
What do you enjoy doing?
What is your current
occupation?
Did you acquire specialized
skills, knowledge and talents from your job?
Hobbies you enjoy?
How do you spend your free
time?
What did you enjoy doing as
a child?
What were your favorite
subjects in school?
What materials do you read
on a regular basis?
If you had a choice of a
career, what would it be?
If you are still drawing a
blank after reviewing these questions, don't worry. My
Marketing Research Report: Internet Money Making Ideas
Explored tests a variety of potential markets to determine
those that have the most potential to succeed. This report
can be found at http://www.ideasexplored.com
(You are free to use any of the business subjects I
mention.) The next step would be to test the ideas from
your list. Apply the methods I describe in my Research
Ezine that can be found in the section Preparing a Product
Market Study: It will take you through the process
step-by-step to help determine if your proposed business
venture would be profitable.
If you are currently
selling on the Internet and are looking for additional
products to offer, try the following:
Send a questionnaire to
your current customer list. Ask what products and services
they would like to see on your website. You could provide
a free gift or discount for their response.
Look for products that
complement your current inventory. Try to produce as many
add-on sales as possible. These added sales can generate
huge profits for an Internet business. For example, if you
are selling fitness equipment, merchandise such as
nutritional supplements and exercise courses would be
excellent add-on choices. You could sell it as a package
and promote it as "The Complete System to Health and
Fitness".
Identify your niche-market:
Know who they are, their buying habits and what products
most appeal to them. Do not try to reach everyone, select
a specific group of people that are ready, willing and
able buyers for your product and or service.
The best way to approach
this is by studying newsgroups and message boards. By
reading the posted messages, these forums can provide a
wealth of information. This is also described in my
Preparing a Product Market Study. The steps mentioned in
the Study can help you solve a number of the biggest
mysteries regarding your niche-market. From this Study,
you will learn some valuable information. Such as the
needs, wants and problems of your market. What product or
service to offer and how it would benefit the customer.
Finally, it shows what sales strategies are the most
effective.
The easiest method to
organize this information and create a winning strategy is
to set-up a Problem, Feature, Benefit and Solution
Worksheet. Also know as the PFBS equation, this statement
can be your most valuable tool in identifying the needs
and wants of your target market. It will show what
products to market and how to sell them.
HOW A PFBS EQUATION WORKS.
Take a sheet of paper and
write across the top: Problem, Feature, Benefit and
Solution. Then make a list for each topic:
Problem: Make notes of the
current problems or needs your target market faces. Later,
you will provide solutions to these problems with your
product.
Feature: List the various
selling points of your product and what features set it
apart from the competition. This is where you want to
stress your competitive advantages.
Benefit: Now describe what
benefit or reward each one of these features offer.
Solution: Finally you want
to illustrate that purchasing your product will solve
their problems, needs and wants.
Note: Answers to this
equation will show you what products to offer and how to
develop copy that will effectively sell these products to
your target market.
The following is an example
of a PFBS equation:
I will use my e-book
Internet Marketing on a Shoestring Budget as the topic of
study. This book contains various low cost marketing
strategies that can be applied to an Internet business. A
copy can be found at http://www.ideasexplored.com
After determining the
niche-market, my book targets a Problem, Feature Benefit
and Solution statement can help determine needs and wants.
Problem
Spending too much money on
advertising technique.
Feature
Low cost marketing.
Benefit
Save money
Solution
Cutting ad budget while
increasing profit
Another example:
Problem:
Ineffective Ads.
Feature:
Productive ad strategies.
Benefit:
Generate Profit.
Solution:
Better R.O.I.
Note: Conducting a proper
Market Research study is crucial in determining the
problems facing the customers you are trying to reach. If
you need assistance with your study: See Marketing
Research and Analysis that can be found in the book
Internet Marketing on a Shoestring Budget. A Bonus Product
that can be found at: www.ideasexplored.com.
The sections about studying Messages boards and Newsgroups
provide useful information about needs and wants.
The answers to the PFBS
questions will show what products to offer how to
effectively sell them.
Finding the right products
to sell are crucial to your online success. Therefore, a
study of the market we want to target is essential before
a marketing campaign can begin. Some ways to gather this
information is by studying message boards, newsgroups and
sending questionnaires to your current customer base. What
you learn from these methods can be applied to a PFBS
equation or a Problem, Feature, Benefit and Solution
Worksheet. The conclusions you draw from this table can
guide you in starting or developing an Internet business.
What You Learn From A PFBS
equation:
Hot products to sell
How to create a winning website
Killer Sales Copy
Successful Marketing Strategies
Go to: www.ideasexplored.com.
You will find info products on each of these steps and how
they can be applied to craft an online venture. These
lessons will not only teach you how to generate huge
profit, but also the secrets behind successful web
automation.
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About
The Author
Eric
Borden is the Publisher of Internet
Marketing Ideas Explored. www.ideasexplored.com.
This ezine explores hot products and
hidden markets for online selling.
You have
permission to publish this article
electronically, in print, in your ebook or
on your website, free of charge, as long
as the author's bylines are included.
© Internet
Money-Making Ideas Explored. All Rights
Reserved
ejborden@ideasexplored.com |
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