If I have a free report I want to use, I’ll simply break it up for my mini-course. But as this is a new niche, it’s unlikely I’ll have a report yet. I’ll then set up some very targeted PPC ads using Adwords. I want to match each ad group to the keywords as closely as possible. Then I turn it all on and start building my list. So where’s the product, you ask? Well, at this point, I don’t know for certain how much traffic I’ll get or whether they’ll opt in or not, never mind whether they will purchase my product. I have an idea, due to my research. But now we want hard numbers to back it all up before I invest any more of my time and money. Hence, the testing. There are two things I primarily watch as the list begins to build:
1) How much traffic I am getting from PPC. I want to compare what I’m getting with my previous Overture estimates (adjusted for Google). At this point I want real numbers, not estimates.
2) My opt in percentage. If it’s too low, either my squeeze page copy needs to be tweaked, or, if I’ve done my homework with my copy, perhaps this market is not made up of enough buyers. Listen, if they’re not going to opt in, they’re certainly not going to buy.
Now if my traffic and opt ins are both good, now is the time to start thinking about a product, which ideally should be along the same lines as the content they signed up for in the first place. Sometimes I will even email my list at this point and simply ask them what they want, or try to determine their wants and needs from carefully constructed survey questions. Just remember that people often say one thing and do another. It’s only 100% accurate when they vote with their wallets. An even better way to test your list’s desire for a particular piece of information is to announce a free teleseminar to them, then see how many show up. If a large percentage of your list calls in, it’s a good bet they’re interested in your call topic.
HINT: Teleseminars also make GREAT products or bonuses themselves if you record them and sell them after the fact. In fact, sometimes I’ll announce a paid teleseminar rather than a free one. Why? Because then I know people will pay money for that information, an even better test indicator. They are voting with their wallets. Plus I can always sell the call recording after the fact as well. Another technique to test whether this niche is built up of buyers or tire-kickers and freebie seekers is to promote an affiliate product within that niche.
If the product content is similar in nature to what you want to create as your product, it’s a good indication that you have the potential to get a similar percentage to buy yours. Just make sure it’s either a non-competing product or a front-end sale. If it’s a front-end sale, you’ll develop a mid or back-end product. Bear in mind that in the case of the latter, you’ll get less of a percentage to buy (compared with the percentage who bought your affiliate front-end product), but you may make up the difference and then some with a higher ticket item.
It’s a risk, but it should be a calculated one. The beautiful thing is, once I confirm a niche will be profitable, with this approach I already have a pre-built list that keeps getting bigger by the time I launch the product. So there you have it. There are plenty of sites I use for research in addition to the ones above, but they are usually niche specific. These sites will help you to research practically any niche market effectively. Once you have this process down, you’ll be able to do this very quickly. After all time is money.
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