1. Online Business Makeover Growing Your Business Online: The Challenges and Tools

2. Rachel’s Online Business Makeover Module #1 Marketing Basics Part 1 – Validating your market Part 2 – Drilling down on the problem

3. Last week we covered : Market = WHO Topic = WHAT

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.____________________________________________

5. Target Market Qualified Available Potential General Population

6. 20 Second Litmus Test

7. Does Your Market Self-Identify?

8. 20 Second Litmus Test: Does Your Market Self-Identify? (Ex: Magazines, Clubs, Associations, Trade Shows, Membership Sites, Support Groups, Forums, etc.)

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.____________________________________________

10. Problem Drill Downs

11. 1.Forums 2.Twitter Search 3.“so bad” Search

12. “[ your market] forum”

14. http://search.Twitter.com

15. “so bad” Google Search

16. Rachel’s 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?

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.____________________________________________

18. Determining Market Size 1.Google Search 2.Wikipedia Search 3.Yahoo Answers/Wiki Answers 4.Uclue.com (Paid)

19. “number of [market]”

21. Wikipedia Search

22. Answers.com

23. http://answers.yahoo.com

25. Uclue.com

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)

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

28. Rule of Thumb: Does single digit market-share (i.e. 3% - 5% still get you Excited about this business?

29. Rule of Thumb: Total Market of $5 Million 1% =50,000 2%= 100,000 5%= 250,000

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

31. Next week we start Module 2 Your Social Media Style