Call #2: Target Audience & Competition
I had stayed up until past 3:30AM to finish up on the niche market brainstorming spreadsheet so that I could send it to Scott and have it ready for the call.
We didn't even spend that much time going over it. =(
Instead, Scott focused more on attracting the right target audience for my product. That was interesting also.
This, too, is another process, much like researching keywords. You need to find the right group to market your product to, and it has to make sense. This target market needs to have a demand for your product and service. Otherwise, it's just not going to work.
In addition, I need to put in my competition in this cycle, simply because your competitors do play a large role in whether or not you get the sale. So to sum up, here are the 3 things I'd need to figure out:
Firstly, I needed to understand my audience. I need to realize what my target market needs, what kind of problems they have and where they are looking for solutions.
Secondly, I needed to understand their state of mind when they are comparison shopping, and what would persuade them to buy from one company over another.
Thirdly, I needed to understand my competition. What are they offering that I am not, and what can I do to win over the customers?
I did some extensive research on several of my competitors - some of whom are pretty big dogs in the Internet Marketing business. Although I most certainly have credibility in my own right as an AdWords Optimization Specialist, it's kind of hard to compete with someone who has already made a name for himself as an AdWords expert, who is already charging people 4-figure consultation fees just to give them ideas on how to set up their campaigns.
I am, of course, talking about Perry Marshall. He is selling a red hot course that he constantly updates, and he has tons of very famous Internet Marketers who have written him tons of glowing testimonials. At this stage, I simply can't compete.
We didn't even spend that much time going over it. =(
Instead, Scott focused more on attracting the right target audience for my product. That was interesting also.
This, too, is another process, much like researching keywords. You need to find the right group to market your product to, and it has to make sense. This target market needs to have a demand for your product and service. Otherwise, it's just not going to work.
In addition, I need to put in my competition in this cycle, simply because your competitors do play a large role in whether or not you get the sale. So to sum up, here are the 3 things I'd need to figure out:
Firstly, I needed to understand my audience. I need to realize what my target market needs, what kind of problems they have and where they are looking for solutions.
Secondly, I needed to understand their state of mind when they are comparison shopping, and what would persuade them to buy from one company over another.
Thirdly, I needed to understand my competition. What are they offering that I am not, and what can I do to win over the customers?
I did some extensive research on several of my competitors - some of whom are pretty big dogs in the Internet Marketing business. Although I most certainly have credibility in my own right as an AdWords Optimization Specialist, it's kind of hard to compete with someone who has already made a name for himself as an AdWords expert, who is already charging people 4-figure consultation fees just to give them ideas on how to set up their campaigns.
I am, of course, talking about Perry Marshall. He is selling a red hot course that he constantly updates, and he has tons of very famous Internet Marketers who have written him tons of glowing testimonials. At this stage, I simply can't compete.
