Formula For Success-What do you think about it?

[insidethenewrich]

There is an excellent article on Markus Frind on the Inc. magazine site. If you are not familiar with him Markus is the founder of plentyoffish.com. I won't go into it much further here because I want you all to read the article which can be found here:

http://www.inc.com/magazine/20090101/and-the-money-comes-rolling-in.html

I find his comment on "pick a niche in which the competition charges money, build a dead simple free website and pay for it using google adsense" quite interesting. Thinking about it for awhile it seems that this could be the spring board for a ton of ideas.

I am curious to see what your thoughts are on this.

[Sven]

Markus has a particular skill that is very hard to master. He is a simplyfier.

A dead simple website is not easy to get going.... Nor is becoming a simplyfier.

[Matthew Connors]

I havent viewed this yet, but

When it comes to making money online, picking a niche is your first step and your single most important task. Picking a niche is vital prior to all the significant steps in the marketing process.

All of your important internet marketing efforts like picking your domain name, list building, AdWords campaigns, memberships, subscriptions, article marketing, blogging, back linking, centre around you deciding on an appropriate niche as your first step.

The niche you decide on will be the main determining factor in whether your efforts are highly profitable or a complete waste of time and money. Picking a successful niche where you will make a lot of money is a balancing act in finding a niche with enough demand and low or poor enough competition to get a good market share.

It is far easier to identify and monetize niches with existing solutions and existing demand then it is to create new niches or create new demand. If you are a highly skilled marketer it might be wise to embark on launching new products and creating new markets, as the profit margins are potentially very favorable.

When you are researching and selecting a niche, your research should be based around providing solutions to customer needs

There are some amazing tricks to find super highly profitable niches...... But im currently working on an ebook to sell with those ideas so unfortunately i'm not in a position to give them away.. If the moderator allows me i would be willing to do a limited time offer to 4HWW forum mebers only for 48 hrs or so..

In the mean time go and read my lens on how to identify a niche
http://www.squidoo.com/nicheproductideas
In that lens i have the link to Microsoft Ad Labs and it will tell you very accurately in moments if the keywords or phrases you are searching are resulting in sales.

When doing your research look for niches with
1. Has existing demand as indicated by more then 2000 searches per month in Adwords Search Based Keyword Tool
2. Less then 20,000 "niche key words" exact matches in inverted commas from google
3. Monetization > 65% from Ad Labs
4. Has keyword demand in your intended geographical area as indicated by Google Trends
5. Not too much competition from eBay and Amazon - they will always beat you on price
6. Not to much competition on You Tube or Vimeo

See my page above for the links to all these tools. Just using these will get you some great niches.. Ive honed a few even better techniques, but they rely on all these being done first, then they just pick the absolute best out of these. But thats all going to be in my ebook.

Here's To Your Success

Matt.