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Step 1 (pt. 2): Using Google for Niche Determination

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TRANSCRIPT:
Avish: So at this point Fred, we have probably got a list of potential topics that we can build our information products around. The next step you say is to use Google to figure our out whether it is a viable topic, correct?

Fred: Yeah. Here is what we are going…. Google is going to be our best friend in try to figure out whether or not we have a niche that is viable or whether or not we should try to pursue it.

Avish: Ok so, how do we go about doing that? Are we using something called the Google External Keyword Search Tool?

Fred: Yes, we go to the Google External Keyword Search Tool. And if you are listening to this program and you have no idea what that is don’t worry. Just go in to Google and type in the following “Google external keyword tool.” You will then get a link to go to this and it will probably have something where you have to enter a few letters and numbers to make sure you are not doing any kind of spam or just massive search. And what you are going to want to do is you want to enter the niche in which you have selected and see, you know, many people.
Like, for example you know legal firms, you know law firms, so you put in “law firms” and you probably get three million responses whatever, some big number. And then so what you want to try to do is try and see if the niche that you have come up with is just, well you know just starting out, see how many total units come up in the global monthly searches. So when you see the monthly global searches when you go to Google External Keyword Search Tool, you will get a number. If that number is, you know, over a couple hundred thousand, what I want you to do is to sort of tighten that niche. And I always use the examples in seminars of “body building.” So when you put in “body building,” there might be too many people in there. But if you put in “female body building,” it puts in within a certain range and again if this range is a rule of thumb of each, but it is a very, very sort of wide rule of thumb. Anywhere from say about 10 thousand to 200 thousand searches, global searches monthly is what you are looking for. Now there will be occasions where people should go ahead and go with the niche if it is over that and there might be occasions where people should go with it if it is under that. Now let me just briefly explain to you why.
In the event that your search and your Google External Keyword Research shows that your term that you are trying to target might have less in 10 thousand searching, or on a global monthly basis it might be very, very viable if you are selling them a high-end, very expensive product. Because now you don’t need as many people to really make serious money. So, there are two things involved there and I will give you the story of a guy I worked with years ago who is a periadontist. And in the United States, I remember his research there are about 55 hundred thereabouts periadontists in the United States. These are gum specialists so this is specialty within dentistry specific to gums. So what happened was he found out that there were about 55 hundred periadontists and he prepared this product to sell them on how they should market their services. Now the problem was, is after he did all that research, I said “what are you going to price this program at?” He said, “So I was thinking about 97, you know, or 197 dollars.” Well obviously, even if he gets full-market penetration, which is highly unlikely. Let’s just say he gets 10 percent of the people in his market to buy, he is not going to make a whole lot of money. So in his case, he needed to create, if he was going after periadontists as a group, he would need to create a product or service offering that was much, much higher priced.
But for most people listening to this program, they are going to find out that the niche that they have come up with may either be sort of “smalled” down as I say or enlarged somewhat. Usually in most cases people tend to think in terms of niches in which is there a little too broad. So it is probably a good idea to narrow them down. But the numbers you are looking for, in general, are somewhere between 20 thousand and 200 thousand global monthly searches.

Avish: Ok, so just to make sure we are clear, especially for people who have never heard of the Google tool, when you go to Google External Keyword Tool you type in your search terms or your niche?

Fred: Yes.

Avish: And then it’s going to give you a list of results which are, its going to show you how many people are searching on that search term?

Fred: Yup, exactly.

Avish: Ok, and that is the one you are talking about, that global monthly volume and we are looking for 10 thousand to 200 thousand because that means that between 10 thousand and 200 thousand searches were done on term, correct?

Fred: Correct.

Avish: Ok, got it. Now, let’s just say that those numbers, if you just type in “law firm” or “body building.” The Google tool will also return additional terms to you, right?

Fred:` Yes, it will not just give you the answer or the results form that particular term. It will give you a host of related terms as well. So if you put in “body building” in the search, it will probably show up “female body building” somewhere down the list as well.

Avish: Ok, got it. So once you’ve got maybe one or two topics, or even a handful, off that Google tool, you then suggest that you type those search terms directly into Google to see what comes up, correct?

Fred: I do, so in other words, once you have narrowed it down, then you put that term specifically in there and you see what other terms, or your total numbers are, around that term.

Avish: Right, but then won’t you tell us about something looking at the competition?

Fred: Oh, yes, I am sorry. Yes, the next step is once you have done, that you then look at the little bar that is very close to the word, the term itself, and you will see something to do with competition. And it will give your sort of a sliding scale of, if you figure a bar you know sort of like a fuel gage on a car. If it is very, very, very little bit filled up, you know there’s very little competition. If that bar is filled or shaded in completely, then there is a lot competition. So it is a good idea to check and see whether or not the term that you come up has a little or a lot of competition.
Now again, this is one of those things where you are looking for sweet spots here. If there is no competition for a given search term, it may beg the question, well, you know “is anybody trying to go after that? Is there any money in there?” And the answer to that is generally no. So you want to try and find something, find a term in which there is some competition, but where there isn’t intense competition, or where the bare isn’t completely filled and it says, you know, extremely competitive. I am not sure what the words are but there is low competition, medium, high and extremely high, I think. So you want to look for something that has some but not too much. Does that make sense?

Avish: Yeah. So before we move on from this section, we need to have search terms that have sweet spot of results and that sweet spot of competition?

Fred: You got it.

Avish: Cool.

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One Response to “Step 1 (pt. 2): Using Google for Niche Determination”

  1. Finding Paying Customers For Your Info Products on January 3rd, 2013 4:37 pm

    […] Using Google for Niche Determination […]

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