#Failweek Let’s start again

by Adam Bean on February 6, 2010

So lets just do a quick recap on the #Failweek second post before we get right into today’s. What we had a look at was… The Magnificent Symphony in Four Parts which told us we needed to consider the following four crucial points….

  1. Market Research
  2. Traffic
  3. Conversion
  4. Product

Let me start off by saying that it is impossible to give you all the exact details you will need to fully utilize the magnificent symphony in four parts in one post, however if you follow these simple steps your odds of succeeding first time will be far greater than mine were.

For a more in depth explanation of the strategies you should use, I highly recommend you check out the Thirty Day Challenge’s free online marketing training. Let me reiterate this point I don’t get paid to promote the Thirty Day Challenge, no one does!!!!

So first we need to find an actual Market to Research, so the best thing to do is start with one of your own interests that you are passionate about. If you are still stuck for an idea head over to amazon.com

Once you are at amazon.com select the magazine section (as you can see highlighted in purple) and select crafts and hobbies. There is a very good reason we select magazine for our research. It’s because magazines are expensive to produce. So if a magazine has been around for a while, it is because enough copies are being sold to sustain it. In other words there  is a market interested in the topic we have chosen!!

Which is exactly what we are looking for!!! Remember this important point…

It is far quicker and easier to find a market that is already spending money then produce products that better fill their needs, than it is to create a product first and then try and find a market for it!!!

Looking through the magazines section fine woodcraft jumps out at me as a possible great Niche that interests me. So now I have found my Market time to see if the numbers stack up.

Very quickly the basis for the whole Thirty Day Challenge is to, find a micro niche that you can quickly test to see if there is a market already spending money on products.

What I am looking for is four key phrases that receive at least 80 searches per day each. And each one of these key phrases I want to have less than 30.000 competing pages so that I can quickly rank for them, which means free Traffic.

I use Market Samurai to do my research as it will let me put the exact parameters I want for my key phrases and quickly collect me the data I need to know. The keyword I entered to search on was “Fine Woodworking”(highlighted in purple). Highlighted in red are the areas where I set my search parameters which are…

  1. Traffic (SEOT) 80
  2. PBR 15
  3. Competing pages (SEOC) 30,000

You can see in the purple highlighted area we came up with the key phrase “custom wood furniture” which fits within the search parameters I set. Now that is a good start but we still don’t know exactly what people want to know about customer wood furniture. So lets head over to google and search the phrase “custom wood furniture”. As I suspected the capture below shows that custom wood furniture shops show up at the top of the google for this term.

Unless we own or want to start a physical custom wood furniture shop, this phrase isn’t of much use to us. On a side note can you see how if you are a physical shop owner, this is a great way to build your presence online? By simple targeting a Micro Niche with low competition like custom wood furniture.

Back we go to market samurai again this time we are going to use the key phrase “wood working how to”.
The results this time are much different and are exactly what we are looking for!!! What we used to call pay dirt when I was an Opal Miner!!!!!!!!!!

Six key phrases that fit within our parameters, now we have the following to work with…

  1. A  Market “Wood Working Plans”
  2. Traffic we know that from our key phrase research

We still need to test the conversion, to make sure this market is spending money, before we go creating our product. How are we going to do that???

This is where your knowledge and passion on the subject come into the equation. What we are going to do is set up a wordpress blog and start posting about “Wood Working Plans”, and add an appropriate affiliate program to our blog. With the aim to test if  this traffic will purchase a product. Then if all goes to plan we will create our own wood working plans product.

I know I have left out a lot of the fine details in this process, but the point of this post was to give you a general overview of how to set a business up properly. I sincerely hope that you have gained some insights into how you could start your own online business using the Magnificent Symphony in Four Parts.

So what questions do you have about this process? please leave your thoughts and ideas in the comments section below. Please add your thoughts on #Failweek as well.

So get out there and make a difference!!
If a boilermaker from the Sunshine Coast can do it, So Can You!!!

Cheers Adam Bean

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