Social Media Marketing, Social Media Strategy & Social Media Services

May 24, 2017

Market Research Part 1 of 3: Mining for Gold About Your Prospect

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How many businesses fail to do the homework on their prospects before creating a business strategy? Many of them skip this step simply because they don’t have the know-how. I am here to give you the key strategies, which you can use to create the exact outcome you want to create with your business.

Let's get started:

Golden Marketing Research Tip #1: The Keyword List

Do you know which keywords are within 80% of your market? If not, lets research them, because these are the keywords that will bring the exact prospect you want right to your website.

Here are two tools that can be used to get this job done. The first one is Google’s Keyword Research Tool and the other is KeyCompete. Now, bookmark these tools and let's go back to the Google Keyword Tool.

Lets try typing in the most popular keyword within your niche or market. How much traffic (search volume) is it getting? From this find the 10 most relevant keywords that are getting a lot of searches, but are not as competitive.

Next stop?

A. Lets head to KeyCompete and type in the first word you got from Google into the search box.

B. When you do this, you will see a list of domain names (URLS) that are competing for that keyword, so when you click on the top site, you will be able to see a whole list of keywords that that particular site is bidding on.

C. Next, write down all these keywords, and then click on them to see which businesses are marketing or using those key terms.

D. Repeat these steps with all the 10 relevant key terms to see what you find.

Do you see where this is heading? Now you get to have a nice keyword list that will totally outrun your competitors.

Golden Marketing Research Tip #2: The Amazon Market Place

Believe it or not, Amazon.com can give you a lot of insight on your competitors. Start off by using the 10 key terms we just found from the step above. Type in the keywords within the search box on Amazon and take a lot at the books that are in your market. How is the sentiment on the customer reviews? Is it positive or negative? Look deeply at the reviews and what the readers are saying and the choice of words they use. What are the reasons they liked the book? What are the reasons they didn’t like it? Take notes on this insight, so you can get a feel for exactly what your market wants from you.

Golden Marketing Research Tip #3: Competitor Websites

Have you ever thought about what your competitors are doing and why they are successful at what they do? A lot of people don’t realize that they can learn a lot about their prospects, straight from their competitors.

Now lets look back at the keyword list once again. In Google, type them in and take a look at the Pay-Per Click results that appear above the organic search results. What are some of similarities all of those Pay-Per Click ads have in common? What kind of "lingo" are they using? Take note of these aspects.

Then, go to their website and check if they have a sales letter right there. If they do, then yes this is a GOLD MINE. Now, say it reads as though it is from a great copywriter as well; then, you have hit the SUPER GOLD MINE! Take note of the feelings, desires, wants, needs, problems, and solutions the writer is targeting. These types of letters tell you all you need to know about your prospects and what their exact needs are. After you are done reviewing the sales letter, then look through the rest of the website.

As you read through the ads, articles, blog entries try to catch what your competitor is thinking about. Who does he/she think his ideal prospect is? Are they offering any free subscriptions? SIGN-UP for them, so you can review their marketing strategies.

When you complete this with at least 10 websites, then head over to Compete.com. Add in a site profile (their URL) and take a look at their search analytics. Then go to QuantCast.com and look at the demographics for each of the sites. The research from these sites may not always be 100% accurate, but can get a good idea from them. The demographics should show you the exact prospects your competitors are going after. Do you see any commonality?

I would love your feedback folks! Comment below and share this article!

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