Internet Business Club Nigeria

1. Internet Business ClubNigeria The New Internet Business Community.

2. Welcome To IBC…… Apprentice Partnership Program MODULE 1Market Research and Selection

3. Here’s what we’ll be covering: • Module 1: Market Research and Selection • Module 2: Getting Started (Getting Your Site Up & Running Now That You Have A Niche!) • Module 3: How To Monetize Your Site Quickly • Module 4: Traffic and Lead Generation

4. But before we can start with market research, there’s one vitally important question you need to consider…

5. What type of business do you want? • The three most common Internet business models: • Multi-Niche/Multi-Product Business Model (Niche content sites, ebooks, software, etc) • Continuity/Membership-Based Business Model (membership sites, newsletters, consumables, etc.) • High-Ticket-Based Business Model (Products plus higher-end coaching and/or live events) • One model is not better or worse than another. • You need to decide which is right for you! • Generally a question of lifestyle as opposed to a question of income. • The decision you make will drastically effect the markets you’re able to go into.

6. Advantages Highly diversified Quick and easy start-up Don’t need to be an expert or have a “face” in the business Works in almost every single niche market (even the really small ones) Disadvantages Low customer value Need to make lots of sales to make a lot of money More difficult to manage since you have multiple sites and products Multi-Niche/Multi-Product Model:

7. Advantages Predictable and stable source of income Very high customer value More profits with fewer sales Lots of equity – very sellable Disadvantages Not all markets lend themselves to continuity Must provide a product/service on an ongoing basis More customer support issues with recurring revenue Longer setup Continuity/Membership Model:

8. Advantages Potential for massive profits (7 and 8 figures!) Very high customer value More profits from fewer customers (less overall customer support) Very stable income Easily create profits on demand Potential for BIG PAYDAYS Disadvantages Not all markets lend themselves to an ascension model Requires more manual labor Personality Driven: Requires a “face” and a story Longer setup Usually only have time for one market when you’re operating a business at this level (less diversification) High-Ticket Model:

9. Which model should you choose? The Multi-Niche/Multi-Product Model is right for you if: • You want to get up and running very quickly • You don’t have a marketable expertise • You don’t want to be the “face” of a business or have a lot of exposure • You still just want to do this business part-time • You’re just looking to make some extra income on the side. (This business model can easily be run part-time.)

10. Which model should you choose? The Continuity/Membership-Based Model is right for you if: • You’re sold on the idea of monthly recurring income • You’re willing to provide your product or service on an ongoing basis • You’re willing to put the necessary systems in place (recurring billing systems, merchant accounts, customer support, etc.) to run your continuity business.

11. Which model should you choose? The High-Ticket-Based Model is right for you if: • You have a marketable expertise and a story to tell • You want to make a ton of money and you’re willing to put forth the effort it takes to get there • You’re willing to focus on one business at a time • You want to be a “celebrity”!

12. Action Item #1:Take a minute and write down the model that you’re most attracted to right now… Don’t edit your thoughts! (You can always change them later.)Once you’ve completed this task we can get into market selection…

13. What makes a “good” market? • Desperate and/or impulsive (rabid is not enough) • Lots of available advertising sources beyond just PPC (i.e. community sites, related email lists, etc.) • Lends itself to information products (almost every market does in one way or another) • MOST IMPORTANT: They are proven Internet buyers (TIP: Look for affiliate programs.) • Best if other marketers are already successfully selling the kind of products that you want to sell.

14. What makes a “GREAT” market? • Built-in need for backend products. (i.e. Your product doesn’t “fix them” on the first go-round) • Year-round sales (evergreen vs. seasonal) • Lends itself to continuity or high-ticket sales(i.e. coaching, live events, etc.) • YOU have a story to tell or can “borrow” someone else’s. IMPORTANT: You should not attempt the High-Ticket/Ascension Model unless you have a GREAT market.

15. Examples of GREAT Markets: • Diet/fitness • Almost anything health-related • Business opportunities (doesn’t have to be internet marketing… niche it) • Save money (or save their credit) • B2B sales/marketing training • Investments/trading • Real estate • Attract the opposite sex

16. Nine Words to Remember When Choosing a GREAT Market: “You can never be too RICH or too THIN…”

17. Brainstorming Possible Markets: Step 1: Start with what you already know. Step 2: Expand your search utilizing known “Idea Hangouts”. Step 3: Qualify your topics and compile your list of potential markets.

18. Step 1: Start With What You Know… Ask yourself these questions (and don’t be bashful!): • What are my hobbies and interests? • What would I do every day if I didn’t have to work? • What are some of my life experiences and achievements? (i.e. raising children, starting a business, staying married for 50 years, planning your own wedding, learning a complicated software program.) • What problems, big or small, have I solved in my life? (i.e. lost a lot of weight, helped a loved one through an illness, landed a great job, survived a bankruptcy or divorce.) • What problem, big or small, have I yet to solve that I would like to have the solution for?

19. Step 1: Start With What You Know (cont…) Ask the following questions about any friend or family member (really anyone you know, like and trust): • What hobbies and interests does ____ have? • What are some of ____ ‘s life experiences and achievements? • What problems, big or small, has ____ solved? Don’t be afraid to “borrow” affinity or a story from someone else…

20. Step 2: Expand Your Search Here’s a list of “Idea Hideouts” that you can use to find new markets: • eHow.com – http://www.eHow.com • MyGoals.com – http://www.MyGoals.com • SoYouWanna.com – http://www.SoYouWanna.com • Embarrassing Problems – http://embarrassingproblems.co.uk • How To: By You – http://www.htby.org • Hints ‘n Tips – http://hints-n-tips.com • How Stuff Works – http://www.HowStuffWorks.com • Universal Class – http://www.universalclass.com • VideoLearning.com – http://videolearning.com • Ebay.com – http://www.Ebay.com(Look through their “Categories” for ideas) • Magazines.com – http://www.Magazines.com • MagsDirect.com – http://www.MagsDirect.com • Mr. Magazine – http://www.MrMagazine.com • Directory of Associations – http://marketingsource.com/associations/(If there’s an entire association dedicated to a market, that’s a very good indicator of its potential as an online business.)

21. Action Item #2:Write down a list of AT LEAST 10 topics and “areas of interest” that came out of the last two steps. Use the “Idea Brainstorm Guide” to simplify the process. Again, don’t edit your thoughts! Now is NOT the time to qualify. That comes next…

22. Step 3: Qualify Your Topics • Review the traits of “good” and “GREAT” markets to see how your ideas stack up. • Look through the affiliate networks to see if someone else is selling a product to this market: • ClickBank.com • CJ.com • ModernClick.com • Do some keyword research in Google to find out if there are any sites in your market that accept advertising. • Banners • AdSense Ads • Ezine Advertising

23. Action Item #3:Rearrange your initial list of market ideas from the most qualified to the least qualified… Use the “Idea Qualification Guide” to systemize the process…

24. Idea Qualification Guide

25. In this module you have discovered: • The three most common Internet business models (and which “type” of business that you want to eventually own). • Exactly what separates GREAT markets from good markets, and what’s required if you want to own a full-blown High-Ticket Model. • The three steps for generating a list of solid potential markets. • The questions you need to ask yourself to find out if there’s a hidden expertise hiding in your own life or in the life of a friend or family member. • 14 “Idea Hangouts” where you can brainstorm even more ideas. • How to use the “Idea Qualification Guide” to systematically narrow your list of potential markets and determine the one or two markets that you plan to test. All that’s left now is…