When your livelihood is dependent on the income that you derive from your online ventures, it is especially important to focus on the finer details in order to ensure your success.
No one should ever leave their financial future up to chance. That is precisely what this series is dedicated to. I plan to show you how to pay attention to the finer points in order to set your business up for success from day one.
Before we get into the meat and potatoes of the post, I want to expand on what I mean by “paying attention to the finer points.”
We always hear motivational stories of business owners striking it rich. Little do people know that most of these business owners didn’t simply fall into success, but rather spent countless hours, days, months, or years, meticulously combing through the necessary data in order to become successful.
On the other side of the spectrum, you rarely hear about the other several thousand business owners that fail miserably because their business model relied upon luck instead of focusing on the analytics that would have otherwise ensured success.
Here is an example…
In 2006, Google decided to purchase a company that hadn’t even been in use for a year for $1.6 billion. To most, this would have seemed like a ludicrous investment on a company that hadn’t even passed the test of time.
That company was known as YouTube. $1.6 billion may seem like quite a gamble, but Google executives did their due diligence and had the foresight to take the analytics provided and come to an informed enough decision on whether to make the purchase.
Less than 10 years later, estimates for the total worth of Youtube range between $10 billion to as much as $45 billion. Some would say that Google took a significant risk on a site that was still in its infancy, but those in the know realized that Google simply saw the growing popularity in online videos that others didn’t, and made the proper decision.
It’s probably safe to say that neither you nor any of the other readers viewing this blog have $1.6 billion to lose when committing to your business. However, that doesn’t mean that you shouldn’t treat your business any differently. Whether you have $1.6 billion or $1 on the line, the future of your business is dependent on the miniscule details because it could mean the difference between success and utter failure.
The finer details are what this series is all about. They may seem inconsequential to some, but could mean the difference between being a stud or a dud in the online world.
In Part 1 of our series, we covered how to begin the process of starting an online business. This entailed using Google’s search function, a free add-on called SEOquake, and Google Trends, to brainstorm on whether or not to pursue a business around “coconut oil.”
Thus far, the indicators suggest that this could be a profitable niche to enter.
Ubersuggest.org is a nifty tool that gives numerous alternative options for every keyword entered into the search function. For the sake of continued research, we are going to use it to find words that are within the coconut oil niche.
This will help narrow down our niche. Simply creating a site about coconut oil may be a waste of time and effort as it is a rather broad niche and likely has a lot of competition.
It’s far more profitable to create a site that provides its users valuable information about a sub-niche (a smaller, more focused area of the main niche). There will be less competition, allowing you to rank a site much quicker, and it will also allow you to create a site that is laser focused to the needs of the user.
By placing the phrase ‘coconut oil” into the search, we are presented with literally hundreds of complimentary choices.
For our main niche, “coconut oil,” you will see dozens of potentially profitable words. A few are…
- Coconut oil for acne
- Coconut oil body scrub
- Coconut oil body butter
- Coconut oil capsules
- Coconut oil deep conditioner
- Coconut oil deodorant
- Coconut oil eye cream (this one sounds weird but we’ll add it anyway)
- Coconut oil face wash
There are several more, but I think this will suffice for now. We are going to take these words and enter them into Google’s Keyword Planner (as seen below).
From here, we have a view of three important pieces of data; the average monthly searches, an estimated level of competition, and AdWords bid.
We want a niche that receives a lot of traffic. The more potential viewers your site has, the higher the likelihood of converting that traffic to a paid consumer.
The level of competition listed in the Keyword Planner isn’t always 100% accurate, but for right now, we’ll look for a phrase that is listed as having “low” competition. For marketers that are more experienced with SEO, it’s acceptable to look for words that have medium or even high competition, but for beginners, stick to the lowest level of competitions to give yourself a better chance.
The last criterion is to find the keyword that offers a high suggested AdWords bid. People are only willing to bid for words that yield a high return. The higher the suggested bid is, the higher the likelihood that people are bidding larger amounts because it converts traffic to sales.
So, to summarize, in order to narrow down our niche, we want to find a keyword phrase that has high traffic (anything over 3,000 is suitable), has low competition, and a high AdWords bid (preferably over $1.00).
If you look at the possible choices I placed into the keyword Planner, the phrase “coconut oil for acne” receives 5,400 monthly views, has low competition, and a suggested AdWords bid of $4.75.
This could be a winner…
What Does SEOquake Say?
We’re going to take our possible sub-niche and place it into Google’s search function. With SEOquake enabled, we are going to analyze the current top ranked sites for this specific keyword phrase.
Above, I only showed a quick view of the top three ranked sites for the keyword phrase “coconut oil for acne.” As you can see by the date, all three sites were created within the last eight months. In that time, none of them have even received any PR. According to SEOquake, only one of the pages has any backlinks pointing towards it.
If you take a look at the sites listed, you’ll also notice that they contain a very low amount of content and should be incredibly easy to overcome.
We have now found our niche!
However, the work does NOT stop here. No site is complete without complimentary keywords to target as well…
Back to the Keyword Planner
Once again, we are going to use Google’s Keyword Planner. We are going to plug in our niche “coconut oil for acne” and find keyword phrases that will help you build your site.
From a quick search, this is what I came up with.
How to use coconut oil for acne – 1,000 monthly searches – $6.31 suggested bid
Coconut oil and acne – 1,000 monthly searches – $5.28 suggested bid
Coconut oil for eczema – 1,900 monthly searches – $1.39 suggested bid
Home remedies for acne – 22,200 monthly searches – $5.16 suggested bid
Plus, there are literally hundreds of words that receive less traffic but have incredibly high suggested bids that may be useful as well. For instance;
How does coconut oil help acne – $15.90 suggested bid
With this set of potential keyword phrases, you can create pages of valuable content that will surely bring in the traffic and convert viewers into buyers.
It’s obvious that this sub niche could yield some big returns and could also be relatively easy for even a beginner to rank for. The method of monetization would be up to you. A few quick methods could entail creating an information product that teaches users about the benefits of coconut oil for acne or providing links to affiliate coconut oil products for acne.
Regardless of what method you choose, simply having done the initial due diligence will greatly place the odds in your favor. Take this method and apply it to all of your campaigns and you may just find a diamond hiding among the rough. By paying attention to the finer points, you now have the ability to control your financial future.
As always, feel free to leave any questions or comments in the area below!