I get a lot of questions regarding updates to the Volume Estimation techniques in my method for comparing and choosing new markets. Here’s a walk through of the EXACT and most up to date method I use for doing this!
For beginners, I recommend choosing markets where the calculation shown in the video is between 30,000 and 600,000. PPC markets underneath this volume may not be worth the effort, and those above this volume may be too brutally competitive for a newbie to make their first dollar online!
Last, these pay per click search marketing techniques are ONLY intended for use in the How To Choose Your Market method, … I use other formulas and methods for other purposes. (If you own another product of mine and are estimating volume for other reasons, please follow the formulas therein).
Listen, we’re all chasing the same dream … “escape the dollars for hours trap by moving some electrons around the internet using auto-piloted systems while our bankers scratch their butts and look at us curiously wondering how it all works”
Am I right?
Now there are a lot of people out there telling you it’s easy. In fact, some are telling you it’s VERY easy.
Which leads a lot of people to have broken hearts, shattered dreams, and to dig very large holes for themselves 🙁
And worse yet, it prevents people from following through with focus and determination … which in my estimation is the ONLY way to conquer a market (even WITH my particular skills, background, and research protocols)
Let me ask you this … HOW COULD IT POSSIBLY BE EASY?
According to the latest stats I’ve seen, 88% of searchers NEVER go beyond page one of the search results, and the vast, vast majority of those click on one of the first five links (both paid and organic).
Which means there’s room for only about 10 players in any given market. Which means you’ve got to figure out how to be amongst the TOP TEN VENDORS IN THE WORLD for your market to get ANY significant traction.
So let me ask you, is there ANY other endeavor where people would so easily believe it is EASY to become one of the top ten in the world?
When you put it like that, all the internet hype kind of melts away, doesn’t it!
Now, before I leave you too depressed, the counter-claim to all this is that there are tens of thousands of markets … and the vast majority of marketers have NO idea how to …
– Focus on relationship building with prospects
– Do their research appropriately
– Understand the “keyword conversation” behind each search phrase
– Gather free competitive intelligence
– Fully optimize their sites for organic traffic
– Please the Adwords Quality Score Monster
– Use audio, video, and graphic design effectively
– Emotionally connect with their prospects and customers
– Relentlessly build value with back end products and continuity
– Test, track, and continually beat their conversion rate
– Write compelling copy
– Actually talk to their customers and prospects
– Estimate the necessary resources to deliver value better than
– Determine which competitors to copy and which to avoid
– Identify market gaps, etc.
Which is WHY I say it IS entirely possible, but it takes SERIOUS focus and determination, usually over a period of at least 4 to 6 months for a new market, and sometimes more than a year if it’s very competitive.
POSSIBLE … 100% DOABLE … but NOT 100% DEFINITE or EASY.
My intention was to paint a picture of reality for you in hopes you’d be able to be kinder to yourself when assessing exactly how far you’ve come, what you know, what you don’t, and what lies ahead.
The vast majority of pay per click search marketers focus on TECHNIQUES like split testing, peel and stick, keyword research, and matching options. Surprisingly Perry Marshall, author of Entrepreneur’s “Ultimate Guide to Google Adwords” suggests that most beginners quickly master these Adwords fundamentals, yet are prone to ignore the REAL drivers of success.
Enjoy this 41 minute, in depth psychological interview with Perry where we discuss the true guts of Adwords marketing success:
“How do you use this info as a super ppc affiliate when you do a huge volume – in different markets? Is there enough time to do all the research needed or do you just pick one of 2 markets to focus in on? ALso, do you focus on a market or a product? Ex. the health market is huge should you focus on a niche and only one product like arthritis or wt. loss- and in the market should you focus on one product in the market?”
Here’s the short answer …
Pick a well defined market area, study the hell out of it, become the person who knows the hyper responsive customers in that market better than anyone else, and only consider expanding once you’ve milked all the juice you can out of that one market.
Early in my career I experimented in a LOT of markets, and I built a name for myself as the “dude who went into 17 niches in a row”.
While that may be true, and it did make me kind of famous (if you can call it that in these circles), it was also an extraordinary headache, and an extremely self limiting business model. I’m out of that game now, and I try to persuade as many brokenhearted beginners as I can to get focussed and stay focussed!
Especially as the internet evolves (and pay per click in particular has turned out to be brutally competitive), it’s really necessary to specialize, and win with determination and depth. Hyperlinks make you hyper, and internet induced ADD is rampant.
You see it’s really not extremely hard (it’s a little hard, not extremely) to develop a 6 figure income with some experience and understanding of how things work online. But getting from 6 to 7 figures is MUCH harder in the multi-market model, and 8 figures is almost out of the question unless you’re tuned in on ONE.
So my advice for this person is …
1) Pick the market responsible for most of your income and focus there. At the absolute most, make it 3.
2) Study and love the market before you fall in love with a particular product. Product love in the absence of market understanding is death online and off.
3) The “health” market is much, much, much, much, much too broad. Pick a specific condition, and even a specific, reachable sub-group within that condition (e.g. women with diverticulitus) and become the only marketer who really understands them.
You can’t develop a hyper-responsive magnet without being hyper-focussed yourself.
FOCUS: Should you focus on hyper-responsive searchers and customer to the exclusion of all others?
SAMPLING: How do you go about defining your research populations in order to study hyper-responsive searchers and customers?
BACK ENDS: Is it possible to take advantage of hyper-responsive ppc knowledge without a fully developed back end product/service system?
Let’s take these one at a time, starting with FOCUS.
First of all, my apologies if I led any of you to believe you should ONLY focus on hyper-responsive customers and actively repel all others. A more accurate statement would be “Thoroughly understand and target the hyper-responsive ppc searcher AND seek to understand the process by which those who are less responsive can be nurtured to become hyper-responsive”.
Some of you were concerned that by focusing your efforts on less responsive consumers, you’d be seriously reducing profits. Although it’s possible, in practice I’ve found this is unlikely to happen.
The hyper-responsive searcher at one time WAS a less responsive searcher. They evolved, through their experience and frustrations in your market, to know the market better than all the other consumers. They’ve usually gone through the trials and tribulations of purchasing from your competitors, experienced benefits and problems with them, and can report back to you what would be better.
When you solve these problems (and learn to convey this in your marketing materials), you actually wind up attracting MORE of the less responsive customers. You’ll get more thoroughly thought through arguments, more solid ideas for establishing real points of difference, and more convincing ways of distinguishing yourself to THE WHOLE MARKET.
As long as you DO research the process and history of their evolution into hyper-responsive ppc searchers and customers in your market.
Moving on to Sampling.
This is perhaps a more sophisticated concern, so please don’t worry if it doesn’t fully make sense to you yet. But some people were concerned I was recommending ONLY sampling from hyper-responsive keywords and customers.
I ALWAYS recommend constructing your sample to mimic, to the greatest extent possible, the real-world marketing avenues available to you. For PPC marketers this means sampling ALL the people coming through your PPC traffic streams. Offline it means sampling ALL the people responding to display ads, classifieds, postcards, etc.
However, there are ways to identify, from within the people who respond to your ads regardless of source, WHO the most hyper-responsive people are and what they want. You will also find that the PERCENTAGE of hyper-responsive people differs from keyword to keyword, newspaper to newspaper, or direct mail list to direct mail list.
There are many ways to identify potentially hyper-responsive people, so for the sake of illustration, let’s just take ONE, which is the length of their response to a survey, or to an open ended question on your opt in form.
People responding to a survey are likely to leave longer answers if (a) they’re not finding answers and solutions to their needs elsewhere in the marketplace, (b) they’re passionately interested in the topic and hoping for a human, custom tailored response; (c) they’re itching for someone to listen to them talk about their experience in the market.
Long story short, one indication of hyper-responsivity is length of response to open ended questions, wherever you may have them in your process.
Now, if you track where people came from, and look at the PERCENTAGE of people who leave responses more than 100 characters in length, for example, you’ll find differing percentages from keyword group to keyword group, newspaper to newspaper, etc.
You do three things with this information.
First of all, you zero in on those responses and see if you can address them in your Adwords ads, your landing pages, and your sales funnels.
Second, you see if the hyper-responsive needs differ by traffic source (keyword group to keyword group, specific lists, display ads, etc)
Last, you examine the differing percentages of hyper-responsives (defined in this example as people who leave 100 characters or more in your open ended fields) ACROSS keyword groups. Now you can put more emphasis on the keyword groups which have the most hyper-responsives by volume! (Note: the best metric here is percentage hyper-responsive x group volume, since it takes both responsivity and “bang for the buck” volume into account)
Specific to pay per click search marketing, you can estimate your cost per hyper-responsive acquisition because you know (a) what your cost per click is; (b) what your opt in rate is; and (c) what percent of opt ins, on a given keyword group, meet your hyper-responsive criteria. (Just do the math)
Now, there was ALSO a question about FINDING HYPER-RESPONSIVES IN YOUR EXISTING LISTS. But the answer is essentially the same. If you’ve got an existing list and you can continually go back to it, then you want to identify the hyper-responsive needs within it, and see what they can teach you about marketing to the whole list.
Of course you can’t link them directly to a keyword group (unless you saved that information when they came into your funnel … most people don’t, though it’s easy and valuable to do), but you CAN link them to something even more valuable … purchase data! (Prospects vs. customers, dollar volume, recency of purchase, frequency of purchase, etc)
I’ll be posting a LOT more about research methods to leverage hyper-responsive ppc searchers later this month!
The last question has to do with BACK END MARKETING, … or how can you capitalize on knowledge of what hyper-responsives want if you don’t have a back end? (Kind of a scary image, don’t you think?) I’ve got a few answers:
You can use the language and concerns of hyper-responsives to attempt to bump up your CTR in Adwords, drop your CPC and cost per conversion
You can use the same language to pre-sell the hyper-responsives on your opt in process or your front end sales
You can match hyper-responsive needs with pre-existing products and offers in your market on an affiliate or JV basis, using the language to pre-sell the prospects and customers
You can use what you’ve learned to DEVELOP back end products which match their needs exactly, because ultimately (as Tyson Fitzgerald suggests), you’re going to need a set of back ends in order to fully capitalize on hyper-responsives as you attract more and more of them into your funnel.
Hope the video helps explain more … I WANT YOUR COMMENT AND QUESTIONS PLEASE!
Think you can’t succeed with pay per click search marketing because of the economy? Think again!
Here are a few mega-corporations which GOT STARTED during SEVERE ECONOMIC DOWNTURNS:
Proctor and Gamble: was founded in 1837 during the panic over the paper economy and at the very beginning of a serious 6 year economic decline. They reported almost $84 Billion in revenue last year.
IBM: was born of three companies founded during the “Long Depression” of 1873 to 1896. (Banks started collapsing initially due to the “Coinage Act of 1873”, which pushed investors away from long term loans ). $103 Billion reported in 2008.
GE: General Electric was also founded during the “Long Depression” and posted $183 Billion last year.
Instead, he said what really distinguishes people who win the Google game is their ability to seriously question 10 fundamental assumptions most people make about their market … things most people never think to ask themselves.
I have to tell you that the interview was so powerful for me personally (even after 5 years of running ultra successful campaigns), that I pushed out the launch date for this very project (the one you’re reading right now) while I asked myself these very
Anyway, … get this one now and have a listen while you’re feeling open minded about it.
I think it’ll be PARTICULARLY important for you. (Even if you’ve heard some of these things before)
David made an interesting comment on my post about hyper-responsive pay per click marketing yesterday:
Isn’t the *Hyper-Responsive Consumer* that you are describing the most informed buyer in our market? We could call him our most educated buyer couldn’t we?
So how about this approach to what you are saying in 2 videos: ‘The way to increase your entire campaign performance is to design your marketing around the buying triggers of the smartest buyers.”
Identifying and exploiting buyer’s emotions or reasons are SIMPLE marketing fundamentals. So why the convoluted explanation of smart buyers?’
So here’s the reason.
I’m not just talking about the smartest buyers in your market. In fact, often the smartest buyers are the least responsive, most price sensitive, and hardest to deal with.
I’m talking about a very specific type of customer who is UNDYINGLY PASSIONATE about the products in your market, who’s CONSUMPTION APPETITE FAR EXCEEDS YOUR ABILITY TO PRODUCE, and who is emotionally invested in the solutions your market has to offer as an essential part of their sense of self.
So while all hyper-responsive customers may be smart shoppers, all smart shoppers are definitely NOT hyper-responsive customers.
In fairness to David, I haven’t had time to illustrate how to identify these customers yet, nor have I shown you specific examples of how they behave in surveys, blogs, discussion forums, purchase records, etc … so I understand the confusion.