Before you even think about creating a product you need to pick a market. And the market you choose is critical to help you reach your financial goals. For example, let’s say…
You want to make a million dollars a year online.
If no one else in the market you’re in or thinking of going into is making a million dollars a year online then I would consider very strongly going into a different market.
Of course, there are many different aspects to take into account when picking a market and I’m not going into great depth here on them all (I’ll do more indepth posts on that) but instead I am going to give you some “big world” information about picking a market that is very, very important.
A key consideration on whether you go into a market or not is whether or not the people in that market spend a lot of money, regularly.
Regularly is a BIG key word here. If people in a market spend money occasionally then it’s going to be very tough to make a great living. So for you to make a good living from a market you need to have customers that will buy things in and for that market consistently.
One of the biggest problems I see with people wanting to make a living online is they pick a market that is way too small. People have heard about the concept of picking small niches. But the problem with doing that is the niche is fine for making some money in, but then the sales will dry up and they’ll have to move onto something else.
You see, for long term success in a market you need to be very visible in that market. You need to become a recognized expert in that market. If you’re in a market that is so small, when you become a recognized expert it won’t matter because there are so few people in the market. So eventually you’ll outgrow it and want to get out because there’s no money in it.
One of the biggest reasons people go for the small niches is because of a lack of competition. But understand this, you should never be scared of competition. If a market has competition in it that’s great…that means there is money to be made! You then need to figure out a way where you can stand out and be different from the competition.
Another big problem I see with people trying to make money online is they go from one thing to another, and they never give themselves a chance to get some momentum and keep going.
Ok, so if you’re in a market now that you are committed to I want you to answer these questions:
1. Are other people in this market making the kind of money you want to make?
2. Do people in this market spend a lot of money, regularly?
3. Is there a lot of competition in the market you’re in?
If you answered “no” for any of those questions I would seriously suggest you find another market.
It’s a fact….testing and tracking your website will increase profits BUT it’s so time consuming, boring and tedious…isn’t it?
Well, now you get your website testing and tracking done for you . Go here to watch a free video to learn how: http://www.MYeMetrics.com