Evaluate Internet Business Ideas
Looking for effective ways to evaluate internet business ideas? The fact is that there’s no secret formula, however, there are some key steps you may take to make a pretty informed decision. Next, find three effective ways to do it.
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Search for basic elements that will give you a good idea of whether your idea has business potential. In the past doing this would be very expensive. Today, thanks to the information age we can do it ourselves for free. The information gathered of course would not be 100% scientific, but still good enough for what we’re looking for, which is simply evaluage our business idea.
Find Market Demand:
What is the demand for this idea on the search engines? How many people are looking using words that contain our idea per day or month?
To do this you should probably use one of the keyword tools mentioned in the Idea Generator For Online Business. Probably start with Google Keyword Planner. Then do a search for the terms your business idea is all about. Keep in mind that when you do a broad or general search your phrases are shorter meaning one or two words. These types of searches or markets in a sence are already crowded because they are more general and popular.
On the other hand, if you do narrower searches using longer phrases like from three and more words, these could be niche markets with not much competition. However, you still need to check for the competitors in these mini-markets.
Find Market Supply = Competition:
There are many sophisticated tools to check for your competitors you could also use the tools mentioned in the previous article. However, to find your real competitors just Google your keyword or phrase and there you’ll have the first 10 websites that you’ll need to analyze. Why? Because this is where a big element of your market research comes into play, your competitors. What are they doing? What are their weaknesses and how you can profit from that? Get the idea?
Finally, as you already know, for an idea to have profit and business potential it should have in general high demand and low supply. From then on you should also try to balance it off. Sometimes you might find very low supply and think this is good, but also check the demand. One of the reasons for low supply is because there’s also low demand, and we don’t want the demand to be so low. A low demand would mean that not many people are interested in this kind of product or service.
Second Way To Evaluate A Biz Idea.
Create a landing page in real time with a title that you would use in an online sales letter. For instance, the headlline should grab the visitor’s attention. Try to make it short and describe as much as possible about the your offering.
Then, you should immedidately introduct your promise, like a subheadline. The promise could be your unique value proposition or the core benefit the visitor would get from your product / service.
The third step would be to place your most wanted response (call to action). What is that you want your visitor to do? For instance, fill out a contact form for more information, or exchange their contact information for a free dowload, and on and on. This is the most importat part of this landing page. This is where you’ll test your business idea or value proposition.
The next step is optional but it will help you get online traffic or visitors to this landing so that people know about it. Probably the most effective and quick way is to pay for advertising the cheap way, like Goolgle Adwords or Bing Ads and use their tools to analyze the actions people tool on your landing page and conduct A/B testing versions of 2 or 3 different landing pages or value propositions. It all depends on the factors you want to test.
However, you’ll need to know how to use their advertising system, which is probably not so easy if yo don’t want to waste your money, but still this is much cheaper than other services you’ll find online to this with more automated tools but much more expensive.
For instance, Landerapp.com (free and paid) or Instapage.com (paid only) which will let you take a 30 day free trial that you could use to test your idea. Then, cancel or continue until you’re done because their pricing is much less expensive than Instapage.
Another way you could use to tes your idea is buy asking people directly. This is a much more targeted approach. You could use any survey and place it on a website with high traffic. But you would have to know the owner of that page to ask for this and probably pay for this, or not if he/she is your frined.
Your could use the free part of the service that Surveymonkey.com provide. Their free service lets you create small surveys with limited amount of responses and features, but this might be exactly what you need and what your budget allows (free). Or, you could pay just for one month and use all the features available for your validating your biz idea initially.
Another option is Google.com/insights/consumersurveys/home but this service is paid. Youd could use Google.com/analytics free tool for A/B testing versions of your landing page. To get access to this tool you would have to get a free Google webmasters tool.