Want To Waste $5,000? - The Worst Internet Marketing Mistake Ever
Sometimes having the pleasure to speak to a small group of people allows for more feedback then when speaking to a large group. In a recent class in the state of Maine, I was shocked to hear the following mistake was made by almost everyone in the internet marketing group I was speaking to.
"I didn't know what niche or product to sell, so I just tried and tested 20 different ideas".
My next question was always, "And how much did that cost you?”
Based on my rough math and numbers supplied by the Google Cash program, 70% of internet marketing budgets are wasted on testing and trying.
That is a huge amount of money when you consider the thousand of people trying to generate income everyday on the internet. My advice to the group was to go back to economics 101. One of the biggest mistakes new marketers make is that they look at trends and search patterns and make decisions.
This is the single biggest mistake I see everyday in Internet marketing.
Remember in Economics 101, the supply demand graph has two lines, not one. Following just the one line, or demand, will lead to sure defeat. A trend is nice and increasing search volume is nicer, but without the results, or supply side of the equation, you are dead in the water. What does that mean? Well if search demand or volume is increasing for something, if the supply or results number is growing just as quick, then the market is efficient. There is no niche developing if both demand (search volume) and supply (search results) are growing equally.
The biggest mistake you can make is to chase a growing trend without looking at the results side of it, or seeing if information or the resources on the web are keeping up with the growing demand.
The Internet Time Machine is the first program to look at both supply and demand on searches in real time. They did beta testing with a few sites and one great story is the Construction-411(dot)com test they did and identified that modular home building was an exploding trend, but they didn't recommend to go out and start drop shipping houses. What they found was a huge niche developing for modular architects and designers that specialize in modular homes.
This is a great example of chasing, seeing the modular home trend rising you would be inclined to run out and do an e-book on modular homes, but by looking at results, the Time Machine saw supply was keeping up and the real money was to be made in cost per action campaigns for architects and interior designers. If you had looked at only one side of the equation you would have got caught in a well supplied market.
The Internet Time machine is opening for public use soon as the development of the Internet in China and Asia has created a plethora of niche markets. The video explaining how supply and demand work over different search engines is informative and should be noted for those looking to do affiliate marketing.
"I didn't know what niche or product to sell, so I just tried and tested 20 different ideas".
My next question was always, "And how much did that cost you?”
Based on my rough math and numbers supplied by the Google Cash program, 70% of internet marketing budgets are wasted on testing and trying.
That is a huge amount of money when you consider the thousand of people trying to generate income everyday on the internet. My advice to the group was to go back to economics 101. One of the biggest mistakes new marketers make is that they look at trends and search patterns and make decisions.
This is the single biggest mistake I see everyday in Internet marketing.
Remember in Economics 101, the supply demand graph has two lines, not one. Following just the one line, or demand, will lead to sure defeat. A trend is nice and increasing search volume is nicer, but without the results, or supply side of the equation, you are dead in the water. What does that mean? Well if search demand or volume is increasing for something, if the supply or results number is growing just as quick, then the market is efficient. There is no niche developing if both demand (search volume) and supply (search results) are growing equally.
The biggest mistake you can make is to chase a growing trend without looking at the results side of it, or seeing if information or the resources on the web are keeping up with the growing demand.
The Internet Time Machine is the first program to look at both supply and demand on searches in real time. They did beta testing with a few sites and one great story is the Construction-411(dot)com test they did and identified that modular home building was an exploding trend, but they didn't recommend to go out and start drop shipping houses. What they found was a huge niche developing for modular architects and designers that specialize in modular homes.
This is a great example of chasing, seeing the modular home trend rising you would be inclined to run out and do an e-book on modular homes, but by looking at results, the Time Machine saw supply was keeping up and the real money was to be made in cost per action campaigns for architects and interior designers. If you had looked at only one side of the equation you would have got caught in a well supplied market.
The Internet Time machine is opening for public use soon as the development of the Internet in China and Asia has created a plethora of niche markets. The video explaining how supply and demand work over different search engines is informative and should be noted for those looking to do affiliate marketing.
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