Determine your competition – Business Success Blueprint – Part 6

Determine your competition – Business Success Blueprint – Part 6
Competition

Previous lesson… 

 

Determine your competition

When I mentioned at the beginning that I would tell you all my techniques, some of you probably didn’t realize that there will be so many steps to be completed in order to get to that point we are now.

Remember, there is no golden bullet.
There are steps and there are skills to be acquired in order to be successful with your internet business.
Once you understand these tedious steps which don’t seem to be taking you anywhere right now, you will realize that it takes sometimes only very small adjustment in order to get your business on the higher level.

Remember that winning horse wins most of the time just by a nose, but gets 90% of prizes.
Another one, the devil is in the details meaning that going through these tiny steps can reveal a problem with your chosen business which you may not have seen without going through these steps. In this case it is a good thing because you will find it early enough for you to deal with it properly or change direction if necessary.

Today I want to show you how you determine your competition.
Please make sure that you have your keywords handy. You’ll need them to complete this step.

Simply access Google web search screen.

http://www.google.com

Start typing in the search box and you will see suggestion for common searches related to the keyword you are typing.
E.g. if you start typing word “truck” Google will offer you as a suggestion “truck for sale” and as you  continue to type to accept the suggestion Google gave you, you might get more detailed suggestion. At the same time portion below the search box gets filled with results for you for so far entered keywords combination.

Above the results you will notice that there is a line which says.
About 71,800,000 results

Today we will be using those numbers to analyze our competition.
The bigger the number, the more competition you have.

Again, the more narrow/specific your search (more keywords), the more targeted results you will be getting.

You can do search for “Trucks” and see that there are 593,000,000 results.
Whereas for “Trucks accessories”  20,700,000 results.

You have to understand that all results for “Trucks accessories” are contained in results “Trucks”

How do you use those numbers from previous lesson with the numbers today?

In  previous lesson you were looking for search keywords with largest numbers of searches to determine if there is demand for your solution. Those numbers gave you an indication of how many people were looking for your solution.

Today you want the number next to your keyword as small as possible. You want to have your competition as little as possible.

The numbers you see below the search box  indicate how many competitors you have in this area.

For example  for keyword “Unicycle” Google keyword suggestion tool showed 135,000 global monthly searches and 8,100 local monthly searches and competition was low.

When I use web search on  Google for keyword “Unicycle”  I’m finding  5,100,000 documents.

As you can see that ratio of documents on Google search  to searches in Google keyword suggestion tool  is around 38:1

5,100,000 / 135,000 = 38

For every person searching for the keyword “Unicycle” there are 38 documents which match this keyword.

At the same time “Truck accessories”  on Google keyword suggestion tool gives me  246,000 global searches and 33,100 local searches.

Google search gives us 20,700,000 documents.

The ratio is 84:1 for global searches.

I would stay away from “Truck accessories” business and would go into unicycle business because it has more than twice as much chance of being successful.

In other words greater interest and fewer competitors.

Do your testing and comparisons for several of your business ideas and their respective keywords.

In the next lesson I will show you how to research your competition and pick up the ideas which work for them and how to spot the wrong ideas in order to avoid them.

Bogdan Fiedur

Adlandpro.com Copyright 1998 – 2015 – All rights reserved .

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Author

Bogdan Fiedur President of blockchainexperts.io . Full stack developer and entrepreneur. Since the beginning of 2016 involved in "Smart Contract" design and implementation for Ethereum using Solidity. Knowledgeable in all aspects of e-commerce website, back-end and front-end. Co-founded Bitjob and served as an advisor and core team member for projects like swarm.fund, paypie.com, mybit.io or auditchain.com.

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