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Monday, December 7, 2009

Will Your Internet Idea Work? Find Out For Free Using Google Adwords

Is your internet business viable? Are you using the right marketing camping? Try Free Google Adwords to find out!

Lots of us have great ideas to make a buck on the internet. The question is, are we spinning our wheels, will the idea work? A great place to start your research is Google Insights for Search.

GIFS gives you an idea of how many people are searching key words. If your key word is on the low end of the totem pole then either you are spinning your wheels or you need to revamp your marketing campaign.

Let’s say you want to sell a resume service. First go to Google Keywords https://adwords.google.com/select/KeywordToolExternal let’s type in the key word “resume service”. Why add the word ‘service”? The answer is in the results of your key word search.

Unfortunately, the number of hits for “Resume Service” is not over whelming. On the local market vs. the global market, there were only 4,400 searches for our key word. That leaves one of two conclusions: Either the idea is a big flop or we are using the wrong key words. Since common sense tells us people want resume services in a tough economy, we probably have the wrong key word.

If we return to our adword search, the results are still less than encouraging. The next search phrase that gives us hope is “resume services” which comes in at 49,000 hits. The question for a new business person is, how many of the 49,000 hits are going to respond to our ad, and how many of those are we going to convert?

Let’s say that of the 49,000 people who come across our web site using the key word “resume services”, 1% actually hit our site button. That leaves 490 who look at the site. Depending upon how good a marketer we are, we might get a 1% conversion rate from the hits. That leaves us with 4.9 resumes sales a month. This number so small there is a good chance we won’t sell any resumes. Is that enough for you?

Don’t lose hope! Moving down the list we find 110,000 people have searched our key word “resume services”. That is still a small number of searches for a budding company. Using the same formula as above, our conversion rate of 11 sales a month. Again, the number of sales is so small we are likely have a 0 conversion rate.

So does that mean our service is not viable? In some cases the answer is yes! I would rather find this out sooner than later, considering the amount of time and investment I am going to have to make just to start the new business.

But don’t lose hope! Moving down to Google’s suggested key words we find inspiration! Under Resume Templates there are 246,000 hits; under resume templates there are 550,000 hits; resume how-to there are 368,000 hits; and under sample resume there are 823,000 hits a month.
The results tell me two things: First, there are a lot of people who want help with their resume. Second, most of them don’t start with the idea of buying a resume service. If you think about it, most people who don’t have jobs are also not flush with cash. However, that leaves me with choices.

Maybe I have to change my product, or maybe I have to have a killer marketing strategy. But then, both of these are a topic for another blog!

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