Determine Feasibility of Your Blogs Success
Determine Feasibility of Your Blogs Success
As an Engineer I deal with handful of project everyday and for all of our projects, we start working on project with the “Feasibility” study. And anyone who is planning on being a professional blogger or already is, should conduct a feasibility study. A Feasibility study is the time where we/anyone can project the success/failure rate of a work based on collected data. This feasibility study is not from holding from doing what you like rather to guide you to come up with a niche topic which is practical and will bring your some money some day. I have tried to make the process simplified as much as possible but hey; sometimes it is just that technical.
Getting a viable Business Idea
This is the first phase of the process where you solidify your blogs niche idea. If you haven’t decided the topic of your blog then you should fall back on your past experience. Is this something you enjoy? Do you have unique knowledge about a topic? Do you have a special talent or skill? Sometime, it is helpful to get feedback from other that you know. You need to start to rainstorm ideas that seem to fit with your background and interests. It is very important that you blogging idea be something that you will know and enjoy. After all you will be spending an awful amount of time blogging and doing other stuff, you would better enjoy it.
Researching the Market
Market research involves finding out what web searchers want/need and determining how you can satisfy that want/need through you blog. You need to find out your competitions successes and failure in the market place. And finally, based on your research you can project your blogs success or failure probability.
Finding the Target Market
The goal in this phase is to narrow down you search even more to find your best customers. You need to target those people who are looking for the information that you will offer. In this phase of market research you will develop a profile for you customers. You will gather your information through demographics (looks into where visitors come from: US, non US etc) and psychographics (look at lifestyle, age, lifestyle etc)
Competition
Before you go into a game you need to know each and everything about your opponents that you will be playing against. In this phase you will find out the direct and indirect competitions for you targeted niche. Make a list of 5/6 major players, in this case websites in that market and find out their market share, resources, focus, strengths and weakness. Once you have gathers all the above, you can now plan you attack to win that niche market share.
Money Making Strategy
By this time you should already know about your niche topic and your competitions along with the market share. And now you need outline a money making strategy. It is very easy to copy others but if you do that then you will a follower for rest your life. Instead you need find out what your competitors use to make money and make that better by using your thoughts into that. If the #1 site in you niche google adsense then you should think about google adsense and chitika at the same time. Think outside the box.
You might have fantastic contents in your blog that you take time to write. You might have the best layout for your blog. But if you don’t have the traffic then your probability of making money or being successful will be lower dramatically. And if you wanted to know the success feasibility for you current blog and/or your next project then go ahead do the homework now than later after committing your time. And for those who have the home work and ready to build their next blog/website you might find my “ Create Website & Blog Like a Project Manager” pretty interesting.
Filed Under: Blogging • Make Money Online
