Recent days doing online businesses are quite simple and easy. You will get everything as readily available and just pay as you go. Even initial investment cost also too low. That’s why many budding entrepreneurs are jumping into it and starting their own online businesses. Their motto is same, want to earn either more money or extra money. But how many of them are really validating their ideas, if it will work or not. I guess it’s very less people. That’s why the success rate is very low. There is a saying “20% people of the world always rule over 80% people”. I know it’s not closely related what we are discussing here but it’s true for business i.e. 20% will be the success rate. It depends which side you want to be.
Tips: Always validate your idea against your business proposal. To validate it, use the tools like conducting interviews or taking Online Surveys or using Keyword Research. Which will give you enough data to analyse your idea, if that can be converted into successful business? Checkout this How to conduct surveys that help your business.
Let me take you though few idea validation phases to business development processes. Few days back one of my close friend share his idea with me to validate if that idea can be converted into a potential business to earn $1000 per month. When I asked him, why you want only $1000 per month? He replied, saying I want to replace my current job and at the moment $1000 can fulfil all of my basic needs. I liked his vision, it was very clear.
Tips: Clear Vision is one of the success factors for your business.
Here is that great idea, what he shared with me. While he was googling, found the search term “Top Paying Google Keywords in 2016”. And when he searched that keyword term in google, he was amazed looking at the results. Here are the results;
- Mesothelioma Law Firm ($179)
- Donate Car to Charity California ($130)
- Donate Car for Tax Credit ($126.6)
- Donate Cars in MA ($125)
- Donate Your Car Sacramento ($118.20)
- How to Donate A Car in California ($111.21)
- Sell Annuity Payment ($107.46)
- Donate Your Car for Kids ($106)
- Asbestos Lawyers ($105.84)
- Structures Annuity Settlement ($100.8)
- Car Insurance Quotes Colorado ($100.9)
- Annuity Settlements ($100.72)
- Nunavut Culture ($99.52)
- Dayton Freight Lines ($99.39)
- Hard drive Data Recovery Services ($98.59)
- Donate a Car in Maryland ($98.51)
- Motor Replacements ($98.43)
- Cheap Domain Registration Hosting ($98.39)
- Donating a Car in Maryland ($98.20)
- Donate Cars Illinois ($98.13)
- Criminal Defense Attorneys Florida ($98)
- Best Criminal Lawyers in Arizona ($97.93)
- Car Insurance Quotes Utah ($97.92)
- Life Insurance Co Lincoln ($97.07)
- Holland Michigan College ($95.74)
- Online Motor Insurance Quotes ($95.73)
- Online Colleges ($95.65)
- Paperport Promotional Code ($95.13)
- Online Classes ($95.06)
- World Trade Center Footage ($95.02)
- Massage School Dallas Texas ($94.90)
- Psychic for Free ($94.61)
- Donate Old Cars to Charity ($94.55)
- Low Credit Line Credit Cards ($94.49)
- Dallas Mesothelioma Attorneys ($94.33)
- Car Insurance Quotes MN ($94.29)
- Donate your Car for Money ($94.01)
- Cheap Auto Insurance in VA ($93.84)
- Met Auto ($93.70)
- Forensics Online Course ($93.51)
- Home Phone Internet Bundle ($93.32)
- Donating Used Cars to Charity ($93.17)
- PHD on Counseling Education ($92.99)
- Neuson ($92.89)
- Car Insurance Quotes PA ($92.88)
- Royalty Free Images Stock ($92.76)
- Car Insurance in South Dakota ($92.72)
- Email Bulk Service ($92.55)
- Webex Costs ($92.38)
- Cheap Car Insurance for Ladies ($92.23)
- Cheap Car Insurance in Virginia ($92.03)
- Register Free Domains ($92.03)
- Better Conference Calls ($91.44)
- Futuristic Architecture ($91.44)
- Mortgage Adviser ($91.29)
- Car Donate ($88.26)
- Virtual Data Rooms ($83.18)
- Online College Course ($78)
- Automobile Accident Attorney ($76.57)
- Auto Accident Attorney ($75.64)
- Car Accident Lawyers ($75.17)
- Data Recovery Raid ($73.22)
- Criminal lawyer Miami ($70)
- Motor Insurance Quotes ($68.61)
- Personal Injury Lawyers ($66.53)
- Car Insurance Quotes ($61.03)
- Asbestos Lung Cancer ($60.96)
- Injury Lawyers ($60.79)
- Personal Injury Law Firm ($60.56)
- Online Criminal Justice Degree ($60.4)
- Car Insurance Companies ($58.66)
- Dedicated Hosting, Dedicated Server Hosting ($53)
- Insurance Companies ($52)
- Business VOIP Solutions ($51.9)
- Auto Mobile Insurance Quote ($50)
- Auto Mobile Shipping Quote ($50)
- Health Records, Personal Health Record ($40)
- Online Stock Trading ($35)
- Forex Trading Platform ($20)
These are the highest paid niche keywords by Google.
As per the above researched keywords, Google is paying $179 for “Mesothelioma Law Firm” Keyword. So at this ideation stage; he thought that lets me build a blog site with related to Mesothelioma Law Firm topic and put google ads on it. When someone come to my blog site and click the Google Ads, it will generate money for me. So he did math as like this;
Let’s assume per month website visitors = 6000
Let’s assume 5% of users click the Google Ads = 300
Let’s assume Google’s Cost per Click Rate for Mesothelioma Law Firm Keyword = $179
So Monthly Revenue Generation Potential = 300 x $179 = $53,700
Let’s assume 5% is the profit out of the Total Revenue Generation Potential = $2685
If you look at his initial expectations i.e $1000 per month and the potential income $2685 per month. I would say its great business to do. Let’s validate his idea to check if he can jump into this business.
Idea Validation Process I : Check number of Advertisers
I searched the same keyword term in Goolge.com and found the below results. Out of Six Advertisers four have put their ads with respect to Mesothelioma keyword. That mean this keyword has the potential to make money. First Criteria Validated with a positive note.
Idea Validation Process II: Check number of Visitors per Month, CPC Rate and Competition
Let’s validate total number of visitors per month, competition level, Google CPC rate. I used Google Keyword Planner Tool to validate data. It’s a Free keyword tool from Google to analyse keywords and its potential searches. There are many Keyword Tools available in the market. I used Google Keyword Planner Tool and Market Samurai Keyword Research Tool to check the Keyword Potentiality. I got the below results in Google Keyword Planner Tools;
Monthly Searches for Keyword “Mesothelioma Law Firm” = 368,000
Competition Level for this Keyword = Medium
Google Suggested CPC Price for Keyword “Mesothelioma Law Firm” = Rs.151.44 = $2.25
Google Suggested CPC Price for Keyword “Mesothelioma” = Rs.3020.53 = $45
Looking at the Google extracted data, the CPC figures are bit socking, the price keyword price for “Mesothelioma Law Firm” was $179 before investigation and it came down to $2.25 after investigation. But I found there many are keywords with respect to “Mesothelioma”, whose CPC values are between $25, $45. I know you may be feeling bad about it but still the CPC value for other keywords with respect to “Mesothelioma” is quite good.
Lets do the Math;
Total Monthly Searches for Keyword “Mesothelioma Law Firm” = 368,000
Google Click Per Cost Rate = $2.25
Let’s assume 5% of users click the Google Ads = 18,400
So Monthly Revenue Generation Potential = 18400 x $2.25 = $41,400
Let’s assume 5% is the profit out of the Total Revenue Generation Potential = $2070
Even though the Google CPC Rate is quite low for this keyword, still we can make profit of $2070 per month. If you look at our earlier assumption the monthly expected earning needed was $1000 but we are making $2070 per month. Still we are making extra profit of $1070.
Let’s review the same on a Paid Keyword Tool called Market Samurai. It’s one of the best suggested Keyword Tool that is being used by Top Internet Marketers.
As per the Market Samurai Keyword Research Tools, Monthly Click Through Rate is 154,560 for the keyword Mesothelioma Law Farm rest of the figures are almost same. Lets do the math again;
Total Monthly Click Through Rate for Keyword “Mesothelioma Law Firm” = 154,560
Google Click Per Cost Rate = $2.25
Let’s assume 5% of users click the Google Ads = 7728
So Monthly Revenue Generation Potential = 7728 x $2.25 = $17388
Let’s assume 5% is the profit out of the Total Revenue Generation Potential = $869
Lets consolidate all the values;
Initial Revenue Income Assumption = $2685 Per Month
Validation Phase I : Using Google Keyword Planner Tools, Expected Revenue Income = $2070 Per Month
Validation Phase II : Using Market Samurai Paid Keyword Tools, Expected Revenue Income = $869 Per Month
Lets take average of two Validation Phases i.e. Phase I and II, so the Expected Revenue Income Would be = $1470 Per Month.
By brainstorming, we figured it out that the keyword “Mesothelioma” has the potential to earn more than $1000 per month.
Using the First validation process, we confirmed that good number of Ads is showing up while searching this keyword and Second validation process showed us the Monthly Average Searches (368,000), Keyword Value ($2.25) and Competition (Medium) and the expected income per month $1470.
Now it’s concluded that the idea to setup a blog site with the keywords “Mesothelioma” and putting the Google Ads on it can be successful business model.
While googling, I came across the below info-graphics. These are the Most Expensive Keywords that Google Generate Revenues.
The Top 10 Most Expensive Keywords are:
- Conference Call
- Cord Blood
In my next topic, I will be taking you through the details of implementation phases i.e. from buying a domain to earning money. I will be covering each step in detail to make you understand better.
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