Bob G. sent over a quick note and question from the “should you renew that domain” post from yesterday:
Great email as usual. I use Curation Suite with the listening engine and am just now getting up to speed with it. I have to confess, I have been using more as a glorified speed reader, rather than the powerful marketing tool it is.
Do have any more in depth articles on how to do a curation-monetization check. I currently have 7 websites and I am looking for any ideas that will help me monetize 6 of them. Especially in the area of choosing a converting product.
Again, thanks for the great articles, yours is one of 2 email newsletters that I still get and actually read.
First up, thanks for vote of confidence and reading!
Below is my goto process to reveal the monetization/curation opportunity for any market or niche.
Let’s start with the pre-flight checklist on monetization, here’s how I rank ways to monetize your site:
- Build Authority to products or services you own or have rights for
- Email > relationship building > offers/products (your own or affiliate)
- Affiliate marketing/CPA (Cost Per Action)
- Advertising (Adsense or Relationship)
All four of those are valid monetization strategies. For most sites you can do at least 2– ideally you want multiple options available to monetize.
So how do evaluate a market?
What your looking for is undeniable proof people/companies are spending money right now to sell products or acquire customers.
Here’s the quickest steps to go about this…
Search Google by keywords you feel people in this market or niche would use.
For now don’t look at the search results (look at those later) just look at the ads.
Click on the ads to see the landing pages. Look at the companies behind the ads. Pay attention to how they convert. Do they have pricing pages? Are there affiliate programs?
Go as far as you need to here. Keep in mind these are people/companies who are usually doing direct response advertising and most likely proof an immediate market exists.
Take note of all this and you should start to see trends and commonalities.
Search Twitter by conversational keywords people would use in the niche or market.
Here you’re looking to see how active conversations are in your niche.
Take note of how many people are talking about it. Is it an active niche with free flowing conversations or does it trickle in?
Pay attention if people just talk or do they share links and stories? Look at the links, stories, and sites they share. Visit these sites just like you did with the Google research.
Twitter can be a huge opportunity especially with our secret weapon Super Social Engagement. Once we launch a site and put that into action it instantly builds awareness in any market or niche.
Search Facebook by keywords– look for posts, pages, and other results.
How many public conversations are happening?
How many pages are created? How active are these pages? Once again, look at the links and stories shared. Also analyze the pages to see if you can see how they are monetizing.
If you’re an advanced user of Facebook dive into the power editor advertising tools and see how Facebook divides up the niche or market.
The sites above are well known and usually have a product in just about any niche or market.
A strong market will have 3-5+ (if not more) good selling products. You’ll want to analyze these products and opt-in to their lead funnels. Look at the way they sell to the market and how long they’ve been around.
I also suggest if you are serious about tackling the market you purchase the products. You can then do a high value review on that product as you move forward.
These platforms also have data and tools to help you with this research. So if your market is rich with offers or products dive into that data.
Amazon deserves a special place here because as an affiliate you can sell just about everything they have– from books to products.
Sometimes with Amazon you just have to think a little creatively.
For example, let’s say you have a archeology site. You could do a promotion where you suggest a perfect gift for a child or niece/nephew like this pyramid dig set. There you would be taking the interest of your audience and giving them the opportunity to share their passion with someone they care about.
With your Amazon research you want to see how many of these type of offers or products exist in your market or niche.
For Amazon the more options that exist the better for your monetization. So really think about the natural product to market fit that might exist.
I really like Amazon because usually these are physical products. A good monetization strategy for most niches includes a mix of both digital and physical offers.
The final question…
How to Know You Have a Winner?
I know a few people who go into super detail right off the bat with this research. They have all these reports, ad spend numbers, product counts, trending data, etc.
That’s all great info and if your mind works that way great.
But usually if I spend an hour on what I’ve outlined above I get the same answers as my 2 or 3 buddies that create these multiple layered reports.
Once again, I’m not against that but I like to walk in the market first before I get the data to back it up.
The Bottom Line…
After doing what’s outlined above you should have a much better understanding if there are monetization opportunities in the market or niche.
This process will also reveal the type of content that is being published and shared.
By this time you should have a good gut feel if there is an opportunity in the market.
There is no secret formula or hidden recipe I’ve found that works as well as what I’ve outlined above.
From there it’s the perfect time to set up a Listening Engine for the market you’ve just researched. From there it’s really just getting offers up and running and clicking publish.
Yes– I know it’s a little more involved than that but just like I’ve outline above keep it as simple as possible at first.
That’s the single best advice I can give.