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Fueled Friday – Finding Your Online Market Potential

Online marketing is the most effective form of reaching a targeted audience. In this weeks Fueled Friday post, I want to show you how to find out how much online marketing potential exists for your business. This is critical because if you don’t realize what you are missing out on, you might never be motivated to go after it. I will tell you this as well; most of your competitors are not paying attention to this so it will be fairly easy for you to outrank them and get the customers you need. This holds true whether you are a local business or serve clients nationally or internationally.

The most critical factor in any organic or paid search marketing plan is having keywords that heave search volume. If no one is search for terms related to your business, then online marketing may not be the best form of outreach for you. It is rare, but there are definitely cases where it is not in a company’s best interest to invest in an SEO or Paid Search campaign.

So how do you find out what people are searching on? The simplest and most cost effective way is to use Google’s free keyword research tool. This will tell you what people are searching on and how many searches are being done in a given month. If there are lots of people searching, then that means you have a high online marketing potential. If the search volume is low, then you do not have a high of an online marketing potential, but this could also be a good sign if there are fewer competitors because most of the prospects searching would end up at your website. Below is a screen shot from a search I did for local accountants in my area.

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From this you can see what the search potential is for just two terms specific to “accounting in phoenix.” Let’s assume for a minute that you are going to target these two terms here which represents roughly 35,200 monthly searches. Now keep in mind that the percentage of these searchers that come to your website will be relative to where you rank for these terms. You really will need to get ranked on page 1 for to see any reasonable percentage of these searchers. Let’s say you get to position 2 and you generate roughly 8% of this traffic. That would give you roughly 2,800 visitors to your website, of which a smaller percentage will engage. We can conservatively use 3% which would give you about 84 visitors for the month. What percentage of those that contact you looking for your help do you think you can close? If we assume it’s just 20%, that would net you 16 new clients that months. Now let’s assume they are small business clients with an ongoing monthly retainer of $1,000. This would generate about $16,000 in additional monthly revenue for your business.

So now you have the formula to find out your online marketing potential. I encourage you to do your own search and plug in your numbers to see what the specific potential is for your business.

The exact formula is: “total number of searches” x “percentage of those that you can attract via paid, local, and organic search” (use 3-10% if you are on page one and zero if you are not) x “the percentage of people that land on your website then contact you (you can use 3% as an estimate) x the percentage of people that you close (use 20% but do track and find your actual closing ratio).

If your average cost per client is low, then you have to be a bit more cautious to how much you spend to generate leads online. If your average cost per customer is much higher, then you may need fewer clients to see a very strong return on investment.

I know you may be thinking that there is no way you can afford to get to the top of the search engines, but I have to tell you that it certainly is possible. Does it have to be expensive? No. In fact, there are plenty of low cost or no cost strategies that you can use to attract people to your website (mainly blogging and social media which I did not include in the calculations).

I’d love to hear your success stories, so feel free to email me and let me know what you came up with in terms of your market potential. If this is a bit overwhelming, then feel free to contact me and I will provide a free online marketing assessment and this way you will know where you stand in terms of what it would take to get you to the top of the search engines.

Now that you have some work to do for the weekend, enjoy your Friday!

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