This is our last week of SEO Unlocked. And today we're going to be covering brand and experience.
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Now with that, let's dive right into step number one, understanding your market. Look, how do you know if your market is good? Because if it's bad, you're going to waste a lot of time and you're not going to see results. The way you figure that out is by doing a market assessment.
And in this lesson of SEO Unlocked, we're going to break it down into two parts.
The first side is the business side, and then the second side is the human side. So let's first go over the business side. With the business side, there's four main aspects. Your market size, your growth rate, profitability and trends. The easiest way to see market size is just to go and Google for it.
And if you go to other websites, other than just Google, I know Google is crawling the web, but there's a lot of other websites that have data that you're not going to get by just Googling. So let's go over a few of them.
The first is government data. You can check out sites like data.com. They have data on a lot of different industries and it's really valuable.
Another one is Financial Data From Major Players. If a company is publicly traded look at the revenue, look at their profit, look at their income sheets. This will all give you idea of how strong the space is.
My favorite one though, is Founder Interviews. Look to see who's interviewing your competitors because a lot of times these founders are spilling their beans on these podcasts and breaking down what's working and what's not. That'll give you the idea of the direction you should go and what mistakes you need to avoid.
You also can look at Trade Associations, just Googling for Trade Associations you'll find a ton.
Now, the second side of the assessment is a human side, and this is very important as well because data and numbers don't tell you everything. And we're going to go through each of these.
The first is irrational passions, urgencies and pain points. If a market has at least one of them great, but the more they have the better. And ideally you want all three, because if people really feel pain points and they need urgency, they're much more likely to go and purchase something the same with irrational passions.
You also want to assess your competition. How many players are in the space? What traction are they getting? What are they doing? What's going to be so difficult, competing with them? What's their special sauce that people love them for? What are their main sources of revenue? Important lesson that you need to know when you're assessing your competition?
Your second step that you need to take is positioning for maximum impact. The better your positioning, the better off you're going to be. A brand can't be positioned by itself. It is relative to your competitors, customers, needs and the main response from your market.
From day one you need a carry a notepad and a pen around and take notes of things like conversations you've had with other people, things you've heard in the news, what you're reading on the blog or the social web, or seeing on YouTube or even problems you're facing or other people are facing, things that you see, products you use. What makes them great? What makes people happy or sad? Or the activities you do, or the places that people in your space visit. This is what all big brands do.
Well, the easiest person to reach out to is prospects in your market, who are your ideal customers? Reach out to them. If you already have leads or potential customers reach out to them as well. If you have a ton of people in emails that you communicate back and forth with, you can respond to them or leave comments on blogs and get feedback there. But most importantly, out of everything, I found that you can get the best feedback from customers.
So at this point, I want you to take two actions, one, download the market research data sources, and two, download the survey templates, you can find them on neilpatel.com/training, click on SEO Unlocked, go to this lesson and beneath the video, you'll find the worksheets.
I look forward to helping you grow your brand.
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