<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" > <channel><title>Comments on: Wrong Market = Empty Bank Account</title> <atom:link href="http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php/feed" rel="self" type="application/rss+xml" /><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php</link> <description>Best WordPress Themes, Clubs, Hosting, &#38; More!</description> <lastBuildDate>Tue, 22 May 2012 07:20:41 +0000</lastBuildDate> <sy:updatePeriod>hourly</sy:updatePeriod> <sy:updateFrequency>1</sy:updateFrequency> <generator>http://wordpress.org/?v=3.3.2</generator> <item><title>By: Hjörtur Smárason</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9973</link> <dc:creator>Hjörtur Smárason</dc:creator> <pubDate>Sat, 19 Apr 2008 09:00:59 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9973</guid> <description>You have a point there. It&#039;s a good method to check out if anyone is being your keywords on google to see who might be a possible advertiser. You can also check out affiliate networks to find out who are selling products related to your interests.But it&#039;s a bit like the old story of the two shoe salesmen that went to a place in Africa to sell shoes. The first one came back saying it was hopeless. Noone was using shoes. The second came back saying it was brilliant. Everybody needed shoes.I would say, go write about the niche that interests you. You will never make a living from adsense alone so you have to be creative in finding how you can make money from your niche market. Courses, trips, equipment sold through affiliate programs are some of the ideas.  Competing to established bloggers and websites on a subject that doesn&#039;t interest you, is going to be slavery and very unlikely to be successful.</description> <content:encoded><![CDATA[<p>You have a point there. It&#8217;s a good method to check out if anyone is being your keywords on google to see who might be a possible advertiser. You can also check out affiliate networks to find out who are selling products related to your interests.</p><p>But it&#8217;s a bit like the old story of the two shoe salesmen that went to a place in Africa to sell shoes. The first one came back saying it was hopeless. Noone was using shoes. The second came back saying it was brilliant. Everybody needed shoes.</p><p>I would say, go write about the niche that interests you. You will never make a living from adsense alone so you have to be creative in finding how you can make money from your niche market. Courses, trips, equipment sold through affiliate programs are some of the ideas.  Competing to established bloggers and websites on a subject that doesn&#8217;t interest you, is going to be slavery and very unlikely to be successful.</p> ]]></content:encoded> </item> <item><title>By: Terry Tay</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9162</link> <dc:creator>Terry Tay</dc:creator> <pubDate>Wed, 16 Apr 2008 06:21:08 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9162</guid> <description>I think it also has a lot to do with the person running the website. There are some people that can probably make more money with a &quot;Tropical Birds&quot; site than others can make with the &quot;highest paying keyword&quot; type of site. ~Terry</description> <content:encoded><![CDATA[<p>I think it also has a lot to do with the person running the website. There are some people that can probably make more money with a &#8220;Tropical Birds&#8221; site than others can make with the &#8220;highest paying keyword&#8221; type of site.<br /> ~Terry</p> ]]></content:encoded> </item> <item><title>By: Tim</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9061</link> <dc:creator>Tim</dc:creator> <pubDate>Tue, 15 Apr 2008 18:59:34 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9061</guid> <description>@Ben, No joke.  He did this for years... I&#039;m not sure that he still does.  But he made over 80K a year doing it.</description> <content:encoded><![CDATA[<p>@Ben, No joke.  He did this for years&#8230; I&#8217;m not sure that he still does.  But he made over 80K a year doing it.</p> ]]></content:encoded> </item> <item><title>By: Ben Cook</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9057</link> <dc:creator>Ben Cook</dc:creator> <pubDate>Tue, 15 Apr 2008 18:53:55 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9057</guid> <description>&lt;blockquote&gt;My cousin makes huge jack guiding bird tours through the tropics. If you teamed up with someone like him and worked out tours that way it would work.&lt;/blockquote&gt;@Tim, are you joking? Even if you are, the up-sell isn&#039;t the point. I&#039;m having trouble coming up with one because I don&#039;t really have an interest in tropical birds. I&#039;m willing to bet a true tropical bird enthusiast would be able to figure out some high priced product that other bird lovers would be willing to pay for.</description> <content:encoded><![CDATA[<blockquote><p>My cousin makes huge jack guiding bird tours through the tropics. If you teamed up with someone like him and worked out tours that way it would work.</p></blockquote><p>@Tim, are you joking? Even if you are, the up-sell isn&#8217;t the point. I&#8217;m having trouble coming up with one because I don&#8217;t really have an interest in tropical birds. I&#8217;m willing to bet a true tropical bird enthusiast would be able to figure out some high priced product that other bird lovers would be willing to pay for.</p> ]]></content:encoded> </item> <item><title>By: Tim</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9052</link> <dc:creator>Tim</dc:creator> <pubDate>Tue, 15 Apr 2008 18:44:56 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9052</guid> <description>Ben, My cousin makes huge jack guiding bird tours through the tropics.  If you teamed up with someone like him and worked out tours that way it would work.Frankly, Max, it sounded as thought with this post you were putting all your eggs in one basket and as Ben has posted on here before that is never a good idea.  If you had several income streams that added up to your 3K a month it would certainly be a more solid living than just one stream.Tim</description> <content:encoded><![CDATA[<p>Ben,<br /> My cousin makes huge jack guiding bird tours through the tropics.  If you teamed up with someone like him and worked out tours that way it would work.</p><p>Frankly, Max, it sounded as thought with this post you were putting all your eggs in one basket and as Ben has posted on here before that is never a good idea.  If you had several income streams that added up to your 3K a month it would certainly be a more solid living than just one stream.</p><p>Tim</p> ]]></content:encoded> </item> <item><title>By: Ben Cook</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9049</link> <dc:creator>Ben Cook</dc:creator> <pubDate>Tue, 15 Apr 2008 18:38:40 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9049</guid> <description>Max, ok so the calendar might not have been the best example (I really have no idea what kind of products would appeal to tropical bird lovers) but even if you only sold one time products and used the traditional e-commerce conversion rates, your figures are assuming that you&#039;re only selling one product, and you&#039;re also assuming a price point.If you were to create some sort of course (maybe how to care for a tropical bird? I really have no idea here) and sold it for $10 a month, you&#039;d only need 300 members before you saw that $3,000 a month level. Even if you only managed to get 30 members a month, you&#039;d make that $3,000 per month level in a year&#039;s time (assuming you&#039;d lose a few along the way as well). Plus, you&#039;d be dealing with a topic that you love rather than something you don&#039;t care at all about.And that&#039;s just one revenue stream. Maybe you then up-sell your members a tropical bird viewing expedition that you organize that would net you thousands of dollars per trip in commissions per customer. I am struggling with coming up with product ideas in this imagined niche we&#039;re talking about but my point is, niches are much more viable than I think you&#039;re suggesting in this post.Also, by only targeting established and proven money maker topics, you&#039;ll always miss out on new trends or topics that emerge. For example, imagine you&#039;d started a mixed martial arts blog in the early days of this MMA craze. You&#039;d now be raking in the traffic and be recognized as a leader or authority in the industry.You&#039;ve certainly made more money online than I have. But, I just don&#039;t agree with your assertion that you should only target proven money making topics. There is definitely money to be made doing that, but the great thing about the internet is that it provides so many different ways to skin the same cat (in this case, making money online).</description> <content:encoded><![CDATA[<p>Max, ok so the calendar might not have been the best example (I really have no idea what kind of products would appeal to tropical bird lovers) but even if you only sold one time products and used the traditional e-commerce conversion rates, your figures are assuming that you&#8217;re only selling one product, and you&#8217;re also assuming a price point.</p><p>If you were to create some sort of course (maybe how to care for a tropical bird? I really have no idea here) and sold it for $10 a month, you&#8217;d only need 300 members before you saw that $3,000 a month level. Even if you only managed to get 30 members a month, you&#8217;d make that $3,000 per month level in a year&#8217;s time (assuming you&#8217;d lose a few along the way as well). Plus, you&#8217;d be dealing with a topic that you love rather than something you don&#8217;t care at all about.</p><p>And that&#8217;s just one revenue stream. Maybe you then up-sell your members a tropical bird viewing expedition that you organize that would net you thousands of dollars per trip in commissions per customer. I am struggling with coming up with product ideas in this imagined niche we&#8217;re talking about but my point is, niches are much more viable than I think you&#8217;re suggesting in this post.</p><p>Also, by only targeting established and proven money maker topics, you&#8217;ll always miss out on new trends or topics that emerge. For example, imagine you&#8217;d started a mixed martial arts blog in the early days of this MMA craze. You&#8217;d now be raking in the traffic and be recognized as a leader or authority in the industry.</p><p>You&#8217;ve certainly made more money online than I have. But, I just don&#8217;t agree with your assertion that you should only target proven money making topics. There is definitely money to be made doing that, but the great thing about the internet is that it provides so many different ways to skin the same cat (in this case, making money online).</p> ]]></content:encoded> </item> <item><title>By: 2ThePoint</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9026</link> <dc:creator>2ThePoint</dc:creator> <pubDate>Tue, 15 Apr 2008 17:19:51 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9026</guid> <description>I hear you, Max, but there has to be a happy medium between making money online and doing what you love at the same time, because, frankly, I dread the thought of doing stuff I don&#039;t enjoy doing (even if it pays well) for any longer than I need to.I like your blog - thanks for sharing all those thoughts up inside yo&#039; head!</description> <content:encoded><![CDATA[<p>I hear you, Max, but there has to be a happy medium between making money online and doing what you love at the same time, because, frankly, I dread the thought of doing stuff I don&#8217;t enjoy doing (even if it pays well) for any longer than I need to.</p><p>I like your blog &#8211; thanks for sharing all those thoughts up inside yo&#8217; head!</p> ]]></content:encoded> </item> <item><title>By: Max</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-9025</link> <dc:creator>Max</dc:creator> <pubDate>Tue, 15 Apr 2008 17:14:53 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-9025</guid> <description>Ben, it depends on how much money you want to make. I think the goal for most people is to make enough to quit their job, so probably $3,000 per month would be sufficient for most people.Given your tropical bird calendar theory, the average profit for a calendar sale is about $5 after all expenses. To make $3,000 profit per month, you need to sell 600 calendars per month.  With an e-commerce industry standard conversion rate of 0.5% of visitors to sales, you need 120,000 unique visitors per month to your tropical bird site. Good luck on that one...So yes, you CAN make SOME money from a hobby type site, but it will be a heck of a lot more difficult to make any significant money by doing that.I used the advertising example above because that&#039;s what most people who email me say they are going to use to monetize their hobby site. I wasn&#039;t saying you need to go after niche markets with lots of advertisers to make ad revenue, but rather because those are proven hot markets where advertisers are paying to be in that market.</description> <content:encoded><![CDATA[<p>Ben, it depends on how much money you want to make. I think the goal for most people is to make enough to quit their job, so probably $3,000 per month would be sufficient for most people.</p><p>Given your tropical bird calendar theory, the average profit for a calendar sale is about $5 after all expenses. To make $3,000 profit per month, you need to sell 600 calendars per month.  With an e-commerce industry standard conversion rate of 0.5% of visitors to sales, you need 120,000 unique visitors per month to your tropical bird site. Good luck on that one&#8230;</p><p>So yes, you CAN make SOME money from a hobby type site, but it will be a heck of a lot more difficult to make any significant money by doing that.</p><p>I used the advertising example above because that&#8217;s what most people who email me say they are going to use to monetize their hobby site. I wasn&#8217;t saying you need to go after niche markets with lots of advertisers to make ad revenue, but rather because those are proven hot markets where advertisers are paying to be in that market.</p> ]]></content:encoded> </item> <item><title>By: Sheamus</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-8995</link> <dc:creator>Sheamus</dc:creator> <pubDate>Tue, 15 Apr 2008 16:03:20 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-8995</guid> <description>@Ben - You could make money from a niche topic, yes, but I think Max&#039;s point was maybe that only a very, very tiny fraction of a percentage of those kinds of sites make a decent return, and typically it&#039;s because they&#039;re stumbled onto a niche market that was on the verge of becoming popular anyway. A site selling calendars of tropical birds can expect to shift how many per year? Fifty, maximum? A site selling &lt;i&gt;calendars&lt;/i&gt; (of all kinds) can expect thousands (assuming all other things being taken care of properly.)Additionally, making money and &lt;b&gt;making money!!!&lt;/b&gt; are two different things.@Max - Cheers for the follow-up. I guess it&#039;s time to set up &lt;b&gt;reallyAbout.com&lt;/b&gt;! ;)</description> <content:encoded><![CDATA[<p>@Ben &#8211; You could make money from a niche topic, yes, but I think Max&#8217;s point was maybe that only a very, very tiny fraction of a percentage of those kinds of sites make a decent return, and typically it&#8217;s because they&#8217;re stumbled onto a niche market that was on the verge of becoming popular anyway. A site selling calendars of tropical birds can expect to shift how many per year? Fifty, maximum? A site selling <i>calendars</i> (of all kinds) can expect thousands (assuming all other things being taken care of properly.)</p><p>Additionally, making money and <b>making money!!!</b> are two different things.</p><p>@Max &#8211; Cheers for the follow-up. I guess it&#8217;s time to set up <b>reallyAbout.com</b>! <img src='http://bloggingexperiment.com/wp-includes/images/smilies/icon_wink.gif' alt=';)' class='wp-smiley' /></p> ]]></content:encoded> </item> <item><title>By: Ben Cook</title><link>http://bloggingexperiment.com/archives/wrong-market-empty-bank-account.php#comment-8966</link> <dc:creator>Ben Cook</dc:creator> <pubDate>Tue, 15 Apr 2008 14:54:24 +0000</pubDate> <guid isPermaLink="false">http://bloggingexperiment.com/?p=487#comment-8966</guid> <description>Max, this post seems to act as if advertising is the only revenue model for a site when your earlier posts clearly illustrate that it&#039;s not.You state &lt;blockquote&gt;If you want to make money on the internet, you absolutely MUST pick a topic that is proven to make money.&lt;/blockquote&gt; but I would disagree with you 100% here. I&#039;ve seen sites dedicated to incredibly obscure niche&#039;s make incredible amounts of money by selling their own products or courses to those interested in the subject. Just because you might not be able to attract high paying advertisers doesn&#039;t mean you can&#039;t still make money in that niche.I would agree with you that you simply can&#039;t create a hobby site and expect advertisers to support it, but using your example of a tropical birds site, if you created an almanac of tropical birds or perhaps a calendar with great images of tropical birds, you could absolutely make money from a site on that topic.</description> <content:encoded><![CDATA[<p>Max, this post seems to act as if advertising is the only revenue model for a site when your earlier posts clearly illustrate that it&#8217;s not.</p><p>You state<br /><blockquote>If you want to make money on the internet, you absolutely MUST pick a topic that is proven to make money.</p></blockquote><p> but I would disagree with you 100% here. I&#8217;ve seen sites dedicated to incredibly obscure niche&#8217;s make incredible amounts of money by selling their own products or courses to those interested in the subject. Just because you might not be able to attract high paying advertisers doesn&#8217;t mean you can&#8217;t still make money in that niche.</p><p>I would agree with you that you simply can&#8217;t create a hobby site and expect advertisers to support it, but using your example of a tropical birds site, if you created an almanac of tropical birds or perhaps a calendar with great images of tropical birds, you could absolutely make money from a site on that topic.</p> ]]></content:encoded> </item> </channel> </rss>
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