How well do you know YOUR market? Even though there are plenty of sources and resources you can go to online for information in this respect, it’s a fact of life that many products are released with little to no prior research at all. It’s no big surprise then that some of them fail to make many sales. The creator is left wondering what went wrong when they “knew” they had a sure fire winning idea behind their product.
Does this sound familiar? It’s easy to assume you know what your target market wants. However, unless you do your research first, you’ll never know for sure. That gut feeling you had could be letting you down big time.
So let’s ditch the gut feelings and assumptions and discover how you can find out everything you need to know about your market and niche . This is the good news – your market is ready to tell you what it needs and wants. In fact the information is already out there. You just have to know where to look and how to find it.
With all that information available at your fingertips, it’s like mining gold!
Using Data Fines To Infiltrate Your Market Niche
You’ll notice we mentioned ten easy ways to research your market in the title of this blog post. We’re going to get started now by covering five essential sources of information in this section.
1: Alexa | http://www.Alexa.com
Known as the ‘web information company’, it would be a real shame not to take advantage of the huge amount of data they have to share with you. On the home page you’ll see a box where you can type in any keyword or specific website address you want to look for.
Let’s say you’re thinking of writing an eBook on low fat cooking. Simply type ‘low fat cooking’ into the search box and hit the search button.
The results will reveal the popularity of your search term (i.e. how many people are looking for it), the amount of competition for it in terms of ads, as well as the specific URL results. In other words you’ll find out whether your idea really will be the sure fire success you thought it would be or whether you should move onward, or go back to the drawing board.
One of the great things about Alexa is that underneath each URL result you’ll see a series of keywords. You can click on any one of these to reach another page full of information for that search term.
This includes search popularity, the competition you’d likely have for it and the competing sites that get the lion’s share of the traffic.
Depending on what you see here, you can consider whether your idea is a bust or whether to pursue it further. Alexa alone can be a huge time saver – not to mention an idea generator.
2: Compete | http://www.Compete.com
The Compete.com website provides detailed analytics for any website you are interested in researching. Maybe you want to see just how well your competition is doing – you can find out here. You can sign in for a free account and see a month-by-month graph of unique visitors for the websites you want to look into in more depth.
Compete.com also provides a competitive rank feature that shows you how the top competitors for your chosen site are ranking in relation to it. You can see too whether the website is up or down on traffic for the month and year respectively.
You’d need to sign up to get a more accurate and detailed picture of the information they have available, but if all you need is basic figures on the other competitors in a particular area, you’ll probably find this gives you everything you need. When you use Compete.com in conjunction with the other sources given in this blog post , you’ll be well ahead of your competition
3: Google Trends | http://www.Google.com/trends
Are you interested in keeping up with the latest trends, hot topics and current events? Google Trends makes it incredibly easy to research your market and get to know WHO your buyers really are and what they are most interested in.
Google Trends is a search engine with a difference. If you want to know more about your buyers you can find out what they’re looking for by using this source of info from Google.
For example, I looked up the general term gardening to see what popped up. The map shows me which areas of the world are most interested in looking for information about gardening, which in this case are the US, the UK, Australia, and New Zealand.
You can limit your search term(s) by using the options at the side of the screen. It defaults to a web search but interestingly you can try a product search too. This could be useful if you’re thinking of launching your own product on this topic (or any other topic that you are interested in).
You can also limit your search to a specific country or pick a specific category to look in. This all helps refine your information from a general search to a more specific one.
But the bit I love the most, is the related terms section. Here, the word gardening gave me related terms including organic gardening, container gardening, square foot gardening and landscape gardening. Any one of these could be mined for further information.
Click on ‘rising’ and you’ll also see the most popular gardening related searches right now, indicating any new and improving areas worth looking into.
In short, a couple hours on Google Trends could give you plenty of ideas to meet the needs of your audience.
4: Google Adwords Keyword Tool
This free keyword tool is gold when it comes to finding out what your target audience is really interested in. All you need is the basic audience you’re after and you can mine it for as much information as you need.
Let’s take a look at an example so you can understand how powerful this is. If we perform a very basic search using the word ‘cooking’ we can see how useful it is to generate more potential ideas.
Simply change the match types on the left to indicate an exact search instead of a broad search, and sort your results by Global Monthly Searches. You can then look down the list and see what people are searching for in this area.
Among the results are cooking games, chicken recipes, slow cooker recipes and crock-pot recipes. You may not have thought of any of these possibilities without the use of the Google Adwords keyword tool, and yet here you are with a list of topics to consider for your next product.
You can also see how many times people are searching for these keywords each month, which is useful when it comes to gauging whether or not there is an audience worth aiming for in your area of the marketplace. It’s an inspiring tool and since it’s free, it should be part of every marketer’s armory.
5: ClickBank | http://www.ClickBank.com
Did you ever think of Clickbank.com as a source of market information? Nor do a lot of other people, and yet it’s a superb source of information worth looking into.
It’s easy to start using too. You don’t need to be a member to delve into the marketplace here – the link for it is at the top of the site. You’ll see a list of categories on the next page, so you can select the one you’re interested in and go from there. The results given for each category are automatically sorted by popularity, so you can see which ones are selling best in each area.
Of course, you wouldn’t copy any of these products – that’s not what this kind of research is all about. No, the idea here is to see what is selling and what other people are making a good deal of commission on. It also tells you what these items are selling for, which in itself is worth knowing if you’re unsure about setting prices for any of your own products.
Perhaps more tellingly you can also sort by low to high for popularity, so you can see the products that aren’t selling. There could be many reasons for this but it gives you another source of information that could prevent you from making some costly mistakes.
It’s a marketplace fairly packed with data and it’d be a shame not to benefit from it, wouldn’t it?
If you are really intent on making the most of your market research, make sure you use all the above methods to get the best free research you can. If you do this prior to launching any product – particularly if you’re aiming at a brand new market – you can be assured of getting much better results.
Before you started reading this report you were probably a little skeptical about whether you could get free information from the Internet in this way. Market research has to cost money, right?
Well no, it doesn’t, although it will cost you a little time.
All the information you will ever need to help you research your market and create the products that your target audience really wants and needs is out there – all you have to do is tap into it. As we’ve seen, there are a number of ways to do that.
We put the data mines section first for a reason. This is where you should always start if you’re literally on step one – finding out which market you want to target and which audience you need to be aiming at. Once you’re armed with that information you can go on to step two, which involves finding out more about that specific market or audience. As you can see, it doesn’t pay to rush things.