Is Your Niche Profitable? | 3 Keys To Market Research Online

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So often I hear people speak about how amazing it is to be able to turn your passion into profits, and get paid to do, or speak about or teach or train others in what you love, and how the internet has made it possible for anyone to make a full time living out of any old passion.

Whether that may be knitting, public speaking, internet marketing, golf, swimming, wine, food, whatever…

Dont get me wrong, I am all for turning your passion into profits, I even created a facebook group recently to gather people together and teach them how to do that! Turn Your Passion Into Profits - Facebook group

But I have some bad news…

If you’re the only one in the world who is passionate about your niche or topic, then its going to be pretty hard to turn that passion into profits… not impossible, but just plain hard work, and I’ll be honest, i’m not a fan of hard work. To create profits in any market you need to have A MARKET…

So one key element before launching out into any business project, is the dreaded topic of market research, we must gain an understanding of whether or not there is actually a market for a product or service within your particular passion.

The three key elements of our market research online are:

1. Volume of people

We can easily find out whether there are many people who are interested in our passion and our chosen niche by doing some simple keyword research.

Since Google has cemented its position as #1 search engine commanding over 80% of all global searches, we can quite safely conduct our market research using Google’s Keyword Research tool

https://adwords.google.com/select/KeywordToolExternal

This tool will allow you to type in keywords and keyword phrases, specifying a particular region, or the entire world, and it will return the results of how many people search for that term of phrase per month, and whether or not its trending up, down or sideways.

Now specific figures will be different for each person, because if you’re able to sell a $1000 product or service to your market you’re going to need less volume than if you’re selling a $17 product or service.

So gauge whether or not you think there is much of a market by researching whether or not people are searching for your specific keyword phrases.

2. Commercial Value

Even though you may have discovered that there are 100,000+ people searching for a specified keyword within your niche each month, that doesn’t automatically mean that you could make money from it.

The way we can ascertain commercial value within your niche is to see whether or not companies are paying money to advertise.

If companies are paying money to advertise then they are obviously confident that they will receive a return on their investment.

Google Keyword Research tool also will give us the CPC or cost per click, advertisers are paying for traffic in google with the sponsored listings.

The higher this CPC value the high the commercial value of your market and your niche keywords.

3. Market Competition

We may have discovered our passion has a huge following, and high search rates, and also has a high commercial value, but lastly we need to work out whether or not this market already has massive competition.

Competition isn’t always a bad thing, but particularly when you’re starting out in internet marketing it can be frustrating to spend a lot of time developing your business and waiting for the results.

To determine our levels of competition we can see how much competition there is within Google Adwords, in our keyword research tool, but another way of determining competition in our market is to type one of our primary keywords into a google search and see how many competing websites are displayed in google search results.

In the top right of the screen Google will display a figure for how many webpages are listed for that keyword.

This will give you a final indication as to how much competition there is in your particular passion market.

This is a great place to get started, before you start forking out money to have websites built and you put your time into building a business.

That being said there are always going to be occasions when new ideas, and passions create a market which didn’t previously exist, so dont let this put you off from developing your own ideas into a successful business.

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