How do you know if a market is worth pursuing?
That’s one of the questions we get asked most often around here.
In simple terms, people want to know…
“Is there great potential for me to make money, and build a high-profit business, or will I be in serious danger of losing the shirt off my back?”
Now the ways and means to research a market could fill an entire course.
In fact, you’ll find a complete module on it in your Fellowship Fortune In A Box training program, which you get as a member of EMAIL ALCHEMY “ELITE.”
But here’s the initial process I personally use to dig into a market, so I can make an informed decision as to whether it warrants more in-depth research.
1. Online Keyword Searches
This is market research at its most basic.
If people are searching online using keywords related to your market, there’s a better-than-average chance they’re spending money on products and services in your market.
If people are searching for buying-related keywords, even better.
If I type “Harry Potter and the Sorcerer’s Stone” into a search engine, there’s a pretty good chance I’m looking to buy the book or the movie.
That’s a buying-related keyword.
There are no guarantees, mind you. But it’s a good start.
So the primary question you’re looking to answer here is…
How many monthly searches are being performed on keywords related to your market?
There’s no hard-and-fast rule for how many searches there must be for a market to be profitable. It’s simply a tool for comparing one market to another.
For instance, if I type “pet scorpion for sale” into the Google keyword research tool and get (at the time of this writing) 100-1,000 searches per month…
… And then I type “pet parrot for sale” and get 1,000-10,000 searches per month…
… Well, it’s pretty clear which is likely to be more profitable.
Sorry scorpion lovers.
There are numerous keyword research tools available online, both free and paid.
Just search “keyword research tool” in your favorite search engine.
Of course, the most well-known is Google’s own free keyword research tool.
2. Social Media Discussions
The big question you want to answer here is…
What conversations are taking place in your market, and are those conversations representative of people that are ready to buy?
Search online forums, Facebook Groups, LinkedIn Groups, Twitter streams, and other social media outlets where these discussions may be taking place.
Search hashtags on Twitter and Facebook.
While you’re trying to determine if your market is flush with cash, and in a buying mood, be sure to find out the specific topics that are getting the most attention.
What are people talking about that keeps coming up again and again?
What topics are getting the most engagement on a consistent basis?
And just as important, what topics aren’t getting any attention at all?
If people are talking about it, there’s likely a marketplace for it.
But that’s not always the case.
3. Blog Posts
This is similar to social media discussions.
I’m listing it separately because blogs tend to be far more focused than social media.
Therefore, they’re a far better source of market research.
I’ve also found that blogs are more often profit-generating tools than not.
In other words, if you can find a lot of blogs in your market, there’s probably money to be made in some way, shape or form.
Again, you’re looking to discover what’s being talked about most.
What are the popular blogs in your market?
What topics on those blogs are getting the most comments, shares, likes and overall engagement?
If you simply study the top 10 blogs in your market, you’ll learn everything you need to know to become a top player in that market.
Often times, a single blog post can be the basis for an entire training course.
At the very least, it can be the topic of a module in that course or even a lead generation magnet (LGM) leading to it.
So bookmark them, sign up for their lead magnets, read everything they publish, and buy their products.
4. Amazon Books
What books are popular in your market?
What are the biggest topics being discussed?
What authors are the most popular?
Look them up and see if they have social media accounts or blogs, so you can follow them or get on their email lists.
Search Amazon books using keywords related to your market.
Check the bestseller lists. You might get lucky.
Use the “Look Inside” feature to peruse the chapter headings, and to read the Forewords and Introductions.
These are gold mines of information on the most popular topics.
Read the comments to see what people are saying.
The comments alone can give you tremendous insight into the needs, desires, and psychology of the people in your market.
They can tell you all you need to know about potential buyers.
5. YouTube Videos
YouTube videos can be another rich source of information.
What videos are popular in your market?
What topics and subjects have the most views, likes, and comments?
As with Amazon, read the comments for insights into the needs and desires of your market. Are there a lot of people talking about your niche?
Does it seem like people are really excited or passionate about it?
If so, that’s a great indication there’s a paying market for products and services.
If you don’t already have a YouTube account, then create one.
You don’t need an account to search on YouTube.
However, with an account, you can subscribe to your favorite sites or set up a playlist with your favorite videos.
This will be important later should you choose to pursue this market.
6. Podcasts
The podcast market is enormous, and growing by the day.
According to Edison Research, 67 million Americans listen to podcasts monthly.
42 million Americans listen to podcasts every single week.
Translation?
If it’s a profitable market, you’ll find lots of podcasts related to it.
Remember my example earlier on “pet parrots for sale”?
WingsNThings is just one of many podcasts around the topic of pet birds that you’ll find on Stitcher right now.
So what are the most popular podcasts in your market?
What topics and subjects are the most popular?
Who are the most popular guests?
Look them up and see if they have social media accounts or blogs, so you can follow them or get on their email lists.
Start following a few, so you can get and stay connected to your market.
7. Training Marketplaces
All sorts of online learning marketplaces have surfaced in recent years.
Udemy.com is arguably the most popular with over 100,000 online courses and 30 million students.
Skillshare.com is a close second with over 28,000 free and premium courses.
Lynda.com has more than 6,000 courses at last count.
The bestseller lists can give you a feel for popular topics.
Student enrollment numbers can give you a feel for the size of the market.
All three are great for determining what kind of training courses and programs are already out there, and for gauging the potential market for your product.
Taken together, these 7 quick and easy research methods will give you a wealth of data and information to help you assess any potential target market.
Now let me leave you with this important thought…
The Market Not Taken or the Well-Worn Path?
In Robert Frost’s famous poem, The Road Not Taken, he writes:
“Two roads diverged in a wood, and I – I took the one less traveled by, and that has made all the difference.”
Taking the road less traveled is a great metaphor for living a richer life.
But when it comes to creating a profitable online business?
Forget it!
You want the well-worn path.
Many newbie entrepreneurs have the misconception that in order to be successful, you’ve got to drill down to a micro-niche. You’ve got to find a market where nobody is selling a product like yours yet.
Or they do a search and think, “wow, nobody else has done this so I’ll be the first!”
In all but the rarest of cases, that will lead you down a disastrous path.
It’s highly unlikely you’re going to find a profitable market in this day and age that hasn’t already been tapped by someone.
So follow the breadcrumbs of those pioneers who’ve come before you.
Don’t try to reinvent the wheel.
Research your potential market thoroughly and choose wisely.
You’ll greatly increase your chances of success!
the well-worn path. Could be the broad wide road leading to: destruction.
The less traveled path…could very well be preserved and not stripped naked…which could offer you much more untouched material…which could broaden your perspective…and entice you to: think on your own and come up with new ideas and discoveries.
Good post!
Well said, Paul. Taking the road less traveled works well for one’s personal development but is a recipe for disaster when it comes to business. Knowing one’s expertise and how to differentiate oneself in the market is important.
The sources you shared are good for pin pointing the pains of our audience but the question is, will they pay to learn the how to resolve the issue or search on quora and try to pick the brain of the expert for free because they aren’t able or willing to pay for the solution.
That affects profitability too!
It is very true that demand is one of the best ways to determine the niche you’d like to get into. As a blogger and internet marketer, I often use the ideas I get from say, podcasts to get the angles conversations about different topics should go. It has consistently helped me get better at the content marketing game. Thanks for this gem.