Niche Marketing – In 10 Minutes Or Less Learn How to Analyze the Profit Potential in a Niche Market

Niche Marketing – In 10 Minutes Or Less Learn How to Analyze the Profit Potential in a Niche Market

By Candace Sinclair Icon

Whether you want to start a new business, add products to your existing business, or gain insights for an academic research project, Google Insights for Search can help you determine the local, regional, or multinational interest in 10 minutes or less.

From your favorite browser, type: Google Insights for Search, and then click the relative link to see what people in the world are searching for.

  1. To determine if a product is in demand, and to see the sales trends over several months or years:
    • Type three search term phrases into the Search Term query box, and then click Search.
    • For example, if you typed: golf courses + golf vacations + discount golf equipment, you would see which countries (as a default) offered the most potential.
    • You would also see the latest news on your three keyword phrases, along with a graph that would show you which month or year had the highest results. These statistics would tell you if there was an immediate or “breakout” demand for those keyword phrases, and then you could begin developing your product if the numbers were high enough.
  2. To determine the seasons when your product will most likely obtain the highest sales
    • You can use Insights to determine seasonality. For example, typing the keyword phrase: destination weddings, the graphs and data would be compared across several years.
    • Notice that the results are consistent over a period of four years (using the default parameters). Consumer interest picks up in July and peaks in January the following year.
    • By obtaining this information, a destination wedding planner can anticipate the demand and make several informed decisions about how to allocate or ramp up offerings, as well as when to spend advertising dollars.
  3. To determine your brand’s availability and competition in your chosen niche market
    • Insights is a helpful tool for creating brand associations and determining how to position a product against competitors and competing products.
    • When you search for touch screen phones, for example, you can apply the Category filter, which shows the high demand and breakout data in the Computers & Electronics sector.
    • To specify regional impact and interest, you would use the “Worldwide” filter but then select a specific country. Those results will also show you the brand of phone, and the state that’s generating the most search inquiries. From there, you can determine where to put your advertising dollars.
  4. To view statistics for a new and potential niche market:
    • To compare data by multiple countries, regions, cities, brand name, or store, type: designer + handbag into the search box, for example. You will see that the most searches occur predominately in the following ten states in the USA: New York, New Jersey, Florida, Louisiana, California, Georgia, Mississippi, Texas, Pennsylvania, and Illinois.
    • In addition, this research will also show you which brand names are selling the most, such as, Jimmy Choo, Coach, and Juicy bags.
    • If you participate in affiliate marketing, this data would also immediately tell you where to focus your marketing efforts for the largest commissions.

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