One of the biggest mistakes most beginning marketers make is choosing the wrong market. They have a hobby or interest they want to pursue but when they launch their product, they don’t make any money.
In my previous blog post here, we touched on the importance of search volume in Google and what those numbers really mean regarding whether or not people are going to actually pull out their wallet and buy something.
In this post, we are going to cover the 5 traits of a strong market. The best part is it only takes a couple hours or so to research all this to determine if your market is viable.
1) Are there real people selling real products in your market?
Find this out by going to Google and typing in the keyword for your niche. You should be seeing a lot of Google Adwords on the right hand side of the page. This is a sign that there is a good market–as most people are paying good money to advertise on Google.
2) Are there affiliate programs in your market?
Another technique to determine if there are buyers in your market is to type in your keyword followed by the word “affiliate”. This should bring up affiliate programs in your marketplace–a sure sign that money is to be made in your market.
3) Are there books on your subject being sold on Amazon.com?
Do a simple search on Amazon to determine if there are books in your niche. Better yet, go to your local bookstore. Are there a lot of them or only 1 or 2? This could be a sign that the market might not be as strong as you think.
4) Are there periodicals in your market?
An almost slam-dunk way to determine if there are buyers in your market is to determine if there are magazines or periodicals in your marketplace. The fact that people are willing to pay money to have a periodical sent to their door is a sure sign that market is ready to buy!
5) Are there advertisements in these periodicals?
When you look in magazines, is it full of direct response advertising? If this is the case, you will want to make note of that–as a sure sign of a vibrant market is seeing direct response advertising in offline periodicals.
Now not all markets are going to fulfill this criteria. However, if you have an idea and you come up blank in all of the above for your market, you better choose a new one!