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Market Research Tools

Using market research tools is an important element of deciding which niche to do business in.  A lot of people skip this step and go into a niche they like or that a friend is in.  Don’t do that!  Use some of the tools below to decide if the niche has profit potential before getting into it.

 Keyword Tools

Before getting into a niche market, you want to determine if it’s one where people are actively looking for information and products.   One way to do that is to check out the following research tools:

  • Google Keyword Tool – this is a free tool you can use.  Put in the desired keyword phrase and see how many searches there have been for it.  Google will give you monthly results.   You can access the tool at Google Keyword tool.  If you don’t already have a Google account, you will need to sign up for one.
  • Wordtracker – there is a free version and a paid one.  Go to Wordtracker and try it out using the free tool.

There are other keyword tools, but those are the ones I have used for quite some time now.  Try to find a keywords that have a decent amount of searches but not too high of competition (check the competition column in the Google keyword tool.)

Other Market Research Tools

Go to amazon.com or your local bookstore and check out if there are books and magazines written on the topic.  If people are publishing books and paying for advertising, there is most likely a market for your product or service, and people who are willing to spend money on it.

Another way to check out the interest in a certain topic is to go to Google and put in the  keyword phrase into the search box.  Are there any paid ads down the right side of the page and along the top?  If so, that can be a good indicator in a market who is spending money.  Otherwise, people will not continue to pay for advertising.

Also, check to see if there are Google Ads for the topic.  These are the ads down the right side of the page when you do a search on Google.  Again, if people are paying to advertise, there must be a “buying market” for the product. Finally, talk and listen to people.  Take notice of what they are interested in and need.  Visit forums in the niche, and listen in on the discussions.  All this will give you an idea of the needs in the niche and what people are actually looking for. I cannot stress enough the importance of using some of these tools to do market research.    Do your homework so that you can enjoy years of success in a profitable business.

Want some coaching to help you as you do some research and start your business?  See the details at our Small Business Consulting page.