The initial step when considering how to research a product market is keyword research. Online keyword research is an essential aspect of being successful in internet marketing promotion as the keyword will be a major contributor on the amount and quality of traffic that your site or blog will receive. e.g. if you are considering establishing a blog on dog training which is a very popular market you will be embarking in a very competitive arena. Therefore knowing the best method to research a product successfully will enable us to pick the right product to pursue and avoid the products which will not bring us any benefit.
There are two trains of thought on this strategy a big market has plenty of traffic but it also has loads of competition. The saying goes that competition is not bad holds true and it indicates to us that if competition exists; then that is a good sign that people are interested in the products that the market is able to offer. However the flip side of this is that the competition may be more experienced than yourself and therefore you may not get a look in and be disappointed for your efforts.
The opposite of a very large market would be a very small market, this would be easier to get a site ranked within but the important factor we need to realize here is whether the market is actually big enough at all and will provide any revenue for our efforts.
Knowing how to research a product market using keyword research and keyword research tools can therefore help us decide whether we should look to compete in a market or be better off looking elsewhere.
Knowing the Market Competition When Researching a Product Market The ideal market for someone starting off learning internet marketing is like the analogy of the 3 bears a market not too big and a market not too small, really a market which is just right.
So how do we research products and discover a market that is just right? Well we are able to conduct keyword research via a Google look-up and this can be achieved quite simply by typing our keyword into the free Google Keyword Tool. Search Google for Google keyword tool. There are a number of filters that we can add to start filtering our keyword selection so that we can start filtering our dog training example into a more manageable market size. Ideally we would be looking for a keyword which has enough monthly volume, figures vary on this but ideally between less than 100k monthly and more than 30k monthly searches would be a good start. The keyword tool also shows us competition and ideally we would be looking for medium or low competition. The competition figures quoted here are not the exact competition that we should be considering as they relate to advertising competition but they are a close enough indicator for our purposes.
This method on to research a product works and it is free but it can be slow and tedious.
The Quicker Method to Research a Product Market – There is a quicker way to go about researching a market and this is by using software tools designed for this purpose. The one that I have used and would recommend is Market Samurai. This is a great product not only because it does a lot of the legwork for us because it has built in filters which make the keyword research much easier but it also has lots of extra features that we can use after we have selected our keyword and are then researching a product further.
Market Samurai Keyword Research video
How to Research a Product Market with Market Samurai Video
Another great feature of Market Samurai is that it is available as a free download and you can try out all the features when considering how to research a product for a full 30 days. After the 30 days trial you can stop using the product or purchase it for a one time fee, as it is not subscription based.
However If you decide not to purchase the Market Samurai it you can still use the keyword research functionality which is a great tool alone to speed up how to research a product but you will not be able to use the additional features that are included in the paid version as they will be disabled. The product is updated regularly and I would thoroughly recommend it. The price after 30 days for the product is $149 but if you download and trial it here, I believe you can buy it discounted after the trial for only $99.
Market Samurai will generate a list of relevant keywords which will help us on research a product market and that we should consider based on our initial keyword which it will use a seed keyword. We can then use these suggested keywords to drill down further into our market, or research new keywords we may not have considered. The tool will also then calculate the search volumes for you and you can then filter these on your preferences. Inbuilt filters can suggest the most relevant keyword you should consider. Following our keyword selection we are then able to drill down into the keyword to calculate the competition in the market and Market Samurai again has a set of filters to identify if this is a good market we should be considering and then we can conduct further market research with the other functions of the tool; helping how to research a product market to understand the type of material that people are presenting around the product. This is an all round excellent tool and I would recommend that everyone should at least give the demo a trial.
The quick filters in Market Samurai make knowing how to research a product market a very quick task and we can be more confident that our internet marketing promotion efforts will be better rewarded.