Professional Market Research and Evaluation
Our creativity and excitement can sometimes get the best of us. Often times someone has a great idea and decides to establish a business around that idea only to be hit by reality that no one is actually buying!
Shouda? Coulda? Woulda? Now you can!
With the right tools and information, you can save yourself a lot of trouble and anguish by NOT going into a new
business that is deemed to fail, even if it’s not an online business. This is especially important when going into an industry that already exists and offers up-to-date statistics.
Here are a few points that are critical to understand before going into business:
- Where do I intend to operate my business? (location)
- How many people are actually looking for what I am about to offer? (service / product)
- How large is my market and how much can I realistically earn each month (turnover)
- Who are my competitors and how competitive are they?
There are many tools that we use to research a potential “market”. For example, search engines such as Google can provide statistics about existing industries and future trends. Talk to us to find out whether people are going to buy the service or product you are about to sell. It’s always a good idea to look into a realistic future based on actual facts.
GOOGLE MARKET PLANNER AND KEYWORD REASEARCH
In the above example the plumbing industry has been researched. As you can see, the term “plumbers” is a high value keyword with high competition. When this is the case the keyword cost could be driven up, charging you 4.89 for every click that takes place! It’s important to understand the significance of this because sometimes keywords such as “plumbers” could be included in a “nelson plumbers” or “plumbers in heating” search. As an Auckland plumber or a plumber that knows nothing about heating, you of course don’t want to be included into that search result because it would cost you money and not benefit you at all. This is where geographic and negative keyword settings are very important. Just one basic element from hundreds that will apply when you’re doing your online advertising. The goal is to get the most out of your investment!
GOOGLE KEYWORD TOOL
It’s a real shame that Google removed their keyword tool that allowed us to investigate organic global and local search statistics. The difference to the market keyword planner is that we only have Adwords (paid advertising is not organic) statistics to work by. To some extent, Google could invent a market, driving advertising in a direction THEY want which is really a monopoly to some extent. Another disadvantage is that we are limited with an “advertisers” way of thinking instead of the “organic searcher” meaning that other advertisers will think that what the first advertiser is promoting is what is really in demand when in reality it’s something completely different. Google’s advantage in this scenario is that Adwords click value will be driven up by competitors within the same industry!
YHP have deployed in-house systems that can track and provide statistics from various sources, giving you a real chance when going into business. Speak to us if you want to know whether there is a market for the business you intend to start-up.