How To Perform Market Research
Market research is the deciding factor for your future success. This sounds a little extreme, but the truth is that if you make a mistake during your market research, you might end up in a niche where people are not actually buying anything. This only means trouble and hard time making even the smallest amount of money.
Therefore, the first rule, and actually the goal of market research is to find a fairly popular market, and to make sure that the people in it are interested in spending money.
This article presents 5 steps to making it happen. Here we go:
1. Start With Your Passions and Interests.
No one likes to work in a market that is boring. Of course, you can convince yourself to join such a market just because it seems profitable, but you’ll have a very hard time doing your day-by-day work and staying motivated.
The best approach is to focus on the things that interest you in one way or the other. If you have a passion towards guitar playing then try to start there, and then narrow down your research to find a concrete niche.
2. Check Magazines and Books.
Start your research by going to Amazon and taking a look at all the magazines and books available in your niche.
Notice what the most popular topics are, what types of publications are the most common ones, what the sales numbers are, and so on.
If a market is alive, it should have a fair number of physical publications. The more the better.
3. Narrow Down.
Try to go into some separate subtopics and find something that interests you and seems attractive to be a part of.
For our guitar playing example, it can be something like learning guitar chords.
Narrow your market down to 2-3 niches that look interesting (ones that have an active community of people). Take this niches and proceed to the next step.
4. Check if There Are Affiliate Products Available.
Go to Clickbank or ShareASale and make sure that you’ll have some quality products to promote if you decide to join one of your niches. Notice the gravity score and other indicators of product’s popularity.
5. Pick Your Keywords.
Keyword research is where you take your niches and translate them into usable keywords that people actually use on Google.
For this, use Google Keyword Tool (GKT). Start by inputting the name of your first niche. GKT will get back to you with a list of related keywords.
Aim for phrases that have more than 6,000 searches per month. Then go to Google, use these phrases as search terms, and take notice of the number of competing sites.
If the number is greater than 50,000, it might be hard to rank for the keyword.
As the result of your research you should have 3-8 keywords that are both popular and low on competition.
With such a set you can start building your affiliate site, creating content, and finding exact offers to promote.