So you’ve come up with an idea of a new or emerging product you’d like to sell. Perhaps you’re thinking of selling an existing item but are unsure just what the market demand is for this product? There are a few methods you can try out for determining current and future market demand for a product.
If you’ve got a Google AdWords account, you can check out market trends by looking at searches for particular products or relevant keywords. You can view charts showing the trend toward increasing or decreasing popularity for various search terms. You can narrow these searches by including geographic area. Google AdWords will tell you what keywords and terms are popular in terms of average monthly searches, as well as showing what the competition is in that specific area. This can be a very helpful tool when evaluating market demand, particularly if you’ll be marketing your product to a certain geographic region.
A simple Google search can also be super helpful to find out more in terms of market demand, popularity, and competition. Searching for the product you’re considering selling, see what the top results are on Google. Perhaps you’ll note that the top results are articles discussing the product or blogs about its usefulness. This might demonstrate that while the product is gaining in popularity and recognition, there is no major stronghold in terms of competition–no major seller of that product dominating the market. If you’re still learning about your potential product as well, the Internet can be a treasure trove of information and ideas. You can discover more ways of using the product or different variations which might help you come up with something even better. If you find comments and reviews on similar products online, this could give you suggestions for improving on a product or meeting an as yet unmet need.
Using Topsy, you can check out Twitter, searching terms to see if they’re being tweeted–how often, when, from where, and if they are being tweeted alongside other relevant phrases. This is a great way to check out social media influence on a given product or similar products. Pinterest is an excellent tool for seeing what people are sharing and pinning. This can give further insight into the popularity of products and help evaluate their potential in the market as a great selling item.