Easily Identify Market Opportunity
If you found business ideas that suit with your passion, then you need check market opportunity. The market opportunity is market demand. There is people group that will need and love to buy your products. You need to check market opportunity so you know it is worth spending. You will know, it is worth to spend your money, time, energy and attention? Then, identify market opportunity is often expensive, so I offer an easy and cheap way. It identifies market by online tools, like google keyword planner, Google, Google Trend and Facebook.
What you need to do to prepare is collect keyword about the product. Not just keyword in your term, but keyword in their term. For example, if you want to sell fishing accessories, you write a list of keyword: buy bait, buy a kayak, fishing in Arizona, cloth for fishing, fishing rod et cetera.
1. Google Keyword Planner
You can access Google keyword planner in this link adwords.google.com. You sign up or sign in to that website. Then click tool icon at top right, then click keyword planner.
Google keyword planner help you to identify market opportunity. Plug your keyword at this tool, then it gives you statistic about keywords.
That is quantity keyword that audience type on google. That is mean market demand. At least indication. You can add another keyword that gives you a strong indication, like the cheap fishing pole. You will found market demand
2. Google Trend
Google trend give you information about how many people that search the keyword in annual by month. This data gives you information about when market demand in peak and in low.
Then you check facebook. Plug your keywords into facebook text box. I mean keywords about the product on Facebook. Choose fanpage. We will check fanpage for the product. Check interaction in the fanpage. Many commercial interactions indicate a good opportunity.