How do you estimate your market?

by mguy
10 replies
I know this is going to be vague, but the gist is "how do you estimate your market?"

Say you an ebook, and you want to know how many people out there might be interested in it.

Or say you have a physical product how do you know how big the market really is?
#estimate #market
  • Profile picture of the author AvisMarketing
    Hi there

    What I would do is find forums based on your eBook subject and ask questions, respond to others etc. that should give you a measure of how many people would want what you are offering.

    Hope this helped in some capacity.
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  • Profile picture of the author Mark Tandan
    There are a lot of sources to get a picture of market size. If it's an info product, you could search here for WSOs on similar topics.
    For physical products, easy to check out Amazon to get a sense of how many similar products are selling. Can do the same with eBay.
    What I like about Amazon is when you search and select a product, the page auto-fills with suggestions for 'what you may also like', 'what other people who bought this also bought' etc. Really good info to dig into to get a true sense of demand for the product and related products.

    Hope this helps!
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  • Profile picture of the author Rbtmarshall
    If you took the time to write an eBook about what your target market wants to read, you should already have an idea of market size.

    If you bought plr.. Good luck with that crap. You were the target market for the plr salesperson, not your market.
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    • Profile picture of the author JohnMcCabe
      More ideas...

      Look for industry trade groups and related groups (i.e., for an ebook about 'steak', check with the Beef Council and BBQ-related trade groups).

      Find a good list broker (or ask your reference librarian) and see what size lists are available, particularly from magazine and catalog houses. These are people who have enough interest/affinity to buy subscriptions and request catalogs. Some even offer "buyer" splits, people who have already made purchases. Even if you don't buy a list, you can get some idea of the numbers involved.
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  • Profile picture of the author travlinguy
    Do a search for it on Google, Bing and other popular search engines. If you see a lot of paid ads popping up in the search results you can almost be sure there's a healthy market. Then look at how many sites are listed in the search results.
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    • Profile picture of the author savidge4
      A quick way that I check traffic in general is to use google and search a term say "bbq grill cleaning" on the top left it will show a number of results. In this case there are 1.9 million results or pages out there pertaining to this subject. The next step is to go into Google adwords and check the traffic. In this case it is 90 people per month.

      Keep in mind that Google uses a 90 day average as it pertains to traffic count in adwords. And of course it being the middle of winter, not to many people are cleaning their bbq's.

      What these 2 numbers show... #1 how many pages are out there on the subject. and number 2 how many people are looking. you can then break this into a ratio of sorts. I usually use 1 million as a base and the divide the word search count. in this case you would have a 45:1 ratio ( 45 views per million )

      As another example we could look up "bbq grills" and the ratio there is 100:1. Or we can look at "Xbox One" and see there is a ratio of 900:1.

      Keep in mind when bringing a product to market your competition factor is going to be the total number of pages you are competing against. As good as "Xbox One" looks in the ratio, you are competing with 453 MILLION websites to get that traffic.

      I personally work a market / product with a 16,500/1 ratio. The great thing for me in this market is that there are 2 million pages and 33,000 searches per month. As they say on 'American Pickers' that is a "Honey Hole"!

      So if you are looking for a profitable "Niche" or determining product potential, that is a quick and easy way to do it.

      Hope that Helps!
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  • Profile picture of the author TatiW3B
    Personally, I look into what my biggest competitors are doing in the market. Are they successful with a similar product? How are they promoting it? How can I do it better?
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  • Profile picture of the author jbsmith
    Great question - for me, I look at:

    1. Amazon - get a read on sales rank of books and Kindle ebooks paying special attention to when the book was released, comments, recent sales, etc...
    2. Do Google search for "my niche" + ebook, + dvd, +seminar +report +course, etc... I like to enter markets where there is the opportunity to go higher-end, not just ebook but something larger back-end so I try and prove demand on higher-end as well
    3. Look at top authority sites in that niche and see what they are selling (as affiliates)
    4. Check other directories like Clickbank, Commission Junction, Ejunkie,
    5. Test by launching a blog/website - run traffic to lead capture page and then test different offers - sometimes affiliate offers to pre-test the topic, sometimes my own report for $5 or $7 before digging into something more involved and ramping up marketing

    Jeff
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    • Profile picture of the author myob
      The "pros" (ie major companies) may spend millions of dollars in market research before entering a niche or launching a new product. And even they may often flop in the marketplace. So being a rather simple kind of a guy, I have always chosen the most highly competitive niches, because generally the heavy lifting in market research and product testing has already been done.

      A good place to start is to visit the best sellers on Amazon and virtually anything being sold on dummies.com. These are highly professional marketers, and there's a high probability the products and/or niches covered therein are big hits. Those guys are absolutely brilliant when it comes to finding the hottest niches.

      Using this simple research, nearly every niche idea from these has turned out to be an astounding success for example in promoting affiliate products. In my estimation, if the ebook or product doesn't fit these criteria, then don't even bother trying to promote them.
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  • Profile picture of the author Stuart Walker
    Google search volumes and trends.

    Google stuff like "size of X market in 2014" and "money spent on X industry in 2014"

    Number of blogs, forums and social media hubs.

    Volume of products and how well they sell on Amazon etc.
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