Starting a business is no small task. There are an almost unlimited number of questions to answer, problems to solve, and possibilities to consider. While the end result can be very rewarding, you don’t want to begin without first doing your research. Before starting your business, there are a few strategies to employ to see if people are looking for what you have to offer.
Finding if There Is a Market with Google Trends
The days of canvassing a neighborhood to get people to buy a product are well on their way out the door. With the prevalence of Google as a search engine, the most efficient way to pool for consumer interest is by analyzing what people are looking up online, and one of the best ways to do that is with Google Trends.
Google Trends is a search feature that shows the popularity trends of any given search term in Google. Because you can refine your search based on time window, region, category, and type of media searched for, Google Trends gives pretty comprehensive data for you to find out if there’s a market for your product or service before starting your business.
Discover Your Product’s Search Trajectory
If you want to discover if your niche is on the rise, set your Google trends parameters to “2004–present.” This will give you a global view of how your keywords are faring, whether many have searched for your terms and if popularity of the term is waxing or waning.
This data can also be helpful in determining when you announce your business. Are people looking for collapsible snow shovels in June or January? These trends don’t necessarily govern the timeline of your business setup, but they can educate and inform you going into the process.
Especially if you are looking for products to sell, beware of fads. The search trends for these spike in isolated periods of time and plummet just as quickly. Fads are a flash in the pan and are not a good business investment.
Location, Location, Location
Before starting your business, check your product’s search popularity by region. With the internet as the dominating source of business traffic, you are not confined to your geographical region as to where to sell your stuff. Services are more dependent on location, but you can check to see how many in your area have looked for the service you want your business to provide.
Use “Related Topics” to Expand Your Business Model
Especially if your business model is still in its infancy, you can discover what similar topics people commonly search for. At the bottom of the page during a Google Trends search, Google includes related topics that people also look up when they search for your topic. These may be within your niche or adjacent to it, but they may also feel tangential.
Either way, it can help you expand your business model to include other services or products mentioned in these metrics since they are a good indication that your intended audience has interest in these topics as well. These may not always make a lot of sense to include in your business plan, but you may choose to incorporate them in other ways. The “Related Queries” section is a good source for this as well.
Before starting your business, it is helpful to know if other companies exist that cater to the Google searches you find. Google Trends has a compare feature to let you see how well they are doing. Be wise with this information. Understand that a bit of competition is good for business, but you don’t want to oversaturate the market. Use discretion and highlight what makes your business different.
Other Strategies for Monitoring Interest Before Starting Your Business
What happens if there doesn’t seem to be a market for your service or product? This does happen, and Trends will indicate that it doesn’t have enough data to form trendlines. So what do you do? Throw in the towel? Not necessarily. Maybe your business will offer something that people are looking for but don’t know they are looking for, or maybe a little refining will help your business get on the map.
Other ways to check for consumer interest include GoogleAds, social media ads, and networking. Following the ups and downs of these methods can be challenging, so before starting your business you might choose to brush up on how to use them. You can also let Performance Driven Marketing handle your online presence, delegating the marketing strategies to the professionals. We’re eager to help you follow your passion to get your business up and running.