Selecting Your Home Based Business Opportunity Market
Posted on: September 23, 2008
Posted in: Small Business Marketing
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To know your market means first you have to not only know who they are, but also the size and if it is realistic to go into. These are some steps that will help you figure out what market is going to be right for you to squeeze into and if you can make a killing with your home based business opportunity.
A good way to tell if you can have success is if other people are having success in your potential industry. There are some really solid tools that you can take a look at that will help you out. First I suggest that you use some online sites to help you figure out if the market will be worth going into whether you are online or offline with your home based business opportunity.
First thing I would do is check out the average big prices on Google Adwords free keyword tool. This will give you a good idea as far as how many people are searching for that keyword monthly. If you have a keyword that is over 100,000 searches then you are getting into a big niche and that is probably a good place to start.
Second you should check the average cost per click to see if your business competition sees a lot of value in your area. You can make a boat load of money if you see that the cost per click is above $3 or even $5. Many people will see this as an opportunity to jump into the market, but don’t worry as long as you know the customer you will do fine.
You want to see how many sponsored links are showing up for your keyword when you type it into Google Search on the top and side of the search results. The more the better for you because that means that more people see money opportunities in that field. If you are seeing at least 10 then that is a great sign.
I would follow that up by going to a library or book store and seeing how many books are being offered on a topic. If I see rows on a topic then I know that it is going to be a worthwhile market to go after. If I see a couple books then I would probably turn away from that topic.
Then when you have done this don’t hesitate to move on your product. It might seem hard at first, but with focus groups and surveys you can narrow your companies focus down and find the right customer.
So check these steps out first and see what benefits they have to giving you a good idea of your market size. Then move forward to either shrinking or enlarging your pool.