Niche Research is the third article in our How To Find Niche Markets series. The first article in the series goes over some niche market fundamentals. The second article helps you develop an initial list of niche ideas. This article is all about Niche Research– or evaluating your short list of niches to find the one that you can succeed with. If you have followed the steps in the first to articles, you should have a short list of about 10 potential niches that you need to research. The detail research phase consists of: market sizing, competition, and potential to add value to the niche.
Niche Market Sizing
There are a variety of ways that you can measure the relative size of a web market opportunity. Two relatively easy ways to evaluate a market size are to research the number of searches (search volume) and to determine a relative sales volume. The easiest way to determine search volume is to use Google’s own keyword tool. There are other tools on the market (including my favorite- Market Samurai), but Google’s tool is free, and the data source is Google’s search engine which will most likely be your number one source of traffic. [Read more…]