You have this fabulous idea for a new product or service that you have been brainstorming for a while now.
You are super excited to develop the product and introduce it to would-be buyers ASAP!
You invest long hours, lots of money and a considerable amount of effort into getting this product off the ground……only for it to fall flat with buyers.
You’re devastated. And quite possibly broke – having put most of your resources into this great idea you had.
What could have possibly gone wrong? You planned each and every detail of the product, had a rock-solid marketing plan and wide and varied pool of potential buyers to market your product to.
Why didn’t your plan work?
The answer is likely quite clear: You didn’t do your due diligence when it came to evaluating market trends and consumer demand for your product before it launched.
For someone without much online marketing experience, phrases like ‘evaluating data’ and ‘market trends’ can be very confusing. The good news is, such terms are quite simple to not only understand, but also to learn and utilize in your digital marketing efforts.
‘Evaluating market trends’ means to research consumer interest in a product and using that data to create and/or tweak a product around that interest. If people are interested in the product, the more likely they are to buy the product. And vice versa. No interest = no sales.
So how do you find out how much of a buzz a certain product is creating among consumers?
Good ‘ol Google.
Google Trends allows you to see how well a certain product is trending in consumer searches and how it compares with similar products. For example, you want to market vegan cosmetics and need to know how much interest there is in a such a thing. Google Trends allows you to see historic data of search trends for any given search term.
Being able to see several years of search trends for your product tells you whether its popularity is just a fad or if interest in the product is steadily increasing over time. A consistent rise in a trend means people are frequently searching for that product because they A) want more information about it or B) are wanting to invest in that product – both of which are good news for the marketer.
Another neat thing about Google Trends is that it allows you to see geographical information like which countries or cities most frequently searched for your product so that you can streamline your marketing campaigns even more.
The next step is to head over to Google’s Keyword Planning Tool, where you can see how many monthly searches are being done for a particular keyword phrase. The higher the result, the more interest there is in the product. This tool also allows you to see how much competition there is for your product keyword, information that is absolutely essential to your online marketing campaign.
Now, on the flip side of this information, both of these tools can help you research market trends for the demand for a product that isn’t currently on the market yet. This is a great way for businesses to carve out a new niche and maintain a competitive edge in their industry.
There are many, many methods of researching online market trends. Some work better than others, but they all work together to reach a common goal – arming you with the crucial information you need to create a fail-proof marketing plan for your brand.