Section C: Track Traffic Trends
Imagine that you decide to visit a racetrack and bet on the ponies. You look at the race line up and spot a horse named Tipsy Toesy. Since you imbibed on a few pre-race beers and are feeling a little tipsy yourself, you figure it must be a sign. So you drop your life savings on Tipsy Toesy.
That would never happen, right? You’d never drop your life-savings on a horse – at least not without thoroughly doing your research to make sure this horse is on a winning trend.
And likewise, you shouldn’t jump on your big idea until you’ve confirmed it’s trending upward, too. That’s why you’ll want to take a look at Google’s traffic trend tool.
Google used to offer two tools: Google Trends and Google Insights. However, these tools have now been combined under one umbrella, which is called Google Trends. You can find this tool at google.com/trends.
As the name suggests, this tool shows you how specific search queries have been trending over the past nine years. What you’re looking for is an indication that search queries are stable, or that they are going up.
You can also use the “insights” part of the tool, which shows you regional interest in your search term, as well as related search terms. This is particularly useful if you intend to target a particular demographic living in a particular part of the world.
Lots of great info, right? Meet me in the next section, where you’ll discover another powerful way to take a peek inside your market.
Section D: Swipe Facebook’s Data
Facebook lets you have a look at some of their data in two ways:
1. First, through their advertising platform.
2. Secondly, through their graph search function.
The problem with the graph search is that it doesn’t give you exact numbers. Instead, if you perform a search, it just tells you if your search created over 1000 results. This will show you if your target market is way too narrow. However, it won’t show you if you have a big enough target market to support a million dollar business.
The advertising platform is more powerful, because it shows you the reach you’d have if you placed an ad on Facebook. Start by going to Facebook.com/ads. From there, you’ll be able to get an estimate of the Facebook audience who’s interested in your topic.
For example, if you were interested in targeting women who like cats, then your audience consists of 6.3 million members. If you wanted to target men and women who’re interested in golf, you’d have an audience of 8.3 million members.
Best of all, you can drill down and more narrowly focus your target market based on location, age, gender, broad interests and/or narrowly defined interests. And that means you can get a really clear idea of just how big your target market is on Facebook.
So far, we’ve been looking at the market. But in order to get a clearer picture of this market, we also need to take a peek at your competitors. That’s what you’ll find out how to do in the next section – I’ll see you there in a minute…