Something all Entrepreneurs Need to Know: How to Evaluate Market Need

Your idea is great in your head, but does the market actually need it? Market need is vital to the success of any project. Be sure it exists before you spend time and money on an idea that won’t take off. Here are five steps for how to evaluate market need.

1: Find Search Trends.

Look for trends in your industry using Google Trends and the Google Keyword Planner tool. You will need to sign up for a Google AdWords account, but this is relatively painless.

2: Watch the Competition.

After you find the trends in your preferred market, take a look at the organic listings in Google to see who your competition is for those keywords. If you find one-off articles instead of big companies, you may have found an underserved niche.

3: Narrow Trends by Geographic Area.

Google Trends also allows you to see where search terms are trending. In order to determine market need, you need to see the actual markets that are in need.

4: Verify Search Results with Social Media Trends.

Facebook, Twitter, Pinterest and other major social media platforms are a great way to help verify the trends you find on Google. For instance, Topsy is an easy way to look at Twitter search trends.

5: Look at Social Media Posts.

Once you find a social media trend using charts, you can dig into the depths of that trend looking at actual posts – tweets or Facebook comment threads. This shows you the intensity with which people actually want the product.

Please contact us when you are ready to take your vetted idea to the next level. We will connect you with the capital experts who can finance and mentor your business dreams into reality.

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