Evaluating a Market's Financial Potential

The considerations mentioned in the previous blog, can give you a rough idea if a particular market will fulfill your financial goals. Now you need to dig deeper. In this section, you will learn how to effectively gauge the earning potential of any marketplace. It doesn't matter if you deliver physical goods or virtual services. Whether you will be running an online or off-line business is not important either. Take the following steps and you can determine if you have a chance for financial success in your chosen market.

Let Google do the work for you!!! Google is far and away the most popular search engine in the world. Used properly, it can reveal some relevant information concerning the potential profitability of any business. Here is what you do:

1. Type the general name of your niche into Google's search engine, without any quotation marks. A recent search for "Christian dating services" turned up more than 8.8 million results. It is going to be hard to break into such a large market. However, Googling "Christian dating services for baby boomers" returned just 172,000 results. Try to aim for markets that deliver less than 200,000 results.
2. Repeat the process just described. This time, look above and to the right hand side of the Google search results (depending on your browser setup). You will see listings marked by a yellow “Ad” or “Ads” icon. If there are several companies advertising services in your niche marketplace, that is a great sign. This is where Google places paid advertisements. If companies are willing to pay for expensive Google pay-per-click (PPC) advertisements, there is money to be made in that market.
3. Type industry-specific keywords and phrases into Google's search engine, with quotation marks surrounding them. Using the above example,"Christian dating services for baby boomers" returns just 5 results! This tells you it would be very easy to rank web pages using that specific keyword phrase. Do this for other important words and phrases that you think people might be searching for in your niche.
4. The Google Adwords Keyword Planner shows you how many people search for certain phrases and words every month. Select "Get search volume data and trends". Under "Option 1: Enter keywords", list the keywords you are researching. Click on the blue "Get search volume" button. You will see the average monthly search volume for those terms. Google also reveals whether your competition is easy, medium or hard, and they suggest pay per click bids if you want to advertise with Google. (Monthly search volume above 1,000 is a minimum recommendation per keyword or phrase.) 
5. Type your niche market name followed by the words "affiliate program" into Google, without the quotation marks. If there are companies paying affiliates commissions to sell goods and services in your niche market, you know those companies are making money.

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