Discover the art of conducting thorough market research and validating the viability of your potential new business or product. Uncover the essential strategies to determine whether your idea has the potential to thrive or if adjustments are needed for success. Dive into the process of assessing market dynamics and gaining insights to make informed decisions for the future of your venture.
Mastering Idea Validation Online
Navigating Market Research
Keyword research assesses market demand, interest, competition and buyers for evaluating the viability of a business idea or creating a new product or service.
Amazon allows you to search for products that are similar to your idea, get a sense of the level of competition in the market and the types of products that are currently available.
Identify emerging trends and topics of interest in your potential target market and an opportunity to engage and gather feedback on your idea
Studying successful YouTube channels within your niche is another effective market research strategy. Analyzing their most viewed and popular videos provides valuable insights into your specific area of interest.
By mastering the art of Google Trends, you can uncover a wealth of information, emerging trends, gaps in the market, identify seasonal patterns and gain a deeper understanding of audience interests and preferences.
Social media has become a treasure trove of information and inspiration, making it a prime source for idea research. Tracking popular trends and hashtags provides a real-time pulse of what people are discussing and interested in.
By analyzing competitors' successful initiatives, you can gain inspiration for your own unique ideas and approaches. Additionally, understanding their shortcomings can help you identify areas where you can offer superior products, services or experiences, differentiating yourself in the marketplace.
A competitor's website has a wealth of information. By exploring competitors' websites, you can gain insights into their product offerings, pricing, user experience and identify areas for improvement.
About the instructor
When Fran discusses marketing and sales, she draws from her real-world expertise. Her fundamental passion revolves around boosting sales profitability with minimal effort to achieve the maximum rewards. While tips, strategies, and knowledge have their place, nothing can replace the wisdom gained through hands-on experience.