There are many reasons why products fail, including some that may not have anything to do with the actual product. From poor marketing, to an imprudent business strategy, launching a new product can be very costly if not well thought-out.
Fortunately, the process to evaluate market demand for supplements and functional foods can be done without spending a ton of money on an expensive market research team. You can get much of the information you need about whether your idea will sink or float simply by “Googleing it.” Yes, seriously. So if you have a “great idea” for a new product, go ahead and open up a new browser to assess the potential demand.
Here’s how to make the most of this DIY market research technique.
This tool allows you to compare trends and search terms. While the numbers are affected by numerous factors, you can gain a deeper understanding of the top search trends at the moment as well as the popularity of developing ones. Even better? All this information is completely free! Google Trends is open for anyone to use and the possibilities are truly endless. Simply go to the dashboard to see trending stories or enter specific topics into the search box.
Using Google’s Keyword Planner Tool, you can discover:
- how many times certain keyword searches are made every month
- related search terms
- how much competition is out there and what types of content they are sharing
To use the Keyword Planner Tool, you need to have a Google Adwords account, which is free. Simply login and select “Tools” from the top-right menu, then select Keyword Planner. From there you can do a search for new keywords and ad group ideas relevant to your product.
Once you’ve looked through the results of your search, you will uncover competition and search amounts, but you’ll also be able to determine how difficult it will be for you to effectively compete in the market.
If there are other search terms similar to your supplement or functional food product, you may want to consider those instead of using the main keyword. You’ll still get through to your market, but with less competition.
Getting creative with keywords will help you focus your content creation efforts. By filtering the most sought after keywords, you’ll be able to set a goal around ranking for one particular topic. Then you can create and share content that supports this term. If you go the paid advertising route using Google Adwords, doing this keyword research ahead of time will help you save on the cost-per-click aspect when you rollout your advertising campaign.
Content Ranking in Google
Entering your target search terms in Google will help you determine how your content is ranking among your competition. This is also one quick way to see what type of content ranks highest in Google search results for the important keywords you are targeting.
For those simply doing market research, you can see how other supplemental products are ranking on various websites. By looking at the highest searched term (as determined by the above Keyword Planner Tool), you can see what type of content is currently taking the top spots or “ranking.”
This information will give you a much better idea of what you’ll be competing against. Keep in mind that if there is a lot of competition, don’t be deterred. High search volume typically means the market is ripe for your product.
Get to Googleing
These inexpensive or free market research options offer endless benefits to your business. From checking up on your competitors to understanding if your idea has a place in the market at all, utilizing Google as an inexpensive way to evaluate market demand for your new product idea is one of the best places to start.
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