Evaluating Your Ideas

You’ve found a niche that you can serve and you’re excited. But it’s not enough to be passionate about your idea. You have to make sure that consumers will want what you’re offering; otherwise, even huge amounts of marketing won’t be able to save your business.

You can begin your evaluation by doing some keyword research. If you’re not familiar with this process, it’s about analyzing the keywords people use to find products and services.

The best tool to use for keyword research is Google’s Keyword Tool. This is a free service but you do need a Google account to login. Click on “Search for new keywords using a phrase, website, or category” and enter your keywords.

Google will display your results and even go a step further by providing you with related keywords. These keywords can provide even more insight into what consumers are searching for.

Another helpful way to evaluate your idea is to join online groups where your ideal customers hang out. For example, you may want to join a Facebook group of avid swimmers, if your products will be geared toward this demographic.

Pay attention to the posts people in the group ae making. Are they complaining about a problem that you product would fix? Do they like an existing product but wish it functioned differently? What questions are beginners asking? How about advanced swimmers—what do they need?

One big mistake to avoid when evaluating an idea is asking friends or family for feedback. They may give your product or website glowing reviews. This can lead you to believe your idea is going to make you a lot of money or that your project is perfect the way it is.

Your family and friends mean well. But they don’t want to risk hurting your feelings. They want to encourage you and see you succeed with your idea. Add in the fact that most of your friends and family won’t be in your target demographic and you have a recipe for disaster.

Another helpful technique for marketing analysis is sending out a survey. To get people to participate, you may want to offer the chance to win a grand prize. This prize should appeal to many people. Examples might be a gift card to a certain store or a big-ticket item, like an Xbox.

If you don’t want to offer a grand prize, you could instead give each participant something in exchange for their time. For example, you might give people a free sample of your product or you might offer a discount code they can use on your website.

Keep in mind that you want people who are in your target demographic to take your survey. You’ll get skewed results if you invite just anybody take your survey. Focus on the people you’re excited to serve and listen to their responses. They’re the ones who really matter.

In the next post we will discuss Finding the Right Products to Sell