How to conduct market research and find potential market for your business or product
Below is a transcript of my impromptu video, so please ignore grammatical mistakes.
[00:00:00] If you want to Market your new or existing product, this is an awesome tool that will help you to identify the potential markets and give you a bird’s eye view on how you should proceed, keep watching.
Okay so the first step is to give your website address, what I will do is I will give my website address and then this tool will identify what my website is related to?. The algorithms are working in the background and they’re pulling in all the metadata from the website.
The website is in direct marketing, social networks, website design, and development. I will just confirm the categories. So now a broad spectrum of the countries is shown to me, where exactly the product and services are in demand.
Let me sign in so that it gives me the Full list of countries.
Okay. so the point is, if you have a website or any service or a SAAS based product, this tool will give you a bird’s eye view of each country.
So if you want to find a particular country you are targeting like say for example, I will take India it will give you estimated bid of Google ads and let me add this Market which is an option and then I’ll choose another Market of say Canada, so you could see the difference between the estimated bid and you can understand the economy of advertising here. So I have added this Market also.
I’ll take a country in GCC also. Saudi Arabia is upcoming, let me take it. It will give me the features of Saudi Arabia. So here I have the details of the markets which I have filtered, which I am interested in and if I will click on more details, I will get to know the country profile, the economic profile. You can go one by one and the data is quite lucrative. So you will get the population size, at least you will get a bird’s-eye view what exactly it’s all about.
If your product is specifically a very refined product you can go by the demographics, by the language. You can at least come up with a strategy that can target language-wise or which can take demographics under consideration so that you can get maximum output.
It gives you the corruption perception index. I mean this information can be utilized if you have a physical product and you are dealing with government somehow, but overall if you will go and look through the country profile, they have given you enough data to make a presentation or to at least get a direction as of how you have to proceed.
Payment methods, this information say for a technical company or a SAAS based company is very important.
Card friendly? the country is card friendly or not. How popular bank transfers are there? Cash on delivery? etc.
Search advertising, how many searches users are doing, and what exactly people are spending on, the keywords, online profile, active internet population, etc.
There is a plethora of information out there which you can use to create at least a landscape of your market.
Purchase Behavior, this is very important, the first exposure to the product.
Why advertising 6%, in that also you can segment which advertising, online-only, the search, to find the local business, 30%.
So whether your business has to be local or not.
You have to be on Google Business pages are not.
This information can give you a direction and then you can dig upon and create your marketing strategy as per the country.
Use this tool for your particular business and let me know if you get benefited from it.
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