How to evaluate Market Demand for your new product idea ?

Have an idea with which to start your own business but are not sure whether your idea is profitable? Want to make an assessment of this idea? In this article we will assess the potential demand for a particular product. So you will understand what is the demand in this niche.

The validation of the idea or product is important because it helps to understand the market potential, or lack of it for your idea before you spend money and time for them.

Market / Assessment of Demand vs Product rating

The product, which we chose to assess the demand is Wood ring because it is interesting as an accessory. The chart trends below we see that the wooden clock came into being in 2004 with high demand in Google Trends, which until 2005 fell sharply. In the period 2005 - 2011 g. the searching sometimes falls, then rises until 2011, when he began slowly but unshakable climbing to 2016. It turns out that in 2016 the most sought.





Where it begins?

As seen in the graph, where wooden rings trend and the popularity began to increase dramatically in 2011
For further validation of popularity considered some product reviews. In etsy.com, a site for clothing and accessories, jewelry, wooden ring has an average rating of 5 stars out of 5 based of 190 posts and 95% were satisfied and said they would buy it again. Very good product reviews.





We looked at amazon.com and how to sell the wooden rings. It turned out that selling considerably well. But the question still remains, How many people are really interested in wooden rings?

Rating keyword

The next step is to look at "timber ring" in Keywords Planner Tool for Google. With Keywords Planner Tool to Google, you can search for keywords to determine how many searches per month there this term, what is the competition and related search terms.

To take advantage of this service, you must have a Google Adwords account. Sign in and select Tools from the main menu, then select Planning keywords. Then click Search for new ideas for keywords and ad groups.



On the next screen, enter your idea. Check your settings under double Targeting to make sure they are on your taste and the places you want to specify.






The next window will default Add your ad groups, change Ideas for keywords.






In the first column is the list of keywords you searched, and also the various requests for searching that are associated with the word entered by you. In the second column is the number of searches carried out forever month in geography area designated by you. The third column indicates the level of competition for each keyword.

After reviewing the results, a few things stood out:

1. From planning keywords, we can see wooden crosses, gold cross, silver cross.
2. The main search term "timber ring" has 3600 searches per month. But also has low competition. This means that there are not many people who advertise and compete for this idea. This makes effective competition easier.
3. But there are still many opportunities have a large volume of demand with less competition.

Filtering keywords proved that there are keywords with an average search volume, which have lower competition. Some of them had the word "cross" so we created a new keyword "wooden ring + Cross."

The volume of demand for some of these terms are strong, but all have low to medium competition. With the - high search volume are "cross" and "golden cross".


What type of content is ranked on Google?

We will look at the word "timber ring Cross" in Google, to see the type dadarzhanie of the top places at the moment. So we will have more idea what compete.




Searching in Google see that the articles in the top 10 on Google for the keyword "ring wooden cross" related to the sale of religious and men's jewelry. Appear domains and companies, and etsy.com (site from which we found wooden ring) is dominant for this term.

However, it is possible to "ring wooden cross." Yet in what type of product or niche could become yet? In order to have a larger picture of the product will check in Pinterest pin. We did a search to emphasize the word "cross" so we knew exactly how the wooden ring can be used with a cross.

It turns out that 5 of the 20 used for the sale of religious jewelry, men jewels and vintage jewelry. This is a potential for product.

Geographical assessment


We know that people are looking for information and products "ring wooden cross," but who are still these people? Sometimes a geographic region and product tendentsiimogat be specific. We must be sure that people who are looking for information for which I wrote earlier, live in the area in which we want to sell.


Let's go back to Google Trends, to help us find the answer to the question: "Which countries were looking for these conditions."

Assessment of Social Media

We will use Twitter, because it is a good source through which to look at the market potential and interest wooden rings. We used KeyHole.co search volume of tweets per day, which mentions the word "timber prastven" and "cross" in a tweet.



The chart in KeyHole see that keyword 'timber ring "and" waist "not a single tweet. But when we changed the keyword only "timber ring" on average there are about 99 posts a day, only 33% of women are part Tweety for that keyword.

Here are some of the tweets:



Using social media to research your product reveals the volume of communication surrounding your product idea. But it also helps you learn the language, used by your potential customers. This will be useful when creating ads or written description of the products.

Rating Competition

From our analysis there are three areas of competition in the "wooden cross rings."

1. Religious jewelry - Religious jewelry are readily available online and locally.

2. Men's jewelry - jewelry Males also have a good market niche and are available online. There are a variety of materials from which the rings are made. They may be either wholly of metal, silver, gold, wood, etc., but may also include the timber as well as religious elements such as crosses.

3. Vintage jewelry - Products that are prozivedeni both the small and the big business. You can orient yourself as part kammazhkata market and to women.

What have we learned?

When we started, we only had a business idea. But with a little research and use of online tools, we expand quite searches for potential wooden rings. We learned that the wooden rings are primarily applications in males and religious jewels. By planning keywords in Google, we were able to identify several search terms to low to medium competition and the average number of searches.

We learned from Google Trends, that wooden rings are gaining in popularity by 2011 and identifying the specific cities who seek our potential keywords.

Planning keywords to Google told us that there are at least 30,000 searches in the US and Canada. Keywords that are used do not have much competition, so it has the potential over time to rank at Google.

In KeyHole we learned that there are approximately 99 tweets every day. And as we look at some of the tweets directly we can see that many of these people are not only satisfied with the product, but are ready to buy again.