Best tools for market analysis

[Joda]

Hello fellow fast laners,

I am almost finished MJ DeMarco's Audible version of the millionaire fast lane and it has compelled me to pursue my business idea.

I have an idea for a web content system, I've checked out the competitors and i know for a fact if i pull off my concept I'll be adding far greater value and doing it for free.

A question i'm having trouble answering is will my niche be big enough to help me change lanes? I'm trying to determine if the demographics/market size is big enough to support my vision.

Does anyone know of any analytics tools, data brokers, plugins or websites that will help me determine the size of particular consumer demographics (for example - how many people play softball) ? or how much traffic a competitors website is currently receiving?

Thank you

 

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[TonyStark]

https://adwords.google.com/KeywordPlanner

 

[Joda]

https://adwords.google.com/KeywordPlanner

Thank you for the quick reply! on it now

 

[Scot]

https://www.thefastlaneforum.com/community/threads/5-seconds-to-validate-your-idea.70083/

 

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[Andy Black]

Don't think demographic (people who play softball), think instead of "demonstrated cashflows"(people who have bought softball equipment).

Your market isn't a demographic, it's a demonstrated cashflow.



Follow demonstrated cashflows.

Billions of dollars are spent a day by businesses generating leads and sales.

Millions of dollars are spent a day by businesses generating leads and sales using AdWords paid search.

That's a large demonstrated cashflow that I have attached myself to, and it's a monthly one too!



Listen to this podcast, it's where I learned of "demonstrated cashflows":

• www.tropicalmba.com/services

Also read through my AdWords posts. There's a few in there that talk about how I determine whether a project has legs or needs a bullet.

In short:

"You only learn when you launch"
(Dan Norris)



Just start.

 

[Hans im Glueck]

For physical products it can also be very useful to search on amazon, since it's biggest search engine for product related searches.

With plugins like Jungle Scout (I use Sellics XRay for the German market) you can get fairly accurate sales stats for almost all products on Amazon. With Sellics you can even track the exact Sales over time in order to see the revenue someone is generating. Doing this with several products in a niche should give you a fairly good picture of the general demand.