Market analysis part two: using Global Market Finder

We are going to look at how many times a keyword is used.

The amount of time a keyword has been put through a search engine, will give us an estimation of the size of your audience. Google is the most used search engine in the world, so we are going to look at the keywords used in Google. Google has a free tool that we can use to see if we have a large enough audience. This tool is called Global Market Finder. The purpose of this tool is to help businesses find new markets in other countries. But it is also a great tool to find out how many people have searched for certain keywords. Below you can see what a graph in Global Market Finder looks like.

Image 6: Global Marketer Finder

The column Location (countries) and Local Monthly Search (an average based on 12 months) are relevant for this section. If you click on “United States” you can see a sub location called “English” and when you click on it you can see the keywords that were searched for “fishing gear”. These keywords have been searched approximately 9,900 times.
Below the keywords there is a sentence, “Show additional keywords suggestions from Keyword Planner”. Once you click on this sentence you will see a series of keywords that connect your product to your audience. These keywords are very important for your Advertisement. If I add up all these Local Monthly Searches I will come to an approximation of 55,000 times that a relevant keyword about my product has been searched. There are some conclusions that we can make.

The first one is that this number is just an estimation. The same person could have typed these keywords more than once. Besides, people can be searching these keywords for other reasons apart from buying fishing gear.
Secondly, there are about 300 million inhabitants in the United States and these keywords have been searched for only 55,000 times. This is 0.018% of the inhabitants. This means that this market is very small. So, if I want to reach my financial goal, I probably have to invest more money in advertisements and try to distinguish myself from the competition.

In conclusion, I know that based on a year, approximately 55,000 times people will be searching with keywords that have to do with my product. All of them are potential customers. Even though this is a small market, I only need between 3,740 and 9,350 visitors each month in order to achieve my financial goal. I might have to invest more in marketing, but it seems realistic.

Note: Investing more money means that the monthly cost will be higher than calculated. Higher monthly cost means also that you will need to earn more to reach your financial goal. This doesn’t particularly mean that you will need to get more traffic to your website, for you have a margin of 3% incorporated into your %CR (5%CR minus 2%CR).

In the third part of this section we are going to take a look at the demand of my product.

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