During the past one and a half year of heading up a Marketing Intelligence team at iZettle, I have had the privilege to get immersed into the world of Google and getting to know a variety of data tools they provide. Many of them are public, free for anyone to use, and if used creatively they can reveal quite a lot about a market. So whether you are looking into expanding into a new market, expand your product offering or start up a whole new business - here’s 7 ways you can use the free Google toolbox to acquire valuable market data before you enter it.
1. Getting to Know the Market with Key Word Planner
Key Word Planner is primarily a tool use in conjunction with support Google Adwords, for marketers to set the bidding strategy for different key words. That said, it can be used in more ways than just deciding what words to spend money on. One clear benefit with using Google search data is that it never lies. What we post on social media is public, but what we search for on Google reveals our true behaviour. Therefore it is rather interesting to play around with Key Word Planner, to understand what people actually search for, what phrases they use and what related topics could be interesting. Here are three ways you can use Key Word Planner for market research purposes:
Find related topics: Key Word Planner gives you suggestions of related key words and search terms that could be of relevance to you. Some of them might be very straight forward, however some might be surprising and reveal something completely new to you. For example, let’s say you want to provide fitness classes online. Typing in “fitness class” into Key Word Planner shows that “zumba”, “hiit workout” and “body pump” could be a pretty good start!
Understand the maturity of the market: Key Word Planner gives you an estimated search volume per month for the respective key word/search term. Before you enter a market it is worth having a look into the search volume, as that gives an indication of the maturity of the market. If there is no search volume it could indicate that either there is not a market for it - OR that there is an opportunity however you have to be prepared to educate the market.
Understand how fierce the competition is: How expensive it is to bid on certain words/search terms gives you an indication of how fierce the competition is. If it is expensive, it could be an indication that the competition is fierce - whilst at the same time being a mature and in some cases lucrative market. If there is a high search volume on certain search terms that are still rather cheap, it could either be an indication that there is a market opportunity OR that there are barriers to entry in the market that does not make it lucrative to enter. Either way, playing around in Key Word Planner gives you a hint of what questions to look further into.