How to determine the demand for a product
An ideal selling site, high-quality SEO optimization, and the most remarkable advertising will only help if your offer is attractive to users. In other words, the reason for the absence of buyers may be the mistake of choosing products with zero or negligible demand. Therefore, it is essential to ensure that the goods or services prepared for sale will find a sufficient number of consumers even before launching an Internet project.
Let's talk about assessing the demand for a product to form an offer that is profitable for business.
Request selection services
The query selection services used to form the semantic core also help determine if there is a demand for the product with which you plan to enter the market. They allow:
- increase the effectiveness of content,
- predict possible traffic growth,
- set goals in planning on actual indicators of the interest of users of search engines.
The analysis is based on how often users search for a particular product/service. In the course of studying the information, you can understand whether the selected product or service will be famous, how significant seasonality is, and how the interest of potential buyers changes.
It must be taken into account that not all request options may directly indicate consumer demand. Some key phrases are purely informational queries and should be excluded when assessing the situation.
Consider an excellent online search tool
Google Keyword Planner
Keyword Planner is a free Google AdWords advertising tool.
Helps to solve several problems:
- find critical phrases on a given topic,
- analyze the degree of user interest in the request and its dynamics,
- get an approximate cost of promotion using keywords, prepare a plan for the implementation of an advertising campaign in the future,
- Assess the level of competition.
Here, you can specify negative keywords, limit the region, and select a date range.
The most famous trend analysis service is Google Trends. It evaluates and helps predict the change in consumer expectations based on data about the fundamental interests of search engine users. The analyzer allows you to plan the dynamics of demand for products.
Google Trends Demand Estimation Tools:
- Trend analysis - assessment of the dynamics of user interest in the subject and type of product without specifics;
- Comparison of trends - analysis of user activity in several areas to determine the most priority for business development.
Google Trends allows you to determine the following:
- stable trends that show approximately the same level of interest throughout the year or even years (mobile phones, sportswear),
- trends with a certain seasonality (goods for a beach holiday, organization of holidays),
- growing demand (solar power plants),
- the tendency to fall in demand (toys-antistress).
Thus, the Google Trends service answers the question of determining the expected level of demand for a type of product/service on the Internet and the potential of the direction, taking into account current trends.
How to find out what products are in demand in your business niche? "Ask" the most successful competitors. Large and stable companies invest heavily in market research, and you can benefit from its results.
Hints and valuable information can be found at:
- on the site (products/services, range of products, famous models, etc.);
- in contextual advertising (products with what characteristics appear in advertisements);
- in the assortment features and USP (what is sold, what motivates the target audience to complete the transaction).
Focusing on the leaders of your niche, you can find out which products are most in demand by consumers.
Information from suppliers
Working with suppliers consists not only and not so much in choosing the most advantageous offer at first glance. It requires a constant, careful assessment of any changes in the range and prices, the analysis of supplies, and the establishment of mutually beneficial and trusting partnerships.
Regularly analyzing and comparing changes in prices and assortment, you can get helpful first-hand information. Manufacturers and intermediaries strive to monitor and respond to the market situation to stay afloat. And even if they are not ready to share their motives, the updated offer will tell you how the case in the niche is changing. Thus, a sharp unjustified price reduction may indicate a significant decline in demand, and an increase in production may show a growing interest on the part of buyers.
Analysis of deliveries and changes in terms of cooperation
Attention to even the most minor changes can tell a lot. Shipment delays are often the result of increased demand and the inability to produce as much as the market requires. And attempts to quickly get rid of a large batch of products may indicate problems in the implementation and attenuation of consumer interest.
In the process of cooperation, it is essential to establish trusting and even friendly personal relationships with suppliers' employees. Such relationships often allow you to receive valuable, reliable information directly from the partner and quickly respond to fluctuations in market demand.
Demand determines supply, and if you promptly respond to the target audience's needs, the business will bring stable profits. Assessing the interest of potential buyers only sometimes requires financial investments. Free solutions calculate the demand for goods and services and predict the possible sales volume.
It is recommended to combine various analysis tools so that the information is reliable and reflects reality as accurately as possible.
Regularly take some time to study statistics, competitor behavior, and data from suppliers to stay in the know and always offer site visitors what they need at the moment.