I was corresponding with Stephanie Pollock, a brand marketing coach that I am working with, about the topic of market viability.
Here are a few things that you can consider when you are accessing whether your target market is viable.
- Is there competition? Competition is always a good indicator that the market is viable – especially if they have been around for a while.
- Do a Keyword research and see how your keywords measure up.
- Is there a demand? Does this market have a pressing problem they will pay to solve or desire they will pay to fulfill?
- Is the market big enough to be profitable? (This can be smaller that you may think, if you are doing something super-specialized)
- Are there books, magazines etc. written about the topic? (Good sign when there is – means people are looking for solution)
- Do you have easy access to the market? Can you find your target market easily – both offline & online? Good sign if there are groups formed around the topic.
- Do you really want to work with this market? (Viability is also about how happy you will be serving them)
- Do you have the solutions to the problems the market faces?
- Are you part of the market? (You don’t have to be – but it helps)
- Does it fall within the top 4 most paid for niches? Sex, Relationships, Health & Wealth? (It doesn’t have to be exactly one of those four – but can it be placed underneath/within one or two? Eg. business coaching is under wealth) – easier to position if it does.