Determining your potential market is fairly easy nowadays using tools like Google Traffic Estimator. I’ve personally been a professional musician most of my life. Originally I came to Kansas City, primarily to play jazz. I made my living for several years, playing clubs, festivals and restaurants around town, as well as teaching drum lessons. Eventually I expanded my skills and services to include guitar and bass lessons. I formed other types of bands, and eventually ran a complete entertainment agency, providing DJ’s and other entertainers, along with live music. I went into some of these business areas, just basically assuming that there was more money to be made than in jazz or drum lessons.
This morning I did a little bit of research using Google Traffic Estimator. The results actually surprised me. If you’ve never used Google Traffic Estimator, it’s actually very simple. The tool was designed to be used with their Google Ad Words, pay per click program, but it’s a fantastic tool to use in determining your market potential of any given product or service. It’s completely free.
Here are the steps to use.
- Go to Google Traffic Estimator.
- Under Max CPC $ enter 3.00 (That’s $3.00 cost per click if you were actually using their pay per click program. You don’t have to pay a dime to use this tool though.)
- Under Daily budget enter 20.00 (That’s $20.00 per day.)
- Enter the words or phrases you’d like to search. You can add 1 per line and do a whole bunch of them.
- Now just click Estimate.
How you use the tool in determining your market potential depends largely on whether most of your market is localized or global. You’ll see the number of global and local monthly searches in the results. Personally I was only interested in my local market in Kansas City, since that’s where I conduct all my entertainment business.
Here are my local monthly search results.
- Kansas City drum lessons-0
- Kansas City guitar lessons-320
- Kansas City DJ’s-0
- Kansas City variety bands-0
- Kansas City jazz-8,100
It surprised me that there were that many more people looking for guitar lessons than drum lessons. In addition, I had no idea that there were over 8,000 people a month in the area looking for jazz, and few people looking for DJ’s.
As you can see, Google Traffic Estimator is a simple but effective tool to use in determining your market potential. Good luck!