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Business How to Start a Business (old) Why Start a Business? Competitor Analysis

Determine the demand

My question is, is there a way to determine/calculate the demand for the product.

2 Answers

Dan Gorgone
STAFF
Dan Gorgone
Treehouse Guest Teacher

Product research can be done online to certain extent. If you're curious if there's demand for your product, check out the traffic for relevant keyword searches using tools like Google Trends. You can even look in a specific geographic location.

Performing the same search on Twitter can give you a sense if anyone is talking about or using a similar product.

In addition, I would look for the appropriate term on Google and Bing, and see what potential competitors appear. Research their websites, products/services, and social media to determine how strong their presence is, as well as compare price points.

Lastly, I would consider running some online surveys, and testing to see if the target market you have in mind would be interested in something like what you're proposing. Survey Monkey has an example product research template that might give you some ideas on where to start.

Thanks Dan, that was very helpful.