Google is the ultimate search tool, ask it the below questions and you will have enough market research information to determine the size and growth of your target market for your podcast within 10 minutes.
Many successful, scalable and resourceful businesses focus on niche markets. For example if you are building an online dating app for farmers, don’t ask how large the dating farmer market is but rather ask questions like how large is the online dating market within the US and then ask how many farmers are within the US? What is the broadband penetration for farmers within the US? Etc. Before farmersonly.com launched, there was no market size dating data on this highly profitable and niche farmers market. Farmersonly.com, now has over 5 million farmers visit the website each month.
Below is a quick and easy way to find the market size of any market to determine whether or not it makes sense to either start a podcast or a business within it.
How to Find Market Size Research on The Fly
If you can’t find answers to the below questions or they are not within the top 10 results, your market is not large enough. Below are 5 template focus questions to get you started as well as broader set of questions if these questions don’t quite fit your model. Feel free to add your own variations as you see fit to get additional market data.
1 — How many [your customer persona]s are there in [location]?
Example: How many high school athletes are there in the United States?
Answer: [first result] According to NCAA, there are 8 Million high school students athletes within the US and 480,000 of them will compete at NCAA schools.
2 — What is the growth rate of [your customer persona]s within the [location]?
Example: What is the growth rate of high school athletes within the US?
Answer: [first result] According to NFHS.org, participation in high schools sports has increased for the 27th consecutive year and increased 62,000 from last year.
3 — How much money is spent within [your industry] in [location] each year?
Example: How much money is spent within high schools sports in the US each year?
Answer: [third result] According to research done by Ohio University, over $5B was spent last year on interscholastic sports.
4 — What companies offer [customer persona] [services, apps, products] to [enter various needs]
Example: What companies offer high school student athletes apps to increase performance?
Answer: [first, second, & third result] Volt Athletics, Private Trainers, RackPerformance all offer mobile apps to help improve the athletes performance.
5 — What [services, apps, products] do [customer persona] use to [save time, improve, save money, be more productive, etc]?
Example: What apps do high school athletes use to improve?
Answer: [first result] There are numerous mobile apps to help both athletes and coaches improve. These include but are not limited to CoachUp, Hudl, iPracticeBuilder, StatRow, Coach’s Eye, BAND, Sportlyzer, TrainingPeaks, GameChanger, MyFitnessPal, Endomondo Sports Tracker, and many sport specific apps.
For additional questions you can customize yours according to these broader examples:
1- Are there similar businesses within your market that are selling similar products or services? Who are they?
2- How do these businesses appear to be doing? Did the raise significant amounts of money? How are their service reviews? How is the press? Are the growing or shrinking?
3- What are these businesses doing well? Content? Marketing? Product? Sales?
4- What are these businesses doing poorly?
5- How you think about these competitors, what could you do differently to distinguish your company from theirs. What will be your value proposition?
6- What type of barriers or moats do you think these competitors have? Will it be hard for your new product to penetrate this market?
7- If yes, are there ways that you can alter your business plan to suit a niche market?
8- What is the market size for your customer persona? How many of your customers currently pay for similar services?
This high level market research does a few things. One, it helps you focus on whether or not the market is large enough and it also gets you familiar with the various products and competitors that are already in the market. You will have to spend more time diving deeper into the competitive landscape but this is a great first start.