How can you find out if a market is growing?

[CharlieB]

Hi

How can I find out if a market is growing? I'm guessing I need data from companies within the industry, so is there a website where data is available for this? If not how do I go about this?

Thanks

[Mega B]

Just found this in Google search,it may or may not answer your question.

Is your market growing or dying

One of the biggest mistakes entrepreneurs and online business owners make when first starting out is getting in the wrong market at the wrong time.

I encourage entrepreneurs to go into the market that you are most passionate about because that market will be the most enjoyable and your passion will allow you to to better because of it.

If you are entering a market solely based on the profitability or money that you see in it then this advice is for you.

Some of the best advice for you in just getting started is “Finding out whether or not the market you are about to entering is growing or dying.”

A lot of people enter markets because they think it will be profitable or they see other people making money so they think it’s a good idea but that doesn’t mean much.

A good thing to do is check out whether or not the market is growing or dying beforehand.

Your probably wondering how to do that…

It’s not that hard and there are a few ways to do it.

First thing you’ll want to do is go to google keyword tool. Go to google and type in “Google keyword tool” and hit search. The first link that shows up is it.

When you get to this tool type in the main keywords for your market.

Then go down and see the traffic numbers. If the traffic has decreased in the past month that is a sign that it’s a dying market, if the traffic has increased in the past month that is one sign of a growing market.

That’s one way to find out whether a market is growing or dying but we need to make sure just so that we don’t waste time.

Now go and find some of the biggest and most visited sites in that market.

Head over to compete.com and type in those domain names. What you want to do here is evaluate their traffic over the last few months up to a year.

If you see that the majority of these sites are losing traffic then it’s a dying market. If you see that the majority of these sites are getting more traffic that’s a sign of a growing market.

The market is either growing or dying. The best way to tell whether it’s growing or dying is to evaluate both the keyword search volume and evaluate the website traffic numbers.

Generally speaking you can tell whether a market is growing or dying in about 5 minutes.

You can save yourself a lot of heartache and choose a smarter market to run your business in if you take 5 minutes and do this process beforehand.

Make sure you enter a growing market because that means the potential is growing and it allows for more room for growth.

There’s no point in entering a dying market because that cap on your ability to grow is a shrinking ceiling, you don’t want that.

[CharlieB]

thats brilliant! Thanks a lot for that, I appreciate it! On compete.com it shows the number of visitors to each site but is there a website that shows the number of sales, as obviously people visiting doesn't mean sales.

Thanks

[Mega B]

I doubt if you will find such a site.

[CharlieB]

o.k thats what i expected. But in the private market in the UK if you go on companies house you can find out the accounts for every business. Would there be a market for someone to compile all the data as it costs £1 per accounts and publish it on a website and charge members to use it. This would help firms be more competitive as they could pin point who exactly they are competing against.