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How to use Google Keyword Planner tool to estimate your market’s size?

The reality is that the marketplace is now online. Gone are the days when people walked around in search of products or services. When someone wants something, they immediately start with Google. Most searchers normally visit the first five suggested websites of the search results and end up doing a transaction with one of them.

SEO or search engine optimisation is the only way to get your website to the first page on search engines. Having said that, as a smart business owner you still have to analytically establish that your business really needs SEO. How to do that?…

Uncovering The Power of Google Keyword Planner Tool

One major dilemma of businesses is knowing whether a specific product or serve they intend on putting out on the market has sizeable demand or not . You also want to know the level of competition in the market. There are so many strenuous and costly ways to discern this, however you can easily predict your market size by looking up the volume of related searches for your business, product or services on Google. Here’s how…

Let’s start with where people look for products and services. For every single product and service, there are thousands of people searching for it on Google.  If we can get an estimate of the number of people who search for a given product or services, we can then use that to make an estimate of the market size. There is some marvelously complex math behind all of this, but what you need to know is that you can do this easily.

A keyword is simply the term customers use when searching for products on Google. Searching for and analyzing keywords simply implies working to know the exact phrases customers use when performing searches.

Now I’ll walk you through the process of using the Google Keyword Planner tool. It’s much easier than you might think, even if you’re not tech savvy.

What is Google Keyword Planner Tool?

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Google keyword planner tool is essentially a tool for AdWords (Google paid ads) traffic estimating process. Its main purpose is to enable advertisers’ research and analyze list of keywords to enable them create their advert campaigns.

However, this tool is still extremely useful even to those who do not intend to advertise with Adwords. As a business, you can use this keyword tool to determine the searches related to your market. Then you’ll know the keywords your customers uses in searches. It will provide you with a large range of data that will enable you predict the market size of your product or service.

How to use Google Keywords Planner Tool to discover your market size – Step by Step instructions.

Step 1 – sign up for Google’s keyword planner tool:

To access the Adwords keyword planner, you will first have to create a Google Adwords account. If you don’t have one, simply go to https://www.google.com/adwords to sign up for an account.

Follow through the signup process, filling in all the requested detail. You’ll be asked to input your billing information when you sign up, but don’t worry you – you won’t have to pay for anything to use the keyword planner, only if you choose to advertise with Google.

Step 2 – Figure out your keywords

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After you create your account and log in, you can now begin to search for relevant keywords related to your business and market.

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There are three options with which you can search for keywords.

  • Searching by keywords: With this you can search using any phrase or word relevant to your business. For instance if you are into the insurance business you can type in “affordable insurance” to generate keyword ideas.
  • Searching by landing page: You can search by entering the url of a website. The tool will search for keywords that are relevant to the product or service and have been provided on the webpage.
  • Searching by product category: This option provides you with thousands of predefined keywords categorized for different products. You simply go to the category of the product you offer and select from the list of generated keywords.

After selecting the option you want, you then click on “get ideas” to generate keywords.

Step 3 – Targeting and customizing your search

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Before clicking on “get ideas”, you might need to adjust certain search criteria to be more specific.

  • Targeting: this allows you to modify certain search criteria like Languages, Countries, Cities and Search Engines.

The negative keywords option enables you to block certain keywords you don’t want to be associated with your search. For example, if your keyword is “inexpensive insurance”, your negative keyword can be “cheap insurance”.

  • Customizing: The search filters enable you improve your keywords suggestions based on specific standards. 

After adjusting the targeting and customizing indices, simply click on “get ideas” to generate keywords.

When completed, you can download your generated keywords in either as a .csv or as an excel document. 

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  • Check for keyword performance: Now that you have a huge list of keywords, you may want to test them to see how they perform. You can either enter the keywords in bits, or you can upload the list of keywords you generated. Then you click on “get search volume”. Image result for google keyword planner keyword upload
  • Using the keyword multiplier option: This option enables you to expand your keyword list, by combining keywords from two or three different list to create other possible keywords.
  • Add up search volumes of relevant keywords: A detailed breakdown of the performance of each uploaded keyword will be made available to you. You just have to download it and go through it.

The most important column is that of the “Avg monthly searches”, which tells of the average number of time, the particular keyword has been searched for monthly.

Now all you have to do is to add up the number for each keyword to get an estimate of your market size and customers for your product.

 Step 4 – Add other search engines (Yahoo & Bing)

Now we know the average number of keyword searches for the products and in turn, the market. However the estimates from the Google keyword planner is only that of searches carried out on Google and Google only amounts for 70% of online searches, so we need to add the 30% from other search engines like Yahoo, Bing etc.

Using Google Keyword Planner is easy and cost effective

That’s how easy it is, in one swoop. You can get to know your market size without having to go through the numerous hassles and costs associated.

Knowledge is power. I hope you learned. something meaningful from this article. If you did, don’t miss out of our subsequent informative articles and subscribe to our news latter to learn all about SEO.

Fahad Raza is a founder of SEO Sydney Services, CyberBrand & Right Click. Started his digital marketing career in 2002 when Yahoo was more popular than Google. A small business marketing expert who has helped numerous businesses establish and grow their online presence.

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