Don’t waste your time!
Market research is a funny subject. For me it is as boring as anything that I have done online yet it is the most important. Pretty funny yeah.
Honestly I wouldnt recommend you start any writing until you have completed this important step.
Don’t worry though once you know how to do it the task will be simple and wont take much time at all, by the time I am done with the article you will be a ready made pros. Still boring though.
That gives me an idea of coming up with some sort of software that can take care of this task for us. Stay tuned for that.
In this article I am going to show you:
- What metrics that you should look out for
- Importance of reading customer reviews
- What markets to stay clear of
Lets get into it shall we!
First we need to head over to Amazon kindle to start the process.
On the left hand side you will noticed the categories. Just click on the one that interests you.
For my example I am going to go with health fitness & dieting. You will notice the subcategories after clicking, so I will choose diet and weight loss.
Click on the top ten books in another tabs so we can check out how well are the books selling in the chosen niche, what types of dieting books that are people interested in.
There are a few things that I look at to see if the niche one that I want to target.
Firstly I look at the reviews, usually if over 100 tells me that a lot of people have read it.
Then I head down to the the amazon best seller rank which you can find in the product details section.
This number is calculated on an hourly basis, it also factors in recent sales that includes historical data of the product as well.
A rank one reveals the product has outsold any other book in this case for this particular category.
This is a graphs that can give you a heads up to how many books are sold per rank which can be found
Amazon Best Seller Rank 50,000 to 100,000 – selling close to 1 book a day.
Amazon Best Seller Rank 10,000 to 50,000 – selling 5 to 15 books a day.
Amazon Best Seller Rank 5,500 to 10,000 – selling 15 to 25 books a day.
Amazon Best Seller Rank 3,000 to 5,500 – selling 25 to 70 books a day.
Amazon Best Seller Rank 1,500 to 3,000 – selling 70 to 100 books a day.
Amazon Best Seller Rank 750 to 1,500 – selling 100 to 120 books a day.
Amazon Best Seller Rank 500 to 750 – selling 120 to 175 books a day.
Amazon Best Seller Rank 350 to 500 – selling 175 to 250 books a day.
Amazon Best Seller Rank 200 to 350 – selling 250 to 500 books a day.
Amazon Best Seller Rank 35 to 200 -selling 500 to 2,000 books a day.
Amazon Best Seller Rank 20 to 35 – selling 2,000 to 3,000 books a day.
Amazon Best Seller Rank of 5 to 20 – selling 3,000 to 4,000 books a day.
Amazon Best Seller Rank of 1 to 5 – selling 4,000+ books a day.
With a ranking of 2300 this example that I have chosen according to the table above sells about 75 – 100 a day, with the price at $10.69 works out to be an estimate of $1069 working on 100 sales per day.
Not bad if I do say so myself.
I think it would be safe to say that this book is selling rather well so the category looks promising. Make sure you have a look at the other books as well and get a good grasp of the market.
Other factors are the amount of pages a book has. In the above image this book has 256 pages. Can you match that or can you offer a jam packed book full of useful information with few amount of pages.
Personally I prefer to keep it short and simple. The fewer the pages for me the more likely it is that I will read it. so that something to look out for as well. Does the market when you are looking at the customer reviews which I will talk about shortly prefer lengthy books or otherwise?
Check out the description of the book also allows to know about the style of the book and how you can make any improvements on it with what you want to write about that is helpful to your chosen audience.
One more important feature you need to look up is the reviews of the book. Just scroll down the page of your chosen book and you will come across it.
The importance of this is the fact that this is your target audience.
You need to know what features they liked in the book and also things that they were disappointed in which will help you cater for your audience.
Write a list down with the positives and negatives of the book and work around the list.
Dont underestimate this important part, its great feedback even before you even start.
The trick is with all books is to stand out from the crowd. Now I may see hundreds of books on Diet, then you come along with another dieting book, the audience are going to think why buy this book when I can buy one that is a best seller, you just not going to get the sales that you are after.
Instead target a book that is a little different and stands out such as Dieting after pregnancy, or dieting for children, targeting parents. It will have less competition and it is for a specific audience which will give you more of a chance to succeed because of the competitive factor.
Well there it is. Wasn’t that boring now was it 🙂
If you are stuck on anything or just would like to leave a comment please do so below, and if you found the article useful please share it so perhaps others can benefit from it also.