When you find a niche you want to advertise in, you will also want to find the right audience to target in your FB ads. That is, the audience that’s most likely to buy whatever you are trying to sell. And that’s where the market and competition analysis come into the picture.
By doing market analysis, you can find out if there’s enough people out there interested in buying your product or service. By doing competition analysis, you get to discover what your competition is like, are there similar products or services to your own, how much do they charge, etc.
Some general rule-of-thumb is this: if there is someone selling something similar to what you have, and that something is selling well, it’s a sign that you should give that particular market a try.
Here are some basic steps you want to follow before launching a campaign.
Check the Facebook Audience Size and Available Interests
Let’s say that we have T-shirts that we want to sell and that we want to try advertising in the paraprofessional niche.
The reason why I chose this niche is because it is fairly small and will require a more in-depth market research, unlike popular niches which have a large number of buyers already.
Start off by going to your Ad Manager and then to Facebook’s Audience Insights.
In the pop-up window, choose Everyone on Facebook and then proceed to your dashboard. In the Interests field in the search bar to your left, type in the KW ‘paraprofessional’. I chose both options that Facebook provided me with and ended up with something like this: