How to decide a niche's demand and supply?

[tcjl]

Hi, now I have a niche idea, the next step would be determining the market for that niche so I will have an idea if this is a profitable niche.
So, I went to Google Keywords Tool and type in my niche keyword. The approx search volume for June is 246,000. But this number means nothing to me. I still don't know this is a high demanding niche or not.
Then I type my niche keyword in google search with quotation mark. It returned 3,230,000 results. Does this number tell me anything?
How do I put those two number together to have a clear view about the niche's demand and supply? Is there any tools that I overlooked? Or more research is needed?

[Codrut_Turcanu]

Make no mistake; don’t only decide with the numbers, lookout for popular product places like Clickbank and also do some research on sites like Yahoo answers etc.

[tcjl]

Found my niche, trying to assess the demand and supply without wordtracker but didn't know how? Every book and training material out there is teaching how to do that by using wordtracker. Since I don't have that, can anyone teach me to do this step by step? Or some informations on how to do this? I am familiar with Google Keywords Tools. Thanks

[myincome365]

To see Ebay or Magazines, and find which is the hottest.
Tt's take much time to tell the profitable niche.

[petervz]

It all depends how you are going to promote your niche.

With your phrase, if it returned over 3 million results in quotes I wouldn't bother trying to promote that. That far too much competition for my liking.

If you are using AdWords to promote it, then see what the approx CPC is and take it from there.

Doesn't matter how many searches there are on Wordtracker, if the competition is too stiff, find something else....