When you are an entrepreneur, market research is necessary! But you may be wondering which market research method is best for your business! The answer is ALL OF THEM! There is not one method listed below that is more important or a better fit. It’s just a matter of WHEN and HOW you should use each method in your business.
So why is market research so important? As creative entrepreneurs, we are forever coming up with new ideas. Every day a new idea pops into our head (be sure you have queue) and we immediately start creating, get it perfected and then **crickets**. It can be discouraging because we think we have come up with the next best thing since sliced bread and nobody buys.
THIS is why market research is important. So you don’t
- Waste your time creating something your market doesn’t want.
- Get discouraged, defeated and feel like giving up or like you are doing everything wrong.
Where do you start?
Ask your Audience:
The easiest and most simplistic answer is simply this! Ask your audience what THEY want. If you have built an audience, they are the best place to start. If they are your ideal client, why wouldn’t you want to hear from them about what exactly THEY want. Remember to be specific. Don’t just ask “what do you want”. You need to give them options.
This can be done by running a poll: Ask them would they rather have this or that, A or B, etc.
Example: Which topic would you prefer to learn about? Time Management or Implementing Ideas?
If you aren’t specific, they won’t answer the question. Remember, they don’t know what they don’t know. And you KNOW what you want to teach and what you can teach. So give them a choice to get YOUR answer!
Are you in FB groups? Or Linkedin Groups? I’m willing to bet that you are! Do you attend in person networking groups? In all of these places, people tell you what they are in need of. This is where you need to be a good listener. You need to use their words. Again, your audience is always telling you what they need/want. It’s up to you to find it.
If you are in a FB group that you see a lot of your ideal audience in, search keywords and see what questions they are asking.
Example: “Business Coach” –
When you see HOW people are asking the questions, you can better alter your message to be sure you are speaking directly to their pain points.
This is one that often gets skipped over. It’s time consuming, usually at a very discounted rate or free(I do NOT recommend FREE), but I can tell you 100% of the time worth it. Beta testing allows you to test your theory. It is a way to see if this idea you have really is the next best thing to sliced bread. Beta testers give you sooo much insight into how to deliver the material. Feedback on your worksheets, training materials etc.
You don’t need to spend hours or dollars creating “pretty” pdf’s for the beta program. That is why you are running it is a “test”. Give them an outline of the training materials in a word doc or similar and let them tell you what they would find to be most beneficial.
Example: As we were working through a beta test of a course I was teaching, I gave them a word doc to follow along and they told me what details they wanted to see added. After the course was over, I made the PDF’s and supplied them all with the finished product after.
If you don’t ask for feedback, you will never know how you can improve. But remember, feedback is JUST feedback. You don’t have to agree with all of it, nor do you have to implement everyone’s feedback. However, you do have to ask. It only makes what we are doing better. Let your audience tell you what they loved, what they didn’t love, and what they would like to see done differently.
You would be surprised how much feedback and surveys can benefit you and help your business grow. This is an especially important step if you run a beta test. You will learn a lot during the beta test, but before you do a full launch, you will have both your experience and the feedback of others.
You can use google forms to create a feedback questionnaire. This allows you to keep all of the responses in one place and refer back.
Now that you are armed with 4 ways to conduct market research where will you start? Market Research is here to help you level up in your biz. Head over to my FB Group and share with me at least ONE WAY you plan to conduct market research in your biz. Not sure what method would be the most beneficial for you RIGHT now? Schedule a FREE discovery call and let’s talk about it.