Market research is such an important step in building any type of business.
You can think you know what your market wants, but if you haven’t taken the time to validate it. Then you’re doing “hope” marketing.
Hope marketing is hoping that the content you put out will generate interest.
Not over here. We like to get some data to get a pulse on what the market actually wants.
Here are the 4 easy ways to perform market research
1. Facebook Groups
3. Past/Current Clients
Let’s break down each category.
This is a great place to see if people are even remotely interested in the topic that you want to promote.
You can easily ask questions, help others in the group, share valuable content.
Also, pay attention to the topics that show up often and people keep talking about. I also like to take it a step further and use Facebook groups for the next step.
I start by finding people who have similar interests as me (please make sure you read the group rules first) and then I friend them and start a conversation.
I DO NOT, I repeat, DO NOT sell to these people at all. Yup, you read that right.
I ask questions that I’m genuinely interested in. I also use this as a chance to help them (when it fits). I’ve learned a lot about my target audience from this method.
Reaching out to your past and/or current clients is a great way to see how you’re really doing. Who else can give you a better insight than the people who have directly worked with you.
You can send them a survey, get them on a call, or send an email.
No matter how you get the information, make sure to ask questions such as:
- What is your favorite thing about working with me?
- On a scale of 1-10 rate how well I was able to deliver on my program or service?
- What is your least favorite part of working with me?
Be ready to give them the space the say the good and the not-so-good aspects of your business. This is how we grow.
Looking at what your competitors are doing can give you an idea of how they are positioning their offering, what are they offering to their audience, what type of ads they are running…and more. Notice how they take their customers on a journey (or not).
This will give you ideas on what to do and what to avoid.
The methods that I share here are the ones that I use to confirm an idea that my prospects want.
This works for anyone. A start-up or a seasoned entrepreneur can benefit from implementing one strategy mentioned. Need more information on how market research plays a big role in growing your business? Download my blueprint 5 Ingredients for a High-Converting Lead Generation Funnel to get more high quality leads for your business.