Last updated on March 4th, 2021. Posted in Market Research For Online Business.
One of the most critical and very often overlooked tasks in business is...market research. Nearly 100% of the time, the most amount of money, energy, and time are poured into getting a business set up -- so that it "looks" like a business...
Here are links and resources mentioned in today's video. Enjoy!
...so here I'm talking about getting a fancy logo designed, getting business cards, getting a business cell number, a new stainless steel water bottle, new office furniture, a leather-bound notebook...and other useless nonsense...
Other times, huge amounts of effort and money are put into developing an untested "magical big idea" into a perfected market-ready product.
But neither of these things have anything to do with what business is REALLY about. For new business owners just starting out, the bulk of time and effort should be spent on market research.
That is, really getting to know your sub-target market -- that is, the specialized group of people you've chosen to serve. What are their biggest problems, challenges, pains, and issues?
And once you've done a ton of research on your market, you're ready to begin pouring through what you've found. What's most important is that you uncover answers to the following questions...
First question: What are your target audience's biggest problems? So, what patterns or recurring issues do you see over and over in your research? What big, complex problems do you see getting mentioned over and over again? List them out.
Next, what words and phrases does your audience use to describe their problems? This might not seem important, but it is. The way you talk and the words you use to describe your audience's problems is different from how they talk about their problems. And your research will reveal this.
And later on when it comes time to communicate to your target audience -- on your product pages, in your sales emails, on your website, and so on -- you'll want to talk to them using their language, not yours.
Another question: Can you solve any of the big problems you've found? You know what your skills, preferences, and talents are, right? You know what kind of work you want to do, yes? Well then the big question comes, are there any big problems your target audience has that you can solve at a profit?