Last updated on January 14th, 2022. Posted in Find Your Business Niche.
What market research questions should you be asking? Getting answers to critical questions helps you develop your business, your products, your offerings, and so on in ways that are difficult to under-emphasize. But what market research questions should you be asking? And how can you put all of this to use for yourself? That's exactly what you and I are gonna be covering in this video.
Here are links and resources mentioned in today's video. Enjoy!
Now, let's talk about your most important market research questions. As you're researching your market, learning more about the sorts of people you want to serve, and getting to know your audience better...
...there are three critically important questions that you'll want to zero in on, pay attention to, and dig to find answers to.
First up, what do they want? What result or outcome do they desperately want?
In fact, you can think of this like a journey. Right now, they're stuck wherever they're stuck, right? They're dissatisfied, frustrated, or even angry with the situation they're in.
And they don't want to be here anymore, do they? They want to be somewhere else -- they want to get to somewhere else.
So your job as a business owner and entrepreneur is to find that out -- find out where they want to go. What destination, what "better tomorrow" do they wish they could have right now?
The weight-loss industry is a perfect example of what I mean. Here, people are dissatisfied with where they are, and they want a fix...they want a brighter future...they want a better tomorrow.
And this whole idea of your audience wanting to go somewhere else, to have a brighter future, to get some kind of result for themselves applies to every possible business.
In fact, this is precisely what business is really, truly all about.
So whether you're selling entertainment of some kind, fast-response plumbing services, or info-products on stock investing, what you're really selling is a result...
...a better tomorrow, a brighter future, a specific outcome.
And again, as a business owner your market research has gotta uncover what that is.
Here's another question that your market research has gotta uncover: What does the audience you want to serve through your business already buy?
Here, I don't mean "everything they buy!" I mean, what do they buy as it relates to this market?
In other words, if they're already using a product or service to get the results that they want for themselves, what is it -- what's the product they're currently buying?
Or, are they used to buying products in this market that are of a particular type?
This is important to know for a variety of reasons. First off, if what you have in mind is...I don't know...a home study course, but they currently don't buy these sorts of products, then you may need to do some reconsidering.
A classic example of what I'm talking about here are newspapers. The number of news outlets that put their content behind paywalls is staggering...
...and who pays for news? We can get news from anywhere for free...
...yet these businesses are trying to force the way THEY want to do things onto the people who want to consume their content.
Let's not make that mistake. Instead, we need to meet our customers where they are...otherwise it's gonna be a long road to convincing them to change their habits.
Now, here's another reason why it's important to know what your market already buys...and we'll talk more about this in just a minute, but maybe it isn't quite right.
Maybe what they're currently buying is flawed or maybe it isn't a good fit and your audience is settling for "good enough."
Whatever the case, you'll want to know WHAT it is they're currently buying...and if you really want to go in-depth with your market research, you'll want to buy it yourself so you can experience it first hand.
Lastly, and maybe most importantly, where's the pain?
In other words, what's painful for your target audience? What are they struggling with? What issues, challenges, and frustrations are they wrestling with?
Maybe they're frustrated that they have to tolerate a product or service that is suitable for the broader market, but only works half-decently for the particular sub-market or niche that you're targeting.
Or maybe products and services exist, but they're inferior in some way. Maybe there's tons of room for improvement, and this means that your target audience is left dissatisfied.
Or, maybe a viable and worthwhile solution to their most pressing problems isn't available at all...and so from your audience's perspective, the have no options and no possible way to fix whatever it is that they're grappling with.
In other words, what you're sniffing around for here is pain, dissatisfaction, frustration, discontent -- this kinda stuff.