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How To Market Research For A Business

Posted at March 19th, 2021 | Categorised in Business tips

Updated: April 12, 2021

How To Market Research For A Business

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How To Market Research For A Business

Let’s say you want to start a business. You have an idea. How do you know that the idea is valid? How do you know that the marketplace, people actually want to buy this product or service? In the art of war Sun Tzu said it best, “A battle is won before it is ever fought.

” Before you even launch an idea, product or service in the marketplace, if you have done your research properly, you would already know if that product is likely to be successful or not likely to be successful.

I remember many years ago, my mentor shared a story with me. He said, Dan, let’s say you have an idea, and you craft a little sales page, or a little letter out there, and what you want to do is you want to take it to, let’s say, take it to a pub, take it to somewhere.

And you will show that sales page, that sales letter to people. And if people say, “Hey, that’s, yeah, that’s pretty cool idea, that’s nice.” That means the idea is shit. That means they’re being nice.

They’re being polite. But if they say, “Oh, where can I buy this? “How can I get some of this?” Then you know that you’ve got something. Because people vote with their wallets, not with their mouth.

They might say something, but unless they are willing to vote with their wallet, willing to put some money on the line and spend some money, I mean, talk is cheap. So when it comes to market research, I’m going to give you some tips today while we’re going somewhere.

So I believe when it comes to market research, there are three questions. Three critical questions that you have to ask. The very first question is this, is their pain sense of urgency or irrational passion? The reason this question is powerful is, are you selling a nice to have, or a must have? Are there emotional buttons that you could push when you’re selling this product? So you could have a good idea for a product, but if there’s no pain, chances are, whatever you’ve come up with, most of the time is not new.

And people already have a preferred choice. They’re buying that product from somebody. Let’s say you have an idea for a Cola drink. Well, chances are, people are not going to buy from you. It doesn’t matter what its taste is like because people prefer to buy from Coca-Cola, Pepsi Cola.

They have certain preferences. It’s very difficult to enter their marketplace. Maybe your drink taste is better. It doesn’t matter. You don’t have the distribution network and so forth. They’ve been around a long time.

So there has to be a reason why people would want to make a switch or why they would want to buy this new thing that you’ve got. And then sense of urgency. Do they need to buy now or could they just procrastinate and wait three months? If there’s no urgency, then it’s more difficult for you to make that sale.

If there’s no irrational passion, meaning that people don’t get excited about this like, eh, yeah, I could buy that or maybe I won’t buy that, then you will have a harder time trying to get traction.

So that’s the very first question. Now, so how do you know how to find out about these things? I recommend a few places. Number one, Amazon. Amazon is a fantastic place, especially Amazon reviews.

You look at what people are not happy about. What are they complaining about? They might say, “Hey, I like this product, “but there are certain features that I don’t like.” Hey, that would give you some ideas.

Second, forums. Go to different forums in your category. What are people talking about? What do they like? What don’t they like? What they want to see more of. Reddit also have a lot of people on there, talking about different products and services.

That would also give you very, very good ideas. When you go to where the conversations are, when you pay attention to what are some of the pains people are experiencing, what are some of the needs that people have that are not being fulfilled? That will give you a lot of great ideas.

So that’s the first question. The second question you need to ask before you do any kind of market research is, are they actively looking for solutions? Why is this question so critical? Because I’ve met so many entrepreneurs, they’ve got a great idea, they’ve got a great product, a good service, but they don’t know how to reach the right people.

They don’t know how to put their products, their offers, their services in front of the right people. Well, wouldn’t it be nice to figure out in the beginning? And how do you do that? You do that, if you’re marketing online example, you do that by doing your keyword research.

You could find out exactly the search volume of people using the keywords to search for your products or services every single day on Google. If they’re not actively looking for solutions, they’re not typing in the keywords, then chances are, you will have a tough time reaching those audience.

Why? Because they’re not searching for it. They’re not actively seeking it out. They’re not actively looking for solutions. Then you’ll have a problem scaling that business. I mean, tools like this are out there, there are so many other keyword tools, and if you’re willing to spend a few bucks, man, you can find a whole bunch of them, but keyword research before you do anything.

That’s how you do your market research. The third question you have to ask is, who are the competitions? Who are already selling to the same audience? Because there may be a potential for collaboration.

There may be a potential for a joint venture opportunity, if you’re getting started. Who is already selling to that audience? Because you could see their funnel, you could see the offers, you could see their marketing.

Are they marketing through Facebook, or what are the sales channels, the marketing channels and platforms that they’re using? That would give you a very, very good idea. When you do all that, you find out, okay, what are they complaining about? What are some of the pains they’re experiencing? You find out that you could actually target them, you know they are actively searching through keyword research, you find out who are the competitions.

And this is before you develop anything. If you could do all that, then chances of you succeeding is definitely higher. Not guaranteed, but it is higher. So those are some of the basics when it comes to market research.

Of course, there’s so much more that you could do, but for most people, most of my fans, those are very good first few steps. Until then I’ll see you in my Bentley. let’s say you want to start any business you have an idea how do you know that the idea is valid how do you know that the market place people actually want to buy this product or service in the art of more sensors that invest a battle is won before it is ever bought before we even launched an idea product or service in the marketplace if you’ve done your research properly you would already know if that product is likely to be successful or not likely to be successful.

I remember many years ago my mentor share a story with me he said Dan let’s say you have an idea know and you craft a little sales page write a little letter out there and what you want to do is you want to take it to let’s say take it to a pop take it to somewhere and you will show that sales pitch that sells letter to people and if people say hey that’s yeah that’s pretty cool idea that’s that’s nice that means the ideas okay that means they’re being nice they’re being polite but if they say oh where can i buy this right how can i get some of this then you know that you’ve got something right because people vote with their wallets not with the mouth right they might say something but unless they are willing to vote with their wallets willing to put some money on the line and spend some money I mean talk is cheap so when it comes to market research.

I’m gonna give you some some tips today while we’re going somewhere so I believe when it comes to market research there are three questions three critical questions that you have to ask the very first question is this is there pain sense of urgency or irrational passion the reason this question is powerful is are you selling a nice-to-have or a must have their emotional buttons that you could push when you’re selling this product so you could have a good idea for a product but if there’s no pain chances are whatever you come up with most of the time is not new right and people already have a preferred choice they’re buying their product from somebody right let’s save an idea for a Cola drink right well chances are people are not gonna buy from you it doesn’t matter what it tastes like because people prefer to buy from coca-cola pepsi-cola right they have certain preferences it’s very difficult to enter that marketplace maybe your drink tastes better it doesn’t matter you don’t have to distribution network and so forth right they’ve been around a long time so there has to be a reason that why people would want to make a switch or why they will want to buy this new thing that you’ve got and then sense of urgency do they need to buy now or Canisius procrastinate away three months if there’s no urgency then it’s more difficult for you to make that sell right if there’s no irrational passion right meaning that people don’t get excited about this like yeah I could buy that or maybe I won’t buy that then you will have a harder time trying to get traction so that’s the very first question now so how do you know how do you find out about these things.

I recommend a few places number one Amazon Amazon is a fantastic place especially Amazon reviews right you look at what people are not happy about what are they complaining about they might say hey I like this product but there’s certain features that I don’t like hey that will give you some ideas second forums go to different forums in your category what are people talking about.

what do they like what don’t they like what they want to see more read and also have a lot of people on there talking about different products and services there would also give you very very good ideas when you go to where the conversations are when you pay attention to what are some of the the pains people are experiencing right what are some of the needs that people have out there are not being fulfilled.

How-To-Market-Research-For-A-Business

How-To-Market-Research-For-A-Business

there will give you a lot of great ideas so that’s the first question the second question you need to ask before you do any kind of market research is are they actively looking for solutions why is this question so critical because I’ve met so many entrepreneurs they’ve got a great idea they’ve got a great product a good service but they don’t know how to reach the right people they don’t know how to put their products they offer their services in front of the right Pete well wouldn’t it be nice to figure out in the beginning and how do you do that you do that if you’re marketing online example you do that by doing your keyword research you can find out exactly the search volume people using the keywords to search for your products or services every single day on Google right if they’re not actively looking for solutions they’re not typing the keywords then chances are you will have a tough time reaching those audience why because they’re not searching for it right they’re not actively seeking it out they’re not actively looking for solutions then you have a problem skilling their business.

I mean tools like this are out there there’s so many other keyword tools and if you’re willing to spend a few bucks when you can find a whole bunch of them but keyword research before you do anything that’s how you do your market research the third question you have to ask is who are the competition’s who are already selling to the same audience right because there may be a potential for collaboration there may be a potential for a joint venture opportunity right.

if you’re getting started right who’s already selling to that audience because you could see the funnel you can see their offers you can see the marketing are they marketing through Facebook or a what are the sales channels the marketing channels and platforms that they are using there would give you a very very good idea when you do all that you find out okay what are they complaining about what are some of the pains they’re experiencing you find out that you can actually talk it to them you know they’re actively searching through keyword research you find out who are the competition’s and this is before you develop anything if you could do all that then chances of you succeeding is definitely higher not guaranteed but it is higher so those are some of the basics when it comes to market research of course there’s so much more that you could do but for most people most of my friends those are very good first few steps until then I’ll see you in my belly.

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