Ever wish you could wave a magic wand and know precisely who your target audience is, what services will sell with ease, or how to stay ahead of the competition?
I don’t have a magic wand or a crystal ball (sorry to disappoint!), but I’m here to tell you that getting insight into your industry, consumers, and competitors is possible—and easier than you think.
Market research is an often overlooked step when starting a business, but it’s one that separates the coaches with consistent clients from those always hustling for their next paycheck.
It’s a critical component of every great marketing strategy, and ultimately, of creating a successful brand. And when you spend the extra—but necessary—time to conduct market research, you’ll generate more leads, impact more lives, and make more money.
Who doesn’t like the sound of that?!
If you’re ready to say goodbye to the days of building your business on a hope and a prayer, then pour yourself a cup of coffee and keep on reading.
I’m breaking down everything you need to know about market research, including the five types your brand needs to get on the fast-track to success.
Before we get into the nitty-gritty of market research, you need a solid understanding of what it is and why it’s necessary.
In its simplest form, market research is the process of gathering, analyzing, and interpreting data to get a more in-depth look into your business’ target market.
Let me ask you a question…
Have you ever stalked—aka researched—someone on Instagram hoping to learn everything you need to turn them from a dream client into an actual client? That’s market research.
By asking questions and collecting information, you’ll get a better understanding of:
Can you imagine what knowing all of those details can do for your business?
I can, and I promise it’s game-changing!
Have you ever poured your heart out when responding to an online survey? My guess is probably not.
While conducting face-to-face interviews can be time-consuming, the results can completely change your marketing strategy or your business in its entirety. By talking to your past, present, and prospective clients on an intimate level, you get more authentic and emotional responses you might not with other methods.
Here are a few tips to ensure your interviews go as smooth as possible:
One of the biggest mistakes I see coaches making is not being crystal clear on who they’re talking to. “Everyone” is not a target audience description, yet many entrepreneurs fail to tailor their messaging or services to their dream clients in fear of alienating potential customers. However, the problem with this is that it leads to no one taking action because they can’t trust or connect with them.
By understanding your buyer persona—their hobbies, favorite brands, family size, career history—you’ll have a greater chance of connecting with your audience; turning them from an Instagram follower into a loyal customer.
If you’re unfamiliar with a marketing funnel, brand awareness is at the very top, followed by interest, desire, action, and loyalty. That’s why understanding how your brand stacks up to its competitors is vital to creating a successful marketing campaign. You need to know how much time, effort, and money to put into the awareness stage.
And while measuring brand awareness isn’t as easy as measuring website traffic or conversion rates, online surveys are a great way to gain insight into your brand’s recognition and recall.
Here are a few questions you can ask when conducting brand awareness research:
While checking out your competition on Facebook or Instagram is a great starting point for gathering data, you’re likely missing out on a ton of information if this is your only method. A competitive analysis will give you a comprehensive look into who your competitors are, what they’re doing right, and more importantly, what strategies they haven’t taken advantage of.
Here are five tips for conducting a successful competitive analysis:
Launching a new product or service can be scary (can I get an amen?!), and it’s even worse when you have zero idea if anyone will buy or book with you. But conducting product and/or service research can take a lot of the guesswork—and stress—out of it.
Through interviews, surveys, or polls, you can uncover your audience’s pain points and determine what you need to offer to solve their biggest problems.
My biggest tip? Don’t hold back here. This is your chance to be direct and ask your audience if a specific service, course topic, or freebie will serve them.
Are you ready to say goodbye to chasing down clients and hello to being fully booked?
Information is a powerful tool and can help guide every decision you make. So when it comes to market research, the more data you gather about your industry, audience, and competitors, the more successful your business will be. And by becoming obsessed (in a healthy way) with your audience, you’ll come off as authentic, trustworthy, and knowledgeable.
Can’t wait to see you here again next week!
P.S. Need to conduct research for an upcoming course you want to create? Read my step-by-guide to launching a course, where I dive deeper into all the info you need to make it drool-worthy.