Market Research – the most ignored step that can harm your business

More often than not, people skip this process because they think, “My product/service is for everyone.”

Saying that means you are a generalist and not an expert.

But who gets paid more?

It’s ALWAYS a specialist.

Let me explain this with an example. Imagine that you have the flu and you go to a local doctor and they charge you some minimal fee. Now, imagine that you get into an accident while playing and you fractured your hand. Only a specialist (an orthopaedist) can help you and they will charge you a premium for that.

So you want to be the premium name in your field who specializes in solving one challenge for one typical kind of audience!

The amount of money you make is directly proportional to the problem you solve for your prospect!

Your profile should exactly describe in a glance what you can do for your prospect.

You have 3-5 seconds to grab the attention of your audience till they scroll to the next profile or next content piece or next message.

This is where market research comes into play.

Here are some of the questions that you can consider for doing your market research (I got these from one my friend and we use them extensively for myself and our clients. Here, ‘them’ or ‘they’ refer to your clients):

  1. What keeps them awake at night?
  2. What are they afraid of?
  3. What are they angry about?
  4. Who are they angry at?
  5. What are their top three daily frustrations?
  6. What trends are occurring and will occur in their business or lives?
  7. What do they secretly, ardently desire most?
  8. Is there a built-in bias to the way they make decisions? (Example: engineers = exceptionally analytical.)
  9. Do they have their own language?
  10. Who else is selling something similar to them, and how?
  11. Who else has tried selling them something similar, and how has that effort failed?

Don’t know the answers to these questions?

No worries!

Assuming you have had at least 5 clients so far, and you served them well, you can ask them to get on a call and ask these questions!

If needed, give them a freebie or some present or a gift of some sort because this is going to help you in the long run.

Hope this helps someone out there!

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