- Make better business decisions which saves you time and money
- Focus your resources where they will be most effective.
- Improve your position in the marketplace.
So why don’t more entrepreneurs embrace this activity?
I think it’s because most people don’t realize how easy it can be. They hear terms like “quantitative” and “qualitative” research – and run!
Don’t let the lingo scare you – market research is simply finding information about your competition and your customers. Depending on your business model (and personality type!) you may need to deeper – but most entrepreneurs can uncover some pretty great stuff in a few :60 minute sessions with Google and regular conversations with clients and potential customers.
- Find 3-4 websites of competitors. Study them.
- Who are they targeting?
- What information/value do they provide?
- What is their opt-in? (Sign up for it and study their follow-up sequence)
- What is their point of difference?
- How do they package their products and services?
- What are they charging?
- What can you do differently?
- Age Range: under 21 22-34 35-44 45-54 55-65 over 65
- Education: High School Some College AA BA Graduate School Other
- Income: <$25K $25K – $75K $75K – $100K over $100K
- Do you own your home or rent?
- What do you like most about our product?
- What changes would most improve our product?
- What do you like most about products from other companies?
- What changes would most improve products from other companies?
- What would make you more likely to use our new product?
- How much would you expect to pay for this type of product?
Keep in mind that unless people really know and like you and your products and services, survey response rates are generally low. Offering an incentive can help lift those rates.