Business BLAB- How To Do Market Research
We talk so much about knowing your audience, pinpointing your ICA, and being the go-to girl for your clients and their needs. But, there is a way to get a head start on knowing exactly what they need, and getting ahead by providing a solution before they even ask… it’s not magic… it’s Market Research!
Regular market research is going to help you stand out as the expert, and become/stay very relevant to your ICA’s needs. They might feel like you’re a mind-reader, but we know you’re just a smart and savvy boss lady out there doing the most!
So, how do you make sure you’re doing enough, and the right, research? Follow these tips to get started!
🗣Don’t be afraid to ask!
If you don’t ask, you’ll never know! Have an idea but not sure it will land? Need to make sure a price point sounds right for your demographic? Have a lot of ideas, but not sure where to start or what will bring the most value? Just. Ask.
Your ideal client is out there watching and listening, and when you listen to her you can provide the maximum value. No question is too big or small, gather as much intel as you can so you can and run with it!
🗣Make sure you’re asking the right people!
Market research is pointless if it isn’t directly pulled from YOUR market. Is your insta full of followers who don’t fit your target audience? Then (we need to talk about this) and you probably shouldn’t be asking those people what your ICA needs. Is your facebook full of old friends and family who just want to see you succeed but don’t really need what you’re selling? Again, not the best place. This is where knowing where your ICA hangs out really comes in handy. Don’t waste your time gathering info from people who you can’t really help.
🗣Put yourself out there!
Your audience might not know what questions they have until they have the opportunity to ask them. Opening up some time for a live Q&A can be really helpful for you and your audience. You can both use this as a tool to see where you can grow together, ideas for new projects, and a fun way to get to know each other better. If live isn’t your style, open up a post encouraging questions to be asked, or even conduct some kind of this or that poll. It can be hard for a lot of us to ask for help or ask for what we need, make it easy for your audience by providing a welcoming and easy to access space for their questions and opinions!
🗣Always be searching!
Market research doesn’t have to just be a formal Q&A or poll. If you’re having general convos with someone that fits into your target audience, slip in some questions. Ask for feedback from past customers, be vulnerable and ask for corrective criticism, follow what others in your space are doing and see how you can tweak it to help your audience, even look for ideas in customer reviews and have an open mind on how you can evolve and help in different ways. There are lots of ways to find info if you’re always paying attention, so make sure you’re always paying attention!
🗣Be open to evolving!
You may find that your ICA’s needs evolve over time, which is why keeping up to date on your market research is crucial...but so is the willingness to evolve with them. You can’t just completely pivot your business every month, but you also can’t just find a brand new audience every month either. People grow, needs and pain points change, and as business owners we need to be aware that we can’t stay still and do nothing. The more clear you are on your brand’s message, the easier it will be to evolve with your audience while staying true to yourself and what you created your business to do. Don’t compromise your foundation, but never stop growing and trying to be the best you can for your customers!
Listen, grow, and step in to being the expert! Your clients will thank you for meeting their needs and truly listening, and your business will continue to flourish!