Learn Market Research

Learn How to do Market Research For Business Development

Have you ever felt over whelmed or confused when you are trying learn market research .  I know I have.  I have went thru several programs on internet research, and they all seem pretty easy.  The problem that I had and  hear from most people is that they don’t know what they are looking for, or how to use the information that  they find.

Sometimes when I’m done doing all of my investigative work, I feel like I am just walking thru the motions and still don’t have enough information about my competition or target markets and keywords.  There were a lot of questions without answers…  

Market research is any organized effort to gather information about target markets or customers. It is a very important component of business strategy.  In a sense, You are investigating for 2 things.  The crowd of people that are already spending money on offers that are similar to yours.  You are also trying to help those people solve a problem, and get very specific on what your customer avatar will look like.  

Today, I am going to cover some of the big questions people have when it comes to market research.  To make this even more valuable, I am including some questions that you should be asking.  When Doing research, it’s easy to get on google or some of these other sites like semrush and similarweb.com and see what other businesses like yours are doing.  But lets look at the why, before the what and how.

This is only a small part of why you want to do your research.  There are several reason you want to do a good job when doing your research.  If you know the reasons why, then it makes it more fun and productive when doing it.

The top 8 reasons that you should learn market research include:

  1. To see what your competition is doing.
  2. To see what groups of people are buying already.
  3. To see what  individual customer avatars look like.
  4. Get great insights for demographics and psychographics.
  5. To Help gather the correct information to position You as a better choice than the competition.
  6. Find out if you can make any offers or premiums that people are wanting but can’t find.
  7. Keyword Research, see what words people are using  looking for when they search online.
  8. Social Mentions.. What people are talking about on social sites already

Knowing why you are doing the research is probably just as important as the research itself.  If you are not clear on why you are looking for something, it may be harder to find… and you will be less motivated to keep looking.  Trust me.  I’ve been there… Because when you have your reasons for looking and you know the benefits, you will be more motivated to keep looking and may even spend some money on your search because you will see the value in the returns it will bring…

That being said,

Here are some questions that you may have regarding your marketing research, and some questions that you may need to be asking.

Things like:

  1. What am I suppose to be looking for when doing market research?
  2. What information am I looking for?
  3. Why am I looking for the information that I am looking for, what is it helping me with?
  4. How can I use this information to give me a competitive advantage over my competitors?
  5. Who is the people that I should be Serving with my offer?
  6. What do they Look Like?
  7. What problems or pains do they have?
  8. How do they currently feel?
  9. What are the Benefits of my services to them?
  10. How will they feel after they make a purchase?
  11. What is the typical buying process for products or services like mine?
  12. What groups of people are already buying these products or services?
  13. Where do the groups of people that are already buying my stuff spend their time and money?
  14. Who are my Competitors?
  15. What are their Strengths and Weaknesses?
  16. How Can I position my Company as a Better option for what they are looking for?
  17. How can I justify my Pricing compared to other products?

Now, this is my short list, and we could add plenty more, but for the sake of trying to make this quick and easy, this is a good start.  Now, lets dissect these questions one by one….

  • What are you looking for when you are doing market research?

The first thing you want to look for is that there is a market or group of people that are already using or buying what you have to offer.

If there isn’t a large group of people already buying it, you will have an even more uphill battle trying to design marketing and sales campaigns.

It is always easier to win over a customer than it is to educate and get a large group of people up to speed on what it is that you do, and why they should by something they have never bought before.

If you do have a product like this, I’m not saying it is impossible, I’m saying you will have more work on the marketing and sales side, and you will also be running more tests to see what will work.

  • What information am I looking for?

There are 3 things you will be looking for when performing Market Research.

The main thing is like we were just discussing, you want to make sure there is a large group of people already buying.  After you confirm this, you want to get very descriptive about these people.

If you can actually go out in public, and talk with them, shake their hands, that is even better.  This will give you valuable insight when you start to design your customer avatars and structure your Copy for your ads, your lead pages, sales pages, emails and other communications so the prospects feel as if you are talking directly to them.

Second thing, You will also be looking for your competition.  What makes you and your company better than the rest.  You want to get enough information to design and construct your USP, unique selling proposition, an/or their value statements.

Once you get enough of this information, you will want to start crafting your Main Message in a very short, descriptive and laser focused way that crushes your competition.

The 3rd thing you will be looking for is how the competition is communicating already with your market.  What ads are they using?  Get on a Mailing list and study their offers.  Research their websites and see what back-links they have and where is their traffic coming from.

  • Why Am I looking for the information that I am Looking for, what is it helping me with?

Well, If you made it this far, I hope you are starting to see the picture…

You are looking for the information for insight.

You need to have insight to make good choices.  Its called Wisdom.  You are looking for this information for wisdom to design a business that will already have a market to serve.

This helps you avoid mistakes and wasting time and money on doing the wrong things, like making bad offers to the wrong people.

The problem with some people/entrepreneurs is they design a business around a product or service that they think people need.

Then when they can’t find clients or make sales, they wonder why their product or service don’t work.

Do your research, the right way.  Gain Insight.  Acquire Knowledge.  Plan your campaigns strategically and not blindly.

  • How can I use this information to give me a competitive advantage over my competitors?

When you gain the knowledge of where your market is, what they are doing, and what your competition is doing, and what their offers are.. You are in a Great position.  You will know what people are looking for, and what your competition is offering.  You will then see gaps or areas that you may be able to give them a better offer, a packaged deal, or a better warranty or guarantee.  When you have the information, you will then see the ways that you can put yourself in a better position than your competition.

  • Who is the people that I should be Serving with my offer?

When you do your research right, you will know exactly who you should be serving.  I will go as far to say this, this is a deep question.  Very Deep.  When I started my business career many years ago, I just wanted to make money. I’d sale anything to anyone.

This is not the path or thinking that will lead you to freedom.  You must find yourself, and find your purpose first.  Then find your dream.  IF you do these two steps, and then focus on building a business around that, you will be serving the right crowd.  Your prospects and clients will excite you, because you will share the same passions.  This is a Huge step, took me 2 decades, over 20 years to figure this out.

Don’t just create a product or service to make money.  Do it for your purpose, passion and dreams, and you won’t have to find people to serve.  They will Find You!

  • What do they look like, or what problems do they have?

You follow your purpose, passion, dreams, and do your research, you will know exactly how they look and what problems they have.  Usually they will be just like you.

You will be very relatable to them, and that will give you a Very Competitive advantage.

You can’t fake this.. your competition may have to, but you won’t have to.. because you will be serving your people… your tribe.

  • How do they currently feel?

This is a really great question, because if you don’t have a relationship with your audience yet, you can use this to your advantage.  It’s always best to start headlines or copy with facts.

If you put some type of feeling or emotion that they are currently feeling in a headline, they will be more attracted and motivated to stop what they are doing and listen to what you have to say.  You can do some great research on reviews, good and bad, from your competition.  When you know their emotions, good or bad, this will give you great information to write great communications and copy

  • What are the benefits of the services/products I offer?

If you don’t do the research correctly, this is a tough one.  How will you know the benefits that you can offer unless you study your market, and study your competition?  You have to do the right research and then you will have a 3D view of everything.  It gives you the awareness to know how to structure your offer in a way that will benefit others.

  • How will they feel after a purchase?

Again, learning what emotions your prospects and markets have are Powerful!  If you can make them feel the emotions of success or glory before the purchase, your job is half way done.

You want to have this information so you can craft your messages and materials around that.  It pays to find these emotions and repeat them back to the prospective markets over and over again.  Many people buy with their emotions, and justify with logic.  So make sure you have a descriptive list of the emotions that they will experience after they buy.  It will be worth it.

  • What is the typical buying process for products or services like mine?

This is what we asked in the old days.  The new trend term for this is Funnel Hacking, Or I like to use, Customer Value Journey… You want to know the process that people buy in.  It doesn’t matter if its a click funnel, sales funnel, or sales process, you need to know what the process your target market is taking.

You will find this in your market research.  If you don’t find it, Start buying from your competition, start getting quotes from your competition, get on the phone and start asking questions to the right people.  You need to find this out.  This will give you great information that you can use to structure your offer and USP.

  • What groups of people are already buying these products or services?

You will start finding things that people have in common in the forms of problems of pains with products/services.  There are ways to find the groups of people, and usually it is thru the marketing that you find.

If you see ads or articles online, you can usually trace those sources back to a group of people.  Facebook insights is also a great tool for finding a group of people that is focused on a specific topic or certain pages on Facebook.

  • Where do the groups of people that are already buying my stuff spend their time and money?

This takes a little more digging.  It is always a good idea to try and get out and actually meet some of the people in the market you are researching.  When you try and make some friends and find out some of their hobbies and other activities that they do, it helps you with planning your campaigns.  It always helps to know where people are and what they are already spending money on.  You will have least resistance in placing offers to those type of people than doing it the other way.

  • Who are my Competitors?

Finding competitors are probably the easiest thing to search for and find.  Just Google It.  You can make a list of Domain names and then find out more information about them with SEMRush or SimilarWeb.  Using these sites, you can get an idea of where the competition is getting their traffic on their websites, is it organic or ads?  What is their back links?  Back links will either tell you where they are posting content, or placing their ads, or what other companies are referring them business.  Either way, you can tap into these sources…

  • What are their Strengths and Weaknesses?

You will want to do some digging on their websites.  The good news is, just by going to their website, you will be able to see their retargeting ads (if they are using them).  These will be their ads that keep popping up on other sites that you see After you go to their sites.  Retargeting ads are a good strategy, and we will cover that later.

You will want to take notes on their USP if it is obvious, or if its not, what type of lead magnets they use, or opt-in offers.  Do they have a Newsletter? If so, sign up for it.  Also, make notes of their different offers, what their about page says, and any other information that will help you designing your offers, ads, and other marketing strategy.

  • How Can I position my Company as a Better option for what they are looking for?

If you do the research right, this question should answer itself.  You want to make sure your offers are a better choice.  However,, let me say this. You don’t want to be all things to all people.  You want to make sure your offers are not focused on everyone, but your target market and customer avatar.  If you scare some people off, this is normal, but your core offers and lead magnets should be more appealing than your competition for the same target market and customer avatar. 

  • How can I justify my Pricing compared to other product?

You can’t justify your pricing.  You have to let the market justify the pricing.  Some strategies suggest starting low price, and working out your details in the sales process first.  After some time, you will want to start raising your prices until you are comfortable with the amount of sales and types of clients you are getting.

One point I want to make clear.  Market Research27 is not a one time thing.  It is a periodical thing.  You should probably plan on doing research28 at a minimum of 1 or 2 times per year to stay ahead of your competition and be aware of any changes that are possibly coming to market.  This also helps you keep a better relationship with your audience and they will feel like you have a better understanding of them.  Things change so fast, the more you do the research the better.

Nobody like a friend that doesn’t know a lot about them right?  Prospects and your audience are no different.  They love it when you write to them like you are best friends, and when you have offers, it is sometimes just what they were looking for,, like you have known them your entire life! lol

 

If you want to Learn Market Research, Don’t Forget Keyword Research!

This is probably the most important types of research to do.  I mention it last, because it can sometimes be the most confusing.
You can find some free keyword research sites like google’s Keyword Planner or Neil Patel has a great one called Ubersuggest.

Just remember you get what you pay for.  All keyword research tools are different, and they all will give slightly different results.  It doesn’t hurt to research with a few different one and check results.
The reason you want to do keyword research is because you want to make sure you are using the same type of ‘key words’ in your content that you are publishing or even ads that you are using.

It is just like when you see an advertisement, and they speak the same words that you use.  That is the goal of any great coypwriter.  With Keywords however, you are verifying that people are looking for what you are publishing.  IF you use headlines in your blogs or youtube vidoes, if the headlines and keywords have too many searchers or not enough, then your efforts will fall flat.  You won’t generate the traffic you need.

Another great tool is Buzzsumo.  This great market research tool helps scan the social channels for the hottest topics being discussed.  They also have a Question Analyzer tool, that scans for the most asked questions on social media.

I know a lot of coaches will tell you to do an ask campaign, but…  you are limited by the audience you can ask what they are looking for.  So this question analyzer tool has a really great reach, and can help you gather more intelligence across a wider platform, than just asking people on your mailing list or in your audience.

I could write a book on the topics we have covered, the point I am trying to make is your market research is important. You can be the best marketer, funnel builder, and closer on the planet, but if your message falls in front of the wrong crowd, it will always struggle.

There is a Great Story  by Master Copywriter Gary Halbert I want to share about this, before I close.

Gary once was teaching a class room of students, and was teaching them about copywriting and selling by direct mail.  One of the questions Gary liked to ask his students is,

 “If you and I both owned a hamburger stand and we were in a contest to see who could sell the most hamburgers, what advantages would you most like to have on your side to help you win?”

The students would list several advantages like location, sesame seeds on the buns,  superior meat, the lowest price, and so on.  

Gary would listen to all of the advantages, and grant all of the advantages to the students.   Gary then said he just wanted one advantage, and he would Whip the Pants off of them.

So the students asked, “What advantage could you have that would beat all of ours”, They’d Ask.

And Gary would Answer, very simple…  “The only advantage I want, is a Starving Crowd”.

So, The GOAL for doing Research is this..

Find Your Starving Crowd.

If you are currently working on doing market research29 and have any questions, I encourage you to sign up for a free strategy call.  We can discuss what you are doing, what your plans are for the future and how you can get there.  Most of the upfront work is in the planning stages and if you do that right, designing the rest of your campaign is fun and a lot easier.

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