The Truth About Market Research
Understanding your audience is the best way to create content products courses and one on ones that are able to support them. A lot of times people overlook the market research aspect and just go straight in to creation. Unfortunately this causes them to be confused about what their audience wants or can make it difficult to actually be able to sell what it is they desire. A lot of business owners will do market research in the form of focus groups, observations, interviews, surveys and the like. While this is a great way to gather information from your ideal client you must first understand why market research is so valuable.
It can help you determine who and where your customers are
It can aid you in making more informed decisions as it relates to your business
It provides into what your ideal clients are struggling with or looking for support with
It lays the foundation from which you build creating more income and impact
It identifies how customers and potential customers might view your business and identify gaps in customer expectations.
The problem is market research isn’t the end of the process in fact it’s only one small piece of the puzzle.
When you’re doing market research it’s important to understand that your ideal clients don't always know how to articulate what they desire. But I still fully believe in doing the research because I am a firm believer in the power of understanding your tribe.
The truth about market research is that’s just the beginning. The reason that you’re even talking to people or inquiring about what to create is because you already have some desire and passion or zone of genius that you’re ready to share. Market research helps to facilitate that process but isn’t an end all be all. The truth is you should never allow market research to override what it is that you want to share to begin with. Don’t let market research override what you’re inspired to do instead allow it to inform your next step!
Take Thomas Edison for example who created the lightbulb. If Thomas Edison had done market research and asked people what it is they wanted they likely would’ve said a lamp that stays lit longer or candles they don’t burn things on fire. But instead Thomas Edison took his own desire his own zone of genius and created something that people didn’t even really understand could exist. Steve Jobs himself was quoted as saying “Some people say give the customers what they want, but that's not my approach. Our job is to figure out what they're going to want before they do. I think Henry Ford once said, 'If I'd ask customers what they wanted, they would've told me a faster horse.'
Your job is to understand what your audience is looking for and offer them something that they don’t even know is available. That’s how you stay relevant, that’s how you stand out and that’s how you ensure you’re impactful.
Understanding this how can you use the market research you’ve obtained and create something so transformational that even you’re inspired?
If you’re looking for more tools, strategies and support on the journey to increasing your reach and receiving more paid clients I have just the thing for you. You can get access to my free Profitable Coaching Challenge. Where I teach you the strategies to increase your magnetism and impact all while increasing your income.
Join the challenge here: https://nicolyawilliams.com/profitable-coach-challenge/.
