How can Market Research be helpful?
mar·ket re·search (n);
the action or activity of gathering information about consumers' needs and preferences.
When someone brings up market research, it can be similar to someone saying they’re a “consultant in New York City” —you don’t fully understand what it is or why so many people are doing it. When you break it down, though, market research isn’t nearly that obscure or complicated.
Market research can work some serious magic on you and your business. You can use it to help find and attract your audience, build confidence and understand your ideal client profile (ICP). But what exactly is market research and how is it going to do all that?
Essentially, the first stage of market research is what you do before you start bringing on clients. It involves getting in touch with people that you think you’d want to work with and having an open, honest, no strings attached conversation about their obstacles and objectives. It gives you the opportunity to understand what ICP you want to work with and how you’re going to help that group of people.
You can slowly bolster confidence in your business and selling tactics by speaking to your audience with the intention of learning about their challenges and goals. You are here to help and add value, but how exactly? Use market research to help you figure it out. This is a multifold gain.
Strength training your confidence muscles - A lot of new female entrepreneurs want to help, but feel like marketing and sales can be pushy and uncomfortable. Starting with market research can help you feel assured that what you’re offering will benefit people. Since you aren’t actually selling anything yet, it’s an easy way to connect without feeling gross. Plus, the people on the other end of the line don’t feel like they are being sold so it’s a more relaxed, sincere conversation about their challenges.
Where is your audience: Market research is a great way to find the places where your audience is and is not. By reaching out in different ways, you can get an understanding of where the people that you want to work with are, and where you may have thought they would be but are not.
Honing your message and your “why”: The more people you talk to, the more you understand who you want to work with and why you want to work with them. This helps you hone your messaging to ensure you are attracting dream clients, while also making sure you note who you do not want to work with and why.
How are you helping your audience, in their words: You founded a business because you want to use your unique talents and skills to help people. The more you talk to those people and understand where they’re coming from, the better you’ll be able to deliver results for them. Being able to say “I’ve talked to people that have been in your position,” will have a huge impact on making your customers feel understood and supported.
Market research is a great way to gain the confidence you need to move forward with clients that align with you, your values and your business. It can be done at different points in the life of the business as it grows to continuously validate how you help and get results for your clients.