Market research is one of the most important steps before you do a lot of work for your business.
“Know your customer.”
It’s one of the most fundamental requirements and yet many still miss out on.
Why conduct market research?
Good and insightful market research will help you when you are:
- Deciding your niche
- Creating your product or service
- Coming up with your value proposition
- Optimizing your SEO
- and most importantly, formulating your marketing messages and advertisements/ sales copy
If any of the above was created without conducting proper market research, then all your efforts might as well go the trash.
You might be thinking, “Dahhh. Of course, I am doing market research.”
But do you ask the right questions?
What questions should you ask?
Know your customer
1. Who buys your product or products similar to yours?
2. How many are those?
3. What are their demographics? Age? Gender? Where do they live?
4. What do they like? What do they follow on social media? What’s their favorite show?
5. Why do they buy?
6. What jobs that your product help them do?
7. What needs do they fulfill?
8. What are their challenges? And how does your product help them overcome those challenges?
9. And if they are not buying, then why?
10. Are there are any other groups similar to this group that would also be interested to buy? Who? And why? And how many?
11. What trends are they following?
12. Where do they buy the product? Online? Amazon? Social media? Offline? The mall? The supermarket?
13. When do they buy it? In the summer? Close to Christmas? In the morning? In the evening? On weekends?
Know your competition
14. Who is your competition? And what do they offer that you don’t offer and visa versa?
15. How do your customers see you vs. your competition?
16. What is the ideal image of someone who is selling those products in the eyes of your customers?
Know your product
17. What do your customers want to see in your product?
18. What does your product offer that your competition doesn’t?
19. What is the one benefit that your product offers but not your competition?
20. Do you communicate that benefit to your customers? Do they know it?
Know your pricing
21. What is the right price threshold?
22. What are the prices of your competition?
Know your bonuses
23. What are complementary products that you can offer to your customer?
Market research helps you to truly know your customers. It is not a one-off task, but a continuous effort that allows you to consistently meet your customer needs.
Happy customers = Happy wallets