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In this article, we’ll discuss why market research is important. We’ll also provide tips on finding your target market and identifying their needs.
If you’re a coach or consultant, it’s important to know your target market. That way, you can better serve their needs and generate more revenue.
We’ll also provide some ideas on how to do market research for your business. So whether you’re just starting out or you’ve been in business for a while, read on for helpful advice!
Why market research is critical for success
Why do market research anyway? As a coach or consultant, you likely have a wealth of knowledge and experience to share with your clients. But to be successful, you need to know more than just your area of expertise.
You also need to understand your target market – who they are, what they need, and how you can best serve them. That’s where market research comes in.
Market research is the process of gathering data about your target market. This includes information about their demographics (age, gender, location, etc.), interests and needs (also known as psychographics), and buying habits.
Marketing research is powerful because it helps you understand your target market and determine how best to reach them. It’s an essential part of any business plan and can help you avoid costly mistakes. For example, say you’re a consultant specializing in social media marketing.
To succeed, you need to know more than just the latest trends and algorithms. You also need to understand your target market and what they want from social media. Do they want to learn how to use it for personal branding? Are they looking for ways to connect with potential customers?
By understanding your target market’s needs, you can create content and services that meet their demands – and generate more revenue for your business in the process!
There are several ways to conduct marketing research for your business.
The four types of market research
There are four main types of market research methods:
Primary market research
You collect this data through surveys, interviews, focus groups, or observation.
This type is research conducted directly, and it’s often more expensive and time-consuming than secondary research or tertiary research. It’s also more reliable since you’re collecting the data directly from your target customers.
Secondary market research
This is data that someone else has already collected, such as government reports, industry association studies, reports from educational institutions, or demographic data from the Census Bureau.
This type of research is usually less expensive and time-consuming than primary research, but it may not be as relevant to your specific needs. Secondary research projects typically reveal market statistics, market trends, and statistical data.
You can also find plenty of secondary data online. Just be sure to check the source to make sure it’s reliable and up-to-date.
Qualitative research
This is data that describes your target market’s needs and wants. It can be collected through primary methods like interviews and focus groups or secondary methods like observing online conversations.
Quantitative research
This is data that measures your target market’s buying habits. It can be collected through surveys or by tracking sales data.
Data collection – what’s useful for a coach or consultant?
Not all data is created equal. When you’re collecting market research data, it’s important to focus on information that will be most useful for your business.
As a coach or consultant, you’ll want to focus on qualitative data collected that describes your target market’s needs. This could include information about their pain points, what they’re struggling with, and what they’re looking for in a coach or consultant.
You’ll also want to focus on quantitative data that measures your target market’s buying habits. This could include information about their budgets, how often they’re willing to invest in coaching or consulting services, and what type of products or services they’re most likely to purchase.
Once you’ve collected this data, you can start building out your ideal clients’ profiles. These profiles will help you better understand your target market, what they need, and how you can best serve them. And armed with this knowledge, you’ll be well on your way to success as a coach or consultant!
How to conduct market research
Once you’ve decided what type of data you need, it’s time to start collecting it. There are many different ways to do this, depending on your budget and the type of data you’re looking for.
Customer surveys
One of the easiest ways to get started is by surveying your existing customers. You can do this online, in person, or over the phone. Just be sure to ask questions that will help you understand their needs and wants.
You can use an online survey tool like SurveyMonkey or Google Forms to create a simple questionnaire. Be sure to ask questions about their demographics, interests, and needs. You can also ask about their satisfaction with your products or services and what they would like to see improved.
If you want to create online surveys that provide more of a premium experience for users and provide more in-depth functionality like automatic report generation, check out Scoreapp and Interact tool.
Focus groups
You could also consider conducting focus groups with potential or current customers. This is a great way to get feedback about your products or services and learn more about what your target market is looking for.
To set up a focus group, you’ll need to find a group of people who fit your target market. You can do this by working with a marketing agency or online panel provider. Once you’ve found your participants, you’ll need to schedule a time and place for the focus group to take place.
You can also conduct virtual focus groups using video conferencing software like Zoom or GoToMeeting. This can be a great option if you have participants who are spread out geographically.
If you want a more sophisticated approach, you can hire a market research firm to conduct a customer survey for you. This option will be more expensive, but it will typically give you more reliable results as there are firms that specialize in conducting research for a particular industry.
Interviews
Another option is to conduct one-on-one interviews with potential or current customers. This is a more personal way to gather data and learn about your target market’s needs and wants.
When conducting interviews, be sure to ask open-ended questions that will help you understand your participants’ experiences. You can also ask follow-up questions to get more information about their responses.
The jobs to be done (JTBD) framework is great for customer interviews. This framework helps you understand why your customers want a particular product or service. Even Jason Fried, the founder of popular software company Basecamp, is an advocate of the JBTD framework, having used it at his own company.
If you’ve got the budget to do so, we recommend outsourcing the regular collection of customer case studies to an agency that specializes in producing high-quality case studies. Case studies are an excellent way to show off the results that your coaching or consulting business can achieve for clients, and having a steady supply of them will help you close more deals.
Online research
Don’t forget to do your own online research! There are several ways to gather data about your target market by observing their behavior online. Look at social media, forums, and other websites where they might discuss their needs and wants. This information can be very valuable as you develop your marketing strategy.
It can also help to understand what’s already in demand by:
Checking out Amazon.com for bestseller lists and seeing what book titles are popular in your niche
Looking at Linkedin Learning and seeing what courses are coming up under “this week’s top courses” or “most liked on Linkedin learning.”
Searching youtube for keywords related to your target audience and see which videos are getting the most views
Typing keywords into Google Trends to see what keywords have been trending over a specific time period.
Competitor analysis
Another popular way to gather data about your target market is to research your competitors. Look at their marketing materials and see who they’re targeting. You can also search for customer reviews online or talk to people using their services. This information can help you better understand your target market and what they’re looking for.
A word of warning: be careful not to copy your competitors too closely. It’s important to find your own unique selling proposition and stand out from the crowd!
Creative customer survey and market segmentation techniques
Using a customer questionnaire as a lead magnet
Why not use your market research to provide valuable insights to your target audience?
Whilst questionnaires can be a great tool to collect information and gain a better understanding of potential customers, the data gathered can be utilized to form the basis for research studies. When someone completes your questionnaire, you can provide actionable insights to help them improve their situation.
Including a questionnaire as a lead magnet on your website is a fantastic way to collect valuable data from potential customers and provide them with something of value in return. Be sure to make it clear that respondents will receive the survey’s results via email once it’s complete!
This is an excellent way to build rapport with potential customers and show them that you’re interested in their opinions and feedback. It’s also a great way to generate leads for your business!
Related podcast: Leveraging scorecard marketing for generating leads and sales ft. Glen Carlson
Building customer qualification into your website user experience
A cool way to qualify prospects is right from your website home page.
Check out this home page from business coach James Schramko.
Notice how he included a short questionnaire right on his home page? This is an excellent way to qualify prospects and ensure that they’re the right fit for your products or services. It’s also a great way to generate leads!
Recommended resource: Ask: The Counterintuitive Online Formula to Discover Exactly What Your Customers Want to Buy…Create a Mass of Raving Fans…and Take Any Business to the Next Level
How to use market research to find (and refine) your target market
Once you’ve collected your data, it’s time to analyze it. Look for trends to help you better understand your target market. Interpreting information will be critical as you develop your marketing strategy and sell your products or services!
Effective market research and data analysis can inform business decisions and remove guessing from your decision-making process.
Our clients have found that building ongoing data collection into their pre-sale and post-sale experiences generates actionable insights that help them improve their business.
For example, if you’re a coach or consultant, you can use market research to:
Find out who your target market is and what needs they have
Develop targeted marketing campaigns that speak directly to your target market’s needs
Help your marketing department to produce web pages, sales copy, and marketing messages that speak directly to your target market’s wants and needs
Price your products and services based on your target market’s perceived value
Deliver a great customer experience that keeps your target market coming back for more!
Refine your sales process to better meet the needs of your target market
Improve your products or services to better meet the needs of your target market
Create and deliver relevant training resources at each stage of your buyer journey
Develop new businesses.
Don’t forget that you can also use market research to segment your target market into smaller groups. This will allow you to develop more targeted marketing campaigns and sell more effectively!
What if you don’t know who your target market is?
If you’re not sure who your target market is, don’t worry! There are a few simple steps you can take to get started.
First, take a look at your existing customer base.
Who are they?
What needs do they have that you’re able to meet?
This is a great place to start when trying to identify your target market.
Next, consider who YOU would like to work with.
What type of person do you enjoy working with?
Who is already in your network that you can support?
What relevant skills and experience do you bring to the table?
Keep these things in mind as you develop your marketing strategy.
Finally, don’t be afraid to experiment! Try out different marketing techniques and see what works best for your business. The more you experiment, the better you’ll become at identifying and reaching your target market.
Remember, the goal is to find a group of people who need what you have to offer and who you enjoy working with! By taking the time to identify your target market, you’ll be able to develop more effective marketing campaigns and sell more effectively.
Recommend resource: Choose: The Single Most Important Decision Before Starting Your Business
Now it’s your turn… it’s time to do your market research!
No matter how you choose to conduct your market research, the most important thing is that you actually do it.
Too many businesses make the mistake of skipping this step and then wonder why their marketing efforts aren’t working. Don’t let this happen to you – take the time to learn about your target market, and you’ll be on your way to success!
If you’re unsure where to start, consider these four methods of market research: surveys, interviews, focus groups, and online research. Each has its own benefits and drawbacks, so it’s important to choose the research method that’s right for your needs.
Do you have any tips for conducting market research? Share them in the comments below!
