How To Handle Market Research For A New Business (Simpler Than You Think!) @TenTonOnline

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Transcription:

how to do market research for a new business

Here's a strategy to help you dig further and further into market research -- because really want we want to do is learn as much as we can about the audience we want to serve. We want to learn more about who they are, the issues they face, their challenges and problems...and more.

So here's a strategy to do exactly this: For the potential target audience that you've identified, find out who the top YouTubers are in this market -- or who serve this market. Find out the biggest Instagram or Twitter accounts in this market. Identify the top websites and podcasts too.

Then, take a look at the sorts of content they publish. What topics are they addressing? What popular issues or subjects are they covering? Now dig further. What are their most popular posts, episodes, articles, or videos?

What's gotten the most attention, the most views, and the most traction? Take a look at the comments. What's their audience saying? What questions are being asked? What's not being addressed by the sorts of content you're seeing?

Now before we close out, we've gotta address and clarify a few things: First, it's critical to understand that your "target market" doesn't mean "the ONLY people you'll serve" or that you'll never serve customers outside of this market.

Instead, the target market that you've identified is what's called "the tip of the spear." Or in Long Tail terms, your target audience is the teeny tiny slice of the Long Tail that you've narrowed in on.

But that teeny tiny slice is flanked on both sides by people who are still interested in what you do...interested enough that they just might buy.

Here's an example of what I mean: Have you ever been to a movie or concert where you weren't a die hard fan? But maybe your friend is and they drag you along and you kinda go, "Oh sure, what the heck!"

Or, are you in Nike's or Apple's key target market? I know I'm not...but that doesn't prevent me from buying their products. In these examples, you and I aren't at the very tip of the spear...instead, we're out in the wings.

But we can still be customers. I hope that makes sense. Finally, it's critical for you to attract your "tip of the spear" -- your target audience -- as quickly and efficiently and cost-effectively as you possibly can.

This may take time and effort, but if you keep at it, on a long enough timeline, they'll start finding you. And once they do, the name of the game is to bring them into a closer relationship with you.

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