How to Do Market Research When Starting a Business
Market research is the most important part of building any business. What we think is a winning idea might not be the case for what everyone else thinks and more importantly, we don't know how someone speaks of their problem.
Market research is important to know if something will sell but it’s also important for your marketing materials.
Market research helps you to get a deeper understanding of your audience. It’s not just about defining “who” they are. It’s also about defining what they like, dislike, what they are looking for, what problems they have, how they talk about their problems, what kind of solution they are looking for, etc.
Market research helps us to:
- Figure out where our ideal student/client is hanging out online
- What the biggest problem our ideal student/client is having and how they describe them
- How to do market research
Make sure you are taking notes! When you go to put material together, you’ll resource it. I recommend even having a dedicated market research notebook and/or in the notepad on your phone!
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