Market Research Strategies

Introduction

• Five fast, easy, free, and proven market research strategies.
• Importance of identifying and reaching the ideal target market for business success.
  • Key Questions:
    • How to reach your market?
    • Why should they care?

Understanding Target Markets

• Terms like target audience, ideal customers, and customer avatars mean the same thing.
• Total Addressable Market (TAM):
  • Total potential buyers for a product/service.
  • Focus on serving the right segment of the market instead of everyone.

Importance of Message Matching

• Matching your message to your target market is crucial for success.
• Incorrect messaging can lead to business failure.
• Effective marketing can become significantly more profitable with the right messaging.

Market Research Tools

Amazon for Market Research

• Use Amazon to gather ideas and insights about customers and competitors.
• What to Look For:
  • Book titles and descriptions: Inform about customer interests and marketing messages.
  • Reviews:
    • Five-star reviews for positive feedback.
    • One and two-star reviews for insights on shortcomings.

Ideal Customer Avatar

• Create or update an ideal customer avatar based on market research findings.
• Components of Customer Avatar:
  • Demographics: Age, gender, income, occupation.
  • Geographic details: Location.
  • Psychographics: Values, beliefs, lifestyles.

HubSpot's Market Research Kit

• Free resource with templates and guides for conducting market research.
• Includes:
  • Industry analysis template.
  • SWOT analysis templates.
  • Survey template.
  • Focus group template.

Google Tools for Research

• Think with Google Research:
  • Find My Audience: Analyze audience segments based on interests.
  • Google Trends: Track trends and interest in specific topics over time.

Competitor Research

• Important Dangers:
  • Ignoring competitors or copying them directly.
• Steps for Competitor Research:
  1. List competitors and categorize them (direct, indirect, colleagues, futures).
  2. Analyze their offerings and messages.
  3. Use insights to differentiate your business.

Leveraging Existing Customers

• For established businesses:
  • Analyze existing customer database to rank customers by profitability.
  • Identify common traits among top customers.
  • Conduct conversations to gain insights on customer needs.

Testing Marketing Strategies

• Use Google Ads or social media ads (Facebook/Instagram) for testing messages and graphics.
• Split testing can help discover effective headlines and descriptions.

Conclusion

• Influencing customers through psychological triggers is essential.
• Further learning resources available in the provided video link.