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Quick Tips to Market Research

Recently, I had clients asking me what is the best way to do Market Research. That is a loaded question, but I am here to tell you that Market Research doesn’t need to be a formal process. Market Research is about getting feedback from your clients on the things that will inform how you position, price and market your products and services to your target audience. It’s about getting answers to the questions that you need to know to be a success in doing what you do and selling your product and or service to those who need and want it. Market research is a very important part of your overall strategy because without it, you are just taking chances, throwing things at the wall and seeing what sticks. That said, entrepreneurs have done that before and it has worked for some but a more intentional and focused way to get the feedback you need is by asking the right questions. How can you do that. Here are some quick tips to get you started that really do not require a ton of work.

My first suggestion is to use social media. A great way to engage your social audience is by doing a post and asking them things like “Would you use a product that is designed to….” or “tell us in the comments what you think you about this logo and color. What does it represent to you?” Your fans on social media are your friends and they are willing to help you get the feedback you need to be successful. By sharing a post that simulates what it is that you need to know, you can get some feedback on how to approach your product development. You can use this method when it comes to pricing too. It’s as simple as asking, “How much would you pay for….”.

Stories is another way you can get feedback on your products or services. These channels are perfect for this because you can ask a quick question via video or you can do a true or false, this or that, or a quick survey asking people to share their perspective on a specific thought or idea. If you do a video to get this message across, it is likely you will get more engagement since videos are a great way to connect with your audience and get them to interact and see you on a more personal level. Since stories have a shelf-life of about 24 hours, this is also a good way to get quick, to the point information you need immediately from those who are likely more active and interested in seeing your content.

Facebook Groups is another great way to get feedback on your product and services. As I mentioned previously, when in a Facebook group, you also want to start out with showing your level of expertise. Don’t let your first commentary be an ask for feedback. All along, you want to show the group that you are a subject matter expert in your field. Answer questions, give suggestions provide a perspective or a point of view. Once you have established yourself in said group, you can then ask people the questions you might want to get feedback on. Another way to do this is to use this group to host a Q&A or feedback session where people can give you their candid thoughts about whatever the subject at hand might be.

While a little bit harder to get feedback, doing a Facebook or IG live can also help you get feedback. By asking your audiences to type their answers in the chat, you can still solicit feedback. You can also do this via a webinar or zoom meeting. Just as a hint, people typically respond better when there is something they will receive in exchange for their feedback. Maybe it’s a free copy of a book or content you have written or a gift card.

Have you tried Clubhouse? This a speaking social channel that is fairly new to market but has a ton of engagement and conversations going on. While there is a process involved, you can eventually host a room or cohost a room with someone where you can ask the questions you think will benefit people in their journey relative to your product and gain interest.

Are you needing more help with your market research strategy? We can help. Email us at [email protected] and let us help you get started. Let’s create something amazing together. We can’t wait to hear from you!

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