Wise words: The best business to start is one you’re already a customer of.
What most business get wrong about market research
Market research is understanding the target market and customers to make better decisions. Many businesses do this by:
Researching data/technology in the economy.
Comparing competitors with their business
Holding focus groups to measure customer interest.
But these businesses miss the most basic and important part of their market research. Their ideal buyers.
Why understanding your ideal buyer works:
You focus on the best customers - They spend more money and are happier with your business
Your ideal buyer > market changes Your ideal buyer will keep buying even if prices increase
Your ideal buyer > competition Your ideal buyer will disregard your competitors because you serve their needs better
How do I understand ideal buyer better:
Become them. Think, act, and breathe like your ideal buyer until you become them.
Go onto platforms where your buyers are. Become your ideal buyer by understanding their pain points, goals, and motivations.
Create a customer avatar or a single fictional person based on your ideal buyer. Include demographics (occupation age, income, etc.) and psychographics (character traits, desires, fears).
Focus everything about your business on your customer avatar. Use their language, talk about their goals, and tell them how your business solves their specific pains.
It sounds simple because it is. Having a more precise understanding of your ideal buyer will attract more customers.
Until next time,
Warren
P.S. Respond to this email and let me know what you're working on. I read and reply to every answer!