Should You Be Conducting Market Research?

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When you’re working in a business that you love the flow of new ideas is constant. You’ll find yourself dreaming and scheming up ways to help your dream clients everywhere you look. But when it comes to developing these new products, how do you know which ones will have your tribe jumping for joy?

When you’re dreaming of writing an e-book, creating your first signature e-course or packaging up a new service offering it’s easy to get excited about it all. You’re in the flow, you’re ready to roll. You’ve got this!

You know in your gut that this new product is going to change things - for both you and your tribe. However you can’t help hearing that little voice in the back of you head nattering ‘Have you done any market research?’.

So which path do you take? Conduct market research or follow your own intuition?

Well, we believe in a little bit of both. So here’s our take on when each of these methods shine.


Conducting Market Research


What’s great about it?

Conducting market research is great in tapping into the minds of your dream clients and really getting to know what they’re thinking and feeling. In many cases, it’s an important step in getting your next product up and running - knowing that what you’re creating is meeting the exact needs that your clients are after.

Connecting with your dream clients can give new insights and ideas that you mightn’t have thought of, and in some cases can put to bed some ideas that likely weren’t going to gain traction (saving you time, effort and money!).
 

When to use this method:

This method is most effective when used in the following scenarios:

a) you’re completely stuck on which direction to move in next

b) you’ve got a concept in mind and need some insight from your dreamies as to what the finer details should include
 

How to use this method:

  • Create a poll in Facebook Groups where your dream clients hang out
  • Ask questions through your social media posts
  • Create a formal survey to send to your newsletter list
  • Conduct complimentary discovery calls (and take loads of notes!)
     

Downfalls:

When conducting market research it’s important to remember that your results will be biased. You’ll likely be looking for validation of the idea that you’re already in love with, so it’s important to make sure that you’re getting a well-rounded approach to obtaining feedback.

It’s also extremely important that you’ve qualified the people that you’re getting feedback from. Are they really your dream clients or are you crowdsourcing your market research from friends and family that will support your ideas no matter what!

The final downfall here is that sometimes our market research can attract ‘pie-in-the-sky’ thinkers. For example, we could be asking questions like ‘How much would you pay to solve XYZ problem?’. If your dream client is really set on solving their problem, they may give you figures that even you hadn’t thought of. However, it’s important to remember that when it actually comes to making the buying decision to solve their problem, they’re probably weighing up a whole number of different things, so mightn’t actually be able to afford that amount of money. The moral of the story here is to make sure you’re conducting research in a way that most accurately reflects the real-life scenario of your dream clients.


Following Your Intuition


What’s great about it?

Well it’s fun for starters! Many entrepreneurs love this method because it feels aligned and in-flow. (Here's looking at you wild-hearted-creative types!).

Following your intuition in your business can feel like you’ve thrown caution to the wind and are going full-throttle creating everything that lights you up. Of course, we want you to be loving everything about your business and following your intuition can definitely be an easy way to make that happen. But let’s not forget, you’re business is not entirely about you - it’s also (mostly) about your clients.

 

When to use this method:

This method is great for coming up with new ideas, whether that be expanding on an existing product or service, delivering it in a different method or creating something entirely new for your business’ suite of products and services.

The important part here is that your intuition is matched with what you’re hearing from your dreamies. Perhaps we should call it informed intuition.

 

How to use this method:

  • Listening to your tribe: what questions are they asking you? What questions are they asking in facebook groups and forums?

  • Listening to the market: Is there a proven need for your product or service? How is your product/service different to what’s already on the market?

  • What did you wish was available before you started? What would’ve made your own journey easier?

Downfalls:

The following your intuition method definitely also has it’s downsides. Firstly, you need to make sure that your intuition is actually aligned with your dream clients needs. Secondly, it’s easy to fall into the trap of chasing the continuous stream of ‘bright shiny objects’, aka new ideas for your business, when you’re following your intuition. So always make sure that your intuition is backed up with a solid strategy and plan of action.

All in all, we believe that it’s important to balance following your intuition and conducting market research. While following your intuition can be a very feminine approach, there’s a reason why there’s both a yin and a yang in everything. Listen to your tribe and follow your gut instinct on what they need, but before you spend hours of your life creating something new just for them, make sure it’s aligned with what they need. Because chances are, by conducting a little market research you not only have a ready-made audience for your product, it’s likely to be better than you even thought at meeting the needs of your dream clients.