As small business owners, our main goal is to attract new clients and increase our revenue. This can be challenging at times, but it's not impossible to smash your targets for this year. The real struggle lies in knowing how to effectively get more clients through the door.
Here's my simple trick that can help you to get ahead of your competition, regardless of the type of business you run.
What is Market Research?
Market research is the process of gathering valuable information about your target audience. This is essential because you can't sell to everyone. If you try, you'll likely end up selling to almost nobody.
Ignoring this can lead to declining sales over time.
How to Do Market Research
Research, right…I know this sounds lame, and it sounds like it will waste a lot of your time. But you must know exactly who you are selling to:
Create an ‘Avatar’ of Your Ideal Client: This involves creating a detailed profile of your perfect customer. Consider their age, gender, interests, buying behaviours, and pain points.
Conduct Online Research: Utilise various Free online tools and platforms to gather data. Here are some of the best:
Google Reviews: Analyse feedback from customers to understand their preferences and pain points.
Competitor Websites: Study your competitors’ websites to see what works for them, and where they may be going wrong.
Social Media: Ask questions on your Instagram stories or other social media platforms to gather direct feedback from your audience.
Phone Surveys: Old school, but giving people a call can get some in-depth insights.
Example of Market Research in Action
Imagine your company wants to test out if a new product will sell and make a profit.
You carry out a bit of market research, to see if people are going to buy from you.
If the research CONFIRMS interest, you can go ahead with your plans to sell, knowing that there will be buyers out there waiting for you.
If you get a POOR response from your market research:
Use the feedback to make product adjustments to better align with customer needs.
Cancel this product launch, without wasting money and effort, and move on to the next.
Scoping Out Your Competitor Ads
This one’s a bit of a market secret……One of the best ways to nail your offering is by looking through your competitors’ ads.
Sign up to their email lists.
Get their free guides.
You can also buy some of their smaller products, to test the buying process.
Look at their most successful ads, analyse their structure, and then create similar ads with your personal touch.
The Take-Away
"Understanding your market is crucial to your success"
By defining and researching your target audience, you can tailor your marketing efforts to meet their specific needs.
If you find this process time-consuming, feel free to get in touch here: www.thresults.com.
I can help you with speeding up your market research and guide you through your next project.
You're now well on your way to attracting more clients and increasing your business's success. Remember, effective market research is the key to unlocking new opportunities and driving growth.
Speak soon,
Thomas
P.S. If you’re looking to attract more clients using Meta ads, download our free guide here: Meta Ads Guide.
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