Superfluo

How to do market research?

5 posts in this topic

Hi!

I'm planning to start a business, a digital marketing business (mostly copywriting), and I'm at the phase where I'm researching the market: learning about businesses struggles, fears, vulnerabilities, worries, and competitors, modus operandi, best practices. I'd want to understand the market fully before diving into it. To be clearer, I need to research the market the same way Leo talked about in the video The Psychology Of Small Business Success at minute 44:52.

However I don't really know where and how to gather the information I need. Because if I'm targeting businesses, I'd have to know the unique struggles of every business, I'd have to know everything about a business, and to do so I'd have to go door-to-door asking questions and it doesn't seem practical to me.

I'm lacking a pragmatic, practical approach to market research and gathering info. And googling around seems not enough.

Are there forums for businesses where I could find this type of info? Are there research papers, books, sites, etc. that can provide quality info about markets so as to learn everything about them? What questions should I ask myself in order to do a good market research?

Every perspective, idea, insight is appreciated.


Been on the healing journey for 5 committed years: traumas, deep wounds, negative beliefs, emotional blockages, internal fragmentation, blocked chakras, tight muscles, deep tensions, dysfunctional relationship dynamics. --> Check out my posts for info on how to heal:

https://www.actualized.org/forum/topic/82579-what-causes-anhedonia-how-can-it-be-cured/?page=2#comment-1167003

 

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Expos, conventions, and tradeshows are designed for this kind of thing.

You should not be targeting all businesses, you need to focus in on specific types of businesses.


You are God. You are Truth. You are Love. You are Infinity.

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@Leo Gura Thanks Leo


Been on the healing journey for 5 committed years: traumas, deep wounds, negative beliefs, emotional blockages, internal fragmentation, blocked chakras, tight muscles, deep tensions, dysfunctional relationship dynamics. --> Check out my posts for info on how to heal:

https://www.actualized.org/forum/topic/82579-what-causes-anhedonia-how-can-it-be-cured/?page=2#comment-1167003

 

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Interesting. I'm planning on becoming a copywriter too. 

Focus more on picking a niche and learning about the customers of that niche. Businesses will come to you if you know how to persuade their customers how to buy things.

I would recommend an exercise where you "stereotype" your market audience into one character and create a detailed profile around it. Try and deeply understand your character when you do this.

Ask yourself questions like:

  • What is their age?
  • What is their gender?
  • What are their political beliefs?
  • What website do they use?
  • What is their health like?
  • What countries do they live in?
  • Do they have any cultural or religious practices?
  • What is their income bracket?
  • What historical events have they been through?
  • What do they spend most of their time doing?
  • Where do they spend most of their time?
  • Where and what reviews do they leave on Amazon?
  • Where and what reviews do they leave on TrustPilot?
  • What do they even shop for?
  • What Facebook groups can I join to understand their niche?
  • Do they communicate in any unique language?
  • What languages(s) do they speak?'

And so forth. Makes sure you continue this list on and on until you've described your character so well you could almost have a conversion with them in your head.

BUT this doesn't mean that you completely neglect to research the seller side of things. You can get a sense of who they are by looking at their:

  • Social media pages (FB, IG, LinkedIn, Facebook)
  • Their Website
  • Blog Posts
  • Email Newsletter
  • Conventions
  • Youtube videos
  • Etc...

Just spend more time learning about the customers more than the business if that makes sense.

 

Hope this helps.

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2 hours ago, vindicated erudite said:

detailed profile around it

Yes, the buyer persona. Nice exercise.

 

2 hours ago, vindicated erudite said:

BUT this doesn't mean that you completely neglect to research the seller side of things. You can get a sense of who they are by looking at their:

  • Social media pages (FB, IG, LinkedIn, Facebook)
  • Their Website
  • Blog Posts
  • Email Newsletter
  • Conventions
  • Youtube videos
  • Etc...

Just spend more time learning about the customers more than the business if that makes sense.

Could you be clearer about this part? With "you can get a sense of who they are" do you mean businesses or businesses' customers? I thought you meant businesses but then you said "customers".


Been on the healing journey for 5 committed years: traumas, deep wounds, negative beliefs, emotional blockages, internal fragmentation, blocked chakras, tight muscles, deep tensions, dysfunctional relationship dynamics. --> Check out my posts for info on how to heal:

https://www.actualized.org/forum/topic/82579-what-causes-anhedonia-how-can-it-be-cured/?page=2#comment-1167003

 

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