Through market research you gain clarity on your business goals and ensure you are more intentional about taking decisions and actions that are aligned with the Purpose and Mission of your business.
Market research is simpler than you think. From personal experience, when I have been clear on my goals and intentional about the messages I would like to deliver, or the impact that I would like to create, my campaigns and projects have had greater success and have been more effective.
Result #1 - I take actions that deliver results
I keep the goals that I want to achieve constantly in mind. The goals are first of all lined up with my Purpose and Mission. As a result, the plan and the actions that I take to put the plan into effect are consistent with those goals and consequently, with my Purpose and Mission.
Result #2 - I am more targeted about the customer I need to reach
People can get scared if they are asked to get very specific about the customer persona and profile that they target. The fear is often that they might alienate some of their potential buyers or audience. This is where market research comes in. By learning about your audience, being specific on who your customer is, what the demographic or psychographic characteristics that define your customer are, helps to ensure that your messages resonate well. Remember, it is about the problem or need that you are solving for your customers and not about the product or service that you are selling to them. People buy your products and/or services to solve for a problem or need that they are having. For example, people who buy smartphones have different needs to those who buy basic/non-smart phones; the messages created for these two groups therefore cannot be identical.
Result #3 - My productivity and creativity increases
I get into a state of 'flow'. My thoughts and thinking are joined-up. My actions feel connected and are sequenced. I can see more clearly what comes after each step or action. My mind feels freed up to visualise how I am making my Purpose and Mission become a reality.
Result #4 - I am empowered and proud to show up
I don't carry the 'mind drama' of questioning my actions or competence to carry out the actions. My authenticity at being who I am, carrying out my Purpose and Mission empowers me. I am proud to do what I am doing and of making my Purpose and Mission become a reality.
Leading to...
Result #5 - My customers can more easily find me
My messages 'speak' to the problems or needs that potential customers are trying to solve for. They can self-identify with my messages. When they search online or come across my website or social media they feel that I understand their goals, aspirations and what is blocking/stopping them. They can more easily see how my product or service is a solution to their problems and needs.
Result #6 - I set more realistic and attainable goals for my business
When we are setting up our businesses, we need to start from somewhere. Usually we start with a MVP (Minimum Viable Product) that gets refined over time. It is a process that takes time and for traction of the product or service to be built. I need to be more realistic about where I am in my journey in relation to where and when I can expect different goals to be achieved. For example, if I had started my business a week ago, then setting a goal of hiring 100 employees by two weeks' time is not realistic. I know, I have used a very extreme example. That is not to say that I will not hire 100 employees in the future (if there is a clear need for this in my business later), but it is not necessarily realistic or attainable after only one week after setting up my business. Other groundwork needs to take place first.
Result #7 - I spot new ideas and ways to help my customers
Through market research I am clear on the profile(s) of the customers that I serve, I am actively listening to what problem(s) or need(s) that they have and their goals and aspirations. With this knowledge I can see new ideas and ways and new solutions. I can refine my MVP in line with my customers' needs, eventually create and launch entirely new products or services. Etc.
Result #8 - I minimise the risk of investing time on activities that are not right for me
Like you, I have a finite amount of time to spend on doing things. To maximise my time, my plans and goals need to be consistent with my Purpose and Mission. As a result, there is less risk that I create actions that take me away from what I am trying to achieve. If certain of my actions don't help me to fulfill my Purpose and Mission, then I should question if they are a good investment of my time and if I should be doing them.
Market research helps me to be clear about my goals and be more intentional about how I communicate my message(s) to potential and existing customers.
I help owners of small businesses and agencies to be really clear in communicating the scope of the offers they make and identifying their ideal clients.
If you would like to hear more, contact me for a free consult call.
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