Understanding Your Market
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Hi Reader, Today we will discuss knowing your market to grow your business. Understanding your market is crucial for business growth. Knowing who your customers are, what they need, and how your product or service fits into their lives will help you tailor your offerings and marketing efforts. Today's Tip: Conduct Market ResearchInvest time in market research. Use surveys, focus groups, and data analysis to gather insights about your target audience. Identify trends, preferences, and pain points to better position your business. Again, I'm sure you have heard this tip everywhere... but I'm going to give you a more GROWTH understanding of what this really means for you as an entrepreneur! "I Am My Market!"I hear this so often from aspiring entrepreneurs because we have not been truly guided into how a effectively developed market survey actually impacts our planning phases. Because we are women, or of the same ethnicity does not translate into a consumable product or service. Let's dive in Creating products/services that speak to OURSELVES!Often times as a consultant, I find that one of the major reasons that my clients products or services are not selling is because their "targeted market" does not see themselves within the offers. When we allow our "passions" to overtake true data and analysis then we create offers that will resonate with a smaller group of consumers. Without proper research, we may miss what our market actually needs and will buy. The story of the "neighborhood stylist"Mary has been doing hair for around 10 years. Everyone around know Mary for her beautiful salon atmosphere, sunny personality, and top products available for sale. She has had clients that have been loyal to her since she opened. She's never had to market nor advertise because word of mouth kept her clients coming. Everyone knew when you just got your hair done by Mary because her styles were boss! She loves making her clients look their BEST! Her knowledge of hair was unmatched by anyone in the city. Other stylists would work at her salon to learn how to do hair "right!" Well over the past few years the neighborhood has changed and there are new salons within the area. Ms. Mary started noticing that her flow of clients began to dwindle. One day she was talking to her assistant about her concerns, and she suggested that Mary create a strong social presence to bring more awareness to her salon. Building a Social Presence!They launched a social media campaign and filled it with pictures and client testimonials about how great Mary was as a stylists. They grew a huge social following BUT that did not translate into bringing clients into her door. Mary was upset with her assistant for suggesting this method. All of the money she's SPENDING with none coming back in. Mary was in a place that she had never been in before... struggling to keep her salon open. RE-visiting Your "Targeting"One day when Mary was almost ready to QUIT, one of her clients that had moved away a couple of years ago walked in. She was surprised by the empty salon and even more by the negative energy Mary had. As Mary began to talk through the changes that have happened since Monica moved, she began to cry. What Mary didn't know was that Monica moved to build her own marketing company. Monica extended her stay and sat with Mary and her assistant to review their marketing efforts and to offer some tips. The first thing that Monica found was that Mary nor her assistant did not survey their ideal clients. Mary believed that her experience with the years of doing hair, eliminated the need to survey. That's when Monica explained that a proper Market Survey was more than understanding what her clients wanted... IT was more about figuring out what of her offers clients DID NOT WANT! After they did a comprehensive survey, they found that Mary's clients felt that she stopped "educating" them on their hair and just pushed them through the process. They felt that she was too busy and the other salons had faster services. BEFORE they launched a social campaign she FIRST needed to "address" the breakdowns. Mary had to shift out of the mindset of "nobody can do it like her" into positioning more people into her processes to speed things up. Monica suggested that she take her skills of teaching and acquire a few certifications to add in a new revenue driver by creating a licensed continuous education program. Mary not only did not have close her doors, she tripled her revenue without increasing her workload and leaving her passion for hair. 5 Tips to creating an Effective Market Survey
Join our community and learn more about building an effective Market Survey. We offer FREE On Demand courses that dive deeper into the STRUCTURING of Market Surveys and more Business Essentials:
Next, we’ll explore how to build a strong brand identity. Until next time remember "REAL POWER is created by Providing Oneself With Essential Resources!" Always Honored, Dr. Michelle |