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market research

Market Research in 3 Steps

The most boring task yet, it’s the giant cannonball of every single business to get success.

I’ve been in the marketing field for years and still get tired of doing it, but I couldn’t create a single piece of copy without it! 
Because I have no idea why the company exists in the first place; yes, I know It has the best product, but that doesn’t mean my target market does. So, I need to play the role of potential buyers, but I couldn’t do that without doing the most tedious task of marketing research. Yeah right… it’s market research…And that’s how effective it is.

So, are you curious about how I conducted market research? Don’t worry; I’ll show you how to do it in three easy steps.

But before I tell you that, let’s see if this content is fit for you. It would be best if you didn’t burn calories reading it only to find out that you didn’t get anything out of it.

Therefore, these are the people who will benefit from this content.

  • Marketer
  • Content marketer
  • Facebook advertiser 
  • Business owners
  • or anyone who is writing a copy to promote services or products…

So, if you’re one of them, then this post is totally for you.

But if you don’t, you can still read this and see if it’s helped you; if it has, I’d like to know more about your niche or industry…

Okay, so without any further ado, let’s start…

 Step 1: 
Understand your product or company… 

understanding your consumer avatar and competitor isn’t enough… you also need to understand the benefits and advantages of your product and why they need it… and to do so, you’ll need to answer the following questions.

  • What is your company’s purpose?
  • What do you stand against?
  • What is your USP?
  • Lists of benefits and advantages of the business
  • List of your disadvantages,
  • Problems can be solved immediately by your product 

Yes, you must answer this question, and if you are a freelancer or marketing business, you must also gather information on the following List.

  • What’s their authority site: usually, it’s a blog post. 
  • How many visitors they are getting
  •  How many blog posts do they write per week?
  • How many blog posts distributed
  • Average like, share, etc., they are getting from that authority site? 
  • What’re their social media properties
  • How many followers or subscribers do they have
  • What is their flagship product
  • List of the product that you have in your catalog. 
  • What’s the current size of your email list 
  • What’s the average open rate and click rate?

Wow, that’s a lot of stuff… I told you it was boring, right? However, it’s the secret to your success… 

It is going to be a long journey. So let’s jump into the next step…

Understand your audeince

Step 2:
Understand your audiences. 

 Businesses are getting failed because they burn dollars only to target people who don’t even care about their products. Audience research is where you are going to understand your audience’s demographic and psychological emotions. 

It can help you with your sales pages and when you are launching your brand on social media.

Here are some elements that you can use to implement this. 

Demographics

  • Name:
  • Age:
  • Gender :  
  •  Marital status :
  • Number/age of children : 
  • Location : 
  •  Occupation / job title : 
  • Annual income : 
  • Level of education:

Psychological emotions:

  • Desire/Dream
  • Needs
  • Fear
  • Suspicions
  • Who/What are their enemies
  • Objections
  • Long term goal ( End result ) 
  • How is life if they didn’t solve this problem

Market awareness: 

  • Unaware
  • Problem aware
  • Solution aware
  • Product aware 
  • Most aware

Writing a copy after market research is so amazing. 

Can you imagine your audience’s reaction after reading your copy? And suddenly, you build authority and trust because they see you as the solution to their frustration. After all, you understand your audience completely. I mean, humans typically trust a person who understands them, gives them solutions, addresses their suspicions, and throws a rock on their enemies. You can’t even imagine how it will help you unless you see your conversion rate rising and sees your competitor behind you… 

oh, speaking of competitors… That will be our part 3, so keep reading if you want to bring success to your business. 

Step 3: 
Keep your enemies even closer.

You need to know who your direct and indirect competitors are at this stage. since you want people to love your product, you must identify the most significant reason they don’t buy from you… It’s because they already committed to your competitors and I’m 100% sure that you don’t want to give loyal customers to your competitors, right? That’s why you need to identify the pros and cons of their product compare your product.

Therefore, you can do that by doing the following elements

  • Ten direct competitor
  • Ten in-direct competitor 
  • paid and organic search result competitor
  • your direct and in-direct competitors ads 
  • market sophistication 
  • market awareness of their audiences
  • hook and big idea
  • unique mechanism
  • lead type 
  • the market problem they are trying to solve 
  • their offer 
  • whats media they are using \
  • are they using retargeting strategies?
  • the proof type used like testimonials from customers/experts
  • Do they have a guarantee?
  • What do the upsell and cross-sell look like?
  • What does the thank you page look like?
  • What happened next?
  • What are their abandon cart strategies?

That’s a lot. In other words, you need to play the role of buyers and non-buying customers if you want to deg deeper with your market research. 

That will be so much work, so I wonder the average hours or days you are conducting competitor research… I’ll like to know in a comment section below… 

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