The Importance Of Market Research  

Market research is an essential part of running a business, regardless of the niche. It means exactly what it sounds like – research of the market. 

However, if you must have an exact definition, market research is the process of gathering and analyzing data about your target audience, competitors, and industry trends. It allows businesses to make better decisions about marketing, branding, product development, and pricing.

There are two types of market research: primary research (first-hand data) and secondary research (existing data). 

Primary research is data that you collect directly from your audience and customers. You can obtain such data through surveys, polls, observations, user testing, and interviews. 

Secondary research is data that has already been collected by others. You can gather it from search trends, online discussions, public data, industry reports, and market trends. 

Data from both primary and secondary research is necessary to position yourself for success. 

Benefits Of Market Research 

So, how would your info product business benefit from conducting market research before launching your products or services? 

Market research would help you understand your audience and confirm the demand for the product you’re launching. It can also help you craft converting offers and fine-tune your marketing approach. Here are some details…

• Create A Product People Want: Market research helps you understand whether there is demand for the product you are about to offer (or are already offering).
  
  It helps you identify what kind of solutions people are actively searching for and what desires they have. 
  
  
• Identify Ideal Customer: When conducting market research, you’re bound to notice that only a specific group of people are interested in that niche, and you will inevitably conduct research on your target audience.
  
  This will help you identify their demographics, motivations, learning styles, behaviors, and preferred social media platforms. All of these factors will play a role when it is time for you to market your product.
  
  
• Refine Your Offer: Understanding your audience’s desires and needs can help you craft irresistible offers, design engaging ads, and write compelling product descriptions.
  
  Addressing pain points directly and explaining how your product or service solves them will help you increase your conversion rates and sales.
  
  
• Price Your Product Or Service Correctly: Market research can give you insight into what people are and are not willing to pay for products or services in your niche.
  
  It will also tell you what kind of billing model your target audience prefers (one-time payments, subscriptions, or customer bundle packages).
  
  
• Increase Customer Satisfaction: Conducting market research allows you to understand what people want and need.
  
  When your product aligns with those wants and needs your customers are happy.😃
  
  When they are happy – they are less likely to complain, request refunds, and post bad reviews.
  
  Instead, they are more likely to rave about your brand, refer their friends, and come back in the future for new products or updates.
  
  

Conducting Market Research Pro Tips

Conducting market research is simpler than you might think.

Many answers you might be looking for can be obtained by using free resources and connecting with your audience – after all, those people are your potential customers, and who, other than them, would know what they want? 

Don’t be afraid to ask, but also become proactive and creative when looking for answers. Here are some ideas for you:

• Research Niche Trends: It is important to understand what is relevant to your niche and any trends that might revolve around it; otherwise, your product or service might be considered irrelevant, and your sales will suffer.
  
  There are trends in both products and services and in the way you market your business. It is essential to consider and evaluate both.
  
  Not everyone should implement every trend; otherwise, it will diminish the authenticity of your brand.
  
  However, understanding those trends will give you an idea of what people are looking for, what attracts and engages them, and what marketing approach will likely lead to conversions.
  
  
• Connect With Your Audience: Ask your audience what they need. You can use Instagram polls, conduct surveys through email, request feedback, and more.
  
  People enjoy it when brands take their thoughts and opinions into consideration.
  
  Most people seek connection, and by engaging with them and involving them in your business process, you will get answers, increase conversions, and foster customer loyalty.
  
  
• Leverage Community Networks: Social networks like Reddit and Quora are great places to gain insights about what people seek in the next info product. Join communities that discuss your niche.
  
  You can learn a lot just by reading people’s commentary, but if you’re brave enough, you can interact there, too, and learn even more by asking direct (and indirect) questions, offering suggestions, and providing your own insights.
  
  If you have been in business for a while, you can use these communities to gain insights into the market and boost your exposure, engagement, and authority.
  
  
• Test Your Idea Before Launching: Before creating the entire product ( a full course, for example), test its demand first. You can build a waitlist page, create a lead magnet, or invite people to a free webinar or live session.
  
  The number of people who join your waitlist or webinar will tell you how high the demand is for what you’re offering.
  
  
• Analyze Your Competitors: Do thorough research on other brands in the same niche. Pay attention to the types of ads they run, what they post on their websites and social media, their reviews, and any customer/audience interactions.
  
  This will tell you whether or not their products or services have flaws, which you can use to your advantage.
  
  Even if your product or service is similar to theirs, you can refine it and offer a better version, which will help you win against your competition.
  
  
• Leverage Data-Driven Marketing: Test and analyze different types of ads to understand which one performs better.
  
  Data and analytics don’t lie – they are valuable tools that can tell you what worked in the past and what shouldn’t be repeated by helping you understand and predict user behavior. 
  
  

Closing Remarks

Whether you’ve been in business for a while or are just starting out, market research can save you time, energy, and money.

Above, I’ve mentioned some ideas on how to get started with market research – those ideas will be useful for both beginners and experienced entrepreneurs.

Conducting market research can help you understand your target audience and their needs and wants, price your products correctly, craft compelling offers, and ensure that your brand remains relevant over time. 

When conducting market research, it is essential to consider both the data that already exists and the data that you will collect on your own. Both primary and secondary research can give you insights that might be vital for your brand’s success. 

On that note, subscribe to Vavoza Insider and stay tuned for more insightful and practical marketing tips for scaling your info product business.

Always Be A VIP! 

– Steph