Market Research Strategies For 2021

podcast Dec 22, 2020

We are talking about market research and really updating your strategy. 


If you feel like no one's answering your market research, chances are part of it are the questions you're asking, part of it's the language that you're using. And honestly, part of it is that you're just not doing it enough. 


But first… What is Market Research? 


It is a portion of business strategy in which you want to figure out what is it that people want, how do they want it and when do they want it? It allows you to understand the pain points, the necessity of your client, and the language they use to refer to something. 


Market research is part of your business strategy that needs to be done at least once per quarter, especially when you release a freebie, a tripwire a course, a challenge group, and whatnot because your ideal client needs can always shift frequently, and if you end up releasing a freebie targeting the pain points of your past client, and not your potential new one…. You’re talking to no one. 


Different Ways to Do Market Research for Your Business. 


There are a few main ways to really get market research. I'm going to talk about my favorite ones. 

  • Posting on stories: doing quizzes, polls, or the question box. 
  • Call to action on your posts: (which will be at the bottom), you would say something like, “comment below and tell me blank”, you'll notice I do this all the time on my social media, especially on Instagram. Then, you can also ask these same questions and these same calls to action on a Facebook post or in a Facebook group. 
  • Asking your existing clients or long-term clients in an interview format: This is the most powerful form of market research where you're asking someone to maybe hop on zoom or a phone call for 10 or 15 minutes so that you can ask them specific questions with the necessary follow up questions to get the information that you need, which is again, what do they want? When do they want it? And how do they want it? And how can you get the language that they use to use in your copy? 


Why No One Answers Your Market Research Questions 


Now, if you've done any of my programs before, or if you've worked with me, you're not a stranger to market research. And chances are you may have hit some roadblocks in that you find that no one's answering your questions or they're not giving thoughtful answers. There are a few reasons why this is likely happening. 

You're not asking questions in an engaging way. 

Copywriting is only as powerful as the language that you use. If you're not using terminology, phrases, and language that your audience is using, talking and communicating with or thinking about, what's going to happen is your invites and your pitching is not going to be effective. And if you want to be effective in your pitching, this is the way to do it. 

You're not asking the right questions. 

People are very choosy with how they spend their time on social media. They are quick scrolling. They're not going to take the time to sit and answer your market research question. And as much as they love you, they just have better things to do. Right? 


So, what can we do? 


We can either make your market research more engaging or make it easier to answer (quiz, polls, one-word questions, or something that would be quick to respond). 


How to do Market Research for 2021 


The first one is going to be a fill in the blank question. It's basically telling people exactly what to do. And you're giving them prompts to make answering the question easy, and not require us to stop and think too hard about it. 


For example: “I would be able to make more money in my business if I knew how to______”. 


The second type would be asking “how would this help you?”.  


This style of market research is the most powerful when you're trying to figure out how to facilitate a group or you're trying to decide how to share this information. 


For example: “Should I make this a course?” “Should I make this group program?” “Should it be one on one?”


It's basically asking people, how would you like to be helped? How would this help you? Reformulating the question can also help you decide on the pricing. 


For example: “If I were to release a collection of meal plans priced at $19 would you buy that would you pay $19 for that?” 


Market Research really helps you to understand what exactly do you need to move forward and what better days to do Market Research, than right now when you’re planning for 2021. Planning is not always fun but it’s a necessity to grow and scale your business.

Listen to the FULL episode on Apple Podcasts & Spotify


P.S. I recently opened my social media and marketing agency. You can check out all of the behind the scenes on our Instagram @YbanezMedia. We are officially opening the world to the public in the new year in January, but you can get on our waitlist to be notified when we're taking on clients. It's going to move quickly. So be sure to watch your inbox. And to watch our journey we have a beautiful office and an amazing growing team and I cannot wait for you to be on the journey with us. And on a future YouTube video, you're definitely going to see some behind the scenes of our renovation projects.