In this episode, Johnathan Thomas explains how conducting thorough Market Research can help you grow your business. As young entrepreneurs, we often sensationalize the process of Building a Business from Scratch.
On Day 1 you Start Your Business. Three years later you’re a multi-millionaire, but what happens in between? If you’re doing things right, the answer to that question should be a lot of testing, observing, questioning, and reconfiguring.
If we put the right amount of energy into Market Research up front, it will save time, money, and show our customers that we really care about what they need…not what we want to sell.
Tip #1: Define the objective of your research.
“Having an objective for your Market Research will flesh out what kind of data you need to collect.”
Tip #2: Learn About Your Target Customers.
“When you take time to define your target customer you can also find the best products and services to sell to them.”
Tip #3: Recognize that knowing who you serve helps you define who you do not.
“It’s okay to decide on who is not a part of your target customer base. In fact, for small businesses knowing who you don’t cater to can be essential to helping you grow.”
Tip #4: Learn from your competition.
“By…doing in-person research, you can dig up a lot of information to help you define your unique selling position and create even better offers for your customers.”
Tip #5: Get your target customers to open up and tell you everything.
“A good customer survey is one of the most valuable Market Research Tools because it gives you the opportunity to get inside of your customer’s head. Many customers will be delighted to offer feedback. You can even give customers who fill out surveys a gift like a special coupon for their next purchase.”
Run Your Numbers
At the end of our episode, Johnathan says the best thing an aspiring business owner can do is “Run Your Numbers”. As it is with Market Research, we have to put our passion and egos aside when making business decisions. Identify your fixed costs, variable costs, potential revenue streams, and optimal price for your goods or services that will allow you to make a profit. Remember, a business without income is just an expensive hobby.
To learn more about Market Research, “Running Your Numbers”, or starting a Global Housing Company like the one laid out in this episode, Connect With Johnathan at:
Cell: 847-293-5708 LinkedIn: Johnathan Thomas Facebook: John Thomas
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