3 Easy Steps To Understand What Your Customers Want !
Q: Is market research useful for a small business? P. Albright Ontario, Canada
You may have been told that as a business owner your most valuable business asset is your customer list or subscriber list if you do business online. The money is not in your list. Rather, is in your relationship with your list. That relationship is created by consistently offering value to those on your list. You will want to go to chapter 5 of your copy of Business Genesis for in depth guidance, but for today let’s take the three most impactful steps to understanding what drives your customers to buy from you. So, the true source of your business revenue is directly tied to the amount of consistent value you offer to your customer base and list. To identify what your market and customer base would find the most valuable we need to answer the two questions below.
1. What is the outward desire or need of your specific market?
2. Finish this sentence on behalf of your prospective customer: “If I could just… then I could… ”.
If you are in the health and wellness industry and your target market is women over forty who are twenty pounds overweight the answer for them might be “If I could just get into the dress I used to wear”. If your ideal prospective customer is a woman with young children, her answer might be “If I just had a business of my own so I work from home”.
So, as an online business owner how would you answer this question? I can tell you with over two decades of experience that if you were to isolate the beginner segment or even the part-timer of that marketplace the answer to this question would be “If I could just quit my job”. For those of you who have in fact, been able to quit your regular jobs and have a full-time online business the answer would be “If I could just stop doing the business tasks that I don’t like. If I could not have to give live presentations, if I could quit traveling so much”, or whatever else it may be for you personally. When you have the completed answer to this question whether it is for you or your target customer, we need to take that sentiment and boil it down to one word.
3. Now using the information from questions one and two, identify your prospective customer’s true motivation and emotional driver. What is their internal desire? You do not have to use that word in your marketing. It is to crystallize the underlying mental and emotional driver and motivator of your marketplace. So, when we look at the part-time or beginner internet marketer and we know that completed sentence is “If I could just make enough to quit my job”, what does that crystallize into? What is one word that could describe that desire, that sentiment? What is the core thing that they are craving? I believe the answer is FREEDOM! You might have a different interpretation. You might be in a completely different market, so your answer here will be different. Regardless, it is very important to begin to get an idea of the crystallized core of the emotional driver of your target market and the reason is because of this one word.
Knowing your market is the key to success, particularly for a small business. However, to many small business owners this task can seem daunting. Breaking down your marketing research into these few simple steps, I hope will inspire you to become better connected with your customer base resulting in you as a business owner having a much better understanding of who your customers are and just what it is that they are looking for. Understanding is what drives your customers to buy is key in generating more sales and growing your business.
If you would like more step by step guidance to on understanding what drives your customers to buy from you and how to continue to grow your business, I have created The Small Business Toolkit to help you. If you have a different resource, that’s okay. It’s just important that you do it. There is a lot more to it than what I can convey here, but I hope this has helped a little. In The Small Business Toolkit I have already done most of the work for you so all you have to do is just fill in the blanks to a few questions and wha-la, you have identified your target market and created your first marketing message! These two things are worth their weight in gold as far as generating sales and growing your business. If you would like to start generating more sales this week just click here!
To smooth your path and guide you on your way to building your own successful business, I would encourage you to get your own personal copies of Business Genesis and the Small Business Toolkit Together they will help walk you through each step of building a successful business before you invest a ton of time, money, and resources. Both will save you years of mistakes, wasted money, and worry.
I hope this has given you a little guidance. If you have a question of your own please feel free to post it in the comments below. Chances are if you are asking it, so are hundreds of others and that is why your question is an important one! I love hearing from you and about your business! If you think this post would benefit someone else, please feel free to share it with them and we would love to connect with you on Twitter. @SpectrumBizllc.