Stay With Me People, The Ride Is About To Get Bumpy
I’m about to embark on what will blow most people off just from the title of this blog post. But please, stay with me on this one, as I am about to delve into the Bermuda Triangle of marketing. I promise, this info will help!
I want to add simplicity, clarity and action to a subject made way too complicated and inaccessible for the average small business owner. Market research can seem so complicated and clinical, and thus non-applicable to the very sales problems that most small business owners are experiencing right this very minute. Yet, good market research can be the difference between success and failure for the small business owner.
Here’s my question to you: How important is insight? Extremely important. Market research, well executed, delivers that insight and answers the most important questions of WHY. Market research is about Why. Why did they buy? Why did they seek you? Why do they come back? Why did they leave the company before you? Why, why, why. When you have crucial insight to hand, you have the means to reach even more people and change their views about you. You have the power to position and promote more accurately and thus attract even more clients. Marketing to your target public becomes easier and more profitable.
Of course, this sounds good. So, here is the good news. You can do it and it is easier than you think.
While market research can involve many complicated and involved processes, I want to bring it to a level of pragmatic application to the small business owner so you can rapidly utilize this vital step in marketing so as to achieve more sales. I want you to know that this can be achieved with a level of simplicity that you will appreciate and can apply.
Where do we start? With the people who have already purchased from you. If you are in business, you have had some level of success. Even if you are living check to check, boot strapping and clawing your way forward, you are at least still alive and in business. Eighty-five percent of businesses fail within the first five years. So, if you are alive – well done!
PEOPLE PURCHASE WHAT THEY CONSIDER TO BE VALUABLE.
Value is one of the most abused and misunderstood words in the English language. Here is my working definition: VALUE = IMPORTANCE. What people consider to be important is what they consider to be of value. Price rarely determines importance, although price can be a key factor for some. Some people think that the lowest price is important. They shop at Walmart. Some people believe that status is important. They shop at Nordstroms. It is not how much you make. Believe me, there are wealthy people at Walmart and those who are struggling financially shopping at Nordstroms.
This is what you want to do determine: What do your clients find important as this is WHY they did business with you. Believe me, discover those key factors (The Why’s) and there are thousands more like them. You can do this market research in person, via email (SurveyMonkey) and through other means. But you need to start asking at least 15-25 of your existing clients as to why they did business with you and what they consider to be important to them.
Those answers will give you insight on what to offer, what to blog about, what packages you need to create, as well as what emotional “hot buttons” you need to use in all your marketing material, offline and online. Bright ideas will spark and clarity will come to you.
Enough already. Begin!