What Does Your Market Research Tell You?

July 21st, 2011 by | Print

Running a solopreneur business takes a significant investment of time (and, in some cases, money). And since your time is precious, you need to invest it wisely. If you were to take an honest assessment of your weekly activities, how much time do you spend on research? If you’re like most solopreneurs, your answer is probably, “Not much.”

Research doesn’t rank high on the sexy scale as compared to profit. However, without research, don’t expect a strong ROI on your advance of time and money. All business is a gamble. However, with the proper research, you can minimize your risk, maximize your opportunities for profits, and expedite your success.

By performing your research and analyzing the data, you will have a clearer picture of the lay of the land before you journey forth in pursuit of profits. How can performing market research and reviewing the data benefit your business? Let me answer this question with a few more questions.

Who are your ideal customers … those who you don’t have to hard sell, just simply put your offer in front of them and they can’t wait to buy?

Where do you need to market your business to access the biggest pool of prospects?

What language do you need to use in your marketing to get their attention and get them to take action quickly?

What products and services do you need to create or how do you need modify your current offerings to increase your revenues and your net profit?

How can you get your current customers to buy more, more frequently, and buy more profitable products and services?

Who are your primary competitors and why would your ideal customers choose your offerings over theirs?

Who are potential joint venture partners and other market influencers whom you can connect with to increase your business quicker than operating as a solopreneur?

You spent a significant amount of money and / or time on your marketing campaigns. How are they performing? Why did they work? Why didn’t they work? How should you modify them to increase your results?

Just think of what your business would look like if you had accurate, detailed answers to all of these questions. Running a solopreneur business is like being on a treasure hunt … every day. Imagine if you had the treasure map just how quickly you could find the gold and get on with hunting other treasure.

What’s more, once you have these answers, your marketing research and analysis efforts aren’t over. You need to perform it at regular intervals on an ongoing basis. Markets change. Customer habits and opinions change. Marketing opportunities change. Just look at the explosion of social networks. New competitors enter the market. Current competitors change their marketing message and offerings. The questions to the test change and so do the answers. Without performing your market research, you can make educated decisions on out-dated information leading you to steer your business off course. Confusion, frustration, and a lack of motivation start to set in.

So if you don’t want to take the slow, wandering, profit-depleting approach of hoping to find your market’s sweet spot, contact me. Research is one of my specialties.

All the Best,

Doug Dolan
The Solopreneur’s Guide

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