Not all roses and sunshine
Not all roses and sunshine
Your market research will uncover some challenges.
Here’s some awkward news. The market research you do in support of your business will NOT return all 100% positive news. Every niche has challenges or ‘headwinds’.
Honestly, uncovering these headwinds is a big reason why people avoid doing market research in the first place! We want smooth sailing, we want the research we do to help us solve problems, not create them! We don’t necessarily want to see all the cool things other companies are already doing because, then what? Do I even need to be in the market? Ugh.
I know I keep saying it, but these are the exact reasons to do the research. Who wants to waste a bunch of time (read: money) heading down a path that’s already well-worn by your competitors? Besides, there’s some problem in your niche that’s not yet being addressed or there’s some way that, using your experience and expertise, you will solve pain points in a way that others just don’t. This is how you figure that out quicker and with better information.
Go into your research with a clear head:
1. Know that you’re going to uncover some things that discourage you…at first. Keep researching.
2. Some piece of your niche is not being addressed the way you’d address it. As you uncover those, make note of them.
3. Keep your mind open at this stage of the game. Educate yourself, get clear about what’s out there as you start forming your plans to address what’s not.
Next week, I’m going to start walking through the 4 steps of this basic market research framework. It’s not cumbersome or meant to take a bunch of your time. It’s simple and straightforward and once you learn it, you can use it anytime you look to offer a new product/service, anytime you need to pivot, anytime you need good answers to your business questions. Plus, since it’s a process you can repeat, you can compare results over time.
Stay tuned!