How to Use Market Research to Validate Your Business Idea

Over the past few months, we have worked on your mindset, identified your business idea, and narrowed down your ideal client
Once you are laser focused on who your ideal client is, your next step is to validate your business idea through market research.

Simply put, market research involves you asking a series of questions with the goal of getting your ideal client to say YES! to doing business with you.
When conducting your market research, ask questions such as:

What is keeping them from achieving the results you are offering?
a. Example: What’s keeping you from losing your last 10 pounds

b. How would their lives be different if they achieved the results you are offering?
Example: What would life be like if you lost those last 10 pounds?

c. What challenges are they facing?
Example: What is keeping you from losing those last 10 pounds?

d. Are they willing to pay to achieve the results you are offering?
Would you be willing to pay to work with a fitness coach to help you lose those last 10 pounds?

If you get that resounding YES! on that last question, you are on the right track. If you don’t get it, you may need to rethink your business idea or redefine your ideal client.

Your goal with conducting market research is threefold. One, you want to see if your business idea will address the pain points of your ideal client. Two, you are able to see what motivates and stresses your ideal client (this is useful information when you are marketing and promoting your business). Three, you want to see if your ideal client is willing to pay YOU for your product and/or services.

Finding your ideal client in order to conduct your market research is rather simple. Oftentimes, they can be a friend or family member. If not, more than likely you can find them on social media. Simply ask them if they would be interested in participating in research you are doing for a potential business idea. I strongly recommend that you speak to the person versus doing a survey, because it allows you to ask follow up questions on the spot.
Too many times, people skip this process, because they don’t see the value in it. They think that because someone else is doing the same thing, they can do it too. Having that mindset is faulty, because you want to see if people will pay YOU for your product and/or service.

By skipping this step, you run the risk of spending time creating a product and/or service that will not be profitable for you. When you conduct market research, it provides you with valuable insight into the life of your ideal client! Use that information to create products and services that address what you discovered during your research.

About The Author

Beverly Walthour

Beverly Walthour is a Business Strategist for professional women who work full-time and want to start an online business. She empowers women with the strategies, tools, and support needed to Gain Clarity. Gain Visibility. Gain Clients!

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