I could help working moms manage stress…. I could help executive women gain confidence…..
I could bring healing into the workplace…….. I could help young women practice self-love and acceptance to become authentic, confident, and relentless leaders in the workforce….
These were all of the thoughts, concepts, and ideas that went through my mind and business in the early phases.
I was ‘qualified’ to be them all, but I tend to focus on feelings first and facts second, so when I brought in the market trends, and the buying power of the NEED – I nailed it!
… I help healthcare executives exit corporate healthcare and unleash their CEO… DING DING DING!!
Conducting market research is a critical step in establishing a foundation for a successful business. Market research is the practice of gathering information about your target market to identify and capitalize on the opportunities in the marketplace amongst the crowd.
I have seen so many times businesses identify a proven market investment BUT never complete the research to stand out amongst the competition.
You can always provide something the world needs but if you don’t do it better then you will never capture market share.
Here is a list of steps to complete market research for any business idea:
- Define your TARGET MARKET (go as detailed as you can – age, demographic, family unit, geography, emotions, income level, hobbies, interests, influencers, etc.). The capability of marketing power levels is only limited to the depth of clarity in a target market.
- STUDY your audience… you should know your audience nearly as well as you know yourself (in many instances – you ARE your own audience)! A few ways to learn and identify the needs of your audience are:
- Focus Groups
- Speaking engagements
- Social settings
- Determine the key components of their needs. What specific OUTCOMES is the audience looking to buy? There are many reasons and emotions that are associated with buying but focus on the outcomes first.
- Research the COMPETITION in the industry and service/product line. It is unlikely that you are establishing or meeting a new human need or desire… So yes everyone has competitors… and if you are a new business, your competitor may be as simple as the declining attention span of humans.
The only way to truly generate a sale in a market is to provide the consumer with a reason to try your product or service. It must beat the current option they are currently using, or perhaps be the first option they try!
- Establish your VALUE points based on your findings. This is where you must define “what’s in it for me?” with absolute clarity for your target market. How are you going to provide the innovation and solutions that will provide your target market the outcome faster & easier?
All of the steps above are considered primary market research.
You can also conduct secondary market research – which would be public or outside information gathered on the product, service, industry, or audience of your business.
Some examples would include trend reports, market status, and industry-specific content from published sources such as US Census Bureau, Professional or Trade Magazines.
A complete market research plan will be necessary to access public funding. You can hire someone to do market research or you can conduct market research yourself.
The key takeaway is thorough research (it is never complete!). You don’t want to launch your business and realize that 6-12 months in – you missed the mark on the outcomes related to the value focus of your product. If that’s the case, you may end up relaunching!!
Market research will be a key investment strategy in building your brand long-term.
Once you have an engaged audience on a single product or service – THEN and only THEN should you consider expansion in other products or services.
The #healthcare industry continues to be prime for #innovation and disruptive models to heal humans in mind, body, and spirit. If you are someone with an intention to heal humanity – then you are my target audience. Let’s chat by booking a discovery call below!