Market research is so important for ensuring your idea is viable. So many people have an idea and throw it out there hoping for the best to only hear crickets.
Market research will help you narrow down who to target and whether there is a demand for your idea. It will also give you a good idea if people are spending money for their problem to be solved and to get the results they desire.
You want to make sure your ideal clients are spending money and willing to invest in the problem you are solving.
When doing your research ask yourself these questions:
- Are there any existing courses on the same or a similar topic?
- Are these selling well?
- Are there any other info products (like eBooks) on the topic?
- Are there any people giving paid consultation on the topic?
- Are there reviews on the topic?
Research the popularity potential of each idea you have using Google. List keywords related to your course topic that people would search for online to find you and your course.
Research the results including websites dedicated to the topic, articles, blogs, products and businesses related to your niche.
If there is competition, this means there is a market for your idea and people already buying. Your competition will have already done a lot of the legwork on identifying customer pain points, problems and goals. Their messaging will reflect these.
Use a keyword research tools, such as Google AdWords Keyword Planner, to search for the keywords you have researched and related keywords.
You want to find popular search terms that people are searching for.
If the keyword you are researching for has above 10,000 searches per month and the related keywords have above 50,000, that indicates a strong niche for your online business.
Keyword Research Tools
Google Keyword Planner – https://ads.google.com/intl/en_uk/home/tools/keyword-planner/
UberSuggest – https://app.neilpatel.com/en/ubersuggest/
Research profiles on Instagram by searching keywords your competition may use in their bio e.g. ‘weight loss coach’. Look at profiles who are targeting your desired niche.
- What content are they posting?
- How are they attracting their ideal client with their messaging?
- What have they included in their bio?
- Where does the link in their bio lead to?
This will allow you to see marketing trend, see what is and is not working for others in your industry and give you ideas on how to stand out in the online space.
Find relevant Facebook groups used by your ideal clients. Your Instagram research can help you with this.
Research what they are posting and questions they are asking to give you an idea on their struggles.
Ask questions in these groups to learn more about your ideal client and for market research.
Your Audience & Clients
If you have an audience or clients, utilise them. They are the best source of market research. Ask them what they want from you and provide it.
You can use Google Forms to create a survey. You want to find out:
- Demographics of your ideal client
- Problems they are facing
- Pain points they have
- Goals they want to achieve
- How they are handling their current challenges
- What have they tried to solve their problem
- Would they purchase a course that solves their problems
- What content would they want to see in a course
- What outcome would they expect from your course