How to Know What Your Market Wants

SurveyIt’s likely your business is about providing solutions for your tribe. But before you can create the solution, you need to know what your market needs, wants, and is willing to pay for.

I’m always amazed at how often someone will create a solution before they understand the problem. Not only is this a waste of time, you could cost yourself countless dollars and untold frustration when people don’t respond to your offers.

  • The solution? Find out what your market wants by asking. It’s literally that simple. One of the best ways to do this is with surveys.
Conducting a Survey

A well-constructed survey reveals a great deal. You can conduct a “name required” survey or one that is completely anonymous. Respondents tend to be more frank and honest on anonymous surveys. It’s as if they feel safer and tend to not hold back when they are not identified.

Surveys tell you what your market wants and how much they are willing to pay for it before you invest a lot of time and money developing products. They also provide fodder for articles, media releases, and blog postings based on what your market wants.

Unfortunately many professionals spend incredible amounts of time developing offerings based on what they think the market wants rather than what it does want. Survey, survey, survey – this is the magic word.

Keys to Successful Surveys
  • Identify your objective
  • Determine what information you need
  • Develop the questions
  • Conduct the survey
  • Analyze the responses
  • Develop products based on results
  • Repeat
Identify your Objective

~ Find out what is going on with your market

~ Provide points of conversation with your market

~ Determine what your market wants

~ Discover your level of service based on your customer’s perspective

~ Learn more about demographic information – who your market is specifically

~ Learn what you must prioritize based on market input

Determine What Information You Need

Determine what information is absolutely essential for you to know and what would be nice to know but is not essential.

Develop the Questions

Many people avoid asking such questions because they don’t want negative feedback. But negative feedback is priceless; it allows you to improve on what you are doing.

Conduct the Survey

Before surveying on a large scale, you may want to test your survey with a small group of people. This helps you determine how effective and clear your questions are before investing in the larger effort. Be sure that those in your test market are representative of your real market.

Surveying friends, family, neighbors, or anyone who is not in your market will not give you a true picture of what the problems are, what people are happy with, what their needs are, and where you need to focus your attention.

Analyze the Responses

Identify general themes, challenges, and interests based on responses. Use a program that allows you to run reports on your survey answers. For most solopreneurs and microbusiness owners, a service such as SurveyMonkey works just fine.

Develop Your Product Based on Results

Develop your product based on what your research determines. You should be able to determine pricing structures, delivery methods, frequency of offerings, and other pertinent information.

For the purpose of building a subscriber list, the survey results will provide insights as to what free offerings you need to create. Hitting the target with the right offers assures a greater number of opt-ins.

Survey results also enable you to develop marketing and sales messages using your customers’ language. Pay close attention to the words people use in their responses.

Repeat as Needed

Products and services have life cycles. As sales from your current offerings decline or you notice requests for items you don’t currently offer, just repeat the above steps to gather more current information.

Knowing what is “hot” at any given time is simply a matter of researching your market. Find out what motivates them. For some it will be a high sense of values. For others it will be money, or status, or love. There are universal drives that are common to humans, and we all favor one or two of them over others.

If you’re not familiar with these, do a self-assessment to discover what your own preferences are. That will make it easier for you to identify and understand what motivates others.

Types of Questions to Ask

On a scale of 1 to 10, how important is__________________ ?

What is the most important part of training? (multiple choice)

What is your single greatest challenge with______________________ ?

If you could solve one problem, what would it be?

Give us your opinion on_____________________

Take time upfront to know what your market wants in order to fully serve them and make great revenues from your offerings.

I’d love to hear your thoughts in the comments below…what survey questions have you found to be most effective for finding out what your market wants from your business?

This article was originally published on The Future of Ink and is reprinted here in its entirety for our Magnolia Media Network readers.