Ep 52: Market Research: How to Know What Your Customers Want
July 24, 2018 - 51:48
How to Know What Your Customers Want by Doing Market Research
Today we’re talking all about how to know what your customers want.
When it comes to determining what our customers really want, we have the temptation to return to our middle school days of fortune telling. Stay with me here. Do you remember the origami cootie catchers that told us where we would live and who we would marry? Did you ever pick the pedals off flowers, “He loves me, he loves me not, he loves me!” Raise your hand if you’ve ever asked a Magic 8-Ball a question.
Y’all, we love to predict the future. We all want to know how things will turn out, and if we’re honest, we’d all love to read our customer’s minds.
Using Market Research to Determine What Our Customer Wants
Wouldn’t it be incredible to figure out exactly what our customers want? To determine exactly what they need? To know the words they use, so we can use those words and reach them directly?
We can know those things—what they think, how they feel, and what they need.
We can learn all that and a whole lot more. And here’s the good news: You don’t need a Magic 8-Ball to tell you.
How do you find out?
You just ask.
The simplest things are the things that are most often overlooked. Instead of doing the most logical and effective thing, we tend to just guess what our customers want. We overlook asking them what they feel, want, need, think.
We can demystify the whole thing by simply asking our customers directly.
We’re all great at asking questions, but many of us have just never thought to apply it to our business.
There’s a fancy term for asking your customers what they want: Market Research.
Two Methods of Market Research
There are two methods of research you can use to ask your customers what they want: quantitative research and qualitative research.
Both methods are going to help you understand your market, learn, and grow. By asking your customers the right questions, you can gain a better understanding of their thoughts, feelings, and needs surrounding your product.
A helpful hint to understand the difference between quantitative research and qualitative research is to remember the root of the word. Quantitative research is all about quantity.
Qualitative research is all about quality.
Understanding Quantitative Market Research
In quantitative research, you ask questions that can be quantified and produce a metric for you to measure.
You might do this through yes or no questions, multiple choice, ratings, or another method.
Have you seen those commercials that say 9 out of 10 dentists recommend this toothpaste? They did a quantitative market research study to find that number.
Understanding Qualitative Market Research
Qualitative research can’t be quantified. This type of research takes exponentially more time to sort through results, analyze and identify themes. But that doesn’t mean you should avoid it!
Qualitative research provides open-ended, non-leading questions that will allow your customers to provide answers in their own words. That’s the reason it’s so valuable! You really can understand your customer, their motivation, their mindset, and their language.
Qualitative research can also be used in marketing in the form of marketing copy, testimonials, endorsements, and quotes. Lots of the words that we use in Business Boutique are things you’ve told us. We love to hear what sticks out to you so that we can improve, grow and get better.
I love market research! It is such a simple and direct way to get feedback from your customers.
In this episode I’ll talk about:
- The different ways to use qualities and quantitative research in your business.
- How to avoid questions that lead your customer to the answer you want.
- My favorite things we’ve discovered in Business Boutique through market research.
- How to use the feedback you receive to make changes in your business.
It doesn’t matter how you get the information; it matters that you get the information. If you don’t know what your customers want, you can’t give it to them.
It’s not a mystery—all you have to do is ask.
Practical Tips for Doing Market Research With Jessica Principe
Jessica Principe has become a dear friend over the last few years since we met at our Business Boutique Event in Nashville. She is the founder of the popular women’s shaving subscription club All Girls Shave Club, a wife, and the mother of two boys.
The idea for Jessica’s business came to her in the shower. She reached for her husband’s razor from his subscription service and thought, Why isn’t there something like this for women? She realized if that service was something she would use, other women probably would too. And just like that, she threw herself into market research, came to the Business Boutique Event, created her plan, and launched her business.
She has taken the chore of shaving and turned it into something where women can feel like they are pampering themselves. Knowing what her customers want—and delivering just that—has helped Jessica continue to grow and create a lucrative business.
Jessica has shared her story multiple times on the Business Boutique event stage to let other women know they can do it too! You can turn your ideas into income and create the life you always dreamed of.
In this episode, Jessica Principe and I talk about:
- What Jessica did that allowed her to launch her business with more immediate success than the average business.
- How getting to know her customers through market research changed how Jessica talked to her customers.
- Why continually learning new things is key to success in business.
A Little Encouragement for the Next Season
The seasonality of our lives, our family and our business is important. Summer is winding down, and life is about to ramp up for many of us as we approach fall and all that comes with it.
Before it’s time to be all in and game on, I have a little encouragement for you: Don’t let the change of seasons surprise you. You can spend the next couple weeks enjoying your summer, but also setting yourself up for success. The time to do it is not in September when you’re in the thick of it—the time is NOW.
Here are a few ways to prepare yourself for the potentially crazy season ahead:
- Declutter your house.
- Map out your schedule for the fall.
- Take care of you.
- Set intentions and plans to be more present and less frazzled.
- Limit the number of sports or activities for your kids.
- Choose one leadership role or volunteer opportunity instead of 15.
I know it’s hard to do. But you have a beautiful window of time, and if you use it wisely, you can arrive at the next season set up to win without all the stress.
Lastly, don’t forget that I love hearing from you! Give me a call on my new toll-free line at 844.944.1074. You just might hear your question on a future episode!
1:25 How to Know What Your Customers Want
15:37 Interview with Jessica Principie
37:54 Encouragement for the Fall Season
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