How To Do Market Research! (5 FAST & EASY Strategies)

Summary

In this video, Adam Erhart shares five effective market research strategies to understand customers better. He emphasizes the importance of aligning business offers with customer needs and suggests using Amazon, Google Trends, Ubersuggest, customer database mining, and Facebook Ads to gather insights and test market responses.

Takeaways

• 🔍 Market research is crucial for understanding customers and positioning a business as the inevitable solution to their problems.
• 📈 Understanding customer needs can lead to creating irresistible offers that align with what they want, making it easier to capture the market.
• 📚 Amazon is a valuable resource for market research, providing insights into what customers are buying and thinking based on book sales and reviews.
• 📊 Google Trends offers a high-level overview of market trends, helping to identify the popularity and direction of topics over time.
• 🔑 Ubersuggest is a powerful tool for deep keyword research, revealing search volumes, competitive rankings, and estimated costs per click for advertising.
• 💼 Customer database mining can uncover valuable insights by analyzing the most profitable customers and identifying common characteristics.
• 🗣️ Engaging in direct customer conversations can provide firsthand information about customer problems and needs, enhancing market research.
• 🎯 Facebook Ads can be used for split testing different headlines, topics, and creatives to determine what resonates best with the target audience.
• 📉 The Pareto Principle (80/20 rule) can be applied to focus on the top 20% of most profitable customers to understand their preferences and behaviors.
• 📝 Both positive and negative reviews on platforms like Amazon contain valuable information about customer satisfaction and unmet needs.
• 📈 The script emphasizes the importance of not just understanding what customers say, but what they actually do, as actions speak louder than words.

Q & A

What are the key benefits of market research for businesses according to the video?

Market research helps businesses understand their customers deeply, allowing them to position their offers as the main solution to customers' problems, making the business the inevitable choice for the target market.

Why does the video suggest starting market research on Amazon?

Amazon is suggested as a starting point because it provides insights into what customers are thinking, searching for, and actually buying, based on book sales and reviews.

How can book titles on Amazon help with market research?

Book titles can indicate strategic alignment with the target market, assuming authors conducted their own market research before writing.

What valuable information can be gleaned from both positive and negative reviews on Amazon?

Positive reviews reveal why readers found the book valuable, while negative reviews highlight areas where the book missed the mark, providing opportunities for improvement.

What is the significance of the number of reviews on Amazon for market research?

The number of reviews indicates the popularity and interest level of a topic, showing how engaging the content is to readers.

How does Google Trends complement Amazon for market research?

Google Trends provides a high-level overview of market trends, popularity, and direction, including related topics and searches, which Amazon does not offer.

What does Ubersuggest offer for market research that is unique?

Ubersuggest provides deep keyword research, including search volume, competitive ranking, and estimated cost per click, which helps in understanding market demand and competition.

Why is focusing on the top 20% of most profitable customers important for market research?

Focusing on the most profitable customers helps identify common themes and characteristics, understanding their needs better, and enhancing business offerings.

What is the purpose of customer conversations in the context of market research?

Customer conversations provide direct feedback on problems and solutions, offering insights into customer needs and preferences for future business offerings.

How does Facebook Ads differ from the strategy mentioned in 'The Four Hour Work Week' for market research?

While 'The Four Hour Work Week' suggested using Google AdWords for split testing, the video recommends Facebook Ads for its ease of use and the ability to test different creatives and messages.

What is the main advantage of using Facebook Ads for market research compared to other methods?

Facebook Ads allows for testing different headlines, topics, calls to action, and creatives with a relatively low investment, providing quick feedback on what resonates with the target market.