How to Research Your Market for Sales blog post images

I used to work in the restaurant business, so I know delicious food solves the problem of hungry restaurant patrons. The prospect of something delicious draws customers in, and after paying for a meal and service, they leave with full stomachs—and happy hearts.

Restaurants know about their target audience: hungry people.

Financial and diet gurus advise you not to go grocery shopping when you’re hungry. When you’re literally hungry, you buy more food. If you’re figuratively hungry, you’ll have more willingness to spend your money on solutions. We should implement this principle in our business to reach more customers.

Do you know how to attract hungry clients in order to make sales? 

Why Market Research Makes the Difference

You have to know your audience. If you don’t know the real needs of your target, you won’t appeal to them. If you don’t have their attention, and you don’t offer a solution that solves their pain point, you don’t have a selling point.

Too many fools put their “great idea” before the market. They don’t understand this principle: Nobody cares about your amazing idea—unless it solves a problem for them. People care about their personal problems. They buy to find solutions, not because an interesting product exists.

It’s like people who worry about their first impression or something they said in passing—the other person probably doesn’t even remember this interaction. The other person spends their time and energy caught up in their own thoughts and problems. They don’t have time to worry about what you did! Since that’s the case, imagine how this affects your product and service development.

So, the key to getting a good product? Understanding the personal difficulties of your target audience. But how do you take that understanding and turn it into revenue-producing sales? How do you plan to narrow in on an audience hungry for your services? 

4 Steps to Reach Your Audience and Make Sales

Check out these steps for marketing that reaches your target:

1. Identify Your Target Audience

When it comes to finding your target audience, niche down, and work to appeal to a narrow audience instead of trying to meet the needs of everyone. More people identify with you when they search for their specific interests. You can market based on business type, size, location, or other factors. 

Choose your target audience based on their readiness to buy, not just because you like them or have similar interests. For example, dog owners love buying products for their sweet and fluffy babies. In fact, they’re often pretty passionate about spoiling their dogs with quality food, squeaky toys, leashes, and treats. That makes the market for dog owners hot.

Research your market BEFORE you develop an idea. Instead of starting with a cool product idea, start with a hungry market.

2. Meet Specific Needs

When you find a hungry audience, find their pain points. How can you offer services to meet those needs? Can you develop new services? Can you frame your services in a way that meets your audience’s niche?

Spend some time considering what they think about, what kind of problems they face, and how they want to fix them. You can do this by joining a Facebook community or Reddit group, or by following YouTube and TikTok channels in this group. Study how they think. Learn about the issues that keep them up at night.

Keep track by writing down the questions they ask and the things they complain about.

3. Launch a Minimum Viable Product

A Minimum Viable Product (MVP) is what it sounds like: a product with just enough features that attract customers. Develop it now, and improve it later. Just make it something that solves a problem and adds value for the owner. Your goal is to make immediate sales and build a foundation of trust around your brand and products.

As you develop the MVP, build an audience. Create a community around a YouTube channel, Facebook group, podcast, and actual communication with your ideal buyer. Build interest and anticipation for the upcoming product within your audience so that when you launch it, you’ll have informed buyers ready to purchase.

4. Repeat the Process

Take everything you learned from the first process, and refine your product for your target audience. Establish your MVP 2.0. Make sure you share the updates and improvements with your audience. Then, launch your product again and watch results pour in while your revenue rises.

Continue to grow your audience and learn more about them. Then, you’ll never run out of ideas for new products and services as you look to solve your audience’s problems.

We offer thorough support for entrepreneurs who want to establish their audience and grow their incoming revenue. If you want to learn how to build a recession-proof, automated business, check out our FREE, 15-minute training and start generating at least $8K per month in weeks.