Market research includes potential customers and existing customers, and competitors.
Business owners often think marketing ends with the sale, and ignore customers who already made a purchase. This is a critical mistake—both categories can provide valuable insights.
However, if you include all of them in your market research, you have to ask them different questions. You have to treat them differently, give them different incentives to participate, and gather different information.
From new people who just contacted you:
- Where did they hear from you? (So you know which marketing channel works)
- What did they like in your company? (The more detailed the better)
- What they didn’t like in your company? (So you know what to change)
- What other companies did they purchase from?
- What did they like in that company?
- What they disliked in that company?
- What do they except from your product or from the business with you? (So you know what your customers need)
From people who claim they are interested, but never bought anything:
- Where and how do they look for information if they want an answer to a specific problem in your industry or about a product? (So you will know where you have to advertise)
- What are the most important benefits they look for when they decide to purchase a product? (So you will know what benefits you have to offer)
- What are their problems and why do they want to buy these kinds of products? (So you will know what to write in your headlines, or how to build your hook-product)
- What results are they hoping to get? (So you know what to advertise as a result of your product)
- What do they like in companies that sell these kinds of products? (So you will know what to grow in your business)
From current customers, who already purchased from you:
- What is on their mind? (So you know how to motivate them)
- Where do they gather information? (Again, where do you have to advertise your new products)
- What do they dislike in your industry? (So you know what to avoid)
- What are their 3 biggest frustrations? (So you will know what to talk about in your offers)
- What is their secret wish? (Again, you will know what to offer as a benefit)
- Which other companies do they buy similar products from, and why? (So you will know who your competitors are, and how to be better than them)
From lost customers, who stopped buying from you:
- What do we have to do differently?
- What did the competitor do or offer that inspired you to switch to their product?
- What can we do to make you come back?
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