How to Nail Market Research
At the heart of your business is your community—all the people who are transformed by your work. They love you, support you, and want to feel considered when you’re making decisions in your business. Listening to them isn’t just good practice—it’s essential.
Something I see many entrepreneurs do is throw spaghetti at the wall to see what sticks. While taking a shot in the dark can sometimes lead to pivotal breakthroughs (and let’s be real, it probably got you started), there comes a point when you’ve built enough of a community that you can lean on them for guidance. Not engaging with their input is a disservice—not just to your business but to everyone it touches.
The insights gained through intentional market research are invaluable. These can help you better understand your audience, uncover untapped opportunities, and imagine possibilities for your business that you might not have thought of on your own. This is why it’s so important to "do the thing."
Let’s break it down: how exactly do you conduct market research in a way that’s meaningful and actionable?
What is Market Research?
Market research is the process of gathering feedback from your community to inform your decisions. It’s not just about sending out surveys (although that’s one way). It’s about engaging in meaningful conversations across all the channels you use to communicate with your audience. Whether it’s through social media, LinkedIn, newsletters, group offerings, or 1-1 sessions, make it a habit to ask questions and gather feedback at least twice a year.
Why is Market Research Important?
Market research helps you:
Understand what your clients love about what you’re already doing.
Identify obstacles or setbacks that may prevent them from engaging with your offers.
Discover what they truly desire, including goals, dreams, and the kinds of experiences they’d love to see you create.
Examples of Market Research in Action
1. Planning a Retreat:
If you’re planning a retreat, use market research to:
Ask your audience about their dream retreat locations (present a few options you’re already considering).
Find out which dates work best for them.
Learn what activities they’d love to participate in.
Gauge their likelihood of attending (e.g., “On a scale of 1-10, how likely are you to join a retreat in X location during Y time?”).
2. Launching a New Offer:
Before creating a new course, program, or service, ask your community:
What challenges they’re currently facing that align with your expertise.
What kind of support they’re seeking.
Which format they prefer (e.g., live workshops, self-paced courses, hybrid models).
3. Improving Existing Offers:
For programs or services you’ve already launched:
Ask for testimonials or reviews to learn what they loved most.
Find out what could have made the experience even better.
Ask if there’s anything they’d like to see added or changed in future versions.
Tips for Effective Market Research
Be Specific: Vague questions lead to vague answers. Instead of asking, “What kind of retreat would you like?” ask, “Which of these retreat locations excites you most: Bali, Costa Rica, or Greece?” or “What’s your top priority for a retreat: relaxation, connection, or personal growth?”
Avoid “Select All” Options: When giving multiple-choice questions, ask participants to select their top one or two answers rather than selecting all that apply. This ensures you get clearer, more actionable data.
Use Multiple Channels: Market research isn’t limited to surveys. Use Instagram polls, Facebook group posts, or even casual conversations in DMs or in person. For example, you might post a story asking, “Would you rather attend a weekend workshop or a week-long retreat?” Simple interactions like these can provide valuable insights.
Offer Incentives: To encourage participation, consider offering a small incentive, such as a discount code, a free resource, or entry into a giveaway for those who complete your survey or share their feedback.
Follow Up: If someone provides detailed feedback or expresses interest in an idea, follow up! This not only builds trust but can also deepen your understanding of what they’re looking for.
Keep it Routine: Make market research an ongoing practice. Aim to gather feedback at least twice a year, or more frequently if you’re launching new offers.
Why This Matters
Your community wants to feel seen and heard. By engaging them in your decision-making process, you’re not just gathering data—you’re building deeper connections and creating offers that truly resonate. And when your work aligns with what your audience needs and desires, your impact (and business) grows exponentially.
So, don’t just guess. Ask, listen, and co-create with your community. The results will amaze you.
Start small, stay curious, and watch your business transform!