TLDR;
This video explains how to conduct effective market research to understand your target audience, their needs, and their buying behaviors. It emphasizes avoiding outdated techniques like focus groups and surveys, and instead focuses on identifying your ideal customer, understanding what they say they want through search engine data, and observing what they actually buy through platforms like Amazon. The video introduces a "Who, What, When, Where, Why" framework to guide market research and provides practical steps for gathering and analyzing data to improve marketing strategies and connect with your audience effectively.
- Avoid outdated market research techniques like focus groups and surveys.
- Use the "Who, What, When, Where, Why" framework to guide market research.
- Analyze search engine data and Amazon to understand customer needs and buying behaviors.
Introduction to Market Research [0:00]
Market research is crucial for business success, but most businesses do it wrong, leading to ineffective marketing and wasted resources. Traditional methods like focus groups are often biased and expensive, while surveys can be skewed by question wording. Case studies and research reports are often too academic and quickly become outdated.
The Three Key Elements of Effective Market Research [2:27]
Effective market research requires identifying your target audience by demographic, geographic, and psychographic details. It's important to understand what customers say they want, which influences marketing language, but more importantly, what they actually buy. Observing customer behavior provides more accurate insights than relying solely on their stated preferences.
The "Who, What, When, Where, Why" Framework [3:22]
The "Who, What, When, Where, Why" framework helps focus market research efforts. "Who" identifies the ideal customer by examining demographics, geographics, and psychographics. "What" explores their "miracles" (wants, dreams) and "miseries" (fears, frustrations). "When" considers life events and daily routines that influence buying decisions. "Where" identifies online and offline platforms where they are active. "Why" examines the deeper motivations behind their needs and the benefits they seek.
Uncovering What Customers Say They Want Using Search Engines [5:55]
To find out what people say they want, use search engines like Google. By typing in a main keyword and observing the auto-suggestions, you can identify popular search terms. Google Ads Keyword Planner provides data on search volume and competition for various keywords, helping to understand trends and seasonality in the market.
Analyzing What Customers Actually Buy on Amazon [8:06]
Amazon is a valuable resource for understanding what customers actually buy. By searching for a main keyword, you can see Amazon's autocomplete suggestions, which reflect popular product searches. Book titles and descriptions reveal topics of interest, while customer reviews provide insights into what people liked or disliked about their purchases. The number of reviews can also give a rough estimate of sales volume.
Analyzing Competitor Ads on Facebook and Instagram [9:15]
Analyzing competitor ads on platforms like Facebook and Instagram can provide valuable insights. By visiting a competitor's Facebook page and accessing their ad library, you can see the ads they are running. Ads that have been running for a longer time are generally more profitable.