How important is research? Is it really necessary? Or can you just go with your gut instinct? If you are really serious about building a successful business, I urge you not to by pass this step. In fact, this crucial step in starting and growing your business can make or break you in the blink of an eye.
Let me break it down. You have this super awesome idea for a business or for an extension of your business. You happen to see something like it so you think it must work if that other thing is working. Or 1 person asked you to do this little extra thing and you think- wow, I can add this new service- based on 1 person asking you. So you invest time, money and resources and then you hear crickets!!!!!!
Why? Why? Why? Because you did not do the research.
You do not have a real sense of who will buy, how much they will pay, how often they will buy, how they want it delivered, nothing, nada. You went straight into launch mode because of a gut feeling! Doing research is paramount to your success. I cannot repeat it enough.
And before you get all winey and complainey, let me just say that doing the research for your business can actually be one of the most enjoyable parts of starting and growing your business. Research can happen in a number of ways:
- Conduct a survey using a free tool like Survey Monkey. Get real feedback from people about what they want and need
- Do a short poll in your group or page
- Come out and ask everybody who you are currently serving. Every time they make a purchase, ask them a question
- Through your email list, just ask 1 pertinent question and ask them to respond to the email
- Sampling if you have a product to gather if it is something people would eat or drink
- Host a small gathering of friends/family and ask them 10 questions each
Do this right and the information you gather will be gold. In fact do not rely on just one method. Combine some of the methods above so you get a variety of answers for comparison. If you already know your target audience, you can get very specific but if you are not sure about who will need your solution, then spread your net as wide as possible and gather intel. After the first batch of research and you have narrowed down your audience, do some more research so you can start to get some more specific answers.
Research is not something that is conducted only when you start business though. It should be conducted every year in your business to ensure that you are meeting the needs of your ideal clients; to garner what needs to be improved or changed and to give you a sense of the way forward for your brand.
Research, research, research….you just cannot skip this out of your business strategy. Not sure what to ask, how to ask or where to ask, then let’s get on a FREE 30 minute discovery call and chart a way forward