Market Research like a *PRO*

Market Research made easy Are products the BIG thing? Imho, anyone with some efforts can build a product. Building a product has become a commodity.  With the advancement in AI. It’d become more commoditized.  That’s why it’s giving a cold feet to all the developers. Anyway, if you want to build a 7-8 figure business. Focus on boring market research.  The most underrated skill to master for a successful business. Market research is understanding: → market → product → problem → audience → competitor → gap in the market Lack of research is the reason for most startups failing. The engineering or analytical brain is obsessed with building. But a business is built on the core of solving a problem and satisfying customer’s need. Market research helps you understand the nuances of the market.  What people are craving for. What people would spend money on? Market research helps to dig for all these answers. But most business doesn’t conduct thorough research before shipping their product. Because it’s difficult, time consuming, and boring. Spice n up your market research in 5 steps for clear understanding of the market. 1. Get in their shoes Be obsessed with finding a problem.  Be obsessed with finding something people yearn for. Step into the shoes of your audience and walk a mile. Sound cliched.  But that’s how you’ll build a *profitable* business. Altho, you’re SMART enough to know what getting in their shoes means. Understanding their: • wants • needs • desires • problems • frustrations But no one shows you how to do that? Don’t sweat my boi.  I’ve got your back. 2. Second home Make the places where you’d find your audience your second home. Online and offline.  Become the part of the tribe.  Spend most of your time with the tribe.  Build a relationship with the community.  – engage – understand – provide value Note: by tribe or community, I mean people who share common problems, desires, and wants. For instance, if you’ve found a problem in B2B Saas business. Your second home would be platforms like: indiehacker’s website, hackernews, r/saas. 3. How to find a second home Initially, google search for keywords that you might be targeting. Look for: • forums • niche websites • facebook groups • reddit communities • social media accounts • offline events & conference Take some time to find your second home.  Use your intuition where you could find your audience. Like you’d find Gen-Z and millennials on instagram, tiktok, and snapchat. On the other hand, boomers are mostly on facebook or public parks. 4. Bond 007  How to extract meaningful information from the second home. Try to understand their lingos. What questions are they asking repeatedly. What bugs them daily.  What do they like.  Be an active member of the home.  Share your opinions. Provide value. Be helpful and resourceful. Note: don’t pitch atm. Focus on understanding them and what they exactly need. 5. Fun time Now you’ve almost every ingredient to make a Michelin 5 star chef’s recipe. Just add the right amount of spices.  And you’d end up with a mouth watering recipe.  Aka, structure your research.  Be intuitive and use your brain.  To figure out what’s the BIG problem.  And are people willing to pay for it? Once, you’ve all these answers.  You can start working on building a product.