There is no way around it: Do Your Research!

If there was one piece of advice I could give my younger self, it would be to research my target market better. It is something which is often overlooked, especially by small start ups that don't have the funds to allocate, but it is as vital for the success of a business as knowing your flight details before catching a plane!

You may think you have the greatest of ideas, a unique and extremely necessary product or service, but if you don't market it well then it won't sell. If there isn't a demand for it, it won't sell.

Take Segway; a futuristic product which was created to replace the motor vehicle in city centres. No doubt that it is ten times cooler than walking, but also comes at a hefty price. So hefty in fact that was it not for its client base of police forces and city tours, it would have been a total flop. Back in its research days the team believed they had an incredible product, but their market research was not done well. One reason might be that they didn't ask all the right questions.

Before starting your market research, ask yourself these questions:

1. Do I know who my target market is?
You might know this from beforehand and if you do, that's great. The results of your research should confirm this information or it might point you in a different direction.

If you do not know who your target audience is, then guess, to a certain realistic point. An invitations maker can, for example, guess that the target market are young adults 20-35 who are soon to be married and parents, 25-40 who are planning children's parties. Therefore the invitations maker will focus the research on these age groups. This can vary depending on your business, area and culture.

Where can I get in contact with the greatest number of people from my target market?
This will help you identify the best option to carry out the research. Taking the invitations maker again, one place where many brides- and grooms-to-be congregate is on dedicated Facebook pages. If travellers are your key market a safe bet is that you'll find many at an airport. Every group of people has something in common and probably a meeting place, virtual or physical. The key is finding the right place where you can, with little effort, find many people from your target market.

What answers are vital to show that the business, product or service will most probably succeed?
Ask the right questions, get the right answers. Sounds easy enough! Remember that it takes time to carry out research and then to decipher it. It also takes time for the respondent to answer you, therefore you cannot ask too many questions.

Get straight to the point. Would the respondent use your product or service. What price (offer different options) would he/she be ready to pay? How long would they be ready to wait? Do they use a similar product or service? What is missing?

How many people should I interview?
Ideally, all your target market! Realistically though, as many as possible. The more answers you have the easier it is to build the recipe for your product's (or service's) success.

It is also a very good idea to give respondents a special discount or a freebie in exchange for their contact details so that when your product or service launches you would already have a mailing list ready and waiting.

When you feel the World is Crashing Down on You

Being an entrepreneur is fun, but that does not mean that there are days where you feel that everything is against you. Days when you feel that Mother Nature got in touch with Father Time and the entire human race and together they are finding ways to create obstacles to all your goals and dreams. Such days do exist, but there are things which can help.

To get you through these times just remember these 3 truths:

1. Everything, good or bad, cannot last forever.
Then it is not a matter of if, but when your misfortune will end. Believing that it will end will allow your subconscious to start figuring out how to get to that point quicker. You might not find a solution immediately, but your brain is probably already working on it and will show you in due course. You must believe this.

2. Sometimes, it's just how you look at things.
Very often, a problem you are directly involved with for which you cannot find an immediate solution keeps growing bigger in your head. Eventually you can see this problem as taking over all your life. Take a step back and re-evaluate the problem. It might help you to list the negatives of this problem. Then also list the possible positives, yes, that's right, positives.

One time we were very close to finalising a considerably large order with a client. This order would have gone a long way for us to reach the turnover target. At the last minute the client lost funding for the project and the order vanished, overnight. At that time seeing the positive was difficult. We were intending on getting a short term facility from the bank, incurring fees and interests. This was no longer needed - a small consolation. This loss eventually led to a change in policy within the company which required the client to pay a deposit up front with sizeable orders. When the time came soon after for another large order we didn't require the bank's assistance and saved a bundle in fees.

3. You are probably not a Superhero, speak out,
though I could be wrong...you might actually be a superhero, in which case please get in contact with me!

For the rest of us, problems immediately seem smaller when we speak to other people about it. Choosing the right people to speak to is important. In business, your friends or partner can listen to a problem, but might not be able to offer any guidance. An experienced accountant or mentor might be a better solution. However it is better to speak to someone than to keep the problem inside of you. If nothing else is available speak to your pet or your plants as this has been proven to help.

You are also most welcome to speak to me, if you would like to discuss any problems you may be facing. Just comment on the blog below.