Your market research is an important step in the development of your coaching programs, courses and products. A transformational coaching framework, impactful courses and the creation of winning products are just some of the advantages of market research. So, it’s important that you pay attention to how your market research is conducted. To help you do your market research well, I’ve addressed the 5 common market research mistakes that coaches make and how to avoid it.
But first, let’s understand what the term “market research” means.
Market research: What is it?
It’s the deliberate and organised activity of surveying or collecting information about your target clients. it’s a survey of less than ten powerful questions, strategically organised and shared with your assumed ideal clients so that you can get into their minds and know how you can help them.
A properly-done market research arms you with the priceless data that you need to develop winning products. Here are the 5 common mistakes to avoid when doing your market research survey:
Mistake 1: Not using an actual market research survey
It is not enough to think you know what the market wants because you see others doing well in that niche already. You have to do a proper research because it will help you get insights into what your target audience wants, the words they’re using to describe their needs and the complaints they have about existing products and services. With this information, you can develop a winning product before launching. Google Forms, Survey Monkey and SoGo Survey are some of the tools you can use.
Mistake 2: Having a survey group that’s too broad
It’s not enough to do a survey, you have to be mindful of the group of people you’re asking to fill out your survey forms. If you send your market research survey to the wrong group, you’ll definitely get answers that are not relevant to your coaching product design. So right in your survey form, be sure to state the class of people you want to fill your form.
Mistake 3: Not asking enough questions
Your survey should be comprehensive. Ensure that it covers all the areas that are important to your coaching product development. Asking too few questions, will leave you with gaps in the product design process and your data will be incomplete.
Mistake 4: Asking too much/irrelevant questions
When you fill up your surveys with questions that are irrelevant to your product or service, you’ll end up getting responses that can confuse or distract you. Stick to asking only questions that can help you develop your product.
Mistake 5: Poor planning
Hurriedly carrying out a market survey puts you at the risk of executing poorly. And we know how badly that can affect your launch, your brand and ultimately your business. So give yourself ample time to plan and execute your research. I’d recommend 2 weeks on the minimum.
Have you ever done a market research survey? Share the steps you took and any mistakes you made in the comments.
Would you like help developing your market research survey? I’d love to hear from you too.