Market ResearchMarket Research

Tuesday, September 25, 2012

Today’s mental workout outlines some market research guidelines to uncover the best fit niche that can propel you to success. As always we begin with the P. word, passion, of course. First and foremost, build your venture on the foundation of passion, we cannot stress that enough. Money is great, but passion is the universal currency that really counts. The universe has seen currencies come and go from one generation to the next, building your business upon passion will eventually translate into the dollars you desire. People chasing dollars can always copy you, however, your passion is all about you, it can supply an endless stream of ideas as long as you stay dedicated and engaged. Develop the passion to contribute something meaningful and significant to your niche. What are the primary challenges? What are some misconceptions that you can prove with experience? How are people doing something wrong that can be addressed by you? If you are thinking why you, why not you? Aren’t others doing exactly the same thing right now as you are reading this? Do you think they have some special expertise that you could never gain? You can take the same steps as you did in your educational background to achieve anything you set your heart and mind to.

Spend some time brainstorming how to connect your passion to the niche you choose. Determine who the key players and influencers are. What are some untapped opportunities? How can you execute some unique strategies? You want to gauge the purchasing power of the target market, how are people paying for solutions currently? What could be possible angles for growth in the short-term and long-term? How can you position your solution over the competition? What new skills will you need to adopt? How will you sustain your passion? Draw out several strategies and constructively go over the strengths and weaknesses.

Define the overall market potential, identify some key areas you can exploit. Segment the market into key elements for further exploration. Some areas will have a different set of challenges, segmenting allows you to probe deeper beyond the surface issues. Connect with the potential target market both offline(attending trade shows or networking events, mixers, etc.) and online ( forums, blogs feeds, social networks, etc.) Get engaged in the conversation, test your ideas and principles, determine the impact issues. Conduct surveys and questionnaires, get quantifiable feedback. Of course, you are not trying to sell anything yet, just position yourself as an up and coming trustworthy authority. Invest in some books about how to become an authority. It seems like every human being has written one everywhere you go. You should also interview key decision-makers and influencers for some kind of free-eBook or how-to report, there are so many cost-effective ways to get it done, be curious in research. Build your solution that solves challenges from the feedback and experimentation. Educate others on your results.

You can actually build your business step-by-step, don’t assume you need to do everything in one giant leap. Depending on your financial planning, get creative and be resourceful. Partner with other passionate people that can bring alternate skill sets. Reach out to other aspiring entrepreneurs to share resources, you must dedicate time to networking in your community and online too. There’s always going to be roadblocks in your way, it’s up to you and your passion to overcome them. Sufficient passion will feed your motivation and engage your curiosity for the duration. Remember you are putting your heart and soul into contributing something meaningful and valuable to your field. Ask the tough questions that others have not asked. Be willing to test, experiment, fail, get back up and try again. Seek the services of an experienced coach or mentor, you don’t have to simply copy and clone what others have done in the past. How do you know that the next generational breakthrough is not inside you? Believe in yourself and your mission, expand your thinking! Follow a process that has a track record, but challenge yourself to be innovative. Discover what you truly have inside you, there are people all around the world right now with less resources and more challenges, they are still seeking ways to forge their own path, you can too. Tomorrow’s mental workout explores the steps to launch your online platform. As always, make it a well-researched mental workout. To Green Bay Packers fans across the world, keep your head up!