Market Research for Startups — Leave Your Ivory Tower And Get Your Elbows Muddy | TBS #047

Podcast

Today’s episode is for Conrad and he’s asking how he can get to know his market. Conrad wants to build a virtual marketing agency for the health and fitness industry. And he wants to know how he can get to know his market and find the people that can afford his marketing services.

You have to get your elbows in the mud.

There’s no way you can analyse your customers minds without knowing them. You need to speak to hundreds of people in the industry that you want to work in. There’s no other way.

Start with google to search for people that are in the health industry. Reach out to fitness experts and to health gurus. Offer free work or discounted work. That’s the best way to get in.

There’s such a benefit to doing free work. If you don’t have any brand or position in the market, you can compete by doing free work. It’s a great way to build your network and relationships, and to have referrals from your clients.

It’s the best way to know your market. Really

You need to be there. You need to talk to them, or call them, or send them a text on Facebook. Just do what’s necessary to interact with them. And then by being among these people you will understand their desires, their fears and hopes, and you’ll get huge insights because you’re spending time IN the market.

As you go along you adapt your services. This is called a feedback loop. You test, and then if it doesn’t work, you adapt. That’s how you really learn.

Take the first step. Reach out to these people.

That’s how you deeply get to know your market.

People won’t come to you. That’s a sure thing. So you need to be the one to take the first step. Help them, speak to them on the phone. Provide value.

Leave your ivory tower and take action.

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