How to Start with Market Research to identify what your customers’ Desired Outcomes are
One of the core reasons your business has been successful is because you have done your research and identified a market gap; a space in which you could set up shop to cater to a particular need of your customers that had hitherto been neglected. This is what I talk about in my previous post ‘What problems do you solve?’
In this blog, I am taking this question a notch further to pose another question: ‘What is the desired outcome for your customers and users?’ ‘Desired outcome’ refers to the greater purpose behind why your customers buy or use your product. This requires you to launch an investigation into the context of its use. Ask yourself ‘What is the greater goal my customers are trying to achieve?’ Because nobody buys or uses anything just for the sake of it.
There is always an ulterior motive that drives people to reach for your product. Finding out what that might be could be the difference between being pretty successful in your business and being an absolute hit with your customers.
For example, Let’s say your product is gym attire manufactured from super-smart fitness fabric that enhances blood flow and circulation; The answer to your first question ‘What problems do I solve?’ That’s straight forward – you help customers stay comfortable while working out and get the maximum out of their exercising hours.
The answer to the second question, ‘What is the desired outcome?’ Your customers aspire to stay fit and healthy.
How Market Research creates the basis for long-term success
Learning the answer to this vital question is crucial to your business and Market Research can help you find the answers. Market Research is an indispensable discipline to master to stay successful in today’s competitive business environment. Subsequently, learning about your customers is essential for your long-term success.
Here’s how to start on your Market Research:
Begin with conducting dedicated research via surveys, focus groups, or through ad-hoc questions you pose during interactions with your customers. Start with simple questions such as:
- May I ask what you use our product for?
- What are you trying to do?
- What else are you looking for?
- Can I do anything to help you achieve your objective?
The answers to these questions can make you understand how good a fit your product is for the problem you initially thought you were solving. Additionally, it also provides insight into how your customers actually use it and what they use it for. During this process, you might stumble upon additional opportunities to be discovered by a particular segment that had hitherto eluded your periphery or even learn of new information that could drive modifications. With this insight and alternations, the opportunity to present your enhanced product as a suitable contender to match the purpose or desired outcome of your customers, soars high.
The objective of launching into this market research, of course, is to position your product as a main character in your customers’ success stories.
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