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Market research in 7 questions

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I show you how to carry out a quick market research with 7 questions that will help you understand your potential buyer. Each of these questions has a specific objective in order to determine if your product can YES or NO meet a market need. If the answer is NO, you will have the necessary information to change your product and develop a new strategy.

The main difficulty in the realization of a product is to end up realizing that it does not find its market. There is a distortion between the solution your customer needs and the solution you think he needs.

To understand what a Product Market Fit is: “Product Market Fit: What is it ?

Another mistake is asking boring, boilerplate questions. Like all those polls we had the opportunity to answer one day :

  • What is your profession ?
  • What is your age ?
  • etc.

All these questions may seem useful to you at first, but will be useless if they can’t at some point make you change your strategy !

We will see 7 questions to use in order to conduct a quick market research that will help you understand your potential buyers.

market research is like trying to put together a jigsaw puzzle.

When it comes to money, many contractors overestimate their client’s budget. And even more widely underestimate it as well. This mistake happens most of the time because you fail to realize your own value.

But before you address the questions, you must first respect the order of the questions and the following rules :

  1. Spread your questions over several pages so that it is not too intimidating.
  2. Start your survey on the first page.
  3. You will have a maximum of 4 questions per page.
  4. All your questions are mandatory except the one where you ask for contact information.
  5. Your first questions will be open-ended.
  6. Put at least 80 characters wide and 7 lines high in your open question area.
  7. For any additional questions, add them at the end of your survey and ask if this question is relevant! ( If you have already forgotten the rule, read it again from the beginning 😉

What are the seven questions for ?

First question – His dreams and goals (Open question)

Your potential client will describe his goal or dream to you. The answer to this question will prevent you from ignoring what people want because you think you know what people need.

Second question – What it seeks to resolve (Open question)

It aims to give you a real understanding of what your potential customer is trying to solve. Before buying your products or services, most of these customers have probably already tried to solve their problem or achieve a goal without success. Only they will be able to tell you the reasons for their failures.

The answers to these two questions are decisive for the direction of your project. Thanks to the product revelations of their dream, you will be able to adapt your marketing which will be much more effective.

Third question – The “magic recipe” he’s been dreaming of receiving (Open question)

It aims to reveal to you the “magic recipe” that your potential customers are dreaming of. From then on, you will be able to build or adapt your product to get closer to the solution they are looking for.

Fourth question – Collects his questions and objections (Open question)

In your market research, it consists of gathering questions and objections. They are essential for your answers to be relevant to your customers.

  • In the case of an information product (book, video, audio, coaching program, seminar) thanks to the answers, you will be able to define a list of training modules.
  • In the case of a tangible product, you will be able to make a “sales script“, i.e. prepare upstream answers to objections that may prevent the sale.

Fifth question – Existing alternative solutions (Open question)

With this question in your market research, you will identify alternative solutions. Since your customers have already tested hundreds of solutions in the past, you will be able to refine your positioning so that it is different from that of your competitors.

Sixth question – Estimated budget ready to be spent (Closed question)

You’ll be able to estimate the budget the person is willing to spend. As you know, you will either overestimate or underestimate it. Most contractors underestimate their client’s budget.

Propose price brackets :

  • Start by proposing a 0 euro tranche. This may seem a strange starting point but it will help you eliminate all unqualified prospects from the survey. That is to say all those that you should not take into account.
  • Continue by proposing between 3 and 10 price brackets depending on the type of product you are going to offer.
  • You can leave a question open at the end of your survey such as: “More than x euros ?“.

For a more detailed look at the psychological dimension of money: “In your relationship to money, wich manager are you ?

Seventh question – Get their contact information before you go

If the people in your survey have already managed to answer all the previous questions, it would be a shame to let them go – with nothing in return! Take this opportunity to get their contact details. You can always come back to them later!

The 7 questions of your market research you will ask to understand your potential buyers

Question 1 : “What are your main objectives in your client’s business ?“.

Question 2 : “What are the main difficulties you’re experiencing ?

Question 3 : “If there was something I could do to help you achieve your goals, what would it be ?

Question 4 : “If you could interview an expert to make your dream come true, what would be your question ? If you have more than one, like wishes you have up to 3 questions 😉

Question 5 : “Are you already part of a program or something that helps you achieve your goals ?

  • No, I’m not active in any of the programs right now.
  • Yes, I am already active in one of these programs, please specify which one :

What stopped you from joining a program like this ? What stopped you ?

Question 6 : “You’re one of our preferred customers and you’ll get a special rate. When I offer my product to the general public, how much do you think I should charge them ?

Question 7 : “What contact details can I use to reach you ? As soon as I find an answer to one of your questions, what number or email address can I send it to ?

Question 8 : You can add a question with the only condition that depending on the answer your strategy can be questioned.

You have all the keys in hand to carry out your market research quickly and efficiently 😉

To go further…

Sébastien Night In : Profession : entrepreneur libre [Online] Paper book format available in French on : < https://amzn.to/38w0HcA >

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