Problem or Product? …Purpose!
How are you supposed to pick your business audience and problem without a product in mind? Likewise how are you supposed to come up with a product only by just researching problems? You need something to get you started and narrow down the field. My suggestion, focus on purpose first.
Think about it, if you know what you are trying to achieve it makes narrowing down the customer so much easier. You already know the end state you are trying to elevate people to. From there, narrowing down the type of people should be easy. Before diving into market research or product development, ask yourself: what is the ultimate goal of your business venture? For instance, if your purpose is to improve educational standards, your primary audience could be educators, students, or parents. This clarity in purpose ensures your efforts are directed towards a specific, meaningful outcome. It helps to know what skills you have available as well to be able to figure out which user problems you could realistically solve.
Primary Research
So now you know your purpose and your skill set. Where do you find out about user problems? For your primary (first hand) research, you have to immerse yourself in the places that your audience feels comfortable to share their struggles. You cold post a survey there or ask for interviews with people creating posts. Is it Online in reddit forums, and linkedIn or Facebook groups? But don't underestimate the old school value of speaking to people in your sector in person. Ask around in your network to have a coffee with someone you know who falls into your sector. Or you could join events where you're expecting to meet people in your audience. Don't forget to ask genuine questions and dive deep in to their frustrations and the actual causes behind them. There is a whole art to the interviewing process and asking the right survey and interview questions that I can give you more info about in another article.
Secondary Research
Secondary research can create a more holistic picture of the issues. Look at reports by trend watchers and industry leaders. Ask Chat GPT to collect Information from across the internet or use statistical tools like "Ask the Public". Look into research papers on Google Scholar and analyze trends and competitors to identify opportunities and gaps in the market. The more data the better informed you are about the state of your Sector. However, once you start to get the same answers over and over again, you have reached “saturation point” and you are ready to make an informed decision.
Tools to Choose your Customers
There are a few tools to help you narrow down the customer before we get into Customer personas or anything like that. In the end the decision you make on what to focus on will affect your customer persona, so I recommend first playing with these tools to narrow your focus. Some classics include:
1. Customer segmentation:
Dividing the potential market into specific segments is crucial. Consider various factors like age, gender, income level, lifestyle, values, and location. This segmentation aids in creating targeted strategies that resonate more deeply with each group.
2. Trend Analysis:
Understanding and forecasting trends can give your business a competitive edge. Evaluate the influence of current trends, estimate their longevity, and identify market gaps. This foresight allows you to position your business advantageously, capitalizing on future market needs.
3. Competitor analysis:
A thorough competitor analysis involves understanding who they target and identifying market gaps they might be missing. Creating a comparative table can simplify this process, helping you visualize where your opportunities lie.
If you want access to these templates reach out to zenquality.business.services@gmail.com.and I will send them over for FREE.
Stay True
Remember in all of this, where conventional wisdom will be trying to get you to narrow down your niche as strategically as possible, my advice is to stick to your guns. You have a purpose and a skillset. Even if your positioning is not as niche or competitive, with drive and competence you can always provide a higher quality service, product or experience than someone else. Being true to yourself works wonders in creating the motivation necessary to succeed and create a meaningful business rather than a profit machine.
For a deeper dive and practical tools to aid your journey, download our free templates for the strategies discussed. And don't miss out on our comprehensive Digital Transformation Checklist, available below. For personalized advice or further insights, feel free to reach out at zenquality.business.services@gmail.com.
