The Simplest Way To Effectively Do Research On Your Target Market

March

8

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Understanding your target market and your ideal clients within that market is where marketing starts. One of the most common roadblocks I see is people struggling to effectively do the required research on their target market. I’m going to help solve this problem for you today.

Join Tim Fitzpatrick for this solo episode of The Rialto Marketing Podcast!

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The Simplest Way To Effectively Do Research On Your Target Market



Understanding your target market and your ideal clients within that market is where marketing starts. Everything we do from a marketing standpoint is built from that. One of the most common common roadblocks I see is people struggling to effectively do the research to understand their target market and who their ideal clients are within that market. If you find yourself in this boat, fear not. I'm going to help you solve this today.

Hi, I am Tim Fitzpatrick with Rialto Marketing, where we believe marketing shouldn't be difficult. All you need is the right plan. Thanks so much for taking the time to tune in.

I'm going to start this conversation by asking you three questions and answer these as honestly as you can. So the first question is, are you working with clients that aren't fun to work with? You see their number pop up on your phone, you get an email from them, and you're like, "Oh, my God, I don't want to do this right now." I think we've all been in that place. If you are in that place, yes, I am in that place. Second question, are some clients that you're working with not as profitable as they should be? And the third question, are you not getting great results for all the clients you're working with? If you can answer yes to any or all of these questions, it points to a target market and an ideal client misalignment. Something is not clicking, it's not in sync, and that is okay if you find yourself in this boat. There's plenty of people that are in this boat. And that's what I want to try and help you with today because what I'm going to share with you today are seven simple ways. These are the easiest ways I have found to start doing research on your target market and really hone in on and identify who your ideal clients are within that market.

We want to be working with our ideal clients day in and day out. That is how we are going to be most successful. But how the heck do you do the research? How do you really understand that? I'm going to share seven tips with you, and hopefully by the time I'm done, you tell me if this makes a lot more sense to you and you can see how it's not easy, right? There is work involved, but this can be simple.

The first and the best place to start is with your existing and your past clients. If you have been in business for a while, you've been doing something right, you've worked with people before. I want you to look at your existing and your past customer base, and I want you to ask yourself three questions. I call these the three power questions. Who do you love working with? Who are your most profitable clients? And who are you getting great results for? When you ask yourself those three power questions, you end up with a subgroup of current and past customers that you love working with that are profitable that you get great results for. Why would you not want to work with those types of people day in and day out? It is that subgroup that you start to dig deeper and you start to look at the demographics, the numbers around those people, the psychographics, what are their thoughts, the common problems they have, their aspirations, the results that they're looking for, what are their behaviors as it relates to what you do? How do they make buying decisions or what kinds of activities are they involved in? All these things help paint the picture of what these ideal clients are like. And when you do that, what typically ends up happening is some subgroups come out that have commonalities. This subgroup has these commonalities. This one has these, and it's typically those that are your ideal clients. It's those subgroups that are your ideal clients. What I want you to do when you start to identify those ideal clients is I want you to interview them. And one of the things that we used to do this is called a Customer Insight Survey. It gives you the exact questions you should ask to really gain as much value from these conversations as you can. If you want that, do me a favor. Just shoot us an email info@rialtomarketing.com info@rialtomarketing.com. Just say, "Hey, I listened to the podcast or watched the video. However you watched it would love a copy of your Customer Insight Survey." Use that tool to interview your clients. If that's the only thing you do from listening or watching to this, it will be absolutely invaluable for you because it will allow you to really Hone in on the specific problems you solve. And it will help you speak about your customers problems and the results they're looking for in their own words. When we can do that, it is super effective. That's the first and the best place to start.

Now, if you haven't been in business, if you're just starting, you can still do interviews, but you're interviewing people that you probably don't have a relationship cold that are in your target market. So if you're in that place, it's probably best to use your network to try and get some warm introductions to people that are in your target market and then talk to them. But these calls are not long. They're 10, 15 minutes conversations number one. Start there.

Next place you can go to do research on your target market is online forums. There are forums for just about any industry, any niche, any hobby, or topic. They're all over the place. In my case, maybe I'm a marketing coaching consultant. I might search for marketing forums. Or if I'm serving a very specific niche, say I'm serving attorneys. I might go online forums for attorneys or attorney online forums and just see what comes up. And you can start to go into these forums to see what people are talking about. Treasure trove of information there. Answer sites are very similar, and the most popular answer site that I'm aware of is Quora. Q-U-O-R-A. Quora. Go into Quora and start doing searching on specific keywords that are relevant to what you do. And you'll see all kinds of questions start to pop up again. There's all kinds of information that you can get from doing that.

Next one is surveys. I'm not a huge fan of surveys, but they can be very effective. But you need to keep in mind, like you cannot say, "Hey, fill out the short survey." And it's a 20 minutes survey. Keep these things short, sweet and to the point. Ask the most the three to five most important questions that are really going to hammer the point home and give you the information you need so that this is not some survey that's going to take a ton of time because we're all short on time. And if somebody jumps in and they're like, "Oh, my gosh, I thought this was going to be short." And it's ten minutes. They're like, "I don't appreciate that." Keep them short, like three to four minutes, if that. Easy, free way to do this Google Forms. You can use a Google form. You can attach that Google form to a Google sheet so that all the forms submissions just go right into the Google sheet. That is a simple, free way to do surveys. If you want to go the survey route.

Next place to go online is social media. You can do searches on social media by hashtags. You can go into social media groups. Very similar to the online forums. There are all kinds of Facebook groups or LinkedIn groups for any different industry. Any different topic. Jump in there, start seeing what people are talking about, and you can gather really solid information that way too.

Number six, I get two more just plain old Google searches. Start doing searches. There are associations and groups for different industries, different topics. A lot of the associations out there do surveys to their members and pull their members.

Those surveys can be a great place to get a really understanding of what's happening in that market and the state of that market at that given point in time. Start typing in the keywords that you think are going to help you get the information you need and see what pops up in Google searches. This research is so much easier than it used to be. When I first got in business and I was involved in wholesale distribution, we wouldn't be able to do this kind of research at this point. Now you can. There is so much information online. This is not difficult. It does take some work, but if you follow these steps, I guarantee you the information you will gather, you will feel so much wiser and more well equipped when you are done.

The last one is online reviews and this is not an exhaustive list. These seven are the simplest and easiest place to start. Online reviews. What do people talk about in online reviews? They talk about the problem that they had. They talk about how that problem was solved. They talk about the results that they are now experiencing. What they loved about working with you. If you don't have a lot of online reviews, guess what? We all have competitors and our competitors have reviews. So you can use your competitors reviews to do research to really start to get in the heads of your ideal clients. So even if you don't have reviews yourself, you can still use online reviews. Online reviews are so overlooked and the information that we can glean from these online reviews is invaluable.

Start here. I guarantee you if you go through this process you will feel so much more empowered than you do today. So I'm going to run through those seven steps one more time with you, okay? One existing and past clients. Two online forums. Three answer sites like Quora. Four are surveys. Five social media, doing hashtag searches, jumping into some of the groups, seeing what kind of information you can glean from there. Number six are just plain old Google searches and number seven are online reviews.

If you are struggling to really identify your target market and who your ideal clients are within that market, these are the seven simplest ways I have found to get the information you need so that you can move forward with confidence and clarity. If you're saying to me, "Hey, I get this Tim, this makes perfect sense but I still need some help." If you need some outside eyes, feel free to hop on over to our website. Rialtomarketing.com. That's R-I-A-L-T-O Marketing.com. Click on the get a free consultation button. I will be happy to chat with you for a few minutes. Give you those outside eyes you need so that you can move forward with some clarity and know what your next step should be based on where you are. So I hope you found this helpful. Please. Until next time. Tune in. Take care.


About the author, Tim Fitzpatrick

Do you know you have an opportunity for revenue growth and are unsure how to make it happen? Do you lack someone with the time, skill set, and desire to take ownership of marketing to drive results?

When it comes to marketing, it's easy to fall prey to information overload. We understand how overwhelming and frustrating marketing your business can be. But, marketing shouldn't be difficult.

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