How to Get Started With Market Research for Coaches and Service Providers
Market research. Often confused with Marketing itself, but not exactly worlds apart. In fact, quite literally the most common questions I get asked as a Marketer are “Marketing vs Market Research - what’s the difference” and “how to do Market Research (for new businesses) quickly and effectively” so here’s my answer, as though you are a paying client. I know that this is probably the number one thing in your business that makes you want to wave a wand and make it disappear into the abyss.
Although, the fact that you’ve clicked on this blog is a massive win, and the first step to getting inside of your dream client’s mind and levitating there for when they’re ready to invest in your wonderful services. Whether you’re new to the whole “owning my own business malarky” or you're a seasoned pro, a streamlined Market Research process is the backbone of ANY successful launch/ marketing sprint/ content piece. Let’s make sure that you have the tools to hit the nail on the head every single time, sunshine.
What tf is Market Research and why is it so important for me?
Imagine launching a new service that you have truly put your all into: the beautiful branding, the empowering title, the almighty deliverables, only for its debut to generate a handful of likes and naff-all sales?! Nope, it’s not that you’ve suddenly become invisible to your ideal clients and it’s not because the algorithm hates you; it’s because you didn’t do your homework.
I like to think of Market Research (the unofficial but way more exciting definition) as having a crystal ball, where you get to foresee your dream client’s deepest desires, biggest struggles, misaligned beliefs (and all the other thoughts that keep them up at night). Market Research is the (free) almighty tool that allows you to tailor your services to be the perfect match for what your dream client’s needs, making working with you totally irresistible (aka a no-brainer). Plus, it saves you from losing your footing that may occur when you assume you know what your target market wants.
Types of Market Research for Coaches and Service Providers
Surveys:
Surveys are the OG method of conducting Market Research. They’re relatively straightforward and allow Market Research to be done online by many, many different people without taxing much of your precious time. Whether you’re whacking up a quick 5 question sequence onto your Instagram stories, or linking a slightly more detailed form, this method will get you a whole cauldron full of responses that you can digest and understand.
BONUS: The survey design certainly isn’t the be all and end all, so if you don’t have a knack for graphic design, don’t let that put you off!
Be careful though, with surveys you have less control over *who* fills it out, (i.e. whether they are your target audience or not) so I would make sure that the “who this is for” pre-qualification copy is as clear as the Maldivian ocean.
Pro Tip: Offer an incentive, like a discount or a freebie, to enchant more people into participating.
Zoom Calls/ Interviews: Brewing potent potions of insight
If you’re eager to get down to the nitty gritty of what your dream client thinks/ feels/ desires, whilst best positioning yourself directly in front of them, as the answer to their prayers, this is likely to be the best option for you. Zoom calls/ interviews allow you to have a natural, back-and-forth conversation that conjures much deeper insight than a survey ever could (i.e. not just answers like “overwhelmed”, “stuck” or “I procrastinate all of the time”). They’re brilliant for building relationships, and give you the freedom to ask follow up questions on the spot when something they say peaks your interest (make sure to use this to your advantage)!
Quick Tip: Prepare a small list of questions (I would say 8-12), but don’t be afraid to go off-script if the conversation takes an interesting turn.
Competitor Analysis: Casting a watchful eye on rivals
Competitor analysis isn’t about torturing yourself by persistently snooping on your competitors profile (the one you place on a pedestal) and belittling yourself and your worth because “she’s so much better than me” or “why would anyone work with me over her”. It’s about building an understanding of their strengths, weaknesses and potential strategies so that you know exactly where to position yourself as the iconic expert.
Pro Tip: Look for gaps in the market that your competitors are missing a trick on, because that’s where you can make yourself shine the brightest!
Online Research: The unsung hero of immediate insight
The internet is a vast realm of digital research (duh, no sh*t Ginny), with answers readily available if you know where to look. Blogs, forums, Facebook groups, Amazon book reviews, and even social media content can provide you with valuable insight into challenges and opportunities in your target audience. Sometimes, the best Market Research is simply focusing your attention and listening to what the world is already whispering right in front of you.
Quick Tip: Use tools like Google Alerts to stay up-to-date with trending topics in your industry.
How to get started?
Ready to cast your first market research spell? Start by defining your research goals: What do you need to know to make informed decisions? Then, choose the methods that best suit your needs—whether that’s sending out a survey, setting up a few zoom calls, or doing some online sorcery scouring. Keep it simple, stay organised, and remember whether you love it or loathe it: the information you collect now will work like a charm when it’s time to launch or expand your services.
I hope you don’t mind, but with your best interest in mind I’m going to slide in with a shameless plug, because my free Market Research tool (a beautiful AND practical template) is THE best place to start and gather responses that are visually easy to analyse later on. PS, it also has some examples of Market Research done correctly! You can grab it for free here.
If that’s not an incentive to give it your best shot, I don’t know what is.
Conclusion
Market research might not be the most glamorous spell in your book, but it’s undeniably one of the most powerful. By taking the time to understand your dream clients and what makes them tick, you’ll be better equipped to serve your clients, outsmart your competitors, and ultimately, melt the glass roof of possibilities when it comes to growing your legacy business. So, what are you waiting for? Start casting your Market Research spells today—your future self will thank you, I promise.