Hi all,
I learn a lot from these posts, but whenever i see people talking about testing the market, i wonder: how do you go about it?
What are your rules for ‘good’ market research? Do you hire agencies to do this? Do you do it yourselves?
Any info on this is much appreciated! Thank you.
From what I’ve learned, what people mean by testing the market is to create a landing page / prototype to address the business pain point of their target profile or audience.
You’d need some capital for this and a threshold to determine if what you’re building is worth continuing or not e.g. Using $X amount of dollars, we expect 20 sales/leads from our ad campaign. Or use other low-cost methods like cold calling / email marketing. What matters is that some kind of threshold between success / failure or ‘pivot’ is established.
But in the midst of doing this you’d need to develop your marketing skill-ability or hire an agency. But I advise to develop your own sales competency as this will forever be the most vital cog in any business.
For good marketing research, I had to read and watch the best sales and copywriting books / videos to pick templates (they are many of them) that now work in my favour. And I’ll tell you this, great marketing research is time consuming and boring, but the rewards are always worth it.