how to explore your market
TRANSCRIPT
How To Explore Your Market
There is no certainty in the
entrepreneurial world
An idea could be brilliant to
only you & your team but
not the consumers, whose
opinions matter the most in
the survival of a business
Q: How can you be sure
that you’ve got the
right idea?
A: Explore more about
your market!
Blog Publicly About What
Your Business Is Doing
By blogging about what the business is
doing, you can get qualitative & personal
feedback from consumers, which you will
need to add to the quantitative feedback
that you will gather later
Ask Open Questions On Quora
& Other Online Discussion Tools
Many consumers would love to provide
feedback - all they need is to get asked
to do so
Q&A site like Quora or
forums like Reddit are
platforms that you can
ask for their opinions &
feedback on what your
business intend to do
Create Surveys & Experiment
With Incentives
A great way to elicit feedback & discover
needs is sending a questionnaire to your
customer base, and give them some
incentives in return to repay for their effort
Collect Pre-orders
Crowdfunding sites such as Gofundme
& Kickstarter have made it much easier
for businesses to measure market
demand for a product or service
By describing the product’s features and
offering it to the masses, entrepreneurs
can get an idea of how the market would
respond when the product actually go live
The instant feedback & questions from the
backers on these sites can also help the
business to uncover potential issues with
their ideas and allow them to correct those
before scaling
Run Test Ads
Use Google Adwords and other platforms to
create ads that take viewers to a page on
your website that solicit email signups &
possibly pre-orders
Make sure to collect metrics on each ad
you put out to find out which ads are
most effective
Questions, Comments or Clarification?
Contact: Maverick Mentoring For Business
Email: [email protected]
Phone: 61 3 9005 8275