Since so many of my clients are entrepreneurs or entrepreneurs-in-the-making, I often get asked how to know what a market is interested in buying. Many of my clients are creating businesses or launching new products or packages or services and there is always that question if what you’re creating has “legs” … especially when you LOVE what you’re creating because it’s so based on what you’re passionate about.
It’s an exciting … and scary place to be. So much is on the line!
Well, you or I can try to guess about the behaviors of a niche or industry, but only the market can tell us the truth. You have to get out there and do your research.
You have to look at the biggest problems that your market has AND what they are willing to pay for.
Once you figure this out, you’ll know if this “sweet spot” lines up with what you want to help them with.
Here are some more sample questions for you as you do your field research with your market (yes, you need to have actual conversations with your clients and prospects):
“What are your biggest challenges?”
“What would you like to change?”
“How much time would you invest in getting to this result?”
“What’s the biggest result you want to have in this area?”
“What would help you achieve this result?”
“This is very helpful feedback. I’m curious, what could I say to you right now to have you pull out your credit card and buy right here on the spot?”
This is a very enlightening process for knowing the needs of your market, a crucial piece of running your business.
Ideally, this needs assessment reveals an alignment between what your market wants and what you want to offer (your passion!). If not, you’ll want to layer your passion in from a different angle so that you can still appeal to your market.
I know it can be tough to “give” on the passion point because we want our passion to come out in all that we do, but beware of your passion getting in the way of the cold, hard facts of what the market will whip out their credit card for. If you ignore the needs of your market, you won’t be in business too long!
Be open to asking questions and course correcting as you go. You’ll find that the longer you’re in business and the more profitable you are, the more you are able to truly bring your passions into the mix in ways that will blow you away!
In the comments section below, please share! I’m curious, how have you aligned your passions with your business model?