Manage episode 247672550 series 2431059
When I first announced to my family that I was going to open my own gym back in 2017, my grandfather asked me: “Have you done market research to make sure this is a viable business idea?” I remember just looking at him like a deer in the headlights wondering: How much money does he think I have?? When I thought about market research, I pictured a scene straight out of Mad men: Me sitting behind a one-way mirror watching someone in a suit interview people under florescent lights around a conference table.
This misconception was costly. Because of it, I spent years creating products and services that I thought sounded great, but that not enough people wanted to buy. Failing to do market research cost me many thousands of dollars in overhead costs, buying totally pointless Facebook and print ads. I want to make sure that it doesn’t cost you as well! In this week’s solo episode, I talk about:
- How I overcame my misconceptions I had about market research
- My super quick and simple market research method
- And how to use the info you gathered in these interviews to determine what you sell & how to talk about it!
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