“Market research” may sound like a complicated concept, but it’s something you do all time. It’s just a matter of becoming aware of it, and orienting it toward your product or service. Most people, once they get hang of it, love it. In fact many of us can’t stop doing it!

We are all consumers as well as sellers. All day long we are bombarded with sales messages, by marketing of others. Paying attention to what gets YOUR attention is first step. With hundreds of emails coming in daily, which one gets you to open it? With all billboards you see on way to work, which one catches you eye? When do you tune back in to an ad on radio? What TV commercial do you sit and watch instead of channel surfing? Which ezines do you actually bother to read? Which ones do you read every single word?

This all becomes market research when you stop and ask yourself question “why”? Why with all billboards out there did that one catch your eye? What’s different about it? You are as capable of answering this as any ad genius out there. It could be beautiful babe. The unusual font. The color. The protusion over top (like chick-fil-a cows).

Next time something “catches your eye,” or “holds you spellbound,” or “keeps you nailed to your seat,” break spell and THINK. Analyze. Figure out why. Someone has gotten through fog with you, and this is invaluable information.

There are three aspects to market research: ·The target market ·Your website and collaterals ·What others are doing

TARGET MARKET

Target Market means people who are going to buy your product or service. Rarely is it “everyone.” For instance, if you sell baby clothes, obvious market would be mothers, but fathers buy for their babies as well. And what about grandparents? Did you know that biggest buyers of teen CDs are seniors? They are buying them for their teenage grandchildren.

Periodically go over your records and see who is actually buying your products. Get as much information about them as you can. You can do this by asking for information on PayPal, by sending a feedback satisfaction form after sale where you ask for this information, by offering something free where you garner this information, and by various other methods.

If you sell a service, such as coaching, when someone finds you, be sure and ask them how they found your name.

At same time, ask your current and past purchasers where else they go, so you can go to those websites and see how those people are selling.

Several years ago I attended a seminar (Great Plains Software) in Fargo, ND that changed all that! The presenter suggested that 80% of a consultants revenue, job satisfaction, demands, problems and pain came from 20% of his clients... and it wasn't necessarily same 20%. In other words... Unless carefully managed, you can easily spend all your time looking after a client that is causing you 80% of your problems while providing only a small percentage of your revenue.

His advise? FIRE 20% of your clients every few months!! Determine which 20% are causing you 80% of your problems and FIRE THEM! What you will be left with, after only a few months is time to recruit NEW clients that better fit your working style, and cream-of-the-crop clients that pay on-time, appreciate your service, and give good references to other businesses! Good references are worth $$$$$!!!

I'd like to suggest several ways to FIRE them, in a professional manner, while preserving your good name. (Ignoring problems, not returning calls, telling them off, does nothing for good word-of-mouth... you can be sure they will let everyone they know what a lousy job you do! and it will come back to bite you! Assigning client to a junior consultant or co-worker doesn't work either, since bad publicity this client is giving you still reflects on your company)

Here are my suggestions: (all of which work wonderfully and have interesting side benefits)