Escape The Hustle™

Behind The Scenes: Why Market Research is Important

by May 4, 2019Best Business, Podcasts, That Podcast Ysmay Hosts


Hello, hello, good morning, good afternoon, good evening, whatever time it is, whenever and wherever you are tuning in. It is 2:00 p.m. on Saturday, May the 4th. May The Fourth be with you to all my Star Wars nerds out there. This is sort of a reflective episode, so I’m doing a lot of planning and strategy work today, in addition to batching some podcast episodes for you. I wanted to just talk about a few things that I’ve been thinking about throughout the course of the week.

This has been a little bit of a challenging week for me, and it’s not because of the daily podcasting challenge. In all honesty and transparency here, I have been batching the content most of the time, just because my house is not exactly quiet, and it’s not exactly set up well for podcasting at the moment. I’ve got some really noisy neighbors. In order to make sure I get regular content out to you, I’ve been batching these. I have a small private office at a university where I go and can record YouTube videos and my podcast, but given my current client load, I haven’t been able to do that daily. I am batching some of these episodes for you, and this is one of those batching days. I’m going to be doing a few today, probably a few more tomorrow, and of course leaving some space for some on the fly episodes throughout the course of the next week.

In my last Behind The Scenes episode, I hinted at a few of the things that are going on in the business. I hinted at how the agency is shifting to only work with seven and eight figure clients, and how I’m pivoting what I’m doing in my coaching and consulting business to be a one-to-many business model. Since I mentioned that to everybody listening here on the podcast on, what day? Wednesday the first. Yes, excuse me, my coffee has not exactly kicked in yet. I have been doing more market research. I have been talking to my ideal clients and I’ve been talking to unicorn clients who are already working with me. I have been getting extremely clear on what they want and what they don’t want. I want to talk about this with you here today because it’s so important to make sure you are doing market research.

Online entrepreneurs skip over the whole market research thing so often. This can become a real serious issue, because when you just create an offer, whether it’s a coaching package, or whether you’re putting in the energy to create a course or a membership, when you create something and you haven’t done the research first, when you’re creating just what you would want to buy, you’re missing out on some very important information from people that you want to purchase whatever it is you’re offering.

This amounts to what I like to call as hope marketing. Hope marketing is where you create something and you just hope the right people find it. That’s not a strategy. Winging it is not a strategy.

I’ve said this over and over again, and to countless clients. If you don’t have an actual plan, if you don’t have an actual strategy, you’re not going to be able to move forward with information that will guide your business in the right direction. Your feelings are not part of the strategy. I know this is going to rub some people the wrong way who maybe want to only do things that feel awesome to them and only things that they feel like doing.

While I empathize with this, while I do understand the power of living in the zone that makes you the happiest, that is not always the best way in which to serve your clients.

Your clients don’t have the same needs and desires that you do. They don’t look at the world the same way that you do.

A lot of gurus are going to tell you, “Oh, you just need to sell to the person who is two steps behind you. Think about where you were in your business two steps ago, and that is what you need to create. You need to create what you then would have wanted.” That sounds like good advice, but it’s really quite flawed, because you are a unique person with your own set of experiences, your own career path.

There are all these things that have led you to this moment, not to mention the psychological aspects of your being. Your personality type, for example. I am an 8 on the Enneagram, and on Meyers-Briggs I am an ENTJ. What I needed two steps ago was to learn how to better relate to my audience and how to sell in a way that did not make me feel disreputable.

My ideal clients, however, are not those people. My ideal clients are those who need the systems and the strategies and the accountability that I just naturally do for myself. I have a gift where I am perpetually self-motivated. That is something that is inherent to my personality types, as an eight and as an ENTJ.

The people that I can serve the most, the people who are going to want what I have to offer the most are those who can’t self-motivate, they need to get that from external sources, as well as people who don’t naturally strategize and systematize everything. They need to learn how to do it, they need a mentor, they need a sage to guide them in how to do that when they don’t naturally think about those things.

As I’ve been doing this market research, I’ve been getting very clear on what the ideal personality types of my clients, so INFPs, ENFPs, what they need, and what they would most benefit from in order to get their business to where I know it can go. It’s not just the outsourcing, it’s not just a community where they can find trusted service providers, but it’s somewhere where they can be held accountable.

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It’s somewhere where they can learn systems and strategies and they can learn how to stay focused, and they can learn how to put their plans into action. Then also find someone to help them execute on the plan. This is a very different business model, very different offer than what I had been envisioning before the market research. Because of this, I really want to share that it’s important to do the research.

Now, of course because I am an ENTJ, I wasn’t just going to go create this idea that I had that had been validated by only a couple people. I need to do the research, I need to have the plan, I need to have the strategy, and I know that already.

But if you are thinking about creating something and you’re not naturally a strategic and systematized person, this is going to serve as a reminder for you that you have to put in the effort, you have to focus your energy on finding people who might possibly want what you have to offer, and then asking them about it.

This can be a really big challenge for entrepreneurs, especially people who are not in entrepreneurship for entirely noble reasons. If you’re in entrepreneurship because you want to make a fuckload of money and feel good about yourself, then quite frankly, I probably can’t help you because I’m just going to conflict with you in so many ways.

Money is good.

Feeling good about yourself is good.

But when you are making business decisions based entirely on your ego, you’re not providing a good experience for your customers, you’re not showing up in the best way possible, and you’re not creating products that actually provide value.

As a result of this market research, I’m going to be able to create an offer that does create value, that does create a transformation, that does create an experience that my ideal clients want. That is really what matters to me.

I want people to achieve something.

I want them to be fulfilled and empowered, and I want them to do it in a way that is in alignment with what they actually want to get out of life. This is going to be a completely different offer than anything I have ever created before, and it’s also an offer where I’m very confident about what I’m going to be able to pour into it and the results that I’m going to be able to get. I’m very, very excited about this.

But I never would have got in that clarity, I never would have been able to drill down this offer to the core most important pieces if I hadn’t set my ego aside and started having some hard questions asked of me by my ideal clients. I wouldn’t have been able to actually get all of this information if I just felt like, “Oh, I know what’s best and I’m just going to do what I feel like doing.”

I want you to take that away from this episode. If you’re creating any sort of offer, whether it’s services, or it’s a digital product or a digital download, for that matter, I want you to pay attention to what your audience actually wants. I need you to make sure that you are creating something of value.

Thank you so much for tuning into this episode of That Podcast Ysmay Hosts, I want to mention really quick before I forget, that these episodes are getting transcribed for the most part, and they’re getting uploaded to my website. But because I have to have the episodes transcribed and I’m really committed to getting and episode out to you every single day, there may be a little bit of a delay, if you’re following along in real time, between the time this episode airs on iHeartRadio, iTunes, Spotify and so on, and the time that you can get the transcript on the website. If you’re listening right now, you want to follow along, or you just want to skim, which I totally understand. That’s why I provide transcripts. You may have just a few hours to wait before I get the transcripts up.

If you go to my website and you don’t see it, please don’t email me and go, “Oh my God, I can’t find the thing.” I promise you, it’s coming. I just have to have it sent off to Rev, get it transcribed, and then it’s going to be uploaded to my website.

With that said, thank you so much for tuning in. I will be back in your podcast player tomorrow. I hope you have a beautiful Saturday, whatever it is you’re doing, and May The Fourth be with you


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