Doing Market Research
Takeaways:
- Starting an online business is as challenging as starting an offline business, despite common beliefs.
- Lower barriers to entry in online business do not make it inherently easier to succeed.
- The failure rate of online businesses is significantly higher than that of brick and mortar stores.
- To succeed, you must genuinely understand your target market and their pain points.
- Creating an effective ask page is crucial for collecting potential customers' contact information.
- Providing something of value, like a cheat sheet, can encourage visitors to share their email addresses.
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Watch the video here: https://youtu.be/H7mPzXIpVMM
Transcript
Hello, everyone, everywhere.
Pastor Bob:Pastor Bob Thibodeau here.
Pastor Bob:Welcome to the Faith Based Business podcast.
Pastor Bob:Today we're so blessed you're joining us.
Pastor Bob:Now, last week we shared a little bit about doing some market research.
Pastor Bob:Now this week.
Pastor Bob:Let me go ahead and share the screen here.
Pastor Bob:This week I'd like to do a little more of a deep dive, I guess you could say, into this area.
Pastor Bob:I mean, there's this idea about Internet marketing that we can just jump online and in 24 hours we can have our business up and running and have all our answers.
Pastor Bob:Folks, it's just not true.
Pastor Bob:Okay?
Pastor Bob:Hate to bust your bubble, but it's just not true.
Pastor Bob:It's just as hard to start an online business as it is to start an offline business.
Pastor Bob:Ouch.
Pastor Bob:I know, I know that hurts.
Pastor Bob:But I have to tell you the truth.
Pastor Bob:I mean, let me say it again.
Pastor Bob:It's just as hard to start an online business as it is an offline business.
Pastor Bob:Now, the difference is there's.
Pastor Bob:There probably is a lot lower barriers to entry in the online business world.
Pastor Bob:Okay?
Pastor Bob:It may be something you can do from home instead of having to go out to a brick and mortar store somewhere and set all that up.
Pastor Bob:Maybe something you don't have to invest a hundred thousand dollars into, a brick and mortar building and a lease and equipment and all that, but it's still just as hard, if not harder, to build that online business.
Pastor Bob:Because, you know, people talk a lot about the future, you know, about the failure rate, I guess you could say, of offline businesses.
Pastor Bob:And have you ever looked at the failure rate of online businesses?
Pastor Bob:It's a lot higher, a lot higher than the failure rate of those brick and mortar stores.
Pastor Bob:Why is it so much higher?
Pastor Bob:Well, because it's still difficult.
Pastor Bob:And a lot of people jump into it thinking it's not.
Pastor Bob:It's not as easy as many people make it out to be.
Pastor Bob:Usually the ones who are telling you it's easy are also offering to sell you the information, their system, in order for you to make it online.
Pastor Bob:And that'll make it so easy for you.
Pastor Bob:Ah, don't shut me down when I'm preaching.
Pastor Bob:Good.
Pastor Bob:You know exactly what I'm talking about, right?
Pastor Bob:Amen.
Pastor Bob:You can't skip this very important step.
Pastor Bob:Don't say you'll just buy someone else's report, though.
Pastor Bob:Get the results yourself.
Pastor Bob:I genuinely believe that it's really, really easy for you to go over to Google, AdWords or Facebook ads and you run 3,000 visitors that are interested in your top topic and then you send them to an ask page.
Pastor Bob:And that ask page is going to ask them a few questions, right?
Pastor Bob:And it's going to get their name and their email address for one.
Pastor Bob:In exchange, you're going to give them a cheat sheet or something of value that they're looking for in your niche, Something to reward them for giving them, for them giving you their contact information.
Pastor Bob:The next question be asking yourself is, what do I ask them?
Pastor Bob:What kind of questions should I ask them in order to do this, folks?
Pastor Bob:That's what we're going to cover next time.
Pastor Bob:But the important part I want you to understand is you have to build the ask page.
Pastor Bob:This ask page is the key to collecting their name and email address.
Pastor Bob:Now, you can reach out to them, but you just can't put a blurb out there and says, hey, give me your email address so I can send you some information.
Pastor Bob:That's not going to work either.
Pastor Bob:Okay?
Pastor Bob:You have to remember we talked last time about, you know, identifying your target mark, market, identifying what the needs are, the pain points, and then helping the person remember it's a person, not a market.
Pastor Bob:Helping the person solve their pain problem.
Pastor Bob:That's what your offer is.
Pastor Bob:That's what your check sheet, your checklist and your cheat sheet.
Pastor Bob:That's what it needs to do.
Pastor Bob:They have a problem.
Pastor Bob:Maybe it's something along the lines of, how do I change a car battery?
Pastor Bob:Well, if someone's searching for that and you got a cheat sheet that says this is what you got to do to change the car battery and they need it, they'll download it, giving you their email address in exchange.
Pastor Bob:Right?
Pastor Bob:That was just off the top of my head, but you get the idea.
Pastor Bob:So you have to have a cheat sheet.
Pastor Bob:Then we can focus on getting that cheat sheet to people, but we're going to cover all this next time on the questions on your, your ask page, what do you ask them?
Pastor Bob:You got their email address.
Pastor Bob:You.
Pastor Bob:You exchange that.
Pastor Bob:Now you need to find what their pain points are.
Pastor Bob:And we'll go into all this next time.
Pastor Bob:All right?
Pastor Bob:That's all the time we have for today.
Pastor Bob:I'm enjoying this so much.
Pastor Bob:I hope you're getting a lot of information out of this.
Pastor Bob:Till next time, as Pastor Bob reminding, be blessed in all that you do.
