The Case for Market Research

The Case for Market Research

In her TedTalk, “Why you should talk to strangers,” Kio Stark talks about the importance of getting past our discomfort when it comes to seeing strangers and embracing those fleeting but potentially profound moments of connection.

She challenges her audience to do one of four things when meeting a stranger. 

  1. 1
    First, is the simplest. If they make eye contact, smile and then see what happens. 
  2. 2
    Second, use what she calls triangulation. Comment on a third element outside the two of you, like a piece of art, for example. 
  3. 3
    Third, notice something about the person and comment on it. Most of the time this would be a compliment. 
  4. 4
    Finally, when talking with a stranger and you feel comfortable, disclose something about yourself and see what happens. Often, they will also disclose something about themselves. 

These fleeting moments can give us profound and unexpected connections in our day — a window into another’s life, even just for a moment.

And that’s what we’re going for when we do market research. 

Before market research, your community members are strangers. You don't know much about them. 

By doing some research, you're trying to find those bits and pieces about them that allow you to connect with them in a deeper way. 

And allow you to make the connection between their needs and how you can best help them. 

I've met a lot of coaches who either don't like to do market research, or find it a waste of time. 

I find that unfortunate.

Getting to know your community in a deep way is an extension of coaching. 

You can't help your clients if you don't understand their deepest needs, desires, and struggles. 

And you can't attract potential clients to you, if you don't understand their deepest needs, desires, and struggles. 

Thus, market research is critical to having a thriving coaching business. 

How about you?

Have you conducted enough market research to know your community at the deepest levels? 

With love & joy,

P.S. Is there someone in your life who could benefit from reading this post? Why not share this with them?

About the Author Selena Tramayne

Selena Tramayne, Ph.D. is the founder of The Tramayne Group, which provides programs and coaching services to benefit new and emerging coaches. She developed the Coaching Genius System and provides one-on-one and group coaching through The Coaches Accelerator, a streamlined process to help coaches go from zero to six figures fast. When not working in and on her business, she can be found hiking, mountain biking, and going on bliss walks near her home in Albuquerque, New Mexico.