Affordable Market Research for Coaches

Too often I see coaches release a product or service without doing adequate market research beforehand. This can lead to dismay and disappointment when sales don’t roll in as expected.

Traditionally, creating your own consumer testing panel or hiring a marketing research firm was pricey. Online research panel services, however, are changing this picture by allowing you to get nearly immediate, focused responses tailored to your target market.

GutCheck* is one such service, offering both one-on-one chats with prospective consumers and the ability to form “instant research communities” (the equivalent of an online research panel). You can test product concepts, advertising messages, consumer attitudes and more, with this small-business-friendly process.

Alternately, you can always round up your own panel of “testers.” Frequently, members of your own mailing list are willing to give you their opinion – especially with an incentive, like a product/service discount or a “beta” version of a product you’re creating.

Either way, it pays to discover “who’s interested in what” before you invest resources in your next lucrative venture. Doing your market-research due diligence informs how lucrative your venture is poised to be.

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