People think that fear is bad, but really doubt is much worse. Fear can be a tremendous motivator, propelling you out of your comfort zone into something great. Or, at least it’s worked that way for me. Doubt- not so much fun. That’s why I responded when I saw this discussion on one of my favorite wedding communities, Bridal Tweet
The question: How important is market research to your business?
My response:
Market research is essential. Not doing it is like planning to make a special cake without ever looking at the recipe. You’ll get a cake but it may not be what you wanted!
And, truthfully, it’s easier to do then most people think. It does take some ingenuity and tenacity because most of the things wedding pros want to know aren’t readily available. However, the internet makes all things possible.
Take me for example. I teach wedding pros strategies to handle disappointments and set boundaries with their clients. Instead of jumping right in, I researched the wedding industry to determine a few key facts, like:
-is my target market declining or growing? I discovered that the planning industry and the demand for their services is growing. OK to proceed.
-what types of wedding pros are there and who do I want to reach? Reading industry books and blogs I learned that 43 different types of businesses are involved in planning a wedding. That’s a great bench to draw from. I decided to focus on emerging pros-planners, photographers- because they are ‘bride-facing’ and will benefit the best from being more conflict competent (I also work with experienced folks who want to be better skilled)
-what problems does my market face? I read at least four different wedding vendor sites to get more info on what keeps folks up at night. You won’t be surprised to learn it was getting clients, dealing with tough clients and running a business. That info was key because it helped me broaden my services from communication issues to business problems that cause conflict in the owner or others. A subtle distinction but it lets me talk about and be helpful with more issues.
Also, doing the market research taught me to talk in a way that my market likes. I tend to say problems or issues, but realized that wedding folks say disappointments and frustrations. So, now I do, too. Marketing research has focused me on my niche and offered real insights on what my market wants and how to best serve them Best of all, the more research I do, the more I find that can grow Positively Wed. So, yeah. It’s valuable.
To address your specific question about vendors, doing the research will help you see where you ‘fit’ in your local market. If there are 5 other planners doing something similar, you can research what they’re NOT doing and grab that market. And definitely look at town records for demographic figures. Your town might have more baby boomers than brides and knowing that you could market to moms, not the brides themselves. Good luck, and keep me posted on your success!
My real discovery is that doing market research actually boosts my confidence. Before any research I knew what I wanted to teach women business owners how to be more confidently in charge and why it was important but was hesitant because, well, that’s just my opinion. Now, that I’m spending more time doing research my hunch has been confirmed. A lot of you want to stop second guessing yourselves and have fun in your business.
Often I get insights into how else I can be useful. This post is a prime example.
I knew that feeling doubt can make a business owner feel unsure about her abilities and her business. I see that as a source of conflict that can be remedied. Asking questions is a great way to relieve stress and doubt. However, it wouldn’t have occurred to me to talk about marketing research as another tool to end that conflict until I saw that question. You can do the same in your business.
I think what initially turns people off is that market research seems like too much work. I felt overwhelmed and, hey, my hubby owns a market research company! (he wasn’t very helpful because he works with big businesses who can afford primary research like client interviews. The stuff I’m talking about is secondary research, although you could poll your clients) Actually, the Internet is the easiest, cheapest way to get the data you need.
I’m thinking of developing a teleseminar on doing ‘guerilla market research’. Anyone interested in that, drop me a note and join my advance list
