Conducting market research for your coaching or holistic business helps you connect with your clients and know what they need when they need it, so you can develop services to meet those needs.
The first step in serving your clients is understanding what they need.
In order to understand what they need, you need to know them: their pains, their desired solutions, what they want to achieve by working with you.
And you want to be able to articulate those pains, needs, and desired solutions in words that they use.
Why do market research for your coaching business?
The main reason you do market research is to validate your offers and services, but doing market research for your coaching or wellness business can help you…
- Ensure you’re creating something your prospective clients need and will pay for.
- Build an offer that delivers value.
- Understand how to market this offer to your prospective clients.
When you talk to your clients, you not only learn WHAT they need, you learn WHY they need it.
You hear them describe their needs and desired solutions in their own words, so you can develop an offer that fits and marketing copy that speaks to them.
When to conduct market research for your coaching business
Doing market research in your coaching business is key, especially in these specific times:
- When you’re first starting out. When you’re first starting out, you have lots of ideas of what you want to offer, but you may not have enough information on what prospective clients actually need.
- When you’re creating new services. As you serve clients, you naturally start expanding your service offering to fit what they need… that’s great. But if you have an idea for a new service, you’ll want to validate it first.
- When you’re serving a new target market. If you’re branching out into a new niche, you’ll want to do market research to better understand their specific pain points and desired solutions.
How to do market research on a small budget
When you’re just starting out, you definitely want to do market research. But how do you do do it on a small – or no – budget?
You don’t need to have a huge budget or hire an agency. You only need to prepare, be willing to reach out to some prospective clients, and be an excellent listener.
The bonus is that doing market research allows you to connect with potential clients who may be interested in what you have to offer!
Market research questions for coaches
So how do you know what questions to ask when you’re doing market research? There ar ea few types of market research questions you’ll want to ask on your interviews.
1. Demographic questions. You want to capture demographic information related to age, income level, education level, life stage, family makeup, and geographic location. This helps you see the demographic commonalities among those you serve.
2. Psychographic questions. You want to understand what problems or pains they are experiencing, and what they ultimately desire or want, as it pertains to your area of expertise.
3. Questions about what they’ve tried and what has/has not worked. It’s important to understand what they have tried before and how that has worked or not worked. This gives you valuable insights into creating something better!
Knowing what market research questions to ask is a huge part of getting the feedback you need.
How coaches can get started with market research
Market research can seem overwhelming, but you don’t need and advanced degree or course to learn how to do it. In fact, informal market research (i.e., ideal client interviews) can help you glean the exact information you need to create offers that sell and to understand the language your clients use.
As a marketing consultant who has experience in market research, I wanted to make the process easier for you. So I put together a Market Research Guide for Coaches that takes you from A – Z to conducting market research, so you can better understand your ideal coaching clients and so you can create offers that sell.
You can get your downloadable market research guide here.