Know Your Market... I Mean Really Know It.

I worked many years in the market research industry. This experience has not only taught me the power of great questions, but I've also learned the importance of collecting information to make informed decisions.

Making decisions is one the core responsibilities that fall on the shoulders of any entrepreneur. That's why entrepreneurs can feel so lonely at times.

Of course, if you're a business owners, you should definitely trust your gut feelings. However, you'll reach a point where you need to rely on data to make sure you move into the right direction.

Let me take an example: Your next marketing campaign. How can you become better at targeting the right people, exactly at the right time and at the right place if you're not continuously analyzing the data that you've collected so far?

When you make uninformed decision, you often make assumptions (this is different from trusting your guts). The danger in doing so in today's fast digital environment, is that what you think was true yesterday may not be true anymore.

There's a difference between thinking you know and knowing.

Let's take another example: Your customers. How much do you actually know about them? How connected do you believe you are from them? You probably think you know them enough but I'm going to assume that you do not know them as much as you think you do. Yes, I'm making an assumption. I'm relying on much experience though...

I'm not the only one saying it. Chris Elkin, the founder of Doodle Brands explains on Inter:views: "The most time I ask 'When is the last time you actually spoke to a customer?' You know, the person that your role relies on, the person that makes sure you get out of bed, when is the last time you actually asked for feedback? Very rarely do I get people putting up their hands with having spoke to a customer within 3 months. Most people, it’s 6 months. Frequently, people have never spoken to one of their customers. If I say I’m customer-centric, yeah really? But how?".

Listen to the full conversation:

My turn to ask you the question: When was the last time you talked to a customer?

You're not in their heads. If you want to test your hypotheses, know how your clients feel, behave, and most importantly understand why they do the things they do, the best approach is to simply ask them.

Know and stay connected with your market. That's also your job as an entrepreneur.


I'm very happy to share my market research knowledge. Simply book a time on my online calendar to chat.

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