What Are Your Thoughts On Market Research?!

“Why do you recommend market research so much?”

This is a question I get at least once a month and is top of mind from a client discussion.

My main reason is that it’s unlikely to really grow a business when you’re not solving a big enough pain point that a customer has.

We’re typically not our own customer, so talking to potential customers can help understand the wants, needs, and get to know why they buy what they do.



I’m 100% aware that some disagree with doing market research because, “some people don’t know what they need, so how can they give you legit feedback?”

I can see this, but why wouldn’t you at least find how they’re currently handling the issue you plan on solving? 



When doing market research for the original The Hatchery physical coworking space, I did a lot of market research and asked the following questions:

- Where do you currently work?

- What is working really well with your current situation?

- What is not working well with your current situation?

- What could improve your current situation?



I received the following answers:

- I like working from home, but I too often get too distracted at home and tend to not accomplish my work tasks!

- I don’t feel very professional meeting my clients at a coffee shop and definitely won’t have them come to my house.

- I love working from home and don’t need anything else!
- Running a business is lonely, so I’d love to have some people to bounce ideas off of.

- I’d love to work somewhere else, but it just doesn’t make sense to pack up and I would have to get another computer because all of my programs are on my desktop.


Some of those answers didn’t point to needing a space, but some of them did.

Then I had to go and ask, “If there was a space that offered workspace, private offices, a printer, other business owners to collaborate with, and classes….

- Would that help solve the issues you mentioned?

- What would you pay?

- How often would you come?

- Why wouldn’t you come?



Asking allll of these questions helped us create our membership offerings and helped us know how to build out the space.

It also helped us market to our target customer:

- 

“If you’re getting more laundry done than sales calls - come work at the hatchery!”

- “Business ownership doesn’t have to be lonely - come find your community at the hatchery!”

- “Coffee shops are amazing, but if you need a private office to hold that meeting you can book our offices at an hourly rate!”



We were able to speak directly to the pain points of those who would benefit from a coworking space and they felt heard!

What are your thoughts on market research?!