How To Do Market Analysis (Market Analysis 101)

How does the search engine on amazon technique work for the service industry, say like for a barber 🤔

can you access keywords planner without creating an ads? I can't seem to use the tool

This was such a clear and concise introduction to market research!

Excellent video

it's useful for me 👍

I can agree with focus groups being ineffective, especially because of the moderator bias.
But I disagree with the idea that surveys aren't that effective, I would argue they are – once you take care of probable biases. That's why knowing what you are doing and having some education concerning the tool you are going to use is important. Asking people what, why, how, where they buy stuff, is useful – and this can be done by surveys. Also to get some psychographic and lifestyle data to segment the market into target groups, a survey can be very useful for this.
Of course, the best way to do market research is to actually combine methods, tools and data. For example, performing a survey and performing a research into real buying behavior in the way you explain using Google, can be a more effective, nuanced way of doing market research.

A survey – if not performed correctly – may have the problem of having leading questions. A research concerning real buying behavior using Google may have the problem that it assumes behavior will not change, it assumes that the customers on the internet are like your (potential) customers, and often forgets the underlying psychology, thoughts, emotions, attitudes, reasons concerning buying behavior. How to fix these shortcomings with checking real buying behavior using Google/Facebook/Amazon/the Internet… ? Well, a survey could help there.

I am not saying a survey is necessary or the best thing out there. A survey is indeed not the holy grail, it has it biases, it can deliver old data, it doesn't tell you everything. Yes, "saying =/= doing". All I'm saying is that surveys aren't bad or useless. In short, I would argue, that if possible, using a combination of methods, and especially also checking real buying behavior, is the most optimal way to do market research. And that performing a survey could come in handy.

Super video, thanks

and how do you do all of this? 😀 how do i find out the demographics, occupation etc? lol

Hi Adam, i know this is an old video but I wanted to ask you a question I have been having for the past year while consuming your content.

I understand that it's important to understand your customers, their geographic and demographic details are going to be useful to a business for obvious marketing and sales reasons. I often get confused when you talk about understanding their fears and desires, for example, if selling something simple like catering equipment to the hospitality sector, how does knowing their fears and desires help with my marketing.

If I find out their fear is going out of business and losing everything, and their dreams are to have a family and to retire early. How does this help me with my marketing, it has no correlation.

Love your videos, you've helped me so much and you are the reason I'm a wanna-be digital marketing nerd.

that jingle earned my like. thanks for the info

Thanks!

I like your humour Adam . Keep it up

Market research can even reveal how your customers feel about your current business and if it's meeting your their needs. You might even find out what people think about your business that you weren't aware of (positive AND negative!).

Thanks.

👍

Sir. You are superb. Thank you so much for all this 💗

thank you so much , your kowledge is helpful for me

Yes I’m first!!!! 🤯🏆 This is exactly what I was looking for! Thank you bro!