 Good morning everybody Monday morning the 14th of March 2022. Welcome. Good to see you here Do me a favor put your comments in that chat section there if you're watching this live if you're not watching the live You can put it in the comment section below the video. We're gonna have a blast today. This is gonna be fun We're gonna enjoy ourselves. We're gonna share some ideas So don't forget use that chat section guys We can talk to each other that way and we can go back and forth Today's session is all about doing a little bit of research, okay? A little bit of research is good, right? What we're gonna do is we're gonna talk about Market research online research that type of thing and we're not gonna make it boring. It's gonna be fun This can be fun. Okay, and this is the thing that if you do it properly All of the rest of your sales online are gonna just fall into place So just just understand that by the end of this today, you're gonna know how to do this It's gonna be simple and easy Also, don't forget if you haven't subscribed yet hit that subscribe button turn it from red to gray and don't forget Bring the bell turn on all bell notifications here notified each and every time I go live That's so important guys if you don't turn on the notification part even though you subscribe You won't know when I go live. You won't know when I upload a video Hey, I'm uploading three videos a week now and going live probably Three days a week at least so I don't want to miss out seeing you guys. I really don't Generally, I'm gonna be going Monday Wednesday and then either Friday or Saturday So if you want to catch one of the live ones, you can do that If you're watching this and it's not live, you know, just use the comments section I come back through every couple days and I answer all of those questions all those comments I say hi to you guys. So feel free to do that I also have a free course that's gonna be in the description below So at the end of this video, you will be able to see a link there You can click and learn no credit card require. So let's get down to it. Let's get down to it Let's get down to the fact that we're gonna be doing some market research. Okay, market research is really pretty cool I mean really to compete today's competitive markets It's essential that you kind of keep your eye on what's going on. What are the market conditions? What's happening? What's the consumer behavior? What's the emerging trends? What is all this? This can be really difficult to do if you don't know how to do it But in this video, I'm gonna walk you through it. It's gonna be super easy Market conditions. Gosh, I know since the beginning when I started in 2009. They change so much and they change so frequently So this is something that's always got to be done on it if you want to make money online Okay, it's just it's a little bit effort, but it's not that hard So what is the role of market research? Why are we doing this market research really is a process of getting information about your target audience During the process you're going to discover who your customers are what they want And it also allows you to answer any questions that they may have and it's going to make you more useful to your audience So what are the demographics of your target audience? How old are they? How young are they? You know Where are they living? You know, what what's their income? What are their interest in buying habits? Where do they what do they think about the business and the industry that you're in? What problems could you help them with? I mean, that's the main thing right there And how can you connect with them? How can you actually talk to these people? I know I connect a lot with my audience on YouTube. I'm here. I do live videos. I do recorded videos You know understanding your target audience will give you a just indefinite amount of opportunities It's going to persuade people to buy it's going to attract loyal customers for you All these things will contribute to a healthy business plan and Rebust marketing strategy all these things are so very important now while market research involves Analyzing analytics data all that kind of stuff. It's really more simply tracking numbers Like tracking volume or what customers purchase a market research goes one step further by attempting to uncover why? Okay, what is the why behind the numbers? We want to understand and we want our customers connected with us on a basic level. That's so it's so important So when should you actually do market research? The short answer to this question is always okay You got always do it because markets and customers are always changing things happen, right? It's important that you stay informed with what all these changes are And it truly really market research is time-consuming and a resource intensive So you're going to want to be a strategic plan or when you do this and conduct your research You don't waste your time right your time's important So what I'm going to do is I'm going to give you the four times that you should definitely Complete market research. Okay, so let's run through this real quick Before you launch a new business venture guys, you've got to do market research This initial market research is important before making any investments in the new business or venture It's going to help you find compelling products Marketing efforts pricing structures all that stuff. So before you launch a new business you go into new market research Before you enter into a different market So if you're going to enter into a different market, it's really critical that you understand your potential customers in your new markets What you want to look at is the emerging trends economic shifts cultural difference and values From place to place Market research can help you avoid a lot of lost money. Okay by putting money in the wrong thing If you don't do the market research When you enter that new market, you could kind of get screwed. Okay, so you want to make sure you do that The next time you should do it is when you're launching a new product or service or thinking about developing a new product or service As your company grows you're likely to roll out new products and or services And you're going to want to understand the market conditions before making any big moves into that market Okay, you got to know what's going on After any of those things I've said, okay after launching a new business product entering new markets Releasing new products of services making plans to conduct follow-up Research that's another good time to do market research after you've started all those things to see what's going on Let me get a sip here if you don't mind Mmm. It's good to be a TV a TV here in Texas. Oh my gosh, not to get off subject But man, do they do their market research We were there yesterday and they had these big kettles outside and they were boiling crawfish You could buy crawfish for $7 and 97 cents a pound and people were going this one guy told me He bought 40 pounds of crawfish last weekend from but it's such a great deal Unfortunately, H.E.B. does their research. They know what their customers want and they didn't just have crawfish. They had shrimp They had potatoes they had sausage all these different things that you'd want to have for crawfish boil And oh my god, if you had to do it at home, it'd be a pain in the butt But you just go up there and order it and boom you've got your food pretty good deal That's a company that does market research. Trust me So what are the different types of market research when you're ready to do this market research? You got to start considering what you're going to be looking for, you know Are you trying to understand your competitors? Is that another thing you want to do? Do you want to make a better market for your products? Do you want to make better products? Are you looking to address a customer pain point? What are you doing? Okay? To get the answers you're looking for there's two main types of market research We're going to talk about today now the first one is Primary market research. That's what's called the first one right primary market research is completed in house Okay, this is something you guys do through your own efforts conducting primary research Allows you to change your research To match your specific products and services It also gives you the highest level of control over your research quality because you're the one doing it Okay, so primary research methods could include I don't know interviews of your customers. Maybe you want to do focus groups Maybe buyers personas research. Maybe marketing segmentation research Maybe observation based on in-person observation videos. I don't know case studies blogs that type of thing so From these research methods, you can collect two different types of data. The first one is Qualitative okay qualitative data that isn't conducted or counted or measured including people's preferences dislikes emotional responses interviews and discussion groups typically produce a qualitative data set, okay? You likely wouldn't use an algorithm or equation to draw conclusions from this kind of data But it's very useful Okay, it helps you know a whole lot and then the next one is quantitative Quantitative is data that's generated from numbers. It includes things like page likes. I don't know survey results Email opens social media follows With that kind of data you can produce charts and graphs and you can look at that make decisions based on what those charts and graphs look like The next kind Of market research is called secondary market research secondary market research is conducted by someone else Okay, not you not in-house because the data is already available It's typically more cost effective and less time and resource consuming than that in-house or primary market research Um, there are some secondary sources So let's look at those sources because you probably already have some of them the first one probably would be in our industry statistics Um information and data on the entire industry as opposed to single companies So um, you could use things like statistic. You could use pew you could use garter You could use forest or all of those have industry statistics You could use your own company reports reports Created by companies about their own businesses or your own company websites investor relation websites yahoo google finance all these things are very very useful um Next thing up white papers authoritative market analysis written by third parties about a specific topic Related to a given industry so this could be trade magazines. It could be market research companies Any of those things are very useful and also don't forget government data There's a lot of government data out there information and data collected by the u.s Government and shared with the general public. So, you know, there's different departments the u.s Securities and exchange commission the census data bureau of labor statistics all have data on us So with secondary resources that know how to do proper market research, you'll usually receive a Macro level view of your industry and insights. So it's not going to be your exact customers But similar customers out there Just be sure that the data and insights are valid accurate and reliable Okay, so be rarely careful because a lot of people have to say they're going to sell you stuff And you got to make sure it's really worth it Let me get a sip here. Don't forget put those comments in the chat section Don't forget to comment in the comment section if this is not live to you All right, let's take a closer look at some of the popular research methods Now that we've really looked at the different kinds of market research I want to kind of look a little bit closer at some of the research methods used to gather this data Different methods produce different results. Obviously. So before you Think about things and begin things you want to look at the type of information you're seeking. So One of them is interviews Interviews really do allow you to have this open discussion with people from your own target audience They can be free flowing They can be unstructured They can be structured detailed if you want while interviews are often recorded Recording can influence people's answers. So think about that if you're going to record it They may act a little bit differently Before interviews you want to develop a list of questions. You want to be prepared I see so many people go into these interviews They don't even know what they're going to ask the people have the same set of questions for everybody So you can get different takes on it. What kind of information do you need? There's four different areas to consider Psychographics brand awareness brand preferences and pricing Customer goals customer pain points all those things are things that you can look at And then we can use those into your interviews also the focus groups You can gather up people up to, you know, I know five or ten people Represent your target audience and these individuals can share their thoughts about aspects of your business sessions You can do these things online now. You don't have to bring them into a room and set them down When you review the data, you're going to want to look for Similar reactions. Okay, are some of these people acting the same about this stuff? What's confusion? What's frustrating? What do they like what makes them happy? Repeated words of phrases. Okay, are they starting to say the same keywords? Things like quotes that capture the essence of the group's feelings reactions opinions inconsistent reactions Or outlying opinions that you didn't expect or those pop it up Collect that data in a spreadsheet so you can organize and categorize it later And you can do a little bit deeper analysis if you want You can also do secondary market research. We talked about that And you can use the pew research. You can use garter You can use all these different forester all these companies have research already You can also do Observation based research Which is really involves watching people use your product Your target audience how they interact with your product And and you can see that also like I use car train I have courses in there and I can see how they interact how far into the course do they get How much of a video do they watch? What do they do after they watch that video? All those things are super important You might initiate participants in your office to observe and navigate through all the website You can look at heat maps to see how they're you know working on your website Where they go into your website You can also do market segmentation and demographics Market segmentation is the process of breaking your audience into different groups or demographic Information such as age or gender location any of those things Could matter or you know customers who bought from you before new customers. Those are all different segmentations that you could do You could also use something like sem rush Market Explorer, they have a little tool in there that you could use to unveil demographics to any market audience The report depicts the breakdown of men and women their ages for domains in the same market So you could do that And it guys like I say if you got questions on this don't forget to put those in the chat section Don't miss your opportunity to ask questions Next thing you can do is competitive analysis Competitive analysis is the process of taking a really kind of deep dive in your competitors product services Promotions places all the things that they're doing what kind of ads are they running If you analyze your competition, you can avoid their mistakes. Okay, so look at what they do You don't want to copy everything Some of them could be mistakes if they ran an ad for a week and a half and they never ran it again You will know that that ad didn't work, but if they're running something for six months, you'll know it probably does work So you want to look at that You can analyze your competitors and you can avoid these mistakes And you can replicate their successes and stay on the cutting edge of your industry You know, they're they're developing market research for you, too Surveys I like surveys a lot surveys allow you to connect with your audience They can you can receive, you know, direct feedback you can direct Stuff online. You can reach a large number of participants And let them respond quickly by doing these surveys you can send them out to your list Another set, please Okay, next up Sites like SurveyMonkey, Google Forms, all their Google Forms is free if they provide you with survey templates Distribution tools Distribution options Display options all kinds of different things and you can use a lot of this stuff for free And then some of the paid tools have it too SEMrush has a tool like that Um, make sure you choose the right market method. Okay The market method that you choose will depend on what you're trying to understand about your market Do you want to know what your customers want or need? Are you trying to track? Industry trends, are you trying to figure out how to improve your marketing? Are you trying to see what ads to run? You can look at all of that at SEMrush tool they have in there. It's called. Let's see what market What research market should I choose and that would be in that SEM tool You can also do a step by step market research guide with example tools. Okay You can collect data there. You can analyze data. You can do all kinds of different things So these are some of the ways you can go about getting this market research guys And it's so very important and it's crucial to your business because if you don't do that You don't know what's going on and I think a lot of people do it initially You know initially they'll say, okay, what's selling what's going on and then their business gets going and the most dangerous thing in a business And I know what's happened to me too is success When you're starting to be successful in your business and you're starting to make a lot of money and a lot of money Is coming in it's really easy to get lazy. It's really easy not to stay on top of trends It's really easy not to try new things when the things you have are working And why should you try new things when the things you have are working because maybe they could work better You know, maybe you need to start split testing those ads that are really producing for you Maybe you need to change up your emails a little bit And I know a lot of you don't want to do that because you say well jr. I'm making money I'm doing well I'm making all this money and I don't want to change. I don't want to do new things because it may mess it up You could always go back to what you were doing. I mean, that's certainly always possible to do that But you don't want to just kind of rest on your laurels. I see that happen a lot I do see a question just popped up there. How often you research the competition for your company, you know Gosh paul. I would say probably every day Every day, I'll run in there and I'll say what ads is, you know, some of these companies running What are they putting on their website? Maybe not every single day, but I would say a good four or five days a week I'm looking at my competition. I'm looking at what they're doing. I'm looking at what they're saying I'm looking at what they're taking down what they're leaving up You know, you could go into facebook and you can click on anybody's page that is Running ads you can see all the ads they've got running and how long they've been running them That how long they've been running them thing is really important because If they've been running them for a year Obviously, it's working guys So if you want to start off and do some ads that you know, we're going to work Just go in there and look at those ads There's also a lot of tools out there that you can use to look at youtube ads You can see who's running youtube ads. How long they've been running them What the results of the youtube ads how many likes and how many conversions and all that There's so many tools out there and I don't want to recommend any because you know, some are good some are bad and whatever You'll find them out there if you just type in, you know, research youtube ads, you'll find that out there Let me get another sip. It's a really good question. How often do you do it? And you really need to do it all the time. That's something that I really do all the time I stay on top that I stay on top of pricing I think pricing is very important. We're getting ready to increase some of the prices. We have to Beef has gone up beef has gotten really expensive guys And if you don't know me and you're new here I own a survival food company and we do canned meats And I will tell you your beef prices are going to go up They're going to go up because ours just did and we're kind of like a leading indicator But it's going to be hitting your supermarkets. It's going to be hitting your stores So run over to Costco buy what you can now freeze it. I've already done it Because you know, I don't my processing. I don't have stakes and all that kind of stuff So, you know, I've got to go buy states just like the rest of you guys Paul says here when doing a survey, what do you feel is a good link in number of questions? Man, that's a great question Paul Sometimes people bombard people with surveys Well, I've seen surveys that either there's two things that are wrong with surveys The first one is that they don't tell them how long it is Okay, like how many people are going to want to start a survey if they don't have any questions are there? I think it's real important to say answer these three simple questions or these two questions And you say well jr. I've got 10 questions. Okay, well then break it into three or four surveys Okay, do it that way just send out three questions at a time You'll get a much higher response rate if you do that So that's the first thing and then the second thing is having a survey that's just way too long And I kind of address that just now, but if you have a survey that's got you know over 10 questions It's too long. I'm telling you it's too long people aren't going to do it And although I know you want to get all this information It's just too long and you can't get all that information all at one shot. You just can't do it beef prices Far outpaced chicken prices they do fall and I have not seen chicken go up much It's going up some okay, and we absorb a lot of the increases at our survival food company We just don't pass it on but I've had three price increases In the past few months and I've got to now I've got to increase it and it's a substantial increase It's one of the biggest increases I've done in a long time It's double digits for me, you know and for normally I do like three or four dollars five dollars But this is double digits. It's a big deal Guys if you haven't bought your beef go buy your beef go buy your beef now because you're going to be shocked As to what's going to happen and I and I got to imagine but the events in the world that can only get worse And we see stuff escalating over in europe right now And it's just it's not pretty every day And I've got to admit that really weighs on me seeing what's going on over there And I wish we would do more like that can I'm not going to get into politics, but I wish we would do more I think those people need a lot more help than what we're giving them And I know we've done a lot and that's cool, and I'm not going to get on the politics But you know obviously the entire world almost is against this situation So anyway, I will I won't go at all on a tangent on that but Guys this market research thing is so very very important If you're not doing it, you need to get on board. You need to do it now I've seen way too many people start a business online And I'll give you an example when I started online I didn't do and this is this is the thing I want to bring out do complete market research do complete market research When I started online, I sold cell phone cases and I did initial market research My initial market research was I went to ebay and I looked at what was selling a lot Okay, and what was selling a lot at the time the cell phone cases So I got into that business, but that was a huge mistake It was a mistake for many many reasons I didn't do complete Market research all I did was numbers and sales But there was more to this equation The other part of the equation was profitability They were not profitable. I mean you could make 20 or 30 cents on selling a cell phone case And when you had to package it and put a label on it and ship it out It wasn't worth your time. Okay, so I lost a lot of money doing that And secondly, I didn't look at how much competition there was There was a ton of competition for that product and thirdly. I didn't look at the fact that people Kept switching their phones. So you'd have to have a lot of inventory So there was a lot of market research that I missed Now here's the truth I still did okay I did okay because I made all these mistakes and I could see the mistakes So the next product I went to I knew what to look for. I knew what to do I knew to look for profit margins I knew to look for do people switch will they keep buying this product These products are going to be good in the market cell phone cases aren't after you know a few months They're not as good in the market because people buy what they're going to buy then they switch their cell phone So that wasn't as good Get a couple of these questions back up here. There was an author who wrote a book or surveys His studies showed that you need to ask the right questions That seems like a no-brainer right that seems like a no-brainer, but it's not Asking the right questions really matters If you're not asking the right questions, your data is just going to be useless So I think that's a really good point Paul. Thank you for bringing that up He also says do you think more products will be Moving back to the usa to have better supply chain. Absolutely. I'm already seeing it happen. Absolutely And americans have already said they would rather pay a little bit more to have a product that supports the us I mean, I think everybody's on board with yeah, we'll pay more for gas. We don't want to buy Soviet gas we don't want to do that anymore, you know, we're over that I think a lot of countries are moving away from that And this is going to have long-term far-reaching effects on us And I got to be honest with you my wife and I kind of look at the gas prices And since we don't drive much You know, we we work from home primarily. I have an office in round rock, which is 20 some odd miles from my house I don't go to my office that much It doesn't affect our lives and in all fairness if it goes up a dollar or two We figure just going to cost us maybe $15 a month that is not going to break the bank for us However, there are a lot of people out there that it really does affect You know, if you're an uber driver and gas goes up a dollar or two. That's a huge increase Right that really bites into what you do if you're any kind of delivery anything If you're if you run a service company where you have trucks going out working on air conditioners or lawn services Or whatever it is that you got people driving all over town in a bunch of vehicles. That's a huge increase Okay, it matters. So depending on What your situation is will depend upon if you know, it's really going to affect you Okay, so I try to be sensitive to the fact that even though it doesn't affect me that much It does affect a lot of people When you started out how much research went into Packing and shipping not a lot not a lot and I'll tell you the reason it didn't go into that And I'm talking about my cell phone cases And then I'll move on to my survival food products the cell phone cases were easy Okay, you could slip them into a little padded envelope boom. They went away the meat The canned meats that we do now huge amount of Research went into that But it was indirect research and here's what I mean by that We started off putting our stuff in a box and just shipping it out and damages were through the roof cans were dented It was terrible Then we started putting that box inside of another box with crushed up paper all around it And I still got a lot of dents. It didn't work out Then we started putting that box inside of a bigger box with peanuts those little peanut things and the thing that drops out All the peanuts and I was packing those myself And then we moved to a third party logistics And we we we have custom phone now that sets around the sides of the box and the top of the bottom And we have almost zero damage So I would say it was indirect research. I mean I tried to find stuff in the market that worked for us But I was not very successful at finding stuff. So it was all a matter of Trial and error. What would work? What would protect those cans? Because damage was our biggest problem. We almost never have a return. I can't think of a return we've had Oh gosh in the past three or four years I mean, I know that's huge and we do millions and millions of dollars worth of business So we don't have returns unless it's a damaged can And we don't even have people return those we just say hey, we'll we'll fix it send us a picture of the problem The dinner can or whatever and we'll just send you out a new one if you can keep the product So we pretty much fixed that problem. I think I think we pretty much fixed that problem Guys, if you have any other questions about this market research, feel free to put it in that chat section What I've noticed about these lives is when I start out There's few people and then there's more and there's more and there's more and there's more And I'm toying around with doing longer Lives, I know a lot of my friends are doing 45 minute lives hour long lives I have one friend that does a two or three hour live. I don't know how he does that But he does do it If you're interested in doing one of these longer lives Put that in the chat section put in the comment section. Let me know send me a message And then I can pick a date and time that's going to work for people Obviously, it's not going to be at 10 o'clock on a monday morning because most people can't come to that Because they actually have jobs Okay, so they're not going to be able to do that But if you want something like that a weekend or an evening Where we do a long exchange of questions and answers And I can actually list a whole bunch of subjects That we could talk about I'll be happy to do that. I'll be happy to invest the time My goal is to really help you guys out And get you the information you need Um At least with gas there aren't lines like the gas shortage of 1974. Hey paul you're dating yourself You're dating yourself. Let's see 74 Uh, yeah, I was 15 years old So I had a motorcycle at that time. I lived in Memphis, Tennessee And you can get a motorcycle license at 15. So that's what I did Um, but yeah, there were long lines back then. It was a whole different deal back then And it was really that was a shortage Of um control, uh, which I guess it is now too, right? It's a shortage of control It's like they're controlling the supply out there and you know, some countries are using that to their advantage Um, so yeah, it's not as bad as then but you know, it's it's a problem It's a problem and it's not a bigger problem For me now because I have more money that I had when I was a teenager Obviously, you know, I used to scrape together 50 cents to put it in the tank, you know, that was tough times Uh, a matter of fact, um, I used to my best friend then was a steve tormina. Hi steve if you're watching Uh, and uh, I'm going to meet steve in new orleans next month. We're all going to hang out Uh, he's bringing a group of people my wife and I are going. We're going to meet for some meals Um, I still hang out with that guy the same guy that we were trying to scrape together 50 cents for a gallon of gas Which I think that's about what a gallon of gas cost them was 50 cents Um sounds absurd now, doesn't it 50 cents for a gallon of gas and that was a lot of money for us It was like, I don't know how many quarters we could get to go somewhere And going somewhere was not a decision of if we wanted to go or where we wanted to go It was if we had enough gas to go because we were that broke So market research, okay, what is the pain points and your customers? That's what all this training was about today. If you have any more questions on this Especially if you're not watching this live, please feel free to put it in the comment section I have some great supporters out there. Paul, you're one of them. Obviously Um, we have a lot more of them out there that actually ask a lot of questions Will send me messages on youtube. I love getting those messages on youtube guys I love going through there and seeing what you guys had to say And then sometimes I just get kind messages where somebody says thanks That's very nice to get so if you're out there, you like this type of content. Give me a thanks Let me know what you like. Let me know what you didn't like Let me know what you want more of and I'll be happy to provide that to you. That's my job I'm going to run now. I've got a little doctor's appointment today. I'm going to meet a new doc Which is always fun, right? Always fun to meet a new doctor But since I've moved to Texas I had to get a whole new group of doctors and all this and not that there's anything wrong with me But you know you get maintenance when you get older you got maintenance certain things you just got to have done So that's what I got to do Guys, I really appreciate every one of you guys. I really do you're awesome You know you support my channel You subscribe and if you haven't make sure you do subscribe Don't forget to ring the bell turn all bell notifications to your notified each and every time I go live or if I upload a video I will be live again on Wednesday in case you're wondering and then either friday or saturday I'm still gathering data. I'm still doing surveys to see which day you want This past weekend. I was live on a saturday. I didn't do friday. So let me know Let me know which one you want friday or saturday I'm still getting responses, but I don't have enough to make a decision on that yet So I'm still kind of vacillating which day is going to be better. Um Let's see here got another comment just popped up got some smiling faces Jump journal and college love. I like that. I like that. I gotta check out. Do you have a channel jump journal? If you have a channel, I want to write over there. Check it out. Maybe I'll tell everybody to subscribe to it And paul, let me know how your stuff's coming. I haven't I haven't seen anything lately I know you had made some stuff. You sent me some stuff and I greatly appreciate it And I think we sent you out some canned meats at one point Um, so, you know, this is an exchange guys this channel is an exchange of ideas and friendships and you know We try to keep all that stuff going. Um, thank you so much. Uh, I uh, really appreciate it Jump journal and college love. Yes, you do have a channel. Okay guys check out jump journal and college love jump journal and college love Um, I think you're new here. I haven't seen you here before make sure you subscribe and make sure you ring the bell Should I ring the bell again? Bring the bell my wife hates the bell. She hates the bell She just thinks it's just really great rates on her nerves, but I like the bell So the bell stays you guys said you like the bells so the bell is going to stay And it's a little reminder. It's a little reminder here. Okay A little reminder of stuff that you're supposed to do. I'm going to get out of here. I ran over by four minutes I'm so sorry about that but that's okay Let me know if you want that long format a question Q&A and maybe I'll set that up too in the evening or weekend when it's convenient for you guys Thank you so much for listening. I'm going to get out there see my new doc today and get some work done I appreciate each and every one of you you guys have a great day. Love you talk to you later Trying to figure out how to stop this