Lesson 2.11

Introduction to Market Research

• Presenter: Paul

• Module Focus: Walkthrough of market research using the "Thirty Day Course Creator Foundations" spreadsheet.

• Aim: Teach how to effectively conduct market research for course creation.

• Importance of understanding where to get answers and assistance during the process.

Overview of the Spreadsheet

• Users should create a copy of the spreadsheet before beginning.

• Key Structure: Multiple tabs for organizing information effectively.

Tabs Overview

Experts Tab

• Purpose: Review high demand skills and accomplishments of the creators.

  • High Demand Skills: List skills that are currently in demand within your niche.

  • Transformational Goals: Document personal accomplishments that act as credibility to create courses.

  • Impact Goals: Record goals accomplished by helping others achieve success.

  • Analogy: "Similar to coaching a football team, having direct experience isn't necessary to coach successfully."

Target Market and Demand Tab

• Focus: Identify target markets and their specific attributes.

  • Geographic Targeting: Must define the specific geographic region for course offerings.

  • Industry or Vertical: Note if it is a Business-to-Business (B2B) initiative.

  • Role Experience: Specify roles and professional backgrounds if B2B-focused.

  • Financial Attributes: Document available capital and yearly income for target avatars.

Target Market Questions

• Explore the desires, goals, and pain points of the targeted demographic.

  • Importance: In-depth understanding of target market is crucial for effective communication.

  • Pain Points: Identify key frustrations and fears.

  • Goals/Desires: What goals do they aspire to achieve?

Ideal Client Avatar

• Critical Step: Define a specific ideal client within the target market.

  • Factors to Document: Current situation, desired situation, common questions, and negative assumptions about achieving their desired goals.

Research Punch List

• Purpose: Track valuable resources from a marketing and sales perspective.

  • Examples of Resources:

  • Statistics relevant to the course creation market (ex: potential growth of course creation jobs ranging from 10,000,000 to 30,000,000 new jobs a year).

  • Influencers and their impact on the market.

  • Books and articles related to market research.

  • Quotes and multimedia resources relevant to course topics.

Competitive Analysis

• Task: Examine competitors in the same niche.

  • Information to Gather:

  • Competitor names and their websites.

  • Offered products and quantifiable end results.

  • Investment points and testimonials for credibility.

  • Testimonial analysis: Types used (face images vs video interviews) and effectiveness.

Differentiation Statement

• Purpose: Formulate a statement that sets the course apart from competition.

  • Consider:

  • Specific results, time frames, required effort, personal experience, and pain points addressed.

Additional Tabs

• Investment Point Calculator: Helps determine pricing strategies.

• JV Partners: Document potential joint venture partners.

• Case Studies: Collect evidence of efficacy over time.

• Marketing Assets: Organize valuable content such as testimonials or promotional materials.

Deep Dive into Market Research Process

• Starting Points:

  • Either begin with the experts or target market demand.

• Example Process:

  • If already having an online course, focus on the differentiation statement.

  • For instance, a course offering: Build a 7-figure online course in thirty days.

  • Target Value of this course: $1,000,000.

• Alternative Example:

  • Three-dimensional printing of a desk, targeting saving buyers 50% off retail price.

Pricing Strategy Example

Target Value Calculation for Various Offers

1. 3D Printing Example:

   • Standard desk retail price: $600

   • Offer price: $300

2. Stay-at-Home Parent Teaching Algebra:

   • Cost of hiring babysitter ($20/hour for 14 hours):

   • Total Estimated Target Value: $280.

Pricing Considerations

• Differentiation Statement Components:

  • Include time frames, effort, experience, and financial metrics to offer compelling value propositions.

Personal Reflection on Skills and Proficiencies

High-Demand Skills

• Examples include:

  • Filmmaking (Level of difficulty: 8-9)

  • Video Editing (Level of difficulty: 8-9)

  • Sales Skills (Level of difficulty: 10)

  • Surfing (Level of difficulty: 8-10)

  • Coding (Level of difficulty: 7)

  • Facebook Ads Management (Level of difficulty: 10)

Accomplishments Highlighted

• Compelling achievements to leverage for credibility, such as:

  • Winning a state championship in wrestling.

  • Building a six-figure photography business.

  • Losing significant weight as a personal goal.

Transformation Goals and User-Experience

• Analyze how long it took to achieve these skills and factor that into their teaching approach.

• Example: Filmmaking — Proficiency level and skill depth in specialized areas contribute greatly to teaching effectiveness.

Target Market Identification

Example: Photographers

• Potential client base description: Photographers across geographical areas such as the USA, UK, Canada, Australia, New Zealand.

• Core challenges: Making photography a full-time income, dealing with external perceptions of value.

• Emotional aspects: Aspirations, frustrations, fears, and decision-making processes highlighted during discussions with the target market.

Final Steps in Research Process

• Capture research findings and insights into the spreadsheet.

• Conduct competitive analysis to understand alternatives and refine messaging.

Closing

• Emphasis on creating educational content based on targeted insights gathered from the entire market research process.

• Encouragement to engage with supporting communities and generate contributions from peers for ongoing advice and insight.

• Note: Keep the fun aspect in mind during market research and course creation!