A typical example of a market is your target audience and your prospects. Much like you pay for what you need, the market of your product is the people who will give you their money in exchange for something of value you’re offering them. 

But knowing how to identify your market is a tough skill to acquire. For one, the number of people out there selling the same product—wholesalers, retailers, affiliates, and many more—makes it challenging to compete for customers. However, without the market, you don’t have a business.

Knowing how to research your market is an essential part of running a business. By exploring the different types of market research, you can learn how to best engage your target audience and develop products that are a good fit for them.

Understanding market research

Depending on your entrepreneurial focus, your market could be those interested in finance, health, weight loss, personal development, freelancing, immigration, dating, skincare, men’s health, e-commerce, tech, coaching, and so on.

Once you’ve identified your entrepreneurial focus, the next step is to find answers to the following questions:

• What are the most pressing problems people in this market are dying to solve right now?

• What pressing problem(s) are you going to solve for your customers?

Take, for example, if you want to sell a product in the health niche, and you’re interested in the diabetes market. The first thing you need to do is do in-depth research.

There are many research tools you can use, and Google is one of them. You’ll get the list of research tools in a minute. But first, here’s how a simple Google search will give you what you want.

Open your Google search tab and type “Diabetes + Forum.” Visit these forums and look for relevant threads or posts on topics associated with your market. Pay attention to the comments to see what your prospects are saying about their struggles.

Next, make sure you find out the kind of products they’re talking about, what they’ve tried before, what they hope the market can give them, and how desperate they are for an immediate solution.

Most marketers focus on the “all” column of the search engine research page (SERP). But the truth is Under the news, images, and videos columns, there’s usually some relevant information available on the topic you’re researching. So you can’t ignore these tabs. You have to click on each one and see what you can find.

How to use keywords for market research

Keywords play a vital role in market research as they help you gather valuable insights and data about your target market. Here are keywords you can use for effective market research:

• Diabetes + Diet
• Diabetes + Forum (this is already used as an example)
• Diabetes + Reddit
• Diabetes + Challenges
• Diabetes + New Discovery
• Diabetes + Scam (Oh yes!!!)
• Diabetes + Miracle
• Diabetes + New drug 
• Diabetes + Ad

Play around with keywords, look deep, and do proper research. This helps you assemble valid information you can use when promoting your product.

Market Research tools

Many business owners depend solely on Google for their market research. But Google is only one of the many marketing research tools out there. Here’s a list:

• Google
• Facebook Groups
• Pinterest
• Quora
• Reddit
• Medium

• YouTube

YouTube is one of the most underrated marketing research tools. But if you do a little research there, you can get a whole lot of valuable information that’ll help you promote your product in ways that resonate with your target audience.

You can use the keywords recommended in this article for your YouTube research because you’re not interested in watching all YouTube videos, but only looking for videos with relevant details.

For example, if you use the keywords “diabetes + ads,” it simply means that your goal is to look for good video ads targeting people who are struggling with diabetes. 

If you want to determine if an ad is worth your time, you’ll have to take a look at the number of views and the title of the video. This means that you have to narrow your focus to videos with higher views and appealing titles. Paying attention to these details is important so you don’t waste your time on videos that may not have relevant information.

To laser your focus on videos with titles that make you want to watch them immediately, make a list of 10 videos in order of highest views and appealing titles. When you start watching these videos, you need to be mentally alert.

Pay attention to the start of the videos, how they hold attention, the choice of words, how they address the prospect’s concerns, how they introduce the product, how they make the pitch, and how they close.

That’s not all. For every video you watch, go to the comments section, and look for what people are saying. As expected, both good and bad things will be said. So you take notes (of the good and bad). This exercise gives you a clear understanding of how the market thinks.

Plus YouTube might just be your assistant with the way its algorithm works by suggesting similar/better videos on Diabetes.

• Blogs/websites

For your market research, you can use niche-related blogs/websites (top blogs that publish articles/blog posts discussing topics relating to your market). For example, if you’re selling a health product for diabetes. You can simply search for the blog/website name + topic. Like this . . . ​“Healthline + Diabetes.”

• Online forums

“Forums are amazing [for research] because they let you “spy” in on private conversations that your prospects are having. You get to hear their stories, learn about their struggles, and discover their hopes and dreams. Plus, you get to know their language patterns and see how they think and talk.” $700MM copywriter, Stefan Georgi puts it in one of his letters to copywriters.

• Amazon

Amazon is all about product differentiation. The best way to use Amazon for research is to search for products that solve the same pain point as your product. For each of the popular products, go through the Five Star Reviews, and the One Star Reviews to see the likes and dislikes of your prospects.

Their dislikes are objections. So If your product doesn’t have those flaws, Great! You have an edge over the competition. If it does, then you know that when promoting it, you have to address their objections and show them how the benefits of your product can help them achieve their desired results despite the imperfection of your product.

As you can see, the entire research process isn’t optional. You have to do it because that’s what helps you see exactly what you should focus on.

Understanding your market

To understand your market, you simply need to know their Awareness and Market Sophistication level. It’s the next step to take once you’ve figured out a pressing problem that your product can solve.

Levels of prospect’s awareness

There are six major levels of prospect awareness, and you’d find a detailed description below:

1. She isn’t aware she has a problem despite many people desperately looking for a solution to that problem.

2. She is aware of her serious problem but doesn’t know a solution exists. So she’s on the lookout for one.

3. She knows she has a problem and knows​ there are solutions out there, but she’s only interested in the best solution.

4. She has tried a couple of these solutions,​ been burned a few times, and is irritated that everybody claims their solution is the best despite the scam around. At this point, she’s looking for something unique and different.

5. She’s fed up with trying different products because everybody is claiming their product is unique and different. The only thing that will appeal to her is a message that takes attention away from the product and focuses 80% on her desired experience.

6. She has heard it all. There’s nothing new to tell her. At this point, all you need to do is speak directly to her experiences before presenting your product as the most unique, and most effective solution available in the market.

How do you know your prospect’s level of awareness?

You can access this information by going to online forums, Facebook groups, YouTube, Amazon… etc. Use the keyword formula discussed in this article to search for the keywords or content related to the problem your market is desperate to solve.

You’re encouraged to look at the comments sections very carefully. If many people are asking:

Is there a solution to this? That’s level 2 – Problem aware. If many people are asking: What’s the best solution to this? I’ve seen x, y, z but which works best? That’s level 3 – Solution aware but wants the best. If many people are saying: Is there something out there that’s new and different from everything else in the market today? That’s level 4. If many people are saying: I’m tired, I’ve tried everything. I don’t know what to do again – That’s level 5.

Worthy of note

There’s some information you need to look out for when doing your market research on YouTube, Google, Facebook Groups, Forums… etc. They are: 

•  Pain points – What the majority are complaining about. For example, side effects, no results, etc

• Objections – What’s stopping them from buying your product?

• Hopes – What do they wish they had? Or what are they looking forward to?

• The Competition’s Unique Mechanism – What’s the special component in the competition’s product responsible for delivering results and retaining their customers? 

• Your Unique Mechanism – What’s the unique piece, part, component, or aspect of your product responsible for delivering results? And how can you create a more compelling case for yours?

• How they got their Breakthrough – When you hear a person say they’ve struggled with X in the past, and nothing they did worked until they discovered Y. You have to pay attention, because that’s the market telling you how to sell to them.

• What you should say, and how you should say it to get your prospect to trust you enough to give you their money.

Once you have all the information you need, your product will almost sell itself.

The post How to do Market research for guaranteed success in your small business appeared first on WeeTracker.

In May 2022, on a chilly morning, Blessing Uzorgu observed her husband, Chima Samuel Uzorgu, walking to the park with his packed bag despite her tearful pleas.

Two days before his departure, their children were sent to live with their uncle, their father’s elder brother. Chiamaka and Chisom, both in primary school, were made to reside with a man who showed no concern for them.

Chima, an educated businessman from Eastern Nigeria, operates a successful business at Irepodun Market in Ikotun, Lagos. He had opened a branch in a royal community across the market before he got married. In his culture, it is traditional for a man from Eastern Nigeria to achieve a certain level of financial stability before getting married.

Chima said he was happy and prepared. “I was eager, and I was like, ‘she would enjoy her stay with me’,” he recalled thinking about his wife that day.

Chima had come across a young woman working at a neighbor’s shop, but he decided to overlook her as he assumed she was his romantic partner. However, a week later, when he couldn’t shake off the uncertainty, he asked his neighbor if they were romantically involved. To his relief, his neighbor confirmed that she was only an employee.

Blessing is the eldest of five siblings, three boys, and two girls, from a middle-class family who could only afford to send her to secondary school. As is common for women in Nigeria who do not pursue higher education, she had to find employment while waiting for a husband. Her meeting with Chima marked the beginning of a new chapter in her life. Given that she had been ready for marriage since completing secondary school, is she prepared to support her husband in his responsibilities?

On the joy of a new home

Chima was serious and so was Blessing, the woman he met at his neighbor’s shop. She expressed her willingness to start a relationship by visiting Chima’s shop and agreeing to go on a date with him. Following their first date, they went on many other dates, often at Chima’s house.

Chima’s financial troubles began when he obtained a loan from a well-known Microfinance Bank in Lagos, Nigeria. Despite having previous experience with borrowing from such institutions and successfully repaying previous loans he used to establish his second shop, the high-interest rates associated with the loans proved to be a significant burden. He and his sister had to work tirelessly to repay the loans, which resulted in a decrease in inventory in their shops, as confirmed by their financial records. Despite this revelation, Chima still decided to take out another loan.

Did the money go to other channels, or could the loan be the issue?

Following his initial loan experience and surprise revelation, Chima met with his wife and sister over dinner to discuss their plan of action. They resolved to operate only one store using borrowed funds.

“We needed to truly discover what went wrong,” Chima said.

Chima’s decision to study the feasibility of repaying a loan and interest from his business without losing it was difficult to implement. He had to take more responsibility for the business, using borrowed funds solely for business expenses, and keeping accurate financial records.

The difficulties of upholding his commitment were significant, especially as a married man with children. He faced more spending temptations than if he were single, and expenses were likely to arise frequently due to the constant presence of his kids.

“I think he is capable of keeping to his words, but it is a logical and emotional challenge,” said Amarachi Uzorgu, Chima’s younger sister that manages the shop in Irepodun Market. “It’s not something you can do with children around. It’s hard to be disciplined.” 

As Amarachi pointed out, running a business is demanding, and not being cautious can lead to disorganization for a businessman who is not well-trained.

Despite the challenges, Chima successfully ran the business in the first quarter of 2020 and a full year later using borrowed funds. Both times, he adhered to the tactics he had agreed upon with his family: running the business independently without using any of its profits for personal or family expenses. Through hard work, he achieved what many people thought was impossible.

Chima uncovered the issue. He had feared that repaying the loan and interest would leave insufficient funds to support his family through the business, and his findings confirmed this concern.

In May 2019, Chima remembered the warning of his older brother, Kingsley Uzorgu, on the day he was due to leave his apprenticeship and start his own life and business, “Microfinance banks are only out to enrich themselves, steer clear of them,” he had said in their native language before Chima’s departure.

Blessing, who apart from being Chima’s wife, also helps Amarachi with the books in the second shop, said that borrowing from Microfinance Banks to fund a business in Nigeria is a “business killer.”

Microfinance Banks’ cold cases

Chima Uzorgu isn’t the only one in Nigeria that has had Microfinance Banks eat up their business. In developing countries like Nigeria, Microfinance Banks have done more harm than good to the people it was intended for, some badly damaged by the high-interest rates and actions of the system with less legal approaches to redemption, as well as by the happy state of their competitors and neighbors.

ID Cabassa, a public servant in Ikotun, has been a guarantor for small business owners when they sought loans. He has studied the repayment process and found that the problem often lies in the borrower’s lack of capability at the time of receiving the loan.

In 2021, Mr. Cabassa became curious when Chima announced he was planning to take out another loan while they were drinking beer at a bar. Chima’s sudden shift in focus to his bottle of beer led Mr. Cabassa to suspect that it wasn’t just the alcohol influencing his friend’s decision.

He spoke with Sunday Nwajiaku, a bus driver who transports goods for clients from well-known markets such as Lagos’ Idumota Market and International Traderfair to the Irepodun market in Ikotun. Mr. Nwajiaku was also inquisitive and said,

“I asked if Chima would be taking out a new loan, and the only way to find out is to ask him.”

Mr. Cabassa started inviting some of their older friends to talk to Chima to find out what is going on. For months, they discovered that Chima was being secretive, and even in obvious scenarios, where they had been eyewitnesses.

But getting Chima to hit the nail on the head was difficult. The persistent pressure proved abortive. Nonetheless, time always tells on people. That’s what happened in Chima’s case, in 2021.

His shop’s collapse, the one inside the market, provided “Pressure-free,” or establishing evidence free of charge by reminding debtors to come to ask for their money in their numbers. Just a few months after he had finished paying off the loan, “We surprisingly saw an army of debtors march to Chima’s shop located in the royal community after the collapse of the shop inside the market” Mr. Cabassa said.

Chima confirmed that he was owing them, including a young boy still serving his master. Mr. Nwajiaku believes Chima has been suffering and smiling, and that Microfinance banks had eaten him deeply.

Microfinance banks are also profiting at the expense of two of Chima’s neighbors, Ugochukwu Chibueze and Chiamaka Divine. Both of them, who are roadside traders, had taken Chima’s advice when they approached him with concerns about their lack of funds to properly finance their businesses. As a result, they lost their businesses and are now heavily in debt.

“We knew what we were doing, but when we started paying back, we lost absolute control,” Mr. Chibueze said.

Then they asked Titilayo Bakare, a loan officer from a different Microfinance Bank, to give them another loan. Mrs. Bakare paid a deaf ear to their plea. Then, Chiamaka visited her office.

“I was very skeptical,” Chiamaka said.

Despite this, Chiamaka persisted in her pleas. She begged, tears streaming down her face, even going so far as to kneel – ultimately resulting in the loan being approved.

Failing business tests 

What is the future of using borrowed money to run a business?

Business owners, studies, reports, investors, and even loan officers who understand the difficulties of running a business, all agree that funding is necessary. However, challenges abound.

Although researchers are learning ever more about borrowing money to start a business, they are still trying to pinpoint what traits in business owners are significant to their success with borrowed money.

It’s also unclear what percentage of interest a business can afford to pay back with the loan, and at what stage can they remain functional after paying back what they owe.

According to Chima, the financial struggles and ultimate failure of his shop in the Ikotun market may have been caused by using the income from the shop to cover expenses and funding other ventures. It is possible that daily expenses led to more money being spent than was being brought in. However, further research is needed to confirm these suspicions.

Traders must be taught to keep track of all expenses, no matter how small, that are paid for with their business funds. Some traders can be careless. Mr. Cabassa stated that he has observed traders with a large customer base sometimes thinking, “I can afford anything I want!”

Careless spending is the quickest way to ruin a business, according to Mr. Nwajiaku. The best results are achieved when spending and all other aspects of the business are closely monitored. If it is difficult to manage on your own, it is recommended to hire a qualified professional to help keep it under control.

High-interest rates on loans from Microfinance Banks have caused many traders in Nigeria to lose their businesses. Mr. Chima, in particular, has been mocked and tormented by his neighbors and debtors daily due to the failure of his shop and his accumulated debts. Unable to take the torture any longer, Chima closed his only functional shop and moved away to a different state, leaving his children with his elder brother and sending his wife back to her parents’ house.

Many of Chima’s debtors are searching for individuals with information about him since he closed his shop last year.

As for Amarachi Uzorgu, Chima’s younger sister, she has relocated to live with her husband.

“Measures must be taken to address the high-interest rates on loans from Microfinance Banks in Nigeria.”

The post When Microfinance Banks End A Small Business In Nigeria, Everybody Rejoices appeared first on WeeTracker.

The most essential ingredients of a successful business — sales and marketing personnel —  are some of the most difficult and capital-demanding professionals to find in the labor market. Finding the right one to hire also require huge amounts of time and energy. Why the urge to work on a great business idea can be tempting, the Agora business team has realized that having a great business takes a lot more than just a great idea. Sales are the lifeblood of every business, according to Melissa Houston, a Forbes contributor.

During the Covid-19 pandemic, a young Nigerian lady, Precious Oriji, decided to use the opportunity the lockdown provided to learn the nitty-gritty of Copywriting and Sales Psychology to help individuals and businesses craft marketing messages and campaign ideas to increase their visibility and sales. “A lot of businesses will suffer particularly in Africa if nothing is done to improve how they communicate their business to their customers,” she says when asked to tell the reason for her concern.

As uncertainty creeps in, affecting every area of her journey, from the starting phase to every other phase, could the struggles spell an end to her dreams? Not enough; she is resilient. Her wins and failures have been her teachers while taking intentional steps to help businesses record more sales. Here are a few examples. 

Tackling Rejections

In 2021, after honing her skills to the level where she can produce results, Precious wanted a job. Knowing that as a Nigerian most international clients especially well-paying clients might not trust working with her, Precious, whose background is in Sales Psychology, started to ponder how she could get them to drop their bias and work with her.

Precious started researching and realized that having proof of her results, could positively affect the way she’s perceived by these brands, which she did by working twice as hard as the average person.

Results account for an estimated 90% of a Copywriter’s success. Research, trends, and customer awareness level are generally required in a successful marketing campaign. “The first copy I wrote was a flop, but now when I work with clients, they assign other projects to me because of the results my copy and strategies bring,” Precious says. “People now consult me for marketing strategies and creative ideas for their marketing campaigns” she added.

Precious developed a process this Black Friday, which helped her close over 200 sales in two days. This process is similar to the traditional Black Friday approach except that she created a list of people who trust her, believe in her, and are ready to pay for her services, telling them that she’s giving a discount for what they are already yearning for. The final result was that it was easier to close them. “Everything else, all the good traits we typically find in customers” such as cooperation and loyalty is found in building the right audience (community of people interested in the solution your business offers) instead of gathering a crowd, according to Precious. 

Happiness From Community

Another success that Precious saw also came in 2021. Precious Oriji was a freelance copywriter and sales psychologist in Lagos, Nigeria working with businesses to help increase their numbers. In her spare time, she was reading. She learned something in the process: competence and patience, which saw her dream come true, are one of the most tasking parts of the process. Being broke and learning a skill at a ripe working age, which can lead to depression if you have the wrong people around you, can lead you to the quality of life you want for yourself if you keep at it. Confidence comes from practice, practice builds competence, and competence builds confidence, according to studies by Carolyne Crowe, an Honorary Lecturer at the University of Liverpool. Precious applied her experience as a Nigerian copywriter to helping other Nigerians with the same dream and aspiration.

She thought, “What if I just taught them how I did it, we can all win together,” Precious says. Precious set to work sharing sales and marketing content in copywriting forums across different social media platforms, where folks interested in the skill gather. The response was great. Members of the forums started reaching out to her for help with honing their skills, according to the results of a poll in her community.

She went on to build a large fellowship on social media. But despite the large presence on her social media platforms, her offers weren’t immediately taken up by these folks, according to Precious.

“When you have an offer (Coaching program or course) that can help folks hone and monetize their skills, but they are exposed to free or cheap incomplete confusing approach, it takes a little while. In the copywriting industry, in particular, a lot of newbies taught by wannabe copywriting coaches who can’t even write a decent headline, parade themselves as experts,” Precious says.

To overcome that stumbling block, Precious instead promoted her offers as a lower-cost, complete alternative to the available option. Today I teach copywriting to hundreds of copywriters, Precious says, and have created premium offers she sellout with ease.

Customers Satisfaction Goal On Black Friday

While creatives like Precious Oriji looked to provide innovative solutions with this Black Friday, Top E-commerce brands like Jumia and Konga are getting trolls from customers. 

Jumia, the biggest e-commerce platform in Africa, has been trolled over the years for abusing the idea of Black Friday, however, they promised a better experience this year.

Precious on the other hand was able to give over 200 people access to her programs for a simple fee this Black Friday and she’s working to reach more people this festive period. “The goal is to reach as many people as possible. You can’t do that if you don’t come down to a certain level,” Precious says. “I will reach as many people as they need my services, no matter how big or small, no matter how young or old, and we will work to get their desired result.”

After Black Friday, participants can’t help but show their gratitude, which is a success, because it’s not a success if it’s not unlocking gratitude in society.

The post Meet The Nigerian Lady Who Received A Red Letter On Black Friday appeared first on WeeTracker.

I started trading immediately after I left secondary school. I wasn’t sure of my next move, but I had just been handed to a woman who trades at Irepodun Market, a popular market in Lagos, Nigeria. My mother suggested going to work for her as a salesboy, and what was certain at the time was that I had no other option.

At first, I was hesitant because I still had it in mind to further my education, but after much persuasion from my mom, I eventually decided to give it a try. Now it’s six years already. I see it as exactly what I’ve been born to do.

The money I made during the pandemic has let my boss buy new shops and packing stores

She never would have been able to afford to buy those things if it weren’t for the Covid-19 pandemic. She just bought a new car and recently renovated her house.  She also invested most of the money in the business, so I’ve got a variety of goods to present to our customers too, which is helping me build the business.

I honestly expected her to put me under close watch. Surprisingly, it feels like she trusts me to handle the business properly. She talks to me about anything and everything, from where she purchases the goods to the stress involved to how to properly handle customers, especially hostile ones. I live in her house and eat her food.

During the pandemic, I handle the business most of the time, but I love it when she comes around

Sometimes customers come without realizing I’m the only one around, and you can see the disappointment on their faces. Their countenance just changes. If they don’t trust you, they always ask “Where is your madam?” It’s sort of funny because it’s always the same question.

It can get a little messy at times, especially when big buyers try to rub their egos on my face, but I put a call across to my boss to help handle the situation. I also have my neighbors around to assure them that I know and understand the business. Most times, though, I intelligently handle the Situation.

I love the freedom my boss gives me

I can put a lot of creativity into my dealings with customers, or I can follow the traditional approach if I want. The motto is simple: do whatever it takes to meet the sales target, but it has to be legal. When I’m around, I’m usually the only one attending to customers even if my boss is present, so I don’t have to worry about distractions. It is just me and the customers exchanging goods for money and money for goods.

Some days require you to seek all the help you can find, but I don’t surrender to them. I do like a helping hand from my boss and neighbors, though. It’s fun to see them complain about how energy-demanding it is. I want people to know what it feels like to singularly attend to volumes of customers: the good, the bad, and the ugly.

I earn a decent salary from my job and then the care and tips from my boss on top of that. She can be very open-handed. She knows I am not just working for my salary – I’m working for the business to grow, and I need to be compensated for that. And most of the time, she does.

I feel like people think traders went out of business in Nigeria during the Covid-19 pandemic

But that’s very far from the truth. They assume we were just at home sitting idle and spending the money we gathered before the lockdown (that was what we were supposed to be doing).

When people see the results of my hustle (as we locally refer to hard work in Nigeria) during the pandemic, they understood that I am not just a salesboy and I have dreams and aspirations. I am more that my job description. They’re humbled, which positively affects my impetus.

Just because I have a job that describes me as a domestic helper doesn’t mean I should act like one. For me, building this empire for my boss draws me nearer to the kind of life I want. But if it doesn’t, that’d be okay. 

Cover photo by Rohan Reddy on Unsplash

The post Nigerian Trader: The Covid-19 Pandemic Exposed Me To My “New Money” appeared first on WeeTracker.