It’s Two Cents Tuesdays ep. 2! Each week I’ll be answering audience submitted questions over on my YouTube Channel!

Today’s question comes from Heidi. She asks,

“How do I learn more about what my potential clients actually want? My sister and I own an event planning business and we’re constantly coming up with different product/service ideas to improve on our current offerings or add other services that would broaden our potential client base. I’m not sure how I can test these ideas on potential customers to find out if it’s an idea they could like, and, most importantly, pay for.”

Here’s my Two Cents!

Here’s my advice : ASK THEM!

If you’re wondering about expanding your services but not sure which idea to pursue first, don’t waste your time and energy creating a new service, systemizing the process, and deciding on pricing only to hear crickets when you finally launch it! Instead, ASK first! Then make!

Back in 2006, I was a junior in college and started interning for a financial planning firm. My first month there was spent doing “market surveys” aka asking the ideal market what they would and would not buy, and why! It was the BEST thing I could have done to A. learn my audience and B. understand why and what people buy!

Heidi, as an event planner, you can do this with past clients/brides but even as a general  “market survey”. You probably know a ton of married people, engaged people or people that want to be married! The great thing is – these surveys don’t have to be done with your current clients but just people that have in one way or another used a product/service like yours. Bonus hint : these surveys can also be done with other vendors who refer you business!

Here are questions I ask in my market surveys :

1. Have you ever used this product/service before?
2. What did you love about the experience?
3. What did you hate about the experience?
4. What would you buy if it were available?
5. What was a ‘wow’ moment during this process?
6. Why did you choose the provider you did?
7. What buying factors did you consider?

These surveys can tell you :

1. Where clients are looking for professionals like you (marketing).
2. What needs they have that you can solve (product and service offerings).
3. What they loved about a past experience (client experience).
4. What they didn’t love about a past experience (a way to differentiate yourself).

One last tidbit here : I believe our clients are more likely to make a purchase when they have less “decisions” to make. Less “barriers” to the yes, if you will! I watched an amazing Ted talk on the subject entitled “How to make choosing easier” with Sheena Iyengar. Take 15 minutes to watch it, I promise you won’t regret it!

BIG TAKEAWAY

So to recap, when deciding what new services or products to offer instead of wondering what potential clients would buy, Go ask them!

Heidi I hope that helps answer your question!

Join the Conversation

… and If you, yes you!, found this video/article helpful would you tell me in the comments below?! Your feedback helps make all of these resources relevant and useful for what you needs, it’s like my own little market survey ?!

If you’re ready to conduct your own market surveys I put together a cheat sheet for you below!

Seven Questions to ask when conducting Market Surveys