Market Research Framework

Estimated Reading Time: (7-11 minutes)

You need to know your customers!

Before you start thinking about:

• SEO.

• Sales Funnel.

• Google Ads.

• Facebook Ads.

• Creating offers.

• or any other system…

You need to do this one thing, as nothing matters if you can’t nail this:

You must know your customer intimately!

You can see this framework as the starting point of the series.

When it comes to acquiring new customers…

The most basic starting point is understanding who they are.

When you understand this…

You can tailor your marketing message directly for your audience.

But here's the problem:

There are a thousand and one ways to do market research and acquire data.

That's when you see all these fancy names like:

• Competitive Research

• Landscape Analysis

• Go-to-Market Research

• Psychographic Research

• Demographic Research

• Advertisement Research

• Etc

Then you have ways to do the research like:

• Swot analysis.

• SOAR analysis.

• TOWS matrix.

• NOISE analysis.

• Porter's Five Forces.

• PESTEL analysis.

• SCORE analysis.

The point is…

You can get lost very quickly with all the methods and tactics out there.

There are only 4 things that matter:

• Finding your Niche.

• Demographic Research.

• Psychographic Research.

• Competitive Research.

Everything is just noise.

That's why I want to show you…

The best way to do market research, find your niche, and acquire data that you can use to get more leads and sales.

I call it The Market Research Framework.

In this article, I will:

• Give you a step-by-step process you can easily replicate.

• Provide you with a list of all the niches available in the market.

• And a checklist to help you decide & find your target audience.

That being said, let's dive in:

Warning: This is a very long framework, I recommend sitting down, getting rid of all distractions, and fully focusing on understanding the key principles of what makes the Market Research Framework.

This is all you need to know about Market Research - the ultimate resource!

I’m giving all of this information for free…

So you don't need to pay thousands of dollars for coaching, courses, or digital products.

Picking your Niche

You can find the list of all niches on this link.

Disclaimer: This list is tailored for businesses offering a service or digital product.

Pro tip: Start with the elimination method and work your way down until you have a handful of niches.

List of All Niches

The ONE

Once you have around 10 niches to choose.

Now is the time to decide which one is better.

There are 4 Variables when Picking a Market:

1. Pain

2. Purchasing Power

3. Easy to Target

4. Growing?

1. Pain

Choose something that the customer needs…

Or a solution to a problem that they MUST solve.

2. Purchasing Power

Do the people we are looking to sell have the money to afford your services?

If you sell a $5,000/m service…

Make sure that your target can comfortably spend that amount.

3. Easy To Target

Are these people easy to target?

Which platform are there in?

On which channels?

If we can’t target them easily…

It'll be very difficult to reach them and do marketing.

4. Growing?

Is this market growing at least at the same pace as the economy?

If not it will be like swimming up a waterfall.

It is almost impossible to succeed in a shrinking or not growing market.

For example:

A bad situation in this will be the Newspaper Market on the rise of Digital Content.

They may have the best writers in the world.

But still, you can’t beat or grow faster than the market.

Demographic Research

These are the most common demographic factors.

• Age

• Race

• Ethnicity

• Gender

• Marital status

• Income

• Education

• Employment

Is good to know, but not necessarily actionable.

In my opinion…

This type of research is not completely necessary.

Unless you are planning to do Cold Outreach or Advertisement.

When you use these acquisition methods.

You are looking for cold traffic on pools of congregation.

In simple terms…

You go to someone and say.

“Hey this is the profile of the type of person I want to target”

Is like presenting evidence about a suspect to a police officer.

Then the officer uses that information to find the prospect.

No matter if you are paying for traffic, getting leads manually, scrapping accounts, etc.

It works the same.

You can find this information with Semrush.

Here is the perfect resource to learn how to use it:

Data-Driven Market Research

Psychographic Research

This is what I consider the “secret bullet”

This is the stuff you actually use.

In short…

Psychographic research is analyzing data like:

• Pain Points

• Goals & Desires

• Common misconceptions

• Limiting beliefs

• Specific lingo and vocabulary

• Etc.

From here — I need you to focus on the actual Research:

You are gonna use:

• Google: Search Engine

• Copy.ai: AI that will search the internet for you.

What matters here is Copy.ai.

It costs $30 a month…

But trust me, this platform will save you hours.

In general, the platform is very similar to ChatGBT.

The key difference is it's access to the internet.

Even if it tells you that he can't perform searches.

That is not true.

It has one of the best search engine features I have ever seen.

The secret lies in how you use it.

The AI Formula

The formula:

We are going to develop a psychological research for [Niche]

We sell [service/product description] and we help them achieve [result]

You are allowed to search the internet to find information.

This is what you need to find out:

1.1 Biggest challenges and pain points

• What problem do they use your product to solve?

• Are there other pain points they experience?

• Biggest struggles and pain points

• Obstacles to overcoming the challenges they are facing

• Irrational/rational fears

• Problems in the industry

1.2 Important success metrics and goals

• How do they measure success?

• What goals are they trying to achieve with your product?

• What goals have they already achieved with your product?

1.3 Technographic

• What tools do they already use?

• Do they use tools or platforms that integrate with your products?

• Do they use a competitor’s product?

1.4 Engagement preferences

• Do your best buyers prefer to engage with companies by phone, email, social media, in person?

• Is there a particular time your customers are most often available?

• How many times does it typically take your customers to engage with sales outreach?

1.5 Communication styles

• How do your customers talk about the industry?

• The market? Your product? Do they use a casual tone or a more formal tone?

• Do they prefer more technical conversations or do they want you to lose the industry jargon?

• What is their favorite form of communication?

1.6 Key motivations and buying triggers

• What makes this person or company purchase new products?

• Is there an event or set of events that typically signals their readiness to purchase?

• Is there something holding them back?

1.7 Common Red Flags for customers in your industry:

• Most Common Red flags.

1.8 Customer Lifetime Value (LTV) Do not confuse with loan total value.

• How valuable is each of your customers?

• How much money do they contribute over their lifetime tenure with your company?

• How does their value correspond with their industry, company size, etc?

1.9 Influences and Information Sources

• Who they trust, and on which platforms they look for solutions.

• How do they look more often at your service or product?

• What Channel?

• Where do they usually congregate?

The more context you give the AI the more effective it will be.

Competitive Research

This step, is the one I use the most.

People when performing competitive research…

They focus on things like:

• Business Model

• Number of employees

• Annual revenue

• Etc.

Yeah, that is good to know….

But what I focus on is: Funnel Hacking.

Funnel Hacking is the act of studying the Sales Funnel of your competitor is an anatomical level.

That means:

• Analyzing how they get traffic?

• On which channel?

• With which strategy?

• Where are they sending the traffic?

• How is the landing page?

• Are they capturing leads?

• How did the process when they already became a lead?

• How is the email sequence?

• How is the selling process?

• What offer are they using?

In a few words…

You go through the entire process from being a complete stranger into a happy customer.

By doing this, you get a deeper understanding of how the business is making money.

See what works…

And model your sales funnel accordingly.

And model your sales funnel accordingly.

There you have it, the Market Research Framework.

I hope you found these helpful.

Take some time this Monday to begin implementing what I've shared here today, and then hit me up on Linkedin in a few weeks with an update.

Let’s build together!

Sebastian Morino

P.S. Whenever you're ready, there are 2 ways I can help you:

1: Build your clarity, systems, and growth with 1:1 consultations here.

2: Follow me on Twitter, LinkedIn, and Threads for more operating systems, marketing tips, sales funnels, and automation systems.

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Assets:

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Extra Framework & Systems:

• Monetization Roadmap

• Personal Brand Framework

• Brand Assets Checklist

• Offer Creation Framework

• Market Research System

• Content Creation System

• Content Distribution System

• Marketing Planner

• Automation & Scheduling Course

• Networking Strategy

I will launch the complete system with all these tools in the following weeks.

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See you again next week!