How do you come up with product and feature ideas?
As an entrepreneur, you want to validate what you’re building.
You want to listen. Through social listening and browsing ecommerce trends, you can perform market research.
Watch this week’s episode of 3 Stories:
3 Stories: How to Listen to Market Demand Through Social Media and Ecommerce
As a technology entrepreneur, I love coming up with product ideas based on what I want to build.
We want our work to be rewarding in multiple ways.
Building stuff has to be an engaging experience.
After being stubborn with product ideas, I was hit by the realization that there is a massive difference between:
What the market wants
What I want to build
It’s not like I did not know the difference.
The issue was my desire merge my livelihood and hobbies into one project.
You can guess that work and hobbies do not go well.
As businesspeople, we need to put market demand before our own desires.
There’s a place for your hobby. There’s another place for business.
Today, we are focused on building products and features based on what the market expresses to want.
Stay alert! You will get 3 actionable tips in the end.
Hello! I’m @AllanCaeg of NorthStories.io
We share tips like these every week
Let us dive into these hot stories about listening to the market:
Cheers to Christina Newberry at Hootsuite!
This is a complete guide that includes the definition of social listening and tools you can use.
Christina suggests that social listening:
Is the process of monitoring social media channels for mentions of your brand, competitors, and product
Can be used to test ROI
Helps you understand your brand’s reputation
I wanted to start with this because of the traditional understanding of market research.
You do not have to pay an expensive market research firm.
You do not even have to ask people!
Before trying other ways to collect data…
… Listen to what the market is already sharing!
Unlike your surveys, social media is the natural habitat of your target market.
They post what they feel and think, regardless of the questions and potential biases you present.
Your 5-Minute Tip: List competitors that you can observe on social media.
Even if your brand is still new, you can gather insights by looking at market alternatives.
You may observe big brands that are somehow related to your offerings.
While your product may not be a close competitor to alternatives by Microsoft or Unilever, you can observe the general sentiments about the industry.
I have a soft spot for forums.
Thank you for sharing this guide, James Mulvey!
He suggests these 3 steps for market research on Reddit:
Step #1: Find the right subreddit
Step #2: Ask about the product category
Step #3: Combine subreddits and analyze with keyword monitoring
If you know the right subreddits to watch, you will get powerful insights about the product category.
Your 5-Minute Tip: Search for relevant Subreddits
That’s the key.
By finding highly-specialized communities, you can regularly hang out with your target audience.
It’s not only enjoyable (if you find your niche interesting). It gives you high-value market feedback for free.
Go find and subscribe to your Reddit communities!
Beyond forums, you want to observe more powerful market behavior.
It’s one thing to talk about what you want. It’s another thing to pull your credit card out!
Cheers to Roland Frasier at DigitalMarketer for this guide!
We see folks spending months and thousands of $$$ to determine their product strategy…
Such a shame.
In this 13-point guide, DigitalMarketer outlines how to find profitable opportunities and high-converting marketing materials.
Here are some highlights:
Identify what your top competitors are doing
Reveal the most profitable product categories
Get inspired by the titles and descriptions of most popular products
Very simple, right?
This guide changes your mindset in terms of leveraging publicly available data.
Follow the outlined 13 points to generate marketing ideas, determine how much to charge, and more!
There you have it!
Let’s do a recap of the 5-minute tips!
List competitors that you can observe on social media.
Search for relevant Subreddits
Choose 1 that you will practice today!
Pledge your commitment! Tweet it to me: @AllanCaeg
See you again here next week!