219: Mastering Market Research To Hone In Your Niche - #GrowYourLife

Hey everyone, thanks for listening to the Grow youw Life podcast. My name is Jeremiah Krakowski, and on this podcast I talk about how coaches, trainers, mentors and thought leaders can scale their businesses and make millions of dollars online using online direct response marketing, Facebook ads, virtual events, and offers that attract the right clients that they're looking for. Now, I want to talk about market research today. Market research is one of the most important things that you must do in your coaching business if you want to be successful. You need to understand who you're actually marketing to. And if you don't have experience working with 100 to 200 people that you're coaching already, it can be difficult to know how can I actually find these clients. And so in today's episode, we're going to go over the, the methods that we use for market research. What I do is I like to implement into the entire process market research from stage one, a big mistake that a lot of coaches make. They spend a lot of time doing market research before they're actually building their coaching business. That's a big problem. Another mistake that coaches make is that they try to create a bunch of content before doing market research. Another big problem. And so the reason behind this is because of how people see the coaching industry and what they think they should do. And what I want to bring to you is my experience in over 20 years working in this industry, seeing what works and what doesn't. And what works the best is a simultaneous doing market research along with testing and experimenting to see what the marketplace responds to. And so the first thing that I want you to, to understand is that initially, especially if you don't have hundreds of clients already, it's, it's a normal thing that you're not going to just suddenly make a million dollars by launching a course or a coaching program. So understand that, Understand that that is part of the process. And if that's not okay with you, you may want to consider going and getting a job and not doing the coaching business because you, you have to operate inside of the realm of reality and the realm of what actually works. And market research is a big part of that process. Now, market research does cost money, but the method that we use allows you to do it in a way that isn't going to actually be a net negative to your bank account. A lot of people believe that it takes a massive amount of deep pockets to be able to be successful, to research, to learn what they need to do to get more clients. And that's simply not true. The old ways of Doing stuff. Sure. Maybe now we have new tools with artificial intelligence that allows us to save a lot of time in our market research process. So the first step that I always start with is you want to decide on what is a topic or niche that you can coach on. And what I would love to do is I'm actually going to take three different resources here. We're going to go into, into Chat GPT, we're going to go into Bing, and we're also going to go into Bard. Okay, so these are three different AI resources that operate similarly to each other, but they're not exactly the same. And so we're going to ask these questions individually of each of these. Watch this. If you're watching on YouTube, you can actually see it visually as I'm doing this. Okay, so Bard, we're gonna ask bard, what are 100 possible niches or topics that people could start a coaching business course, business mentorship company, or become a thought leader or trainer around and make a significant income doing so if they do. Yeah, doing so. There we go. And we're going to ask these three different AIs. This question right here. Okay, let's try this now. Let's try Chat GPT. And then we're going to go into Chat in, in Bing. Right here. We're going to go balanced right there. All right. And so all three of these AIs are going to come up with a few niches. Business coaching, career coaching, life coaching, Mindset coaching, financial coaching, health coaching, fitness coaching, relationship coaching, parenting, spiritual travel, tech, fashion, grooming, etiquette, public speaking, sales, negotiation, leadership, creativity, productivity, stress management, sleep coaching, weight loss coaching, pain management, addiction, mental health, chronic illness, disability, end of life. So these are a few ideas right here in Bard. Let's see, Bing gave us career coaching, fitness, spiritual parenting, family. Oh, here's a. Here's a great list from Chat GPT right here. Personal development coaching, business startup consulting, career coaching. So you see the ideas right here. You know, we got videography coaching, foreign language coaching, acting coaching, magic coaching, Airbnb rental success coaching, tiny house living coaching, craft brewery training. Okay, so these are all ideas that you could use. And honestly, you can use ChatGPT to come up with and find a couple of different ideas that you like or are interested in. So what I tell people is pick one or two and you can usually combine those into some kind of a coaching. Now the next thing that you want to do is once you find what you actually want to do, let's say that you're going to do 3D printing coaching. Generate. I'll do what's called sub niches. Generate 20 sub niches around 3D printing coaching. Let's see, let's see what Bard. Bard also says to this. The bod. These are different forms of AI, but we're going to get slightly different researches. 3D printing for beginners, for designers, for engineers, for hobbyists, for healthcare, for Pat. So the idea is you want to pick something that you actually have experience around first off, something that, that you know how to do. And then Chat GPT can help you come up with some different ways to apply this and actually do it. Let's do in education. Okay, so those are some like great ideas that you could start with similar here, you know, kind of like that. These AI tools will allow you to come up with some great ideas that you could use to jog your memory and come up with ideas of where to start with that. Now what I want to look at is I want to look at on Amazon. If I go to Amazon.com and I look at 3D printing for teachers, you're going to see a number of different books that are written. 3D Printing Made Easy Classroom Guide to 3D Printing. 3D Printing for Dummies. Okay, design for 3D printing. Here we go. So what I'll look at is these books right here. They have descriptions and these are generally the questions that people are going to be asking initially when they want to learn how to do something like this. You'll notice that these are books that are being sold that have been purchased by people and that's why they're on Amazon and they're pulling up on here. So what I'll do is I'm going to paste just some of these book descriptions into Chat GPT. I'm just going to copy and paste this right into here. Okay, now let's leave that one out. And I'm just going to type that in. Seems you're describing a range of educational resources. Yep. Each of these is a unique perspective on 3D printing. Whether you're a hobbyist or something, you wanted to create this. 3D printing books can help you with that. Okay, so now let's take a look at how do you translate this into a coaching business? Well, you have to actually sell it to people and you have to actually see what the market responds to. And this is where the market research aspect comes into it. Our first initial stage of market research is we ask Chat GPT these certain questions. Okay, we're able to look at Amazon. What is Amazon saying? About these, let's say generate 20 search terms for answer the public.com that might pull up some interesting info about this industry for my market research around 3D printing. And by the way, you can ask ChatGPT as well. You know, what are some other areas to look into for market research around 3D printing that I should explore if I'm going to sell coaching. Okay. Analyze different types of customers, competitive analysis, different pricing models, industry trends, skills gaps. Where. Where are potential customers struggling the Most? See. So ChatGPT can give you ideas as to how to come up with what you're looking for for your market research. Already we know more about selling coaching to to 3D printing than anything else. In fact, we can also ask can you answer these question about market research? Provide a list of questions. Let's see. Take the 10 items above and give me your input about the industry. The 3D printing industry spans multiple sectors. Hobbyists and makers, educational institutes such as STEM education and entrepreneurs. So that's really where people are going to want to get into it is for jobs. Competitive analysis, pricing models. Pricing is either on courses, workshops or one on one coaching skills gaps. It involves a learning curve. Users often struggling with mastering design software, troubleshooting printing issues and understanding material properties. So that's great right there. So now let's do this. Write me a sales letter for a free webinar training about the above for a program for 3D printing related to and then we're going to put the skills gaps right in here. Are you an aspiring 3D printing enthusiast educator? Have you ever felt overwhelmed by the complexity of 3D software design? Demystifying 3D software design, troubleshooting issues, understanding materials. So right now, automatically we have an offer right here. Now you might be saying, well, I don't know if this market is going to respond to this. So this is where part of our market research comes in. You can take some of this and pull this into answerthepublic.com to get some ideas as to what this market actually wants. You can see what people are searching for, what they're saying, what interests of people actually are related to this. And this is a great way to do some research because what this does is you can find some of the outputs that it gives you, such as how does 3D printing work? Let's say that that's something that people are searching for. And then we can look how does 3D printing work with metal? Okay. And so then we can find, you know, who are the. Who's teaching about metal? That's out here, we got Mark forged. So what you're looking at is you're looking at who else is out here serving your organization, different industries. Who's out here serving different stuff that people is actually looking for. Who's teaching other people about this topic? Hi and welcome. And how are they running their business? What are they teaching people about specifically the next video in our series. Okay, now Chat GPT has a great function where we could actually take this right here and we can open up with a plugin. You can use a plugin called Vox Script and I could say generate 20 possible ideas for coaching business based on this video. I could paste the YouTube video right in here and it's going to give me some ideas based on the transcript of this video. It's actually going to download the transcript right here and it's going to split it up into three different chunks and be able to actually look at what is being talked about in the video to create some great ideas for coaching based off of what's actually being shared in the video. Okay. SLS 3D printing basics course, advanced 3D printing techniques. So you could take videos off of YouTube, have ChatGPT analyze them and help you come up with your market research initially. So that's your initial stage of your market research, is to take a look at what YouTube videos are out there, what is pulling up on answerthepublic.com, what are people asking for on here that they want to learn and what books are on Amazon. And then bring all of that together into chat GPT. Let's say that we're going to be doing SLS 3D printing basics. Let's go right here, we have this one right here, this basic course right here. So what you would want to do, and this is where most people get stuck, is they're looking for certainty and a guarantee that this is going to be profitable for them. And unfortunately that's not possible without actually testing and seeing what your market will respond to. We've taken a look at what are some of the top pieces of content that pull up when we're searching certain things to find great pieces of content that are out there. And you can even search YouTube. What are some YouTube search terms for this market? Some YouTube search terms, 3D printing for beginners. Okay, so now we can see the edge of tech. Austin Hartley, in this video we're turning this basic different people teaching. He's teaching mechanical engineering, 3D printing. This is what his whole business is. So we're able to look at what is he Teaching. What is this all about? We can pull this into chat GPT right here. Have it use that same plugin, Pull out an outline for a course based on this video. See, so you can literally find videos that are on YouTube and then have it analyze the transcript. This is the vox Script plugin in ChatGPT Plus. And it's gonna analyze the transcript and then give you an output from the transcript as to what it thinks would be a great idea for you to use for your own courses and training and coaching. Watch this. This is like magic. It's, it's, it's splitting it into chunks and then it analyzes each chunk based on my question and then brings that all together. It's really intuitive how it works. And these plugin functions are really great in chat GPT. All right, here it is. Based on the transcript, here's a potential outline for a course. Setting up your printer, understanding materials, creating 3D printer files, where to buy them. You know, Thingiverse, I didn't even, I've heard of Thingiverse, but look at this. You could literally download fully created objects that then you can print out at home right here on this website on Thingiverse. You know, I mean, some of that's definitely kind of scary looking. But so as a 3D printer right here, you're able to go through and you're able to. We were able to reverse engineer a video and generate an outline for a course that you could create on this topic and then take your own knowledge, bring it into all of this and combine that together. Okay, here's an outline for a course. Now I have some chat GPT prompts that are actually over at my website. If you go to jeremiah koski.com I have my free chat GPT prompt download. I, I would encourage you to go check this out. It's a, it's a document that has some really great prompts for marketing in it and for doing market research. And so if I go down here and I pull up one of my favorite prompts that we use all the time, this is what identifies a lot of the, the main reasons why people actually buy from us. And it's taken from the book by Dan Kennedy, the Ultimate Sales Letter. This is one of the best books that you can read on sales and marketing. Again, you might be saying, Jeremiah, I'm just in the market research stage. I'm not looking to sell anything. Understand that this is how you get in front of the right people. And actually understanding these questions is key to being able to do your market Research you want to be able to answer. What keeps somebody who is looking to learn 3D printing up at night? It bothers them. What are they afraid of? What's a 3D printer? Afraid of what? What are they upset about? What are they frustrated about? What trends are occurring? What do they desire? What's their own language? Who's selling similar products? And so these questions are able to actually answer those for us right here. And we're gonna have it list this out. Somebody who's struggling to set up their 3D printer. Let me actually pull up Dan Kennedy smart market questions. 10 questions. We're gonna have it answer these questions as well, answer these questions about this market. So we're able to do a lot of the market research initially, whoops, I didn't have the screen up here. I typed in Dan Kennedy's smart market questions from the ultimate sales letter. Found somebody who basically wrote them down right here. And so I have all 10 of them right there. So we're going to have it actually answer these questions about the market. So we typed in the pain points, the struggle, all of that. I'm actually copy this down here. Oh, I don't have the it's not edit available. So what keeps them up at night? They're concerned that their 3D printing will fail. They fear the possibility that their printer will be damaged. They're frustrated with manufacturers not providing comprehensive, easy to understand guides. This is great. Alright, so now what I'm going to do is I'm going to also have an answer some of these questions to really dive deeper into what this client wants to understand their pain points even more key setbacks and challenges. Their desired result is to create 3D prints reliably and confidently, to have full control over the designs. They want to know that you can help people accomplish these things. They want you to be able to help solve a specific problem for them. You know, tired of failing things like that. So these are some great ideas to come up with that market research. And then what we do is we take this and we're able to have it write a sales letter for us. You tired of wrestling with your 3D printer trying to figure out why your prints aren't coming out right? Fed up with countless hours tweaking settings with stuff, still ending up with a bird's nest of plastic instead of meticulously designed masterpieces. So here's where the, this is where the rubber meets the road with actually creating, doing the market research. And if you're wondering where you can find those prompts, they're over here. It's just right over at jeremiah.com forward/chat GPT. You can download that document right here with some of those copy and paste prompts that really go into detail right here that we're going over. Okay. What you want to do is you want to actually put yourself out there so that your target market that you're trying to reach is going to respond to you and you're able to have a conversation with them. Now, I don't recommend doing this with one on one calls with people for coaching. I recommend doing this in a group setting where you host a live Zoom event where you do training and you answer questions during the event and you even maybe provide a backstage Pass access for 7 to $27 where people can ask you questions. I host virtual events all the time where I teach people about starting a coaching business and then people can ask me questions. And a lot of what I'm teaching is very similar to what I'm showing you in this training video right here. Okay. And so very simply put, as part of your market research, what you want to do is you want to attract who's actually looking for these things and you want to generate feedback from those people to where they tell you what they actually want. And this is what most people don't do. They do everything that I just showed you and then fall flat at this stage to where they actually have to interact with real human beings and actually ask real people what they want, what they're struggling with, and learn from people what their desires are. And then what you want to do is you want to take that feedback from people. I have a document of feedback from people and I transcribe all of the meetings, all the Q and A sessions that I do, and I filter them down with AI to, to extract what are the actual desires that people want in their own words. Okay, so what I do is I start with a very basic offer where I'm gonna create a very simple landing page where people can sign up and register. This would be a simple landing page like this. This is an event that we're, that we're hosting here. Coming up, starting your six figure group coaching business from scratch with AI. And this is where I'm hosting this on Zoom on Saturday, June 17th. And I have, when people register, it's free, but after, on the next page, after they register, they have an opportunity to, to actually upgrade and get access to the recordings as well as a private Zoom room with me where they can ask questions and Q and A. And this is the only place that I provide Q and A is they have to purchase for seven bucks. I mean, it's not a lot, but they have to purchase for 7 bucks the bonus package to be able to get access to that. Okay. And so I'm making an invitation to my target market to connect with me. And the reason I'm doing this is to gather the data that I need of who is most likely to become a customer. So as part of our market research, you actually want to run an event to where you're connecting with your market to see how do they respond, what do they respond to, what words do they respond to, and then you can tweak and adjust that language, and that will start to attract more paid clients to you. And that's how we get a 20 to 30 times return on our investment on a lot of our offers. We just ran an offer recently with my mom that got it, brought in over $360,000 in sales off of a $10,000 ad spend right here. All about mastering stock market strategies and multiplying their daily earnings. Very simple, very easy. Turned into clients, turned into customers. And it was very effective. It was a very effective way of getting people to become a customer, to become a client in her business. Okay. And so virtual events is actually the best way of getting clients into your business, but it's also the best way to do that initial market research, because you're getting people in front of you. You're testing what you did with ChatGPT. You're testing it out to see is this going to work, is this resonating with people, is this going to produce a result? And then what you do is you take the results of that, you analyze it, and you're able to optimize it, and that turns into a profitable coaching business. That's what I coach people on. That's what our YouTube channel is for. That's what our podcast is for, is to help you, if you're a coach, a mentor, or a trainer, how to do the market research to find what are the best topics that people want. How do you laser in your message so that it attracts the people who are most likely to get results with you and spend the most amount of money with you. And that's important. You want to attract the people that are willing to spend the most amount of money with you as well as are also going to get results. So then you have case studies, and you're able to generate these case studies, and then that becomes like fuel on the fire. And your business will just start to grow because of the success, success that you're producing in your client's life. Okay? And so that's exactly what we do, is we start, we go through the process that I've just shown you in the last 30 minutes. And that's how anybody can start a coaching business and do the market research that they need to be successful very simply, very easily. You don't have to struggle. You don't have to spend a lot of time or energy or money doing this. And you can feel very confident in the results. All right, listen, if this has helped you, share this with somebody else, subscribe to our YouTube channel, subscribe to the podcast and make sure to join us for one of our live events that we're hosting. You know, spend some time with me in a zoom room where I'm going to be teaching this, and then you can ask me questions. Go head on over to my website@jeremiah krakowski.com. check out some of the different offerings that we have have. And as well, I would encourage you to join the waiting list for our group coaching program, the Client Growth Accelerator over@Jeremiah Krakowski.com. this is a group program where I'm coaching people every single week to help them grow in their business, to make more money and to live the life that they've always wanted. I'd love to have you in there as well. Alright, we'll talk soon. Have a good one.