Why And How Should I Create A Market Map?

Posted 7 June By Hanju LeeEntrepreneurshipNo Comments

Why And How Should I Create A Market Map?

If you are just tuning in, we’ve been talking all about “Will it Fly?” It’s a series dedicated to helping you do the research for any business ideas you might have to test their viability.

This week, I am going to share some strategies on Market Mapping. It’s basically a way to gather information on what’s already out there and working. The more you know that, the more you can stand out from the crowd. The last thing you want to do is create something that just blends in with the rest – we want to get you noticed.

With this Market Map, you’ll get a bird’s-eye perspective of the surroundings you’ll be entering to help you navigate through it all with knowledge and confidence. This Map will also become a useful guide to refer to as you are developing and growing your idea into a full business.

So, our research will begin with the 3 P’s.

  • Places
  • People
  • Products

Start a new spreadsheet and label the columns “Name” “Web Address” and “Notes.” Let’s get to work.

Places: No matter what business you are looking to start, you’ll need to find out where your future customers hang out online. Not only do you get to search all the websites that are out there dedicated to your idea, but you’ll get to learn more about who they are.

  • Start googling all the keywords surrounding your idea and look up 15+ websites. Enter them in your spreadsheet: the name of the company, the website address and the brief description of what they do and who they serve.
  • After that, search all the blogs that are written out there. For example, a simple way to do a Google search on blogs dedicated to fly fishing would be to enter “blog: fly fishing” in the Google search box.
  • Search the forums that are dedicated to your search. This is where people ask questions, discuss their pain points and offer solutions. Again, you can just enter “forum: fly fishing” in the Google search box.
  • Look for all the social media groups. Join them and look around. These are your people. Engage and learn. Make friends.

People: Now that you know where they are, it’s also important to know who they are and who is already serving them. Find the top dogs in the space, learn how they interact and engage with their audience.

  • Find the influencers on social media. What are they saying? What are they solving? What are they discussing? What are they sharing? Find the accounts with the largest number of followers – what makes them special? Why are they being followed by so many?
  • Search relevant podcasts. They have incredible resources and you can get a transparent look at what they are sharing. Look at the top ranked and rated podcasts related to your niche and find who has been interviewed on shows related to that space.

Products: Find the top products, services and books that are being offered to your audience. In other words, what are people willing to spend their money on right now?

  • Amazon is a great place to start. It’s not only a place to find products but it’s also a sophisticated search engine. You can type in a keyword and it will spit out all the products that are sold in that category. Pay attention to specific products and the price.
  • Also note the books that pop up in your search on Amazon. Keep track of the authors, since they will also be influencers in that niche.
  • Read through the product reviews and solutions to problems.

You should have a pretty good idea by now what’s out there and who’s who in your niche. You should also have a better sense of what’s missing that you can provide that will help you stand out in the crowd. Remember, solve their problem and do it in a unique way. This is your formula for success.

Is this helping you? Is your idea getting more and more solidified through these exercises? I hope so.

We have a few more things to go over until we are ready to launch. Don’t forget to check out the book Will it Fly by Pat Flynn and sign up for your very own companion course for free which I am using for this series.

Let’s keep learning, researching and dreaming!

No Comments (0)

Leave a Comment

 Previous  All works Next