Itโs an entrepreneurโs worst nightmare: getting obsessed with the โperfectโ business idea, painstakingly creating the perfect productโฆ only to launch to the sound of crickets. Avoid dead ends and wasted money by doing market research up front.
In this video, take a peek over GrowthLab CEO Ramit Sethiโs shoulder as he researches a potential business market using Reddit, Buzzfeed, Google, and our Demand Matrix framework. Itโs a 30-minute master class to making sure you get the EXACT language and target the EXACT person for your business โ exactly how we do it here at GrowthLab and IWT. Covered:
0:43 – The business idea we are researching (from https://youtu.be/E4uy6111PzA)
1:15 – The Demand Matrix framework, and how to use it to find the right idea
4:34 – How to know where to put your idea on the framework
5:40 – Refining your idea using immersion research
11:25 – Using Amazon reviews, especially the 3-star ones
19:00 – Using Reddit and Quora to source the hopes and dreams of your audience, make sure to weed out the lies though!
24:25 – What to do when you see a recurring theme in your research
25:23 – Talk to real people!
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