The Foundations.

For this exercise I recommend setting a timer for 5 minutes for each category and answering the questions from the top to the bottom, the question that jumps out to you, the easiest first or the hardest first!

Whatever you do make sure that you spend the full 5 minutes on each and if you finish early, pull things apart more!

This is a great exercise for challenging expectations and helping to shape market research questions.

Good luck!

Customer:

• Who are they?

• What do they want or need?

• Who is most likely to want or need this product/service?

• What are their habits, values, or preferences?

• How do they usually find new products like this?

• Where do they currently shop or get this type of service?

• What social media platforms or websites do they use most?

Problem:

• What pain or challenge are you solving?

• How urgent is this problem to them?

• What challenges does my ideal customer face in this area?

• How are they currently dealing with this problem?

• What are they Googling at night when this issue stresses them out?

• What do they complain about in reviews or online forums?

Competition:

• Who else is doing this?

• What’s missing?

• Are there any gaps in the market that others aren’t filling?

• Who are my direct and indirect competitors?

• What do customers like about their products/services?

• What do people dislike about competitors?

• What price points are typical in this space?

• How do competitors package, promote, or position their offers?

Demand:

• Will people pay for this? How much?

• Would my ideal customer pay for this? Why or why not?

• Is this something they would buy once, or repeatedly?

• How much would they be willing to spend?

• What kind of value or benefit are they looking for?

• How do they decide whether to make a purchase in this category?

• What would make them choose me over a competitor?