Good enough is good enough.

The value of not waiting for things to be perfect before getting started with something you want to do.

https://www.youtube.com/watch?v=P1r8KylU90c

Transcription

The final step in marketing research?

I'm Brian Pombo, welcome back to Brian J. Pombo Live.

Some people ask me why I use punctuation when I introduce the show?

To be completely honest, it's usually for my producer, who takes the show, and then takes the title and adds it to everything. And so it's just become a running joke that I'll use punctuation.

I'm gonna come up with something really absurd and long one of these days and say all the different pieces of punctuation we're using in the title.

Hi, welcome back, let's talk about market research, shall we?

In business, especially at the beginning of a business, or at the beginning of a new product or service that you're offering, you may be switching to a new market, you may be appealing to a market that you're not used to, or a sub-market of the one you're already playing to.

In that process, there are all these different steps you really should go through and most people don't take any of those steps. But I highly encourage you to do as much market research as you can meaning find out as much about them and whether they would actually be interested in what it is that you're selling, whether they'd actually buy it for the amount that you're looking to sell it for.

Now, in the end, I'll tell you that in a second, but if you can find similar products that are selling at, you know, to the same people, if you can find anybody that's playing toward that same market, it may take doing surveys, it may take doing a whole lot of things, but there's one thing that you can't get past.

In the end, you're only going to have a certain amount of money available to you and resources. And you're going to have a certain amount of time to get that thing out the door.

So just today, I was working with Sean E. Douglas who is one the main producers here. And I was working with him on a new product. And we're talking about, you know, well, it could be this and it could be that and we talked around a lot about the market research.

But in the end for the amount of money that we have, and the amount of time that we really want to spend, it's going to be easier to go with this last step.

By this point in the game, we know enough about what we're doing and who we're playing towards, that this last step is what matters.

The last step is you just got to take a leap and get the thing to market, put it out there and see what the results are. It comes back to that whole concept of direct response marketing, which is testing, testing, testing, you have to get it out there, it has to be active. You got to put it in front of people, if you put it in front of people and they don't buy, then you need to ask why you need to find out some more, you got to get in some conversations and see what's going on.

See what the appeal is see if your marketing even works or not see the product may be good. But if the marketing stinks while you're not going to sell anything, or you'll sell very little.

And so you got to dig in there but it takes taking a risk. In the end, there's always going to be a little bit of risk left, even in the best-case scenario, there's always going to be a little bit of risk. There's going to be the chance that something isn't going to go right.