Identify a group of people who have painful problems and burning desires you can solve.
Your minimum viable market needs to be a group you can:
- Own and defend.
- Feel confident about.
- Depend on for income long-term.
- Relate to personality-wise.
- Rely on to talk to each other.
Commit to a group that you can own and defend.
Conduct audience research with your group to identify traits you can use to differentiate your message or product.
Categorize your group members based on accessibility, engagement, and pain points.
Create segments based on your categories so that you can start investigating people’s behaviors and motivations.
You should also identify those who know each other and are comfortable interacting. This activity will allow you to develop a sense of community. It will also help moderate and prioritize the feedback that you receive.
Identify problems this group regularly experiences that you can solve in the short and long term by conducting an initial survey.
Questions should be broad enough to allow for objective and subjective responses.
Getting to the heart of psychographics requires a broad selection of behaviors and motivations. Comparing the behaviors and motivations of your audience will produce common trends and opportunity segments.
Create a word cloud from free form responses with a tool like Tagcrowd, Mentimeter, or WordItOut.
When dealing with large populations, it may be challenging to analyze free form text. A word cloud is a visual tool that allows you to categorize commonly used words or phrases quickly.
Conduct additional research to collect pain points, verbatim responses, and recurring themes in your market’s concerns and issues.
As you engage your audience, plan to collect and collate behavioral data. Document the frequency of themes and pain points. It’s also important to weigh this frequency with audience profiles and the financial opportunity they may represent.
Size your minimum viable market using the data you collected.
Review audience responses with your creative, product, and finance teams.
This activity will help identify differentiated messaging, development, or financial opportunities.