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.
Conduct audience research with your group to identify traits you can use to differentiate your message or product.
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.
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.
This activity will help identify differentiated messaging, development, or financial opportunities.
Last edited by @hesh_fekry 2023-11-14T10:08:47Z