MyTimeToBlog
I spent the day learning how to do marketing research for a product that I wished to bring to the consumer. This came courtesy of my second day in a Small Business seminar. Now, since I'm incarcerated, I use my cheesecake business as a model to build up a start-up.
You see, most people think about an idea for a business. So, let's say you want a cheesecake business. Now you're being told by numerous people that this was a good way to generate money because you make great cheesecakes. So, you go all in with your cheesecake business.
Now, with market research, you head out and tell everybody the name of your product: Tut's Infamous Cheesecakes. You even have a jingle: "For please sake, eat one of Tut's infamous cheesecakes. Yeah. Yeah. Yeah." Catchy, but here's the problem. Your name has issues with the consumer. How? It's a negative name, and your demographic is stay-at-home Moms that watch soap operas, not mob shows. So, you gotta pivot.
The name has to change, but the product is sound. So, thanks to market research, you need a more friendly name. What you come up with is Desserts by Tut. Better, but now you gotta get it off the ground.
Since you don't have a lot of capital, you gotta start slow. How though? Online is the cheapest way to go. So, you create a dot com, but you gotta get the word out.
Thanks to marketing research, you learned from another baker that social media works. So, you get on Instagram, YouTube, and other sites that grow your business. It doesn't cost much because you're making videos of yourself promoting Desserts by Tut. Now, what does cost you is the fact that you're giving away samples of your cheesecakes. Still, it takes money to make money. Plus, you're making connections with consumers as you set a launch date.
Now, as you do, thanks again to market research, how do you receive payment? This has to be shared with the consumer because nobody writes checks anymore. They do Apple Pay and Cashapp. You share this with them, and now you have a way to make money from the product being sold.
Now you gotta deliver the product. Your key resource is your family, who'll work for free, and setting up a delivery service with the Post Office. This costs money, but through marketing research, you know that your product will get safely to the consumer.
Now, as your business grows, you need partnerships with investors who believe in your product. You need to learn if your investor is consistent in what they say and do, and will it be done in a timely fashion. If so, make sure you know what the payment terms are, then sign the contract.
Now, as you grow your business, you must also know the cost structure. Such as variable costs, like energy, fuel, and supplies to make your cheesecake and get them to the consumer.
This is what I learned the second day in my Small Business seminar. It's amazing that from a few hours, I discovered how to bring an idea to life by utilizing marketing research. All it took was for me to think about the cheesecake business I created in prison, which I leveled up for the masses beyond the wall. The know-how was what mattered most because now that I understand marketing research, I can now come up with something tangible and see if it'll be something I can start a business with.