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EXACTLY how I do market research for new products

808 ratings | 35530 views
It’s an entrepreneur’s worst nightmare: getting obsessed with the “perfect” business idea, painstakingly creating the perfect product… only to launch to the sound of crickets. Avoid dead ends and wasted money by doing market research up front. In this video, take a peek over GrowthLab CEO Ramit Sethi’s shoulder as he researches a potential business market using Reddit, Buzzfeed, Google, and our Demand Matrix framework. It’s a 30-minute master class to making sure you get the EXACT language and target the EXACT person for your business — exactly how we do it here at GrowthLab and IWT. Covered: 0:43 - The business idea we are researching (from https://youtu.be/E4uy6111PzA) 1:15 - The Demand Matrix framework, and how to use it to find the right idea 4:34 - How to know where to put your idea on the framework 5:40 - Refining your idea using immersion research 11:25 - Using Amazon reviews, especially the 3-star ones 19:00 - Using Reddit and Quora to source the hopes and dreams of your audience, make sure to weed out the lies though! 24:25 - What to do when you see a recurring theme in your research 25:23 - Talk to real people! — Visit http://GrowthLab.com for weekly insights on how to start and grow your online business. Subscribe to our channel: https://www.youtube.com/c/GrowthLab
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Text Comments (43)
Seemab Zakir (17 hours ago)
Thats pure gold.
Desmond Little (3 days ago)
This video is great but it seems like you need a degree in psychology just to figure out how to do this kind of marketing research
Frano (5 days ago)
The best.
森林木 (24 days ago)
I didn't expect a YouTube video to be this informative and helpful.
Jayjay F (2 months ago)
Should I use google trends for new product research?
Kgomotso Mokome (2 months ago)
Wow this is just what I was looking for! I liked how you went through the steps...
TJ (2 months ago)
Informative, Insightful and Concise. No wasted second, every bit of it is valuable. Listened through the whole discussion and didn't even realize that it was 30 min long. Good job man. Learned A LOT from it!
Viktoria Suranovska (2 months ago)
Awesome video. Thank you!
FragArena99 (2 months ago)
"tech white people habanero salsa" XDD LMAO , that's so random btw underrated channel :)
Hi Ramit, Reddit & Quora only applies to USA? If I want to make market research, is there any other web site like those ones? Thank you!
gustttaaa lee (3 months ago)
thanks so much for the video !
Johnathan Tang (4 months ago)
Ramit please! Please teach the habanero salsa course!!!
GrowthLab (4 months ago)
I wish. Not enough demand :(
Jubair Tayib (4 months ago)
i am really satisfied that you put some value here .... when i will have money iwill buy ur course .... and also i understood how i can make money by providing value
DeShawn Watson (5 months ago)
GOLD!!!
Josh Benitez (5 months ago)
Great informative video👌🏼📝 keep up the good work.
Joe Minock (5 months ago)
@growthLab I just found this content today... Wish I'd found it previously. Thanks for the very well produced advice. This is IMMEDIATELY actionable. Looking forward to becoming a paid client as soon as I get the Zero To Growth Email ;)
Wilhem J. Lobo Guzmán (5 months ago)
a well made video, really good information presented here
SandyC (5 months ago)
Ramit, you are always so thorough! Thank you for putting in the time to create this great content.
GrowthLab (5 months ago)
Thank you for watching!
huntyyyy... When you got to shaun T's part, I had to pause the video and go get the product. Somebody help😩
Captain Darkside (6 months ago)
I've been trying to understand the market research stage and finally, a great communicator delivers a simple, great explanation. Bravo, you get my sub!
Dan Bullman Photography (10 months ago)
This is pure gold
Mark Ogden (10 months ago)
Awesome information Ramit, thank you!
jeshan (10 months ago)
now watch the google trends for "habanero salsa" . hah
Alexandru Marian Ionescu (10 months ago)
Great video, Ramit and team! That's why I've spent the majority of $ and time on your courses, always on the spot, with examples, live how-to's and depth.
Eyram Sotome (10 months ago)
This was a REALLY good video just to promote your website. I like it, Ramit. Can I get permission to copy your style and replicate the results?
Samuel Quach (10 months ago)
Is that an Icebreaker shirt made of merino wool?
Ben Hackney (10 months ago)
I was thinking it was Lululemon but either way - I wan that shirt too.
Vin Cilento (10 months ago)
It looks super comfortable I kind of want to know what it is too
Csaba Borzasi (10 months ago)
Damn Ramit, I thought Derek Halpern's YT channel was undeniably the best newcomer for 2018, however, you're killing it with these hyper-practical videos. I can already picture you two hanging out in an underground place, "enjoying" some Habanero Salsa while at the same time weaving your plans for YouTube domination :))) Keep up the awesome work!
Justin Dux (10 months ago)
approx 12 min in: I think I follow the process you're describing but I have so little interest in fitness that I'm having difficulty following this particular example. Many of your emails reference fitness in your own journey, of which I also tuned out.
Justin Dux (10 months ago)
Thanks for replying Ramit. It means a lot to me.
Justin Dux (10 months ago)
How do you define an investment? That word gets thrown out too easily these days. Right now I'm thinking Ben R, has no last name and is heavily "invested" in Bitcoin and would sell me a $30,000 watch as an investment too. Don't get me wrong, I would agree that Ramit's courses are a quality education. But I didn't invest $36,000 into a degree that I'm not using today. That was money spent. But not an investment. I can easily spend money on other things The second sentence resonated best. I'm am not sure I would do the work since I have a day job and a lot of ideas. Ideas don't pay the bills and I'm not "investing" heavily in any of my ideas at this time. Hit me up if you want a few.
Ben R (10 months ago)
It's an investment. Don't invest unless you're gonna do the work. If you're willing - definitely do it.
Justin Dux (10 months ago)
by the end: I'm asking myself, not for the first time, why have I not purchased a course from Ramit in several years of lurking. I once purchased the email communication course but it was less than $100. I seem to get stopped from buying courses over a few hundred. Weird and inconsistent.
Ramit Sethi (10 months ago)
Great thinkers can apply lessons from any discipline. Beginners demand that every example cater to their specific situation. Think deeper.
Rod Navarro (10 months ago)
Amazing video! all the process in a nutshell!
Asher Murray (10 months ago)
I loved this video! This took a vague concept of customer research and made it so simple and easy to apply, Thank you!
Linden Ellefson (10 months ago)
Does this count as the first person who would want to learn the joy of eating habanero salsa?
Justin Dux (10 months ago)
Nope because you were not searching out habanero salsa education before hearing it on this video. Did Ramit create a market today? maybe. But the demand wasn't there before which was his point. ( I think).
Carlos Alanis (10 months ago)
It depends.... are you willing to pay for it? haha

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