Simplifying the market research process by using reviews
Market research can be a pain, or at least that's what people want you to believe! The best place to research your market? User reviews!
My first bootstrapped startup meant I didn't have a staff or time to do research into new opportunities. So, I just used the information freely available on review sites. This article outlines my process, so you can use it too!
Most of the reviews that you read are fake. It applies to 5 star reviews especially and 1 stars too. How do you take that into consideration? And what 7 figure business are you talking about?
I dunno, I'd say most are legit on sites like G2 and Capterra where they have to be vetted. Even if they were fake, using them helped to push my profitability.
Previous company was LearnDash (sold in 2021)
How do you sniff out fake reviews?
Leave that up to the review sites (like trustpilot, capterra, etc.)
Just signed up! Looking forward to it :)
Awesome, appreciate that Ryan! :)
This seems really interesting. Cool insights, job well done.
I adore this post since I firmly support the methodology. especially if you are bootstrapping Reviews include a wealth of useful, delicious information. Everyone should be using it here. Given that the demand has already been established, we would have more success chances. You mentioned that it takes time and can't be rushed in the last line, which caught my attention. I discovered how to use chat GPT to make it simpler. I've been looking into it more. This implies that you can evaluate a small number of your direct rivals and develop a successful plan. it takes very little time than individually checking each product. I genuinely can't stop investigating companies to figure out what makes them outstanding from the perspective of the client.
Thanks! Yeah ChatGPT is great - once the API is available I'll be incorporating it into GapScout.
Great post! I really enjoyed reading about how you used reviews to grow your business to 7 figures. It's clear that you put a lot of thought and effort into gathering and utilizing customer feedback, and it paid off in a big way.
I especially liked the tip about using reviews to identify and address pain points in your product or service. I'll definitely be keeping that in mind as I continue to grow my own business. Thanks for sharing your insights!
@MrJustinF When I ran edocr.com (exited in 2015 to Accusoft), I made it a habit to get ourselves featured next to my biggest competitors in the market at the time, notably Scribd (only survivor) and Docstoc (sold to Intuit and got killed in less than 12 months - what a waste). I believe this simple tactic helped me to acquire our user base.
My latest is https://skilledup.life - free talent for tech startups. We are slowly getting closer to having 20,000 free talent base from 104 countries. Our team now has over 60 Volunteers in and we now have the freedom to do many things.
However, we have not yet started to list on sites like G2, Capterra etc.
All the best
Good insights. Made me think about automating this process by using GPt-3 to summarize reviews to give users pros/cons to target.
This is what GapScout will do :)
Great article this is very good technique
Love this article because I am a big believer in the approach. Esp when you're bootstrapping. Reviews have tons of good juicy and relevant data. Everyone on here should be utilising it. We'd have a better chance of success since the demand is already validated.
I noticed you said in the last line that it's a time consuming process/can't be rushed. I figured out a way to make it easier with chat GPT. I've been exploring it further.
What this means is that you can look at multiple direct competitors and build a winning strategy. Which is much faster than manually looking at each product. I literally can't stop looking at companies and understanding what makes them great through the eyes of the customer. It gives a better perspective than company messaging.
If you're interested in checking out, I wrote a step by step guide about it here: https://shavinpeiries.com/chatgpt-a-guide-to-understanding-your-market-without-customer-contact/
Pretty neat! My company (GapScout) is doing this with less manual steps! When ChatGPT gets an api, that'll make it into the software as well.
Glad to hear that. Best ship this fast!
Brilliant. Never thought of using reviews as a research tool. Signed up and looking forward to launch. You might be on to something with GapScout, Justin!
Thanks rizk! :)
Love it. when’s the product dropping?
Soon! New website coming out this week, then on the heels of that a private beta will begin.